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  • Jadwa Saudi Chartbook for August 2012: Banking Indicators
     

    Jadwa Investment’s recently released Saudi Charbook for the month of August 2012 found that the Saudi economy remained “robust.” On the subject of banking indicators in Saudi Arabia, Jadwa found that “bank lending to the private sector jumped in June. Monthly growth was the highest since August 2009. In year-on-year terms it was at its peak since […]

     
  • ‘There is a large infrastructure boom happening in Saudi Arabia’
     

    Saudi Arabia is spending more than $60 billion on a logistics hub, airport improvement and roads to reduce travel time in the Arab world’s biggest economy. The investments also yielded the largest sukuk, or Islamic bond, offered in the Middle East this year and an initial public offering on the stock exchange in June. “There […]

     
  • Wealth Management in the Middle East: Boon or Bust?
     

    Middle Eastern policymakers and bankers will develop an indigenous wealth management industry which keeps the super-wealthy’s investments at home. Developing a local national wealth management industry requires letting in foreign competition, changing banking and securities laws, and growing local companies whose shares are worth buying. The first part of the article reviews trends in wealth […]

     
  • Saudi Students Flood In as U.S. Reopens Door
     

    The more than 300 graduates gathered at a hotel overlooking the Potomac River were all from Saudi Arabia, part of a massive government-paid foreign study program to earn bachelor’s, master’s and doctorate degrees and return home to help run their country. “You are the best of the best, and the future of our country,” Saudi […]

     
  • Saudi consumer electronics market surges
     

    Saudi Arabia’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video, audio and gaming products is projected at $6.4 billion in 2012, Business Monitor International said in “Saudi Arabia Consumer Electronics Report Q2 2012″report. This is expected to increase to $8.2 billion by 2016, driven by the growing […]

     
  • The Saudi Cultural Mission’s New Headquarters
     

    The new SACM headquarters in Fairfax, Virginia provides a modern hub for Saudi Students in the United States, and stands as a symbol of the strong cultural relations between the United States and Saudi Arabia. Until recently, the future of the iconic Watergate hotel and office complex in Washington DC, which was the site of […]

     
  • With customs union, GCC edges toward closer economic ties
     

    Saudi Arabia, the biggest Arab economy, is leading moves toward political and economic cooperation, which it believes would give the mostly Sunni-led monarchies of the Gulf more power to withstand any confrontation with Shi’ite Iran. Closer business ties within the GCC, which consists of Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain and has […]

     
  • Ramadan 1433
     

    Ramadan means more in the lives of Muslims than refraining from eating and drinking during the daylight hours. The ritual fasting during the holy month is among the five pillars of Islam: Shahadah, the declaration of faith; Salat, five daily prayers; Zakat, charitable giving; Hajj, the pilgrimage to Mecca; and Sawm of Ramadan, the ritual […]

     
  • Saudi car sales to hit $25 billion by 2013
     

    Saudi Arabia has ambitious plans to further expand its lucrative automobile industry. In 2011 alone, the Kingdom announced the sale of approximately 800,000 cars potentially increasing to 1 million vehicles per year by the end of the current decade. In this context, the country is planning to start manufacturing automobile parts by 2013 in addition […]

     
  • Muslims across the world prepare to observe Ramadan
     

    Muslims around the world begin fasting on Friday in observation of Ramadan, the holiest month in Islam when the faithful abstain from eating food or drinking water from sunrise to sunset…. Every year, identifying the start of Ramadan is like a waiting game; Islamic scholars must see the new crescent moon in the night skies […]

     

MUST-READS

  • L&T arm opens new manufacturing facility in Saudi Arabia

    Larsen & Toubro on Thursday said its wholly-owned arm L&T Valves Ltd has set up a new manufacturing unit in Saudi Arabia. The facility is strategically located at Al Jubail, off the Dammam-Abu Hadriyah Highway.

    L&T Valves is one of the largest suppliers of on-off valves to Saudi Arabia, the company said in a statement.

  • Saudi Arabia offers to buy part of Sharm El Sheikh from Egypt

    Ras Ghamila, which lies at the northern end of Sharm El Sheikh, is one of the resort town’s more upmarket locations, around 15km north of the central district surrounding Na’ama Bay. The local reefs are considered some of the most beautiful of Sharm’s fringing coral reef, and recently made headlines as the site of a Libyan-flagged LPG tanker stranding.

  • Saudi Arabia’s holdings in US treasuries rise to $135.9bn

    Saudi Arabia’s holdings in US treasuries increased for the eighth consecutive month in March, reaching $135.9 billion, a rise of 3.66 percent compared to the previous month. According to official data released by Washington, the Kingdom was ranked 17th among the largest investors in such financial instruments in March.

    The report noted that Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $107.3 billion, representing 79 percent of the total. On the other hand, the Kingdom’s short-term bonds were worth $28.6 billion in March, accounting for 21 percent of the total value.

  • Princess Nourah University Organizes Scientific Conference on Conveying Saudi Identity across Languages, Cultures

    The conference aimed to contribute to achieving the first goal of the Saudi Vision 2030 related to enhancing Islamic values and national identity by conveying Saudi identity across languages and cultures and conveying the Kingdom's cultural, literary, historical, and civilizational heritage to the world. It also sought to raise awareness of the importance of languages, translation, and cultural studies in promoting and conveying the national identity to others, ultimately creating a competitive atmosphere among university students in the Kingdom to introduce their national identity through different languages and cultures.

  • Shamoon virus returns in Saudi computer attacks after four-year hiatus

    Shamoon, the destructive computer virus that four years ago crippled tens of thousands of computers at Middle Eastern energy companies, was used two weeks ago to attack computers in Saudi Arabia, according to several U.S. cyber security firms.
    CrowdStrike, FireEye Inc, Intel Corp's McAfee security unit, Palo Alto Networks Inc and Symantec Corp warned of the attacks, though they did not name any victims. They did not say how much damage had been caused or identify the hackers using Shamoon, which cripples computers by wiping drives used to start machines.

  • Saudi women are learning financial literacy and it’s helping the country grow

    While economic growth might be the overarching national motivation, international organizations are building programs that seek to empower individuals as well. The International Monetary Fund and World Bank have worked with individual countries to enhance financial literacy at the population level through targeted national programs, and the Organisation for Economic Co-operation and Development (OECD) has developed guidelines to support participating countries in improving financial literacy.

  • Dubai Advisory Setting Up Shop in Saudi Arabia Upbeat on FDI

    In a sign of the need for more capital, executives from so-called giga projects like Neom and Qiddiya were out in force this week at events in the capital city of Riyadh to pitch themselves to potential partners and investors. Neom also recently held a show-and-tell for bankers.

  • Saudi Interior Ministry launches digital ID service for Hajj pilgrims

    The Ministry of Interior launched the digital identity service for the Hajj pilgrims, who are arriving in the Kingdom from all over the world to perform the pilgrimage this year. The launch of the service is part of the efforts of the Saudi government to tap the potential of digital transformation and harness technology to serve the guests of God in a way achieving the goals of the Kingdom’s Vision 2030.

  • How Hamas Saved Egypt

    Last fall, Egypt was on the brink of economic collapse. A decade of debt-fueled spending on a pharaonic-scale had emptied its Central Bank coffers. By February, Cairo’s public debt was 89% of its gross domestic product. External debt had soared to 46% of GDP. The pound, its currency, was one of the world’s worst performing. Unable to import supplies and repatriate profits, foreign companies were leaving, or threatening to leave Egypt in droves. Annual inflation was over 35%, and double that for some food staples. Egypt seemed on the verge of a sovereign default—its first ever.

  • What to expect from Saudi Arabia’s first Red Sea Fashion Week

    Riyadh Fashion Week launched in 2023. And most recently, Lebanese designer Rami Kadi took a leaf out of the Dolce & Gabbana book by staging his latest couture show at AlUla.

    The first Red Sea Fashion Week will begin on Thursday, showing that the kingdom has big plans to put the nation firmly on the fashion map.

    Running until May 18, the event is being held at the newly opened The St Regis Red Sea, located on a private island and accessible only via boats.