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  • Seven years of prosperity and development
     

    Saudi Arabia will mark the seventh anniversary of Custodian of the Two Holy Mosques King Abdullah’s accession to the Saudi throne on May 17 with a variety of programs highlighting the remarkable progress achieved by the Kingdom in education, health, industry, agriculture and other sectors under his wise leadership. King Abdullah’s announcement at the Shoura […]

     
  • Saudi Perspective on the Middle East: Obaid
     

    In this SUSRIS exclusive presentation, the “Saudi Perspective on the Middle East: The View from Riyadh” assessment provides: the background and context for Saudi diplomacy — assets and characteristics; economic and energy data; sources of regional instability; the “New Gulf Union”; profile of Gulf defense configurations; the Kingdom’s role in regional stabilization and its political and […]

     
  • Jadwa: Inflation Report, April 2012
     

    Year-on-year inflation dipped to 5.3 percent in April from 5.4 percent in March. Lower food price inflation was the main reason for the decline. Rental inflation picked up.

     
  • Not a Drop to Drink: The Global Water Crisis
     

    In the next twenty years, global demand for fresh water will vastly outstrip reliable supply in many parts of the world. Thanks to population growth and agricultural intensification, humanity is drawing more heavily than ever on shared river basins and underground aquifers. Meanwhile, global warming is projected to exacerbate shortages in already water-stressed regions, even […]

     
  • Petchem projects lead Saudi industrialization drive
     

    The Saudi project market continues to thrive. Latest data from Meed put the value of projects “planned or underway” at $745 billion in mid-April, around 13 percent higher than a year earlier. These figures need to be treated with some caution: The topline number is some 30 percent larger than the nominal size of the […]

     
  • USTR: Saudi Continues to Protect Intellectual Property Rights
     

    The Office of the U.S. Trade Representative on Monday released the 2012 Special 301 Report reviewing the intellectual property protection policies of foreign nations.  Saudi Arabia is not named on the “Watch List” again this year and has not been since a successful Out-of-Cycle Review in 2009 to resolve IP issues in cooperation with the […]

     
  • How Gulf Countries Are Splurging at Home
     

    Asa Fitch, writing in the Wall Street Journal, details the extent to which oil dollars are fueling economic growth “at home” for GCC countries: Booming oil prices are flooding Arab countries with money, but where the lion’s share of that wealth would once have been pumped into the world’s financial markets, much of it is […]

     
  • Island in the Gulf – A Film of Juraid Island
     

    One of the great joys of living in Saudi Arabia has always been the natural environment itself – the dunes, the jebals and especially the Gulf with its beaches, reefs and islands. For those lucky enough to visit Juraid Island, fifteen miles offshore from Jubail, the experience has always been unforgettable. A pristine island shaped […]

     
  • Foreign Military Sales Keep Production Lines Hot
     

    “Partnership building is part of one of the largest benefits that we see,” Hunt said. “It’s building and maintaining friendships, it’s about building allies. United States Central Command, or CENTCOM, is obviously a very busy place for the United States now. The more that we can help those countries not only defend, but operate amongst […]

     
  • SEC unveils SR452b projects
     

    The Saudi Electricity Company (SEC) has allocated SR452 billion to implement energy projects until the year 2021 according to SEC Chairman of the Board of Directors Dr. Saleh Bin Hussein Al-Awaji. These projects will provide services consistent with international standards, including building up an adequate power at a peak time about 10 percent of combined capacity. The […]

     

MUST-READS

  • Saudi food industry sees buoyant demand, growth momentum to improve in Q1 2024: Almunajem CEO

    The demand levels in Saudi Arabia’s foods industry are strong and the momentum will likely continue over the coming period due to population growth, tourism, and Hajj and Umrah programs, Thamer Abanumay, CEO of Almunajem Foods Co., told Argaam. However, inflation levels and unstable supply chains weigh on prices, he added. The sector’s growth is forecast to continue through Q1 2024, backed by the seasonal demand in Ramadan.

  • Saudi FDI data overhaul to use financial statements not estimates

    Saudi Arabia has begun using data gathered directly from company and investor financial statements to calculate foreign direct investment (FDI) as part of a push to modernize and centralize the kingdom's economic data, a Saudi official told Reuters. Attracting FDI is a pillar of a vast plan by the kingdom's de facto ruler Crown Prince Mohammed bin Salman to boost non-oil gross domestic product, diversify the Saudi economy and cut its reliance on crude oil exports.

  • Saudi real estate platform transactions soar to $267m a day, 1m users registered

    Saudi Arabia’s Real Estate Market platform has 1m registered users and averages $1bn ($267m) of transactions a day, according to a report from the Ministry of Justice (MoJ). The MOJ announced this represents a significant growth in the usage of the Real Estate Market platform. The platform has over one million registered users, with the average daily user count surpassing 30,000.

  • CENTCOM chief in Saudi Arabia to meet top military general as violence engulfs region

    The top US military general for the Middle East met with Saudi Arabia’s Chief of General Staff, Gen. Fayyad Al-Ruwaili, on Wednesday to discuss deepening military and defense ties, the Saudi Ministry of Defense said. United States Central Command (CENTCOM) chief Gen. Erik Kurilla visited the Kingdom, where they discussed bilateral relations as well as the prospects for cooperation in various fields, a statement from the Saudi ministry said.

  • The Rise of Saudi Arabia’s Venture Capital Ecosystem: A 5-Year Reflection

    Against the gloomy picture painted in most regions, Saudi Arabia weathered this storm with success, becoming MENA’s leading market for venture capital funding, where $1.38BN was deployed in capital to Saudi-headquartered startups in 2023. Central to this was the investment in four MEGA deal rounds, investments greater than $100M+, which were closed by Nana, Floward, Tamara, and Tabby, with the latter announcing their relocation to the Kingdom in Q4 2023. These four deals together captured 64% of the capital deployed in the Kingdom.

  • The Rise of Saudi Arabia’s Venture Capital Ecosystem: A 5-Year Reflection

    2023 was a rollercoaster year for Venture Capital. Globally, VC funding fell to $248.4B in 2023, the lowest level since 2017, while transaction volume fell by 30% YoY to 29,303 deals in 2023, a 6-year low, as reported by CB Insights. This trend was against the backdrop of stricter monetary conditions, rising inflation, and, in some regions, geopolitical instability. The Middle East and North Africa (MENA) Region is a prime example of this; amidst rising interest rates, technological disruptions, and geopolitical tensions, the number of deals in MENA reached its lowest levels since 2018, declining by 34%, while capital deployed retreated by 23% YoY, as reported in our MAGNiTT FY 2023 MENA Venture Investment Report.

  • US sees signs Iran is worried about escalating proxy attacks amid heightened tensions

    US officials believe there are signs that Iranian leadership is nervous about some of the actions of its proxy groups in Iraq, Syria and Yemen, according to multiple people familiar with US intelligence, as attacks from militia groups threaten to disrupt the global economy and significantly up the risk of direct confrontation with the United States. The drone attack that killed three American soldiers at a US outpost in Jordan, which the US has attributed to the Iran-backed umbrella group Islamic Resistance in Iraq, caught Tehran by surprise and worried political leadership there, officials told CNN, citing US intelligence.

  • HRH Crown Prince launches ‘Alat’ to contribute in making Saudi Arabia a global hub for electronics and advanced industries

    Alat will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries and semiconductors, as well as smart appliances, smart health, smart devices and smart buildings, in addition to next generation infrastructure. The company, chaired by HRH Crown Prince, aims to enhance the capabilities of the Saudi technology sector, increase its contribution to local content – benefiting from the rapid development of this sector – increasing the nation’s attractiveness and its ability to create investment opportunities. Alat will also enable the private sector through its strategic partnerships with leading international players in manufacturing and technology, which will enhance the economic ecosystem locally and regionally.

  • Saudi anti-corruption body targets high-ranking officials in landmark multi-million riyal cases

    In a sweeping crackdown on corruption, the Saudi Oversight and Anti-Corruption Authority (Nazaha) has announced a series of arrests across various sectors on Wednesday. A former head of notary and his brother were arrested for misappropriating vast tracts of state-owned land, illegally profiting SR148 million from their sale. This case also involved a former judge and two employees who received SR10.25 million and SR5 million respectively for their roles in the scheme. In another major case, a former municipal employee was apprehended for accepting SR63 million from commercial entities in exchange for issuing 299 unauthorized supply orders, involving transactions exceeding SR171 million.

  • Analysis: The transformative journey of Saudi Arabia’s exports

    Saudi Arabia's Vision 2030 represents a fundamental shift from traditional reliance on oil to building a more sustainable economic landscape. The analysis from GGC Consulting, which stretches a period of seven years, shows a significant 78% increase in non-oil exports, amounting to 137 billion Saudi Riyals. This growth corresponds with a 12% rise in the real gross domestic product (GDP) and an impressive 744% surge in the current account. According to the researchers, the developments demonstrate the dynamic interaction between economic growth, and that of exports and the current account.