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  • Positive Trends Seen in Latest Saudi Economic Data; Non-Oil PMI Up
     

    A recently-released report from Jadwa Investment found a positive trend in Saudi economic data for the month of November, with POS and cash withdrawals rising by 18 percent and 2 percent respectively, year-on-year, and growth in the non-oil PMI index. The monthly report from the Riyadh-based investment firm analyzes key macro and micro economic trends in […]

     
  • King Salman Announces ‘Sweeping’ Cabinet Reshuffle Affecting Top Domestic, Foreign Policy Posts
     

    King Salman announced on live TV on Thursday a major and sweeping reshuffling of top cabinet positions in Saudi Arabia, the first such change in leadership since June. The royal decree replaces Saudi Arabia’s Foreign Minister Adel Al-Jubeir with former finance minister Ibrahim Al-Assaf. Al-Assaf was detained, then released within weeks of his detention at Riyadh’s Ritz-Carlton […]

     
  • BBC Travel Profiles Asir’s ‘Flower Men’, Natural Beauty as Kingdom Eyes Tourism Push
     

    A recently published story in the BBC highlights the unique culture and natural beauty of the Asir province in Saudi Arabia, whose male inhabitants don colorful and ornate head dresses made of local flowers. The U.K.-based news service traveled to Asir province in the south of the Kingdom, one of the least traveled places in Arabia by Western […]

     
  • Oil Continues Rebound as OPEC, Russia Eye Production Cut Agreement
     

    The price of oil on international indices has rebounded for a second straight trading day after leaders from Saudi Arabia and Russia indicated that production cuts were likely to stabilize oversupplied markets, according to reports. But while sentiment appears to indicate a looming decision to cut production by OPEC members and Russia at a meeting in Vienna, […]

     
  • Saudi Arabia to Host G20 Summit Meetings in 2020
     

    The final communiqué of the G20 summit, which concluded this weekend in Buenos Aires, Argentina, confirmed that Saudi Arabia will host the summit in 2020. Hosting the major event involving the world’s largest economies is an opportunity for the Kingdom to showcase Saudi’s standing as a key player in the G20 and a force for economic stability. Saudi […]

     
  • Donald Trump Affirms Solidarity with Saudi Arabia in Written Statement as Top Senators Vow Further Action
     

    President Donald Trump vowed on Tuesday to remain a ‘steadfast partner’ of Saudi Arabia despite saying that Saudi Crown Prince Mohammed bin Salman may have known about the plan to murder dissident journalist Jamal Khashoggi last month. “This is an unacceptable and horrible crime,” President Trump said in the statement, but added, “our relationship is with […]

     
  • Unemployment Unchanged in Saudi Arabia in Latest Labor Market Report
     

    Unemployment in Saudi Arabia remained unchanged in the latest government estimated figures, according to a recently released report by Jadwa Investment on the Saudi labor market. The latest General Authority for Statistics (GaStat) labor market release for Q2 2018 shows that unemployment rate remained unchanged, at 12.9 percent, for the second consecutive quarter. However, the […]

     
  • Special Economic Zone Created at Riyadh Airport to Attract Investment; New Jazan Project Launched
     

    Saudi Arabia announced the establishment of a special economic zone around Riyadh’s airport to draw more foreign investment, Reuters reports, citing the Saudi Press Agency (SPA). The zone, which will be located in King Khalid International Airport in Riyadh, will “focus on integrated logistics and enjoy special rules and regulations aiming at attracting more multinational companies […]

     
  • Secretary of State Mike Pompeo Visits Saudi Arabia, Meets with King, Crown Prince
     

    US Secretary of State Mike Pompeo held separate talks with King Salman and Crown Prince Mohammed bin Salman on Tuesday in Riyadh as the situation over missing journalist Jamal Khashoggi continues. According to CNN, Pompeo had a short discussion with King Salman before a longer meeting with Crown Prince Mohammed bin Salman. US State Department spokeswoman Heather […]

     
  • IMF Lifts Projections for Economic Growth for Saudi Arabia
     

    In its World Economic Outlook, the International Monetary Fund (IMF) on Tuesday lifted its projections for economic growth in Saudi Arabia, the region’s biggest economy, and its oil-rich neighbors in the Gulf – while also predicting that Iran’s economy will suffer due to renewed US sanctions. The Saudi economy is expected to grow by 2.2 percent […]

     

MUST-READS

  • Saudi Arabia, China forge tourism partnerships to boost investment, travel

    In a post on his X account, Al-Khateeb said: “During my visit to China, I met with Chinese investors and discussed the great potential and investment opportunities in Saudi Arabia’s tourism sector and ways for collaboration to elevate the experience of tourists.” In June, the Kingdom announced its official Approved Destination Status, effective July 1, following participation in the second China Roadshow and ITB China in Shanghai.

  • A Mideast Shift Is Underway, Without Israel

    A diplomatic détente is underway in the Mideast, but not the one envisioned by the Israeli prime minister, Benjamin Netanyahu, who continues to say that his administration can clinch a deal with Riyadh. This month, the foreign ministers of the Persian Gulf states met for the first time as a group with their Iranian counterpart. It is a shaky, early-stage rapprochement that will only chip away at centuries of sectarian antagonisms, but it represents a sharp shift in a region where the rivalry between Riyadh and Tehran has drenched the region in bloodshed for decades.

  • Saudi Arabia launches unified e-contract for student registration

    This came with the aim of regulating the contractual relationship between schools and parents of students, in a way that guarantees the rights of both parties within a legal framework of transparency and clarity, SPA reported. The contract includes the obligations of both private schools and parents towards each other, including providing the curriculum, paying tuition fees at the specified times, and maintaining good behavior and discipline within the school.

  • Eighth Saudi Relief Plane Departs for Lebanon with Essential Aid Supplies

    The eighth relief plane of the Saudi air bridge, operated by the King Salman Humanitarian Aid and Relief Center (KSrelief), took off today for Lebanon, bound for Rafic Hariri International Airport with a cargo of food, shelter, and medical supplies.

  • More than money: The geopolitics behind Saudi Arabia’s sports strategy

    The conventional term for Saudi Arabia’s strategy is sportswashing, the practice of reputation-laundering in the hopes that a cleaner national image will translate into soft power on the world stage. But that explanation doesn’t go far enough. For bin Salman, the suite of sports investments and properties is only a small part of a larger strategy to prepare Saudi Arabia for a 21st century when global oil demand is expected to fall by mid-century and geopolitics will become more complicated.

  • Saudi foreign reserve assets fall to SAR 1.71T in September

    Saudi Arabia's foreign reserve assets declined by SAR 48.2 billion, or 3%, month-on-month (MoM) to SAR 1.71 trillion in September, according to the Saudi Central Bank (SAMA). Reserve assets include investments in foreign securities, foreign cash and deposits, reserve position in the International Monetary Fund (IMF), special drawing rights (SDRs), and monetary gold.

  • Saudi Arabia announces Shortlisted Bidders for 3,700 MW Round 5 Solar Projects

    The Saudi Power Procurement Company (SPPC) has announced the Shortlisted Bidders for the fifth round of solar projects under the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy. The projects will attract investments exceeding 8 billion Saudi riyals. Each will be developed on a build, own, and operate (BOO) basis by a project company, which will be 100% owned by the successful bidder. Furthermore, each project company will enter into a 25-year power purchase agreement with SPPC.

  • The Middle East’s IPO Boom Is No Longer a Tale of Three Cities

    The wave of listing activity that transformed the Middle East into a hotspot for new share sales over the past few years has so far largely been a tale of three cities — Abu Dhabi, Dubai and Riyadh. There are early signs of that wave broadening beyond the two biggest Gulf economies, Saudi Arabia and the United Arab Emirates. Oman’s state energy firm last week sold a 25% stake in its exploration and production business in a deal that raised about $2 billion. That means the region’s biggest initial public offering in well over a year has come from one of its smallest bourses.

  • GCC banks capable of handling potential funding outflows: S&P Global

    “Under high and severe stress, banks appear capable of handling potential funding outflows by using their liquid assets. Government support could be necessary if assets are less liquid than we expect. If asset quality stress is as severe as we project, many of the top 45 banks in the region could display losses,” said S&P Global in the latest report. It added: “The results of our hypothetical stress test show that most banking systems in our sample will be resilient if regional conflicts escalate and investor confidence declines.”

  • A Trump win would impact Gulf trade and oil markets

    Oxford Economics’ Global Scenarios Services has modelled the outcomes of these two scenarios. We find that a Harris presidency will provide a boost to the US economy over the next couple of years through the expansion of social benefits, but is unlikely to materially alter the economic outlook for the GCC. An alternative outcome is a full-blown Trump presidency in which he not only wins the White House and Republicans regain control of Congress, but a re-elected President Trump follows through in full on his election pledges.