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  • Saudi Arabia’s PIF Seeks $11 Billion Loan, FT Reports
     

    Saudi Arabia’s Public Investment Fund (PIF) is set to choose international banks to lend the wealth fund $11 billion, according to a report in the London-based Financial Times. The FT reports that there is strong interest from major international lenders in participating in the loan to the PIF, including “[s]ome of the most senior names in international banking, including JPMorgan’s Jamie Dimon, Morgan […]

     
  • 2.3 Million Attend Hajj in Saudi Arabia
     

    An estimated 2.3 million pilgrims reassembled in Mina on Tuesday in celebration of the Eid Al-Adha with the rest of the Islamic world, as part of the annual Hajj pilgrimage, a 5-day journey to the holy city of Mecca in Saudi Arabia. The pilgrimage represents one of the five pillars of Islam and is required of all able-bodied […]

     
  • Saudi Aramco Weighs Global Bond Sale to Finance Purchase of Sabic Stake from PIF
     

    Saudi Aramco is considering tapping the international bond market for the first time, Bloomberg and the WSJ report, in order to finance the acquisition of petrochemical giant Sabic. The move into global capital markets could offer an alternative to an initial public offering, according to Bloomberg, citing people familiar with the talks. ‘The plans for a bond, […]

     
  • Jadwa Investment Raises Projected Economic Growth in Saudi Arabia to 2.2% in 2018
     

    Saudi Arabia’s economy is forecast to grow faster this year following a significant improvement in the global oil market, according to a recently released report by Riyadh-based Jadwa Investment. Jadwa Investment raised its forecasts for the Saudi Arabian economy’s growth in 2018 to 2.2%, compared with previous estimates for a growth rate of 1.5%. Jadwa expects Saudi production […]

     
  • Saudi Women Take the Wheel as Kingdom Marches to More Vibrant Society
     

    Saudi women exercised their new legal right to drive across the Kingdom for the first time in decades this weekend, with many taking to social media to document their experience. The new law allowing women to drive took effect on June 24th, with some newly licensed women drivers in the kingdom doing so right at […]

     
  • In Win for Saudis, OPEC Agrees On ‘Modest’ Increase in Oil Production
     

    The Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday on a modest increase in oil production from July, Reuters reports, after its de-facto leader Saudi Arabia “persuaded arch-rival Iran to cooperate” amid calls from major consumers to help reduce the price of crude and avoid a supply shortage. The increase followed days of […]

     
  • Report: Saudi Binladin Group (SBG) to be Renamed and Resized after Rough Decade, Graft Allegations
     

    The one time leader in Saudi Arabia’s construction market, Saudi Binladin Group, will be slimmed down and renamed, according to an exclusive Reuters report, which cited six sources familiar with the matter. The government seized management control of the construction giant from the chairman and other family members after they were detained in anti-graft arrests last […]

     
  • In Boost to Corruption Reforms, King Salman Signs Order Protecting Whistleblowers
     

    Saudi Arabia’s King Salman has ordered protection for employees who report financial and administrative corruption, according to reports, an indication that the Kingdom is taking seriously its efforts to combat graft. King Salman’s order is an “interim measure while more detailed legislation is finalized,” according to Faisal bin Farhan, the top advisor to the Royal Embassy […]

     
  • ‘Huge Potential’ for Tourism in Saudi Arabia, Jadwa Finds
     

    A recently published research report by Riyadh-based Jadwa Investment finds a ripe landscape for investment and job growth potential in Saudi Arabia’s budding tourism sector, set for gains as the Kingdom continues to open up. “Despite high local demand and consumer spending, the sector has not been a strong performer yet, offering sizeable growth opportunities for […]

     
  • Saudi Aramco Inks Two Deals Worth Nearly $50 Billion
     

    Saudi Aramco inked two deals yesterday totaling a whopping $49 billion as the state-run oil company ramps up to a planned public offering. The Wall Street Journal and Reuters report that India and Saudi Arabia on Wednesday signed an agreement to set up a “mega” crude-oil refinery with a capacity to process 1.2 million barrels a day, […]

     

MUST-READS

  • Airlines Forced Into Saudi Airspace Amid Mideast Conflict

    Airlines connecting Europe with the Middle East and South Asia are being forced to fly a more circuitous path using Egyptian and Saudi Arabian airspace as the escalating regional conflict blocks of routes over Iran and Iraq for many carriers. Bloomberg's Leen Al-Rashdan reports.

  • Work to resume on world’s tallest tower in Saudi Arabia

    Construction is to resume on the world’s tallest tower in Jeddah, Saudi Arabia, which will be over one kilometre high when completed. Jeddah Economic Company (JEC), an associate of Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has reached an agreement with Saudi Binladin Group to continue developing the Jeddah Economic Company Tower, KHC said in a statement to the Saudi stock exchange on Wednesday. So far, 63 of the planned 157 floors have been completed. Construction is slated to be completed in 42 months.

  • Saudi PMI rises to 56.3 points in September

    The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, rose to 56.3 points in September 2024. This was the highest reading since May and signaled a further acceleration in non-oil private sector growth. On a monthly basis, the rise was attributed to a sharper expansion in output and new orders, in addition to a tightening of supply conditions. Growth was robust overall and widespread across the monitored segments of the non-oil economy.

  • 2-state solution the only viable path to lasting peace in Middle East, says Saudi foreign minister

    Now is the time to embark on an irreversible path to resolving the conflict between Israelis and Palestinians that culminates in the establishment of two independent states in which the peoples can live side by side in peace, Saudi Arabia’s foreign minister said. In an op-ed published in the Financial Times on Wednesday, Prince Faisal bin Farhan wrote that a two-state solution is the only viable way to ensure the long-term security of Palestine, Israel and the wider region.

  • Putin’s war economy faces pain if Saudis sink global oil prices

    Mikhail Krutikhin, a Russian energy analyst based in Norway, said Saudi Arabia's possible move posed "an enormous risk" for Moscow's state budget, because of its overwhelming dependency on oil revenues. And it's just one of several unpredictable factors on the horizon, including the U.S. presidential election. "So we have to sit back now and wait — stock up on the popcorn," he said. Saudi Arabia "understands perfectly well that Russian companies do not comply with the demand to reduce production, so they are making their own plans," Krutikhin added.

  • Saudi FM, Iranian president hold meeting in Doha

    Iran’s President Masoud Pezeshkian received on Wednesday in the Qatari capital Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan, the Saudi Press Agency said. The pair discussed the latest regional and international developments. Senior Saudi and Iranian officials attended the meeting.

  • Saudi Arabia’s Quantum raises investment from HearstLab

    Quantum, Saudi Arabia’s leading adtech and data platform that connects advertisers with publishers, announced today that it has secured funding as part of its $7 million Pre-Series-A round from HearstLab, the investment arm of Hearst Corporation dedicated to scaling early-stage, women-led tech startups. This marks HearstLab’s inaugural investment in the Middle East and underscores the rapid growth of Saudi Arabia’s tech ecosystem.

  • Palestinians See U.S. Response to Gaza as Failure

    In surveys conducted in July and August, Palestinians living in the West Bank and East Jerusalem were asked to what extent they agree that “the U.S. has made acceptable efforts to push for the safeguarding of civilians in Gaza.” Seven in 10 Palestinians surveyed (69%) strongly disagree, while 76% disagree overall. About one in 10 (11%) agree that the U.S. has done enough to protect civilians.

  • Diversions, disruptions: aviation grapples with Middle East escalation

    Rising tensions in the Middle East have created air travel chaos, with global airlines diverting or cancelling flights on Wednesday and regional airports, including Lebanon, Israel and Kuwait, showing long delays, according to FlightRadar24 data. Concern over travel disruption as the conflict intensifies also knocked shares in the travel and airline sectors. Iran launched its largest missile attack against Israel on Tuesday in retaliation for Israel's campaign against Iran-backed Hezbollah in Lebanon, prompting a threat from Israel of a "painful response".

  • Middle East again on edge after largest aerial attack ever launched against Israel

    Iran called these strikes a — quote — "legal, rational and legitimate response" to last week's strike that a U.S. senator said he used 2,000-pound American bombs to kill Hezbollah leader Hassan Nasrallah. Last night, Israel followed his death with its first conventional ground incursion into Lebanon in nearly 20 years. It also acknowledged hundreds of raids into Lebanon since last November, the country's largest special forces operation in history. Today, the military showed off the Hezbollah weapons that it captured that had threatened Israeli towns along the border.