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Unemployment declines in Saudi Arabia, further gains seen in 2020 – Jadwa Investment
Unemployment in Saudi Arabia declined in the 3q 2019 and is likely to continue to improve as a pick-up in the non-oil private sector growth should translate to more jobs, according to a recent report from Jadwa Investment.
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Pensacola Shooting Puts U.S.-Saudi Relations in Spotlight; Trump Speaks with King Salman and Crown Prince
A Saudi soldier in training in the United States opened fire on a naval base in Pensacola, Florida on Friday, killing three and wounding 12. Second Lt. Mohammed Saeed Alshamrani was then killed by a sheriff’s deputy who responded to the attack. The attack shocked Saudis and Americans alike.
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Saudi Economy: Consistent Growth in Non-Oil Activity, Modest Overall Growth Forecasted for 2020 — Jadwa Investment
Jadwa Investment has revised downward its forecast for economic growth in Saudi Arabia this year from 1.6% to 0.2% based on recent data, the Riyadh-based firm said in a recently-released report.
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China’s Imports of Saudi Oil Soar 76% in October as Demand Increases
China’s crude oil imports from Saudi Arabia rose over 75% in October as demand from new refiners was met by the Kingdom, according to Reuters data. The 76.3% rise in October was boosted by demand particularly from from two new integrated refineries, the Hengli Petrochemical Co. in the north, and Zhejiang Petrochemical in the south, Reuters reports. […]
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Aramco Quickly Met Global Demand After Attacks, Saudi Arabia’s King Salman Says in Annual Address
Saudi Arabia’s King Salman said in his annual address to the Shoura Council on Wednesday that the ability of Saudi Aramco to quickly restore oil production capacity after attacks on its facilities in September “had proven the kingdom’s ability to meet global demand during any shortage,” Reuters reports. The King pointed a finger at Iran […]
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Saudi Arabia’s PIF Reportedly Invests $400m in Disruptive Food Startup Founded by Travis Kalanick
Saudi Arabia’s Public Investment Fund has invested $400 million into Uber founder Travis Kalanick’s new company CloudKitchens, according to the Wall Street Journal. CloudKitchens is a food and real estate startup that buys cheap properties across the U.S. and in India, China, the U.K. and elsewhere. “The hope is that their proximity to densely populated areas will make them […]
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Defense Secretary Esper in Riyadh for Surprise Visit; Kushner, Mnuchin to attend Future Investment Initiative
Secretary of Defense Mark Esper arrived Monday in Saudi Arabia for an unannounced visit as the U.S. and Saudi Arabia seek to bolster their joint defense in the face of rising regional tensions. Secretary Esper met with Saudi Arabia’s King Salman in Riyadh, photos show, and Esper said he discussed the deployment of U.S. forces and […]
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Law Firm Pillsbury Analyzes First Cases in Saudi Arabia’s New Bankruptcy Law
Law firm Pillsbury published a research note highlighting the recently passed bankruptcy law in Saudi Arabia that incorporated modern alternatives to liquidating businesses in the Kingdom, using the first cases decided by the Saudi judiciary as case studies. “For several years now, judges in [bankruptcy] courts have been involved in seminars and training workshops to help prepare them to rule […]
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Saudi Arabia, France Announce ‘Major Partnership’ for Al-Ula Development
France and Saudi Arabia have announced a “major partnership” to develop the area of Al-Ula, a historic site in the Kingdom that is part of its push to bring in tourists and open the Kingdom up to investment. According to The National, the new partnership will take place in three phases, with the first being completed in […]
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Travelers Arrive in Saudi Arabia on Newly-Issued Tourist Visas
First visitors have arrived in Saudi Arabia on new tourist visas as Saudi Arabia looks to attract visitors and investment into the Kingdom. Saudi Arabia announced a new tourist visa scheme on Friday that will see the Kingdom open up to international leisure travelers for the first time, a historic milestone in a broader push to diversify and modernize its economy and society. […]
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MUST-READS
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Saudi Arabia strengthens WFP’s efforts to treat and prevent malnutrition in Somalia
Cindy McCain, WFP’s Executive Director and Dr Abdullah Al Rabeeah, Adviser to the Royal Court and Supervisor General of the King Salman Humanitarian Aid and Relief Centre (KSrelief), signed an agreement in New York for a contribution of US$4.5 million from KSrelief to enable WFP to provide specialised nutritious foods to more than 57,300 malnourished pregnant and breastfeeding women as well as around 122,850 children under the age of two.
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Trump would reimpose Iran sanctions, ‘that’s the reason they’re trying to kill him,’ claims son Eric Trump
Donald Trump’s son believes Iran is “targeting” his father with a third assassination attempt because he would reimpose sanctions on the nation if re-elected as President of the United States. It comes as the Republican candidate boosted security personnel following US intelligence that there are “real and specific threats from Iran.”
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Saudi Arabia leads GCC in sustainable sukuk issuances
Saudi Arabia has emerged as the leader in sustainable sukuk issuances in the Gulf Cooperation Council (GCC) region in the first half of 2024, followed by the UAE, rating agency Moody’s said in a new report. The GCC countries accounted for 82% of global sustainable sukuk issuance in the first half of 2024, which rose 21% year-on-year to $6.8 billion.
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Arab Gulf Producers Are in Need of Much Higher Oil Prices
After a brief reversal on Monday, the oil price rally was back on track on Tuesday as tensions in the Middle East reached fever point. Brent crude for November delivery was up 1.4% to trade at $74.93 per barrel at 13.10 pm ET while WTI crude for October delivery rallied by a similar margin to change hands at $71.33 per barrel.
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G7 says nobody will gain from Middle East escalation
The foreign ministers of the Group of Seven (G7) major democracies on Monday warned that actions and counter-actions in the Middle East risked dragging the region into a broader conflict that no country would gain from. "Actions and counter-reactions risk magnifying this dangerous spiral of violence and dragging the entire Middle East into a broader regional conflict with unimaginable consequences," the G7 said in a statement after meeting on the sidelines of the United Nations General Assembly.
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One week on, how the Lebanon attacks have changed the Middle East
But when Israel withdrew from Lebanon in 2000, Hezbollah kept its weapons in violation of a UN resolution requiring it to disarm. It continued to present itself as a necessary force for the defence of Lebanon and “became the country's most powerful political actor”, says Prof Khatib. Although it is represented in Lebanon’s government, Hezbollah’s real power lies behind the scenes, she adds - as an armed group that many analysts say is more powerful than the Lebanese army, it has the ability to intimidate its opponents.
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Saudi Arabia to establish 10 private colleges
The Council of Ministers on Tuesday approved the establishment of 10 private colleges in Saudi Arabia. Custodian of the Two Holy Mosques King Salman chaired the weekly session of the Cabinet in Riyadh.
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LGBTQ fans welcomed in Saudi, says 2034 World Cup bid chief
Hammad Albalawi, head of Saudi Arabia's 2034 World Cup bid unit, said his country welcomes all visitors, including LGBTQ people and their bid to host the 48-team showpiece event has nothing to do with 'sportswashing' their human rights record. Global governing body FIFA limited the 2034 contest to bidders from the Asian and Oceania confederations as Morocco, Portugal and Spain will share the hosting of the 2030 tournament.
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Desert Diplomacy: Saudi Arabia’s Quest for Regional Harmony
By prioritizing dialogue, diplomacy, and economic cooperation over conflict and confrontation, the Kingdom hopes to reduce tensions in the Middle East and create a more stable environment for its ambitious domestic reforms. While challenges remain, the early successes in mending relations with Iran, Qatar, and Yemen offer hope that Saudi Arabia’s new foreign policy could contribute to lasting peace and stability in the region.
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Saudi Arabia Eyes Satellite Partnership with Nigeria for TV Channel Expansion on NigComSat-1R
The Saudi Arabian Embassy in Nigeria has initiated discussions to host four television channels on Nigeria’s NigComSat-1R satellite. This development follows a visit by Saudi Arabia’s Head of Media, Mohammed Alsahabi, to the NigComSat offices on Friday. During the visit, Alsahabi engaged in talks with NigComSat officials, focusing on the potential for collaboration in satellite broadcasting. Abiodun Attah, NigComSat’s Executive Director of Technical Services, received the Saudi delegation, emphasizing the importance of the discussions.
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