Saudi Arabia's Cabinet has instructed the Council of Economic Affairs and Development, lead by Mohammed bin Salman, to impose a tax on vacant plots of land in Saudi Arabia. This could jolt the Saudi housing market.
Gulf expert Theodore Karasik writes that Saudi Arabia is moving to provide more jobs for Saudis, and that under new King Salman, change is in the works for its troubled labor sector.
The US Embassy in Riyadh and at its diplomatic missions Jeddah and Dhahran in Saudi Arabia suspended all consular services for two days over security fears.
Saudi Arabia's Housing Minister Shwaish bin Saud Dhwaihi has been relieved of his post as minister of housing, following a royal order, according to reports.
He will be replaced Essam bin Saad bin Saeed, Minister of State.
The Saudi Press Agency reports that the CSC Globe, the world's largest shipping vessel currently in operation has docked at the Red Sea port of Jeddah, Saudi Arabia.
U.S. Secretary of State John Kerry is in Riyadh today to meet with King Salman and other high-level Saudi officials. The Secretary's "Full Schedule" of meetings is an opportunity for the Secretary to build rapport with new Saudi officials, a State Department spokesperson said.
According to a Reuters report, Saudi Arabia's King Salman has made "subtle changes" in decision-making roles that lay the groundwork for a generational shift in energy and economic policies.
According to a Bloomberg report, Saudi banks are making it difficult for startups get off the ground by decreasing loans to entrepreneurs, despite the fact that these loans are backed by a government SME Loan Guarantee Program.
