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  • The Next U.S. Ambassador to Saudi Arabia?
     

    President Trump is rumored to be nearing a selection for U.S. Ambassador to Saudi Arabia, according to reports. A New York Times reporter tweeted today that Dave Urban, who ran President Trump’s surprise successful campaign in Pennsylvania in 2016, is said to be the President’s pick for the U.S. Ambassador to Saudi Arabia. The top American newspaper’s […]

     
  • Rules Issued for Small-Scale Solar Generation in Saudi Arabia
     

    Saudi Arabia has issued a regulatory framework for electricity consumers to operate their own, small-scale solar power generating systems and export unused power to the national grid, according to a Reuters report citing a government statement. The rules will come into force next July 1 and cover small photovoltaic facilities with generating capacity of no more […]

     
  • ‘Continued Improvement in Saudi Arabia’s Fiscal Position’ Seen as Revenues Increase
     

    The latest quarterly budget performance report by Saudi Arabia’s Ministry of Finance showed a continued improvement in Saudi Arabia’s fiscal position, according to a recently released report by the Riyadh-based Jadwa Investment. “Due to an increase in government revenues, by 6 percent, and a drop in expenses by 1 percent, year-on-year, the fiscal deficit declined […]

     
  • Saudi Arabia is the World’s Largest Arms Importer, Qatar Third – UK Study
     

    Saudi Arabia is the largest arms importer in the world by total sales amount, with regional rival Qatar surging to third largest importer, according to a data released by the UK’s Ministry of Justice. The report sheds light on the flow of arms, weaponry and military equipment around the world. According to the data, which can be […]

     
  • With Riyadh Metro Progressing, Bechtel Eyes Mining Sector Growth as Saudi Arabia Diversifies
     

    Bechtel, the construction company behind some of the world’s largest and most impressive megaprojects, is eyeing growth in Saudi Arabia’s mining and minerals sector, according to reports and quotes by the company’s Saudi Arabia country manager. “Mining and metals is something that is of extreme interest to us,” said Abdulrahman Al Ghabban, who was appointed […]

     
  • Plans to Tap Massive Tourism Potential for Saudi Arabia’s Red Sea Unveiled
     

    Saudi Arabia wants to turn hundreds of miles of its Red Sea coastline into a global tourism destination, according to an announcement by the government’s Public Investment Fund (PIF) and reports. The development will include “50 islands and 34,000 square kilometers — an area bigger than Belgium — between the cities of Umluj and Al Wajh […]

     
  • New Saudi City Aims for Nearly 1m New Housing Units Near Mecca and Jeddah
     

    Details have emerged on plans for a “giant extension” to the holy city of Mecca in Saudi Arabia that could add up to one million housing units by 2050, according to reports. Prince Khalid Al-Faisal bin Abdulaziz is governor of the Mecca Region. In a press conference, the Prince told reporters that the Al-Faisaliah project […]

     
  • OPEC Discipline Partly to Blame for Oversupply, but Saudi Leadership May Boost Prices
     

    Jadwa Investment’s recently released quarterly oil market update for Q2 2017 questions if discipline within OPEC is waning as oil’s price continues to stay low on international indices as high supply persists, but recent moves by Saudi Arabia in Russia this week indicate action is forthcoming to curb supply. Oil prices declined by 8 percent […]

     
  • King Salman Issues Royal Decrees on Security as U.S. Praises ‘Strong Counterterrorism Relationship’
     

    Saudi Arabia’s King Salman issued a number of royal decrees on Thursday regarding the Kingdom’s security governance, creating a new security authority and separating forces from the Ministry of the Interior, according to reports. The executive order creates a security authority known as the “The Presidency for State Security” linked with the Prime Minister’s Office, the […]

     
  • WHO Says Saudis are ‘Well-Prepared’ To Handle Cholera Risk at September’s Hajj
     

    The World Health Organization (WHO) said on Friday that Saudi Arabia’s authorities are “well prepared” to handle annual and new challenges surrounding the Hajj pilgrimage this year, taking place in September. Notably, a cholera epidemic in Yemen, which has infected more than 332,000 people, could spread during the world’s largest annual gathering, the World Health Organization […]

     

MUST-READS

  • US reliance on Saudi oil is nearing its endgame

    The US bought roughly 277,000 barrels a day of Saudi crude last year, down nearly 85% from a record high of 1.73 million barrels a day in 2003. To find lower imports, one must travel back to 1985, when flows briefly plunged as the kingdom cut output to try to push oil prices higher. To find several years of similarly low imports, one must go back all the way to the late 1960s. The collapse in Saudi-US oil flows will deepen further in 2025 as one of the five refineries that has been regularly importing the barrels closes, according to custom documents. Lyondellbasell NV is shuttering its Houston plant this quarter, leaving only four consistent clients for the kingdom’s oil in America. The remaining plants are the Motiva refinery near Houston, owned by the Saudis themselves via their state-owned oil company; a refinery run by Chevron Corp. near Los Angeles, and two plants owned by PBF Energy Inc. in New Jersey and Delaware. Motiva alone accounts for 40% of the Saudi crude the US imported last year. The reduced number of buyers compares with two decades ago, when 25 (and, at times, even more) refineries regularly processed Saudi crude.

  • PIF announces completion of investment in Saudi Reinsurance Company

    PIF announced today that it has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) by way of a capital increase and subscription to new shares, with the suspension of preemptive rights in accordance with Capital Market Authority regulations. Saudi Re is a leading MENA reinsurance company and holds an A-minus rating from S&P Global and an A3 rating from Moody's. In the first nine months of 2024, Saudi Re's total written premiums reached SAR 1.94 billion ($520 million). It achieved a compound annual growth rate of 17% over the five years up to the end of the 2023 financial year.

  • Ivanhoe Electric’s Typhoon Technology Quickly Proves its Power with Discovery in Saudi Arabia

    The Joint Venture's first TyphoonTM survey covered 76 square kilometers near Ma'aden's Al Amar gold-copper-zinc mine. It was completed in March 2024. Subsequent TyphoonTM surveys have covered an additional 162 square kilometers of the Al Amar exploration licenses. The Joint Venture's initial drill program focused on the Umm Ad Dabah prospect, near Ma'aden's existing Al Amar gold-copper-zinc mine. The Joint Venture is using Ivanhoe Electric's advanced TyphoonTM geophysical surveying systems and Computational Geosciences Inc.'s ("CGI") industry-leading inversion software to guide exploration activities.

  • Fundraising in Saudi Arabia and the GCC: What can we expect from 2025?

    Despite the challenges, the GCC's fundraising landscape in 2025 is poised for continued growth. The region's burgeoning startup ecosystem, coupled with supportive government initiatives and a growing appetite for risk among investors, creates a fertile ground for VC investment. However, navigating the evolving preferences of LPs and effectively addressing the challenges of competition and talent acquisition will be crucial for long-term success. The GCC fundraising landscape in 2025 presents a mixed picture. While the venture capital (VC) asset class exhibits strong tailwinds, driven by growing opportunities and an increasing number of exits facilitated by the Saudi stock market, several challenges persist.

  • Biden says on ‘brink’ of hostage release/Gaza ceasefire deal

    President Biden, a week before he is due to hand over power, expressed optimism about prospects for at long last reaching a deal for the release of some of the 100 hostages held by Hamas in exchange for Palestinian prisoners held in Israeli prisons, and a phased ceasefire in Gaza. The basic structure of the three phase deal is one the administration has been pursuing for over eight months. “On the war between Israel and Hamas, we are on the brink of a proposal that I laid out in detail months ago, finally coming to fruition,” Biden said in a valedictory foreign policy speech at the State Department today.

  • Saudi Arabia’s Golden Handshake: A Generous Farewell to Civil Servants.

    Saudi Arabia has rolled out a remarkable initiative called the “Golden Handshake” program, earmarking a hefty sum of 12.7 billion Saudi Riyals to encourage early retirement among its civil servants. This isn’t just any policy; it’s a strategic move designed to streamline government operations and inject new life into the workforce by making room for the younger generation. The essence of this program lies in its offer of financial incentives to those who’ve dedicated years to public service, providing them with an opportunity to step back gracefully. To qualify for this golden opportunity, there are specific criteria set by the program. You’ve got to have clocked in at least 15 years of service and be aged between 50 and 55.

  • Saudi Arabia plans cash pay-offs to cut public sector jobs

    Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it chose that name, it is clear that it wants to tempt idle Saudi civil servants to leave their jobs in return for attractive cash incentives. The Arabic language daily Aliqtisadiah and other publications said at the weekend that the plan aims to save funds, boost efficiency and encourage citizens to seek jobs in the private sector, which they have generally shunned.

  • Saudi Arabia’s Industrial Production Sees Notable Growth: A Comprehensive Analysis

    The Kingdom of Saudi Arabia has reported a significant rise in its industrial production, with the general index of industrial production recording an increase of 3.4% in November 2024, compared to the same period in 2023. According to the data released by the General Authority for Statistics, the industrial production index surged to 103.78 points in November 2024, based on the 2021 base year, compared to 100.37 points in November 2023. This rise is reflective of the steady strides Saudi Arabia is making towards diversifying its economy, as outlined in the Vision 2030 plan, and is indicative of the health of various industrial sectors. The increase in the general index of industrial production can be attributed to growth across several key sectors. Notably, mining and quarrying, manufacturing activities, water supply and sanitation, and waste management and treatment activities have all contributed to this positive trend.

  • Saudi Arabia unveils 15 new incentives to boost exports, logistics

    Saudi Arabia has rolled out 15 new incentives under the Authorized Economic Operator program, to boost export competitiveness, enhance supply chain security, and advance the Kingdom’s ambitions as a global logistics hub. The Ministry of Industry and Mineral Resources announced the incentives, which include key administrative benefits such as assigning liaison officers and account managers to streamline processes for investors and address challenges more efficiently. As part of the program, companies will also gain access to industrial land, with long-term leases of up to 30 years, and eligibility for the “Custom Factory on Demand” service. These measures are designed to support industrial expansion and strengthen the Kingdom's position in global trade.

  • Newlab Expands to the Kingdom of Saudi Arabia to Catalyze Critical-Tech Ecosystem and Accelerate Startup-Led Economic Growth

    Newlab Riyadh will attract leading critical-tech startups to KSA and accelerate commercialization outcomes that will translate into measurable economic impact in the Kingdom and broader region. Newlab Riyadh joins Newlab’s growing network of hubs around the world, including Newlab Brooklyn, Newlab Detroit, and Newlab Montevideo. Newlab will establish an initial beta space in Riyadh in 2025 to serve as an anchorpoint for the founding startup ecosystem while commencing development of a larger hub which is slated to open in 2026.