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  • Peace Agreements, Reports of Talks a Positive Sign for Yemen’s Ongoing War
     

    Recent agreements and reports of indirect talks between warring sides in Yemen’s ongoing civil war indicate a trend toward bringing an end to the four year old conflict fought to restore the U.N.-recognized Hadi government to power after it was overthrown by Iran-backed Houthi rebels. Last week, Yemen’s Saudi-backed government signed an agreement with southern separatists on […]

     
  • Saudi Aramco Releases Details of November 17th IPO in Prospectus
     

    Saudi Aramco on Saturday released details of its IPO that will be the first opportunity for investors to own a piece of the world’s most profitable company and achieve one of the key goals of the Kingdom’s Vision 2030 economic reform plan. The details were released in a prospectus on Saudi Aramco’s website. The company said the […]

     
  • 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 […]

     
  • Saudi Arabia, World Economic Forum to set up ‘Fourth Industrial Revolution Center’
     

    Saudi Arabia signed an agreement with the World Economic Forum (WEF) on Wednesday to establish a branch in the Kingdom of the WEF’s Center for the Fourth Industrial Revolution, a program focused on new technologies that will power economic change in the immediate years to come. The deal was signed by Mohammed Al-Tuwaijri, the Saudi […]

     
  • Saudi Aramco targets zero flaring by 2030
     

    Saudi Aramco said on Wednesday it was joining the World Bank’s initiative to reduce gas flaring to zero by 2030, and said its flaring was already less than 1% of its total raw gas production in the first half of 2019, Reuters reports. The announcement comes as the company began this week the process of floating shares […]

     
  • Saudi Arabia’s Non-Oil Private Sector Economy Reaches 4-Year High
     

    Saudi Arabia’s non-oil private sector economy continued to expand in October, with business conditions improving at the fastest pace in four years, as output and new order growth in the kingdom gathered pace, according to reports and new data. The IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) increased to 57.8 in October 2019, the […]

     
  • State Department Lauds ‘Strong counterterrorism relationship’ between Saudi Arabia and the United States
     

    The U.S. State Department’s recently-released country reports on terrorism praised the U.S.-Saudi “strong counterterrorism relationship” and said “through a range of counterterrorism initiatives, many in partnership with the U.S. government, Saudi Arabia took tangible steps to strengthen its counterterrorism capabilities in border security, counter terrorist financing, and [countering violent extremism].” “Based on local reporting, Saudi Arabia […]

     
  • Saudi Arabia to Cut Spending, Deficit Projected to Widen as Economic Reforms Kick In
     

    Saudi Arabia’s finance minister Mohammed Al-Jadaan said in his pre-budget statement for fiscal year 2020 yesterday that the Kingdom would cut spending and widen its projected deficit in a vote of confidence in Saudi Arabia’s economic reforms. He also said efforts will be made to “improve the efficiency of spending without any disruption to diversification and […]

     
  • Saudi Arabia Opens Up to Foreign Universities, Will Allow Branch Campuses in the Kingdom
     

    Universities around the world can now open branch campuses in the Kingdom, the Saudi Cabinet said on Tuesday, in a move that will “achieve a qualitative leap in … empowerment, excellence and quality,” Education Minister Dr. Hamad Al-Sheikh said. “The new system will allow foreign universities to open branches in accordance to specific regulations to boost […]

     
  • Announcement of New IPO Date for Saudi Aramco IPO Creates Buzz on FII’s Opening Day
     

    Saudi Aramco’s long-planned IPO will see its first shares traded on Riyadh’s stock exchange in December, several news outlets are reporting, citing the Saudi-owned satellite news channel Al Arabiya. Al Arabiya said a final price for the stock will be set Dec. 4, with shares then beginning to be traded on the Tadawul stock market on Dec. 11. It added […]

     

MUST-READS

  • Mideast Wealth Funds Spend $82 Billion to Ramp Up Bets on Post-Oil Future

    That the Gulf’s various sovereign wealth funds have become some of the most dominant players in global dealmaking has rarely been in doubt in the past few years. Figures for 2024’s deal activity demonstrate it beyond all doubt. Collectively, five wealth funds controlled by Abu Dhabi, Qatar and Saudi Arabia deployed $82 billion last year, accounting for more than 60% of all sovereign wealth fund investments, according to Global SWF. These entities regularly feature in the top 10 global sovereign dealmakers. The bigger question is how much these funds are driven by the quest for returns, and how much by their nations’ domestic and foreign policy priorities. That may become even more acute as Gulf states look to use their oil wealth to position themselves at the center of industries like artificial intelligence.

     

  • UAE discusses post-war Gaza government with US and Israel

    The United Arab Emirates has discussed with Israel and the United States participating in a provisional administration of post-war Gaza until a reformed Palestinian Authority is able to take charge, according to people familiar with the talks. The behind-the-scenes discussions, reported by Reuters for the first time, included the possibility of the UAE and the United States, along with other nations, temporarily overseeing the governance, security and reconstruction of Gaza after the Israeli military withdraws and until a Palestinian administration is able to take over, a dozen foreign diplomats and Western officials told Reuters.

  • Taste of 2034 World Cup as Saudi Asian Cup stadiums named

    Among the venues announced Tuesday for the 24-team regional competition were the 70,000-capacity King Fahd Sports City Stadium and King Saud University Stadium, both in Riyadh, which have also been earmarked to hold World Cup games.  Likewise the 60,000 King Abdullah Sports City Stadium in Jeddah. The Asian Cup will be spread across eight stadiums. "Confirming the dates and selecting the stadiums for the AFC Asian Cup Saudi Arabia 2027 is a strategic milestone in our journey to host the tournament," said Yasser al-Misehal, president of the Saudi Arabian Football Federation.

  • Saudi Interior Ministry confirms ban on transferring or publishing security surveillance camera recordings

    Saudi Arabia’s Interior Ministry confirmed that the provisions of the “Use of Security Surveillance Cameras” law prohibit the transfer or publication of security surveillance camera recordings. Security surveillance camera recordings can only be transferred or published with the approval of the ministry or the Presidency of State Security, based on a judicial order, or at the request of an investigating authority. The ministry explained that anyone who violates this rule will be punished with a fine of SR20,000 ($5,327). This includes anyone who transfers or publishes recordings in violation of the law or damages or vandalizes security surveillance camera systems or recordings.

  • Saudi Arabia sells $12 billion 3-part bond amid strong demand

     Saudi Arabia raised $12 billion from global debt markets in a three-part bond sale, attracting strong investor demand, according to a government statement early Tuesday, with proceeds expected to help cover its budget deficit and pay down debt. The kingdom sold $5 billion, $3 billion and $4 billion in tenors of three, six and 10 years, respectively, the National Debt Management Center (NDMC) said in a statement, adding that the total order book reached around $37 billion. The issuer was able to lower the pricing on the bonds from initial guidance, fixed income news service IFR reported earlier on Monday, indicating strong investor appetite. "This transaction is part of NDMC's strategy to diversify the investors' base and meet the Kingdom's financing needs from international debt capital markets efficiently and effectively," the NDMC said. Saudi Arabia, the world's top oil exporter, has forecast a fiscal deficit of $27 billion for 2025 as it continues strategic spending on projects linked to Vision 2030, the kingdom's ambitious plan to overhaul the economy.

  • Saudi Arabia’s PIF raises $7bn from first murabaha facility as it seeks to boost investments

    Saudi Arabia's Public Investment Fund plans to raise $7 billion from its first murabaha credit facility, as the fund diversifies its funding sources to boost investments. A murabaha facility follows an Islamic financing structure which does not involve any interest payments, where the two parties agree on the contractual terms. The financing is part of the fund's medium-term capital-raising strategy and is supported by a syndicate of 20 international and regional financial institutions, the PIF said on Monday. “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia,” said Fahad Al Saif, PIF’s head of the global capital finance as well as the investment strategy and economic insights divisions.

  • Dakar Rally competitors react to grueling Stage 2 in Saudi Arabia: Video

    Dakar Rally drivers and riders recount Stage 2 of the event, where competitors took two days to traverse nearly 1000 km.

  • Saudi Arabia completes arrangement to secure $2.5 bln credit facility

    Saudi Arabia has finalised an arrangement for securing a shariah-compliant revolving credit facility worth $2.5 billion, the National Debt Management Center (NDMC) said on Thursday. The credit facility, which spans a tenure of three years, is aimed at financing the general budgetary needs, and was secured with the participation of three regional and international financial institutions, NDMC added in a statement.

  • PHOTO COLLECTION: Saudi Arabia Dakar Rally

    This is a collection of 37 photos chosen by AP photo editors.

  • Clampdown begins on Saudi’s unlicensed hospitality

    Travel and tourism service providers and booking platforms have been ordered by Saudi Arabia’s Ministry of Tourism to remove unlicensed hospitality facilities from their listings or “face penalties”.  The ruling, which came into effect from January 1, is to ensure outlets offering hospitality meet a certain standard, the ministry said in a statement.  It urged all establishments to obtain or renew their licences or face fines of up to SAR1 million ($267,000) and/or closure.  Violators may also face public shaming, the ministry said in a statement on the Saudi Press Agency.