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  • King Salman Delivers Opening Speech at Shoura Council
     

    King Salman gave his annual speech at the opening of the third year of the Shoura Council’s seventh session on Monday and discussed a number of regional and local issues. The King urged the international community on Monday to halt Iran’s nuclear and ballistic missile programs, and reiterated the kingdom’s support for U.N. efforts to […]

     
  • Gulf Economies Recovering, but Oil Price Volatility Threatens to Weigh on Future Growth – IMF
     

    A recently released report by the IMF found that economic growth in Gulf states will recover in 2018 from a contraction last year, but that future growth remains vulnerable to volatility in crude oil prices. The global lender predicted that an overall energy price recovery from 2015-2016 lows would spur the economies of the six-nation Gulf […]

     
  • Saudi Non-Oil Activity Ticks Up in October
     

    Saudi Arabia’s non-oil economy ticked upward in October “thanks to higher employment and growth in new orders because of increased demand from overseas,” data from the latest purchasing managers’ index show. The headline Emirates NBD Purchasing Managers’ Index (PMI) rose slightly to 53.8 in October from 53.4 in September. A reading above 50 indicates that the non-oil […]

     
  • Crown Prince Mohammed bin Salman to Address FII – Watch Live
     

    Saudi Arabia’s crown prince Mohammed bin Salman is set to make a speech soon at the Future Investment Initiative in Riyadh, now in its second day. The prince will address attendees of the forum at the conclusion of today’s events. A live stream of the event is available on the FII’s website, http://www.futureinvestmentinitiative.com/. A panel event […]

     
  • Uber Competitor Careem secures $200 million in funds from Saudi and Japanese investors
     

    Careem, the Middle East-based ride-hailing company, said on Thursday it had secured $200 million in new funding from existing investors, including from Saudi Arabian billionaire Prince Alwaleed bin Talal’s Kingdom Holding, Saudi Arabia’s Al Tayyar Group and STV, and Japanese e-commerce company Rakuten. The $200 million was the first close of a funding round in which it expects […]

     
  • Trump Sends Pompeo to Saudi Arabia after Speaking with King Salman
     

    Saudi Arabia has extended its “appreciation” to the US administration among others for “refraining from jumping to conclusions” in the ongoing investigation in the Jamal Kashoggi case, which has garnered international attention in the last week. “To help clarify recently issued Saudi statement, the Kingdom of Saudi Arabia extends it appreciation to all, including the […]

     
  • Saudi Private Sector Growth Slows to Four Month Low
     

    Growth in Saudi Arabia’s non-oil private sector slowed to a four-month low in September, a monthly survey of companies showed on Wednesday. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index fell to 53.4 last month from 55.1 in August. A level above 50 indicates expansion, Reuters reports. Despite struggles in the private sector, Saudi […]

     
  • PIF-Backed Red Sea Tourism Company Names High-Powered Advisory Board
     

    Saudi Arabia’s Public Investment Fund (PIF) has appointed an international advisory board of business, tourism and environmental figures for its Red Sea tourism development. The announcement follows the selection of a former director of London’s Canary Wharf business zone, John Pagano, as chief executive of the project, which will see resorts developed on 50 islands […]

     
  • The Cohen Group will Launch a Saudi Arabia Office, Company Says
     

    Global business advisory firm The Cohen Group announced today that it will launch an office in Riyadh, Saudi Arabia as the company focuses more on the region’s largest economy. The new office will “serve as the hub for the firm’s operations in the region,” the company said in a press release today. “Our decision to open a […]

     
  • Saudi oil production rises in August after surprise July drop
     

    Saudi Arabia’s crude oil production rose again in August following a surprise drop in production in July, according to reports. The Kingdom’s crude oil production in August rose to 10.424 million barrels per day compared to 10.288 million bpd in July, an OPEC source told Reuters. In June, Bloomberg reported that Saudi Arabia was planning to pump “a record […]

     

MUST-READS

  • Saudi ambassador urges Lebanon’s factions to agree new government as soon as possible

    It came a day after the latest attempt by Aoun and Prime Minister-designate Saad Al-Hariri to end five months of political deadlock resulted in failure when they were once again unable to agree the formation of a new government. Meanwhile, Lebanon continues to face a growing financial crisis, mounting debt and a plummeting currency. The crisis was exacerbated by the massive explosion in August last year that destroyed Beirut’s port and surrounding areas.

  • Turkish lira falls 15% after bank governor sacked

    Turkey's currency tumbled as much as 15% after President Recep Tayyip Erdogan sacked the country's central bank governor over the weekend. Naci Agbal had been credited as a key force in pulling the lira back from historic lows. Mr Erdogan replaced him in a surprise move on Saturday, the third central bank governor exit in under two years.

  • Goldman’s Saudi Investment Bank Chief Said to Leave for PIF Role

    Over the past two years, though, Goldman has lost bankers including veteran Dubai-based dealmaker Hazem Shawki who joined Credit Suisse, and its regional CEO retired at the end of last year. Two other executives left this year to join Saudi Research & Marketing Group.

  • Saudi’s Hala raises $6.5 million Series A to become a digital bank for SMEs

    Riyadh-based fintech Hala (previously known as Halalah) has raised $6.5 million in a Series A round led by Impact46 (who invested through their growth fund). The round also included participation of Wamda and some other investors.

  • Dubai Ruler unveils 2040 Urban Master Plan to transform emirate

    According to the HH Al Maktoum, the new 2040 vision is a continuation of Sheikh Rashid bin Saeed Al Maktoum's vision in the 1960s to turn the emirate into a city “that promotes the greatest human values.” Underpinned by a strengthened focus on sustainability, it is the seventh such plan developed for Dubai since the '60s. It seeks to improve urban areas by developing vibrant, healthy, and inclusive communities and by doubling green and leisure areas.

  • Lebanese are gripped by worry as economic meltdown speeds up

    The Lebanese pound has lost more than 25% in value over the past weeks alone. Inflation and prices of basic goods have skyrocketed in a country that imports more than 80% of its basic goods. Purchasing power of salaries has dramatically declined and savings have evaporated — all on top of the coronavirus pandemic and a massive explosion last August at Beirut’s port that damaged parts of the capital. More than half the population now lives in poverty, according to the World Bank, while an intractable political crisis heralds further collapse.

  • Feuding Lebanese Politicians Dig In As Economic Crisis Deepens

    Hariri has insisted since he was tapped for the job in October that the next government should be comprised of nonpartisan experts able to manage the country’s worst financial crisis in decades. He has since clashed repeatedly with President Michel Aoun, who wants more say over the lineup and larger representation for his own political allies.

  • Citigroup Is Said to Name Key Banker on Aramco IPO as Saudi CEO

    Al Khatib, previously head of investment banking at NCB Capital, was one of the key bankers on the initial public offering of Saudi Aramco in 2019, the biggest ever after raising almost $30 billion. That deal was led by NCB Capital, along with Samba Capital and HSBC Holdings Plc’s Saudi unit, after the kingdom decided to focus on selling the shares to domestic investors and relegated the international banks on the IPO -- including Citigroup -- to more junior roles.

  • Saudi banking sector gets off to a positive start in 2021, says KPMG

    “The banking sector in Saudi Arabia enjoys a strong base in the volume of liquidity and capital, and despite the COVID-19 pandemic, the demand for homes has witnessed a continuous increase, and the demand for real estate financing has doubled,” said Ovais Shehab, head of the financial services sector in Saudi Arabia at KPMG.

  • Ramadan 2021: Saudi Arabia announces Monday as first day of Shaban

    Based on the last day of Shaban, Ramadan might start on April 13, subject to moon-sighting.