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  • Bloomberg Economics: Rising Private Sector Spending, Fiscal Stimulus Boost Non-Oil Economy
     

    Rising private sector consumption and government fiscal stimulus measures are expected to give a boost to the non-oil Saudi economy, Bloomberg Economics reports. “BE expects non-oil growth to average 2.6% this year, up from 2.1% in 2018, helped by fiscal stimulus, a lower drag from monetary policy and improved private consumption,” the outlet revealed in […]

     
  • Saudi Arabia’s Shura Council Approves Green Card-Style Residence Program
     

    Saudi Arabia’s Shura Council has approved a plan for introducing a “Green Card-style residence system for foreigners aimed at attracting investors,” according to reports which cited Saudi media. The “privileged iqama” system will be offered for specific fees and have both permanent and temporary versions. The new system is designed to ensure eligible residents “a set of advantages […]

     
  • Saudi Arabia Replaces Head of Civil Aviation by Royal Decree Amid Airport Delays
     

    Saudi Arabia replaced the head of its civil aviation authority on Wednesday, Reuters reports, appointing Abdelhadi Al-Mansouri president of the General Authority for Civil Aviation (GACA). Al-Mansouri’s appointment fills a position that has been vacant officially since January, when his predecessor, Abdelhadi Al-Mansouri, was dismissed. He was appointed in June 2017. No details were given on the […]

     
  • New ‘Economics in Society’ Report Examines Role of Misperceptions on Women Employment Rates in Saudi Arabia
     

    A new research report published by the UBS International Center of Economics in Society examines how social norms may affect employment rates for women in Saudi Arabia, providing evidence “that most Saudi men privately believe that women should be allowed to work, but that they underestimate the extent to which other men share their views.” […]

     
  • Saudi Government Revenue Surges Nearly 50% in Q1
     

    Government revenue surged to SR245 billion ($65 billion) the first quarter of this year, an increase of 48 percent year-on-year, according to recent data revealed by Jadwa Investment. Both oil and non-oil revenue saw sizable rises. Government oil revenue rose by 48 percent, to SR169 billion ($45 billion), and was boosted by a SR124 billion ($33 billion) dividend […]

     
  • Senate Fails to Override Trump Veto on Yemen War
     

    The Senate on Thursday fell short of the votes needed to override President Trump’s veto of legislation demanding an end of U.S. support for the Saudi-led military coalition operating in Yemen. The resolution passed in the House and Senate would have ended all U.S. involvement with the Saudi Arabia-led coalition in the war in Yemen. It marked […]

     
  • ‘Signs of Life’ in the Saudi Economy as Indicators Point to Improvements, Growth
     

    Recently-released monthly data show signs of life in Saudi Arabia’s economy, the Arab world’s largest, according to reports. Jadwa Investment’s monthly chartbook for May 2019 shows “marginal economic improvements” with a surge in POS transactions by 19 percent year-on-year and mild improvement in the Kingdom’s non-oil PMI index in March. The Kingdom also saw a net monthly […]

     
  • PIF-Subsidiary Launches 1 Million Square Meter Amusement Park, Other Projects in Eastern Province
     

    Saudi Entertainment Ventures (SEVEN), a subsidiary of the Public Investment Fund (PIF), said on Wednesday that it was launching its largest project to date in the Eastern Province of the Kingdom – an amusement park, along with other entertainment projects. In its announcement, SEVEN said it would be building its first amusement park, which will cover an area […]

     
  • IMF’s Regional Economic Outlook Says Saudi Needs $85 Oil for Fiscal Balance
     

    A recently-released IMF report on the oil-producing Middle East and North African economies said that Saudi Arabia’s newest breakeven price for oil – the price of oil at which its government could fund its operations without a deficit – is $85 on the Brent index. The report is a quarterly update on the economies of oil-producing […]

     
  • 70 Percent Increase in New Licenses for Foreign Businesses in First Quarter, Al-Omar Says
     

    The number of new licenses approved for foreign businesses in Saudi Arabia rose by 70 percent in the first quarter from a year earlier, the head of Saudi Arabia’s General Investment Authority (SAGIA) said. According to Bloomberg, applications from British and Chinese companies drove the increase, rising by 86 percent and 71 percent, respectively. The data […]

     

MUST-READS

  • Saudi Arabia to host the 7th Asian Indoor Martial Arts Games 2025

    As Saudi Arabia is hosting the 7th Asian Indoor Martial Arts Games in 2025 for the first time in its history, President of the Saudi Olympic & Paralympic Committee (SOPC), HRH Prince Abdulaziz Bin Turki Al Faisal, and Vice-Governor of Riyadh Province, HRH Prince Mohammed Bin Abdulrahman Al Saud alongside the OCA Acting President Mr. Raja Randhir Singh signed the hosting contract of the Asian Indoor Martial Arts Games at the Riyadh Green Halls in Prince Faisal bin Fahad Olympic Complex.

  • Saudi Arabia’s Ministry of Investment and PIF-backed Jada partner to support start-ups

    Catalyse Saudi will host a series of events, the first of which will take place this month in Jeddah and Riyadh under the theme of disruptive technology. The events will bring foreign and Saudi entrepreneurs and investors together for networking, learning and engagement opportunities, the ministry and the fund said in a joint statement.

  • National Museum welcomes American Chamber of Commerce in Saudi Arabia for night of arts, culture and entertainment 

    The National Museum is divided into eight galleries, each of which depicts a different historical period. The galleries are arranged in chronological order, starting with the creation of the universe through to the unification of Saudi Arabia and the growth of Hajj. Tarik Solomon, chairman of the American Chamber of Commerce in Saudi Arabia, said that the museum was a place that visitors would not forget.

  • Saudi Arabia to Start Building Green Hydrogen Plant in Neom

    Saudi Arabia will start construction of a green hydrogen plant as soon as this month as it pushes ahead with plans to export the fuel in about four years. The kingdom is on track sell carbon-free hydrogen from a $5 billion project in Neom by 2026, according to Peter Terium, the head of energy and water for the new region. Engineers have finished flattening the site in northwestern Saudi Arabia and U.S.-based Air Products & Chemicals Inc. will soon begin building the facility, he said.

  • U.S. Power and Influence in the Middle East: Part Two

    In this episode, we will trace the story of the last 20 years of heavy U.S. military involvement in the Middle East, identifying lessons learned by U.S. forces, partners, and adversaries after two decades of heightened engagement in the region.

  • Saudi Arabia’s Economy Expanded 1.6% in the Fourth Quarter

    Saudi Arabia’s gross domestic product expanded 1.6% in the fourth quarter compared to the previous three months, as high oil prices help the kingdom recover from the impact of the pandemic. The non-oil sector -- the engine of job creation -- grew 1.2% on a quarterly basis, according to data released by the General Authority for Statistics. On an annual basis, non-oil growth hit 5.1%, with the overall economy expanding 6.7%. The figures were in line with preliminary estimates released last month.

  • Saudi-US Business Council Seeks Boosting Partnership in 4 Sectors

    Abdulqader explained that the Saudi Chambers are working to attract significant US investments, pointing out that there are enormous opportunities for US companies in various sectors that are a priority for the Kingdom and are linked to Vision 2030, such as renewable energy, industry, agriculture, mining, tourism, and entertainment. The head of al-Shorouk Center for Economic Studies, Abdul Rahman Baeshen, explained that the geopolitical and geoeconomic conditions and developments in the world, and their impact on energy markets and supply chains, further deepen the strategy of Saudi-US relations.

  • Saudi Issues New Guidance For Regional Headquarters Program

    According to the new guidance, an RHQ is defined as "a unit of a multinational group that is duly established under the laws of Saudi Arabia for the purpose of supporting, managing and providing strategic direction to its branches, subsidiaries and affiliates operating in the MENA region." It will act as the centre of administrative power for the multinational group over the MENA region and is required to have at least two subsidiaries or branches located in two different countries other than Saudi Arabia and its country of incorporation.

  • Saudi-US business forum to focus on defense, artificial intelligence

    The Federation of Saudi Chambers will host the Saudi-US Business Forum at its headquarters in the Saudi capital with participation from the US Embassy in Riyadh. Around 200 American and Saudi businesspeople from the defense, renewable energy, informational technology and various other sectors will attend, the official Saudi Press Agency reported.

  • Saudi-US business forum to focus on defense, artificial intelligence

    The Federation of Saudi Chambers will host the Saudi-US Business Forum at its headquarters in the Saudi capital with participation from the US Embassy in Riyadh. Around 200 American and Saudi businesspeople from the defense, renewable energy, informational technology and various other sectors will attend, the official Saudi Press Agency reported.