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  • Dow Chemical to Buy 15% More of Sadara to Boost Stake to 50%
     

    Dow Chemical plans to buy an additional 15 percent stake in its $20 billion joint venture with Saudi Aramco, the companies said on Monday according to reports. The U.S.-Saudi joint venture, named Sadara, aims to transform Saudi Arabia “from a consumer and importer to a global exporter,” according to Saudi Energy Minister Khalid al-Falih. U.S.-based Dow Chemical […]

     
  • 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 […]

     
  • Saudi Ministry of Justice Approves New Protections for Women in Saudi Arabia
     

    The Saudi Ministry of Justice issued four important decisions and proposals to limit the abuse of women, including raising the age that a woman is allowed to marry to 17 years old, according to a report in the Middle East Monitor that cited the Saudi daily Okaz. The Ministry proposed a rule that “permission to […]

     
  • 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 […]

     
  • Recent Economic Data for July 2017 Points to Mixed Picture for Saudi Economy
     

    Growth in Saudi Arabia’s non-oil private sector accelerated in July, albeit at a moderate pace, while the expansion in employment slowed, according to a Reuters report citing a Emirates NBD survey. “The seasonally-adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) rose to 55.7 last month from 54.3 in June. A level above 50 means business is […]

     
  • Demands from Qatar Modified to ‘Six Broad Principles’
     

    Saudi Arabia and 3 Arab nations leading a boycott of Qatar are no longer insisting it comply with a list of 13 specific demands they tabled last month, according to reports. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt told reporters at the United Nations they now wanted it to accept “six broad principles.” […]

     
  • Step Forward for Women in Saudi Arabia as Physical Education Classes for Girls OKed
     

    Saudi public schools will begin offering physical education for girls in the coming academic year, the education ministry announced on Tuesday, in another step forward for women and girls in the Kingdom. The long-awaited reform was announced by Education Minister Ahmed al-Issa on Tuesday. The announcement said that P.E. for girls would start with the […]

     
  • Oversupply in Oil Markets Continues Downward Pressure on Prices
     

    Global oil markets have entered a period of oversupply, putting downward pressure on prices and eliciting calls for the world’s largest producers like Saudi Arabia to act on top of March 2017 OPEC cuts to reduce the glut. Oil prices fell 3 percent on Friday after data showed U.S. production rose last week just as […]

     
  • Response to Qatar Demands Given Two-Day Deadline Extension
     

    Four Arab states lead by Saudi Arabia agreed to extend until late on Tuesday a deadline for Doha to comply with a list of demands, as U.S. President Donald Trump voiced concern to both sides about the dispute, according to Reuters and other reports. Qatar’s foreign minister said via Twitter that the demands “were meant […]

     
  • Saudi Begins Extended Eid Al-Fitr Holiday as Massive Celebrations Planned
     

    An extended Eid Al-Fitr holiday began in Saudi Arabia and most other Arab countries on Sunday, marking the end of the holy fasting month of Ramadan. Kuwait, Qatar and the United Arab Emirates will also start the holiday on Sunday, but Oman starts the holiday on Monday, according to reports. The timing of Eid can vary […]

     

MUST-READS

  • French central bank to exit coal, cap oil and gas investments

    The Bank of France manages 22 billion euros ($26.6 billion) of its own portfolio investments separately from asset purchases related to its monetary policy operations.

  • Qatari bank sees gradual growth in Saudi after end of rift

    QNB opened its branch in the Saudi capital in May 2017, just a month before the dispute erupted.

  • Saudi Arabia’s top bank follows UAE lenders to dollar bond market

    Saudi Arabia’s National Commercial Bank hired advisers to tap the dollar bond market, joining UAE banks to take advantage of investors’ appetite for yield.

  • Saudi Arabia generates $382.9m in investment banking fees

    Saudi Arabia, along with the UAE, generated two-thirds of the investment banking fees in the Middle East and North Africa (MENA) last year, accounting for $382.9 million and $433.9 million, respectively, despite the slowdown as a result of the coronavirus (COVID-19) pandemic.

  • Saudi Arabia’s open banking plans could ‘revolutionize’ opportunities for fintech

    “With the support of market participants, SAMA plans to go live with open banking during the first half of 2022,” the regulator announced earlier this week. The decision is set to present significant opportunities for fintech companies and Saudis themselves, locals and experts in the finance sector say. The central bank’s move “is set to revolutionize how customers, merchants and financial institutions augment the value they reap from accessing financial data,” Tala al Jabri, a Saudi national and venture capital investor based in Dubai, told CNBC. She expects it to “open up opportunities beyond financial inclusion by placing greater emphasis on Saudis to become more financially literate and in command of their finances.”

  • COVID-19: Shisha ban still in force in Saudi Arabia

    The instruction was made by Saudi Health Minister Tawfiq Al Rabiah after receiving a letter from the World Health Organization citing a global surge in virus infections and the reintroduction of the shisha smoking in some countries, the report added.

  • Saudi Central Bank issues Open Banking policy, aims to go live in 2022

    SAMA plans to go live with the open banking initiative in the first half of 2022. For the next 12 months, it will work on the design of Open Banking ecosystem and its implementation (which would also include testing with the financial ecosystem players).

  • Saudi Arabia Condemns Israel’s Move to Build New Settlements in West Bank

    Saudi Arabia condemned on Tuesday Israel’s approval of the construction of 800 new settlement units in the West Bank. The Foreign Ministry expressed its vehement rejection of the move, saying it was a new violation of international agreements and a threat to peace that undermines efforts to establish the two-state solution.

  • Saudi Central Bank issues new rules for debt crowdfunding

    The Saudi Central Bank (SAMA) has issued new rules for debt crowdfunding, in a bid to attract new investors and companies. In a statement on its website, SAMA said the move was designed to attract new investors, companies and small and medium capital owners.

  • Credit Suisse expands Saudi operations after securing banking license

    Credit Suisse said on Monday it had opened a branch in Riyadh to offer wealthy Saudi Arabian clients a greater range of financial services, after obtaining a local banking license in 2019. The bank, which has been offering investment banking, asset management and other services in Saudi Arabia since 2005, will now provide services such as lending, foreign exchange and treasury products, account management and deposits, it said in a statement.