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  • Quarterly Oil Market Update from Jadwa Investment finds Cuts Contributing to Lower Balances
     

    If Saudi Arabia as the de-facto head of OPEC used to set the ceiling for the price of oil, now it looks like that role has been taken over – by U.S. shale producers. However, Saudi Arabia can still set the floor. According to recently released data by Riyadh-based Jadwa Investment, Both OPEC and non-OPEC […]

     
  • Saudi Arabia Looks to Overhaul Billions in Government Projects, Report Says
     

    Saudi Arabia’s government is ordering its ministries and agencies to review billions of dollars’ worth of unfinished infrastructure and economic development projects “with a view to shelving or restructuring them,” a report in Reuters said, citing government sources. According to the report, Riyadh’s Bureau of Capital and Operational Spending Rationalization, set up last year to make […]

     
  • In First, Full Japanese Orchestra Performs in Riyadh
     

    For the first time, a Japanese orchestra has played a live performance in Saudi Arabia’s capital, the latest step forward for Saudi culture and prospects for greater entertainment options for Saudi citizens. Minister of Culture and Information Adel Al-Toraifi opened the first Japanese full orchestra concert in Saudi Arabia on Thursday night at King Fahad […]

     
  • Tadawul Announces Update on Progress To Reforms
     

    Saudi Arabia’s stock exchange, the Tadawul, today provided in a press release “an update of its progress across a range of far-reaching capital market reforms to enhance efficiency, corporate governance, and transparency.” The reforms are part of the Exchange’s efforts to further align Saudi capital market with international standards and make it more attractive to […]

     
  • Saudi Economic Data for February Paints Another ‘Mixed Picture’
     

    Saudi Arabia’s economic data for the month of February 2017 showed a mixed picture for the Kingdom, with foreign reserves falling to $514 billion in February, the lowest since August 2011. The latest Jadwa Investment monthly chartbook for February finds cash withdrawals from ATMs and POS transactions showed a downward trend, but non-oil PMI was […]

     
  • Saudi Shoura Council Takes Aim at Much Maligned Saudi Airports, Demands Vision for Change
     

    The Shoura Council asked the General Authority for Civil Aviation (GACA) Wednesday to establish a strategic vision to make Saudi airports among top ranked globally, achieve competitiveness, ensure safety and serve customers in the best manner, according to reports. Saudis are often embarrassed of their outdated and poorly operated airports and look enviously at other […]

     
  • White House Supports Development of ‘A New United States-Saudi Program’, Endorses Strong Saudi Relationship
     

    The White House released a statement yesterday calling for the development of “a new United States-Saudi program” after the President hosted Deputy Crown Prince Mohammed bin Salman for a lunch meeting. The statement re-affirmed the U.S.-Saudi political, military, security, economic, cultural, and social relationship and the importance of the U.S. and Saudi Arabia working together “based […]

     
  • Saudi Aramco Selects D.C.-Based FTI Consulting as Media Advisor for IPO, Report Says
     

    Saudi Aramco has chosen Washington, D.C.-based FTI Consulting as global media adviser for what is expected to be the world’s largest initial public share offer, industry sources told Reuters. FTI Consulting will join already-tapped financial houses to assist with the listing, including Moelis & Co., Evercore, JPMorgan Chase & Co and Morgan Stanley. FTI “will support Aramco’s communications […]

     
  • U.S., Saudi Arabian Agribusiness Majors May Partner to Bid on Saudi Grains Milling Privatization
     

    Saudi Arabia’s largest private agriculture company, Almarai, and U.S. agribusiness Archer Daniels Midland Co. are reportedly among companies eying Saudi Grains Organization’s (SAGO) milling operations, the kingdom’s sole supplier, according to an exclusive report by Reuters. The state-owned SAGO handles the Kingdom’s grains purchases, and is one of the world’s largest wheat and barley buyers. The company […]

     
  • Despite Major Investments in Uber, Careem, Saudi Arabia Bans Ride-Sharing Apps from Airport Pickups
     

    Saudi Arabia’s government has banned ride-sharing apps from making airport pickups, a report in Al Arabiya said, less than a year after the Kingdom’s Public Investment Fund (PIF) invested $3.5 billion into Uber and STC put $100m into Careem. The announcement is a setback for customers who prefer the ease, convenience, dependability, and safety of ride-sharing apps […]

     

MUST-READS

  • Live shows are banned for 3 days in restaurants to ensure Covid compliance

    The General Entertainment Authority has informed all those licensed for live shows in restaurants and cafes that it has decided to prevent any live shows for a period of 3 days, starting from the beginning of next Thursday until the end of Saturday 01/02/2021.

  • Hundreds of Syrian refugees flee Lebanon camp as tents torched

    Hundreds of Syrian refugees fled their makeshift camp in north Lebanon after their tents were torched when fighting broke out between local youths and camp residents, aid officials said on Sunday. At least three were injured in the incident on Dec.26 in the Miniyeh region near the coastal city of Tripoli, which was followed by angry youths setting the campsite on fire, Lebanon’s state-owned National News Agency said.

  • Saudi Arabia extends entry ban amid coronavirus variant fears – state news agency

    Saudi Arabia’s interior ministry on Monday extended a ban on entry to the kingdom by air, land and sea for another week amid concerns over a fast-spreading variant of the new coronavirus, the state news agency SPA reported. Saudi Arabia shut its borders on Monday Dec. 21 and suspended international commercial flights on a rolling weekly basis although foreign flights already in the country were allowed to leave.

  • Lebanon’s ordeal from civil war to port blast

    One of the worst years in Lebanon’s tumultuous history is drawing to a close with the country reeling from the aftermath of a massive chemical explosion and an economic meltdown that looks set to cause even more trouble in 2021.

  • Lebanon to ask consultants to resume central bank audit, minister says

    Lebanon’s caretaker finance minister said it would contact a consulting firm on Wednesday to resume a forensic audit of the central bank, a key condition for foreign aid that has hit a roadblock. Parliament agreed this week to lift banking secrecy for one year, after the restructuring consultancy Alvarez & Marsal pulled out of the audit, saying it had not been given information it needed.

  • US regrets Lebanon-Israel stalemate, offers mediation

    US Secretary of State Mike Pompeo on Tuesday voiced regret over a stalemate in maritime border talks between Israel and Lebanon and offered Washington's meditation. The two nations which remain technically at war opened negotiations in October after quiet US diplomacy, seeking to clear the way for offshore oil and gas exploration sought by both. "Regrettably, despite goodwill on both sides, the parties remain far apart," said Pompeo, who has one month left in office after President Donald Trump's electoral defeat.

  • Iraq’s central bank devalues currency by about 23% as anger mounts

    Faced with the twin shocks of dwindling oil revenue and the coronavirus-induced slowdown, Iraq devalued its currency by about 23 per cent against the US dollar on Saturday, the first time the peg was adjusted since 2015. The Central Bank of Iraq set the exchange rate at 1,450 dinars per dollar, from a peg of 1,182 dinars, for sales to the finance ministry.

  • Top 10 Saudi banks show improvement in profitability

    The research, from global professional services firm Alvarez & Marsal (A&M), examined data from the 10 largest listed banks in the Kingdom and compared the third quarter of 2020 (Q3 2020) against the previous quarter (Q2 2020).

  • Milley Meets With Taliban In Fragile Peace Negotiations

    The two and a half-hour meeting was the second time Milley has met with the Taliban as part of U.S. efforts to bring about a negotiated peace settlement between the insurgent group and the U.S.-recognized government in Kabul. He is the first known chairman of the Joint Chiefs to have met with the Taliban, which the United States has been fighting either directly or in support of Afghan security forces since shortly after the Sept. 11 attacks in 2001.

  • The Importance of Marginalized Communities in Lebanon

    Millions of people in Lebanon are becoming increasingly desperate, and rising numbers of them have attempted the risky journey by sea to Cyprus. At least 21 boats attempted sea crossings between July and September 2020—compared to 17 throughout the whole of 2019. Many have died attempting the escape.3