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  • US most powerful tourism market; Saudi Arabia tops in growth

    The US remains the world’s most powerful travel and tourism market, contributing a record-breaking $2.36 trillion to the nation’s economy last year, according to the World Travel & Tourism Council's (WTTC) 2024 Economic Impact Trends Report. Saudi Arabia leads the growth international tourism spending with a 91.3% jump compared to 2019, the report noted. Despite the slow return of spending from international travelers, the US keeps pole position, with almost double the economic contribution of its nearest rival.

  • Saudi Arabia, India discuss ways to bolster strategic defense cooperation

    Saudi Arabia and India recently discussed new avenues to strengthen defense cooperation at the India-Saudi Arabia Joint Committee on Defence Cooperation (JCDC) held in Riyadh. Indian ambassador Dr. Suhel Ajaz Khan told Arab News that Saudi Arabia and India are seeking to enhance defense cooperation. Khan said the sixth JCDC meeting was co-chaired by India’s Joint Secretary (Armed Forces) Amitabh Prasad and Saudi Arabia’s Deputy Minister of Defense for Strategic Affairs Maj. Gen. Salman bin Awadh Al-Harbi.

  • Saudi Arabia leads international bond issuance

    Saudi Arabia, the Middle East’s largest economy despite a 0.8 percent decline in real GDP last year, sold $26.8 billion of international bonds from January 1 to August 27 2024, inclusive. Poland was second among emerging markets with $18 billion and the UAE was third with $12 billion, data from London Stock Exchange Group shows. The data refers to “international” bonds, or those sold to foreign investors.

  • Who moved to Saudi Arabia this summer – and what it reveals about the Pro League

    While 2023 will be remembered as the year Cristiano Ronaldo (Al Nassr), Neymar (Al Hilal), Karim Benzema (Al Ittihad) and Jordan Henderson (Al Ettifaq; he terminated his contract in January and joined Ajax) left Europe for lucrative contracts in the Saudi Pro League, the transfer outlay in 2024 has been less extravagant, with total spending coming in at around $250m (£190m).

  • Construction kicks off on $1.95bln ‘The Avenues – Khobar’ Project in Saudi Arabia

    The contract was awarded by the developer Shomoul Holding Company - a subsidiary of Kuwait-based developer Mabanee - to a joint venture of Saudi group AlKifah Contracting Company and Kuwait-based Al Ahmadiah Contracting. Working alongside Kuwait-based regional architecture and engineering firm Pace, the JV is working to bring to life this visionary project which is set to transform the landscape of Al Khobar city.

  • Saudi Arabia issues implementing rules on exporting personal data

    The new rules (11-page PDF/1.6MB) provide implementation details on how personal data can be exported globally from the Kingdom under the amended Personal Data Protection Law. The updated legislation, which has lifted some of the previous restrictions on exporting personal data, came into force on 14 September 2023, but businesses were given one year from that date to comply with the new regime, with the grace period for compliance ending on 14 September 2024.

  • Saudi Arabia External Balances Weaken on Oil Drop, IMF Says

    That would mark a significant turn around from 2022, when crude soared to almost $130 a barrel after Russia’s invasion of Ukraine and Saudi Arabia’s current account surplus was almost 14% of GDP. Prices have since fallen, in recent months because of concerns about the state of the US and China’s economies. This week, Brent has slumped more than 7% to around $73 a barrel, far below what the kingdom needs to balance its budget.

  • Saudi Arabia’s fiscal breakeven oil price is rising fast. What will the kingdom do about it?

    In May of 2023 the International Monetary Fund forecast the kingdom’s breakeven oil price at $80.90 per barrel, which moved it back into a fiscal deficit following its first surplus in nearly a decade. The Fund’s latest forecast, in April, put that figure at $96.20 for 2024; a roughly 19% increase on the year before, and about 32% higher than the current price of a barrel of Brent crude, which is trading at around $73 as of Wednesday afternoon.

  • IMF Executive Board Concludes 2024 Article IV Consultation with Saudi Arabia

    Oil production cuts led to an overall contraction in growth of 0.8 percent in 2023, albeit non-oil GDP grew by a robust 3.8 percent, driven mostly by private consumption and non-oil investment. The unemployment rate reached historic lows, with women labor force participation rates remaining comfortably above the 30 percent 2030 target. Geopolitical events have not had any major impact on the Saudi economy so far.

  • IMF Saudi Arabia 2024 Article IV Consultation: Press Release and Staff Report

    Saudi Arabia’s unprecedented economic transformation is progressing well. Strong domestic demand is keeping non-oil growth robust while unemployment is at record lows. Inflation is contained and the current account surplus is rapidly narrowing. The recalibration of the authorities’ investment plans would help reduce overheating risks and pressures on fiscal and external accounts.