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  • VAT, Fuel Price Reforms Cause Bump in Saudi Inflation
     

    Inflation rose in Saudi Arabia in January 2018 by 3 percent year-on-year, and 3.9 percent month-on-month “largely as a result of the implementation of VAT and utility and fuel price reform during the month,” Riyadh-based Jadwa Investment confirmed in a research note. The data is based on official Saudi figures released by the government. The figures suggested […]

     
  • Reports Confirm Mohammed bin Salman to Visit U.S. in March; Schedule Remains Unclear
     

    Conflicting reports have emerged in the U.S. media in the past 24 hours surrounding an expected visit by Crown Prince Mohammed bin Salman to the United States this month. Last night, an exclusive report by Joyce Karam for The National said the Crown Prince would visit the United States for a longer visit, starting March […]

     
  • King Salman Replaces Top Military Commanders in Cabinet Shuffle
     

    Saudi Arabia has replaced some of its top military officers by royal decree, elevating a younger generation as the war in Yemen approaches its fourth year without a victory. No reason was given for the changes, according to Bloomberg and the Financial Times. King Salman appointed First Lieutenant General Fayyad bin Hamed al-Ruwayli as chief […]

     
  • Soft Opening for New $7.2 Billion Jeddah Airport Set for May
     

    Jeddah’s King Abdulaziz International Airport is set to unveil its long-awaited new look at a soft opening in May, the Jeddah-based Saudi Gazette reports, citing confirmation by the General Authority of Civil Aviation (GACA) and the emir of Mecca. Once recognized by travelers as one of the worst airports in the world, Saudi Arabia’s second largest city is […]

     
  • Another Opening for Saudi Women as Government OKs Women in Security Forces
     

    Saudi’s General Security division announced that soldier rank positions will be available for Saudi women in several different regions of the country, as the Kingdom continues opening up new professions for Saudi women. Saudi women who meet twelve different standards will now be permitted to serve in security forces in soldier rank positions. According to reports, […]

     
  • New Body in Saudi Labor Ministry Created to Fight Rising Unemployment in Saudi Arabia
     

    Saudi Arabia’s cabinet announced the creation of a new body within the labor ministry to combat an increase in joblessness in Saudi Arabia and a seeming reluctance by Saudis to take available jobs, according to a report. Unemployment in Saudi Arabia has risen slightly since the announcement of Saudi Arabia’s Vision 2030 and National Transformation Program, […]

     
  • Saudi Crown Prince Reassures Foreign Investors after Corruption Crackdown
     

    Saudi Arabia’s Crown Prince Mohammed bin Salman is seeking to reassure the business community following the Kingdom’s crackdown on corruption, which netted over $100 billion for the Saudi government from alleged impropriety. The secretive nature of the arrests and concerns over political motivations have worried local and foreign business leaders. More than 300 people, among them royals, politicians and […]

     
  • Major Leap for Saudi Economy as Kingdom Set to Introduce Bankruptcy Laws
     

    Saudi Arabia’s cabinet has approved a bankruptcy law that is likely to be a boost to the Kingdom’s efforts to attract investment and provide protection for entrepreneurs, according to reports. King Salman has reportedly endorsed the new law. As Reuters reports, modern bankruptcy legislation does not currently exist in Saudi Arabia, which creates difficulties for struggling companies seeking to restructure […]

     
  • Saudi Films on Display in Los Angeles for Second Annual Young Saudi Film Festival
     

    Six films from Saudi Arabia will headline the second annual Young Saudi Film Festival in Los Angeles this week, as the Kingdom looks to expand its entertainment offerings back home. The festival, run by the New York Film Academy (NYFA), will also showcase two films from Egypt. The eight short films range from five to 20 […]

     
  • Saudi Central Bank will Test Ripple Payments Technology
     

    Ripple has struck a deal with Saudi Arabia’s central bank on a pilot program that will see banks in the country test the company’s technology, according to reports. “This ground-breaking pilot program is the first of its kind to be launched by a central bank. Participating banks from the KSA will use xCurrent to instantly settle […]

     

MUST-READS

  • Saudi Arabia’s $1.5B Solar Thermal Project Powers Green Manufacturing

    Saudi Arabia is making a bold move toward decarbonization and industrial sustainability with the launch of the $1.5 billion Ma'aden I initiative. Spearheaded by GlassPoint in collaboration with Saudi Arabia's Ministry of Investment (MISA) and Ma'aden, this project represents the world’s largest industrial solar thermal endeavor, aiming to transform the aluminum supply chain while bolstering Saudi Vision 2030. The initiative begins with the GlassPoint Ma'aden Technology Showcase (GMTS), introducing groundbreaking advancements in solar-to-heat technology. Key innovations include anticlastic polymer membranes and high-performance Niobium mirrors, which have significantly reduced solar field costs by 30% and thermal storage expenses by 50%. These developments are crucial to achieving cost-effective decarbonization in industrial processes.

  • ‏Saudi Electricity Company Signs a Landmark $3.6 Billion International Financing Agreement

    The Saudi Electricity Company (SEC) announced today, the signing of a $3.6 billion international syndicated financing agreement (equivalent to 13.5 billion SAR) with leading global and regional banks. The participating financial institutions include Industrial and Commercial Bank of China (ICBC), Bank of China, Agricultural Bank of China, Bank of Communications, China Construction Bank, KFW IPEX-Bank, State Bank of India, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Boubyan Bank, Dubai Islamic Bank, and Saudi Investment Bank.

  • Saudi Arabia announces the establishment of a new international water research center

    Saudi Arabia has announced the establishment of a new international water research center. The center was established in a partnership between the Ministry of Environment, Water and Agriculture and King Abdullah University of Science and Technology (KAUST), under the patronage of the Minister of Environment, Water and Agriculture, Eng. Abdulrahman Al-Fadley. The announcement was made during the high-level dialogue session "Sustainable water management in arid and semi-arid regions for drought and land resilience," as part of the activities of the Sustainability Innovation Week during the 16th session of the Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD Cop16). The center will be a leading global platform for applied research in the field of water research, including water economics, water security, water pollution, advanced technologies, and digital monitoring.

  • Saudi Arabia will host the 2034 World Cup. But when exactly?

    Saudi Arabia proposes 15 stadiums — eight still on paper — in five cities: Eight in the capital Riyadh, four in the Red Sea port city Jeddah, and one each in Abha, Al Khobar and Neom, the planned futuristic mega-project. Each would have at least 40,000 seats for World Cup games. The opening game and final are set for a 92,000-seat venue planned in Riyadh. Some designs are vivid. In Neom, the stadium is planned 350 meters (yards) above street level and one near Riyadh is designed to be atop a 200-meter cliff with a retractable wall of LED screens. Saudi Arabia aims to host all 104 games, though there has been speculation that some games could be played in neighboring or nearby countries.

  • Saudi Arabia lights up after being named as host for FIFA World Cup 2034

    Fireworks illuminated the skies of Riyadh, Jeddah, Alkhobar, Abha, NEOM, Al-Qassim, and Jubail at 8:34 p.m. on Wednesday, after the official announcement from an online ceremony that was broadcast at a Riyadh event attended by Sports Minister Prince Abdulaziz bin Turki Al-Faisal and other officials. The dazzling displays reflected the spirit of unity and excitement surrounding the country’s historic achievement. In celebration,  dynamic drone shows are to captivate audiences in Riyadh, Jeddah, Alkhobar, and Abha. The football-themed festivities, which run until Dec. 14, invite citizens and residents to showcase their national pride by wearing football jerseys and sharing their moments on social media using the hashtag #Saudi2034.

  • Saudi Oil Supply to China Set for Three-Month High in January

    Saudi Arabia is expected to ship in January the highest crude oil volumes to China in three months, after the world’s top crude exporter cut its prices for Asia for next month, trade sources told Reuters on Thursday. Saudi Arabia plans to ship a total of 46 million barrels of crude oil to the world’s largest crude importer in January, the highest volume since October. January deliveries will be significantly higher than the 36.5 million barrels expected to be shipped from Saudi Arabia to China in December. This month will see a second consecutive month of lower Saudi deliveries to China.

  • Assad’s final hours in Syria: Deception, despair and flight

    Bashar al-Assad confided in almost no one about his plans to flee Syria as his reign collapsed. Instead, aides, officials and even relatives were deceived or kept in the dark, more than a dozen people with knowledge of the events told Reuters. Hours before he escaped for Moscow, Assad assured a meeting of about 30 army and security chiefs at the defence ministry on Saturday that Russian military support was on its way and urged ground forces to hold out, according to a commander who was present and requested anonymity to speak about the briefing.

  • Blinken says he discussed Gaza ceasefire agreement with Turkish top officials

    U.S. Secretary of State Antony Blinken said on Friday that he discussed the imperative of Palestinian militant group Hamas' saying 'yes' to the Gaza ceasefire agreement in his talks with Turkey's President and Foreign Minister. "In my discussions with President Erdogan and with Minister Fidan we talked about the imperative of Hamas saying yes to the (Gaza) agreement that's possible to finally help bring this to an end," Blinken said, following his meeting with Turkish foreign minister Hakan Fidan in Ankara.

  • Guggenheim considers Saudi headquarters

    US-based Guggenheim Partners Investment Management — which manages $335 billion in assets — is considering establishing a regional headquarters in Saudi Arabia, Anne Walsh, the firm’s Chief Investment Officer, told Semafor. Guggenheim has an office in Dubai, and Walsh said the firm is looking to expand in the Gulf. While Guggenheim primarily invests in the US, it is eyeing infrastructure opportunities in the region, she said.

  • Goldman Sachs Names Alzaim Saudi CEO as US Bank Boosts Presence

    Alzaim will also continue in his role as head of investment banking for Saudi Arabia, according to an internal memo seen by Bloomberg. He joined Goldman in 2021 as an executive director and was named managing director in 2023. Prior to that, he served as an associate director in the investment banking advisory team at HSBC Saudi Arabia. He succeeds Khalid Albdah, who left Goldman after nearly a decade in October. Albdah has since been named as the head of the Middle East, North Africa and New Markets business of Neuberger Berman.