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  • Saudi Announces New Benefits for Soldiers and Government Workers to Offset Fiscal Reform Measures
     

    Saudi Arabia announced new royal decrees to alleviate economic pain from new austerity measures taken as part of reforms meant to wean the Kingdom’s economy off of oil. After a week that saw Saudis frustrated on social media over price hikes on gasoline and power, as well as the introduction of a Value Added Tax (VAT), […]

     
  • First Utility-Scale Solar Plant Planned for Northern Saudi Arabia Receives Bids
     

    Saudi Arabia has announced a shortlist of bidders for the first utility-scale solar plant planned for northern Saudi Arabia, according to reports. The planned 300-megawatt solar photovoltaic (PV) project is in Sakaka, Al-Jouf province. “All of the bids opened today (Tuesday) will now undergo stringent technical, financial and legal evaluation,” Turki al-Shehri, the head of the […]

     
  • Saudi Aramco, Partners Launch Offshore Focused Shipyard at Ras Al-Khair Industrial City
     

    Saudi Aramco and partners announced a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. Along with UAE-based Lamprell, the National Shipping Company of Saudi Arabia (Bahri), and South Korea-based Hyundai Heavy Industries, Saudi Aramco says the shipyard will be focused on […]

     
  • Two Top Officials in Crackdown Sweep Return to Public Eye
     

    Two top officials detained in last year’s crackdown on corruption in Saudi Arabia have returned to the public eye following settlement payments, according to reports. Prince Miteb bin Abdullah, former head of the Saudi national guard and son of the late King Abdullah, was photographed alongside Crown Prince Mohammed bin Salman at a horse race […]

     
  • ‘Largest Ever’ Budgeted Expenditure for Saudi Arabia in 2018 as Kingdom Looks to Propel Growth
     

    Government officials unveiled Saudi Arabia’s largest budgeted expenditure ever as the Kingdom looks to propel economic growth following two years of reduced spending. Compared to previous years, the budget is expansionary. Saudi Arabia will spend SR88 billion ($23.5 billion) more in 2018 compared with 2017. The announcement was made at a press conference at which Finance Minister Mohammed […]

     
  • Yemen’s Houthis Fire Another Ballistic Missile at Riyadh
     

    Saudi Arabia said it intercepted a Yemeni rebel missile over Riyadh on Tuesday as residents reported a “loud boom” that shook buildings in the Saudi capital. It was the second Houthi missile attack on Riyadh in the past two months. “Ballistic missile intercepted over Riyadh,” the Coalition battling Yemen’s Houthi rebels said in a statement. […]

     
  • Saudi 2018 Budget will be ‘Expansionary’ after Two Years of Tight Spending
     

    Saudi Arabia’s budget will be announced tomorrow and will include a “focus on expansion, development and investment” according to comments made on Al-Arabiya TV by a Saudi finance ministry official, and reported in Reuters. “If there was to be a title for the 2018 budget, it would be the budget of expansion and development and […]

     
  • Ambassador Haley Gives Dramatic Presentation of Alleged Iran-Made Weaponry Recovered from Regional Battlefields
     

    US envoy to the United Nations Nikki Haley made a presentation at Bolling Air Force base in Washington, D.C. to provide evidence that Iran had supplied short-range ballistic missiles to Houthi rebels in Yemen which were then fired at Saudi Arabia. Department of Defense (DOD) officials accompanied Haley for the presentation, which was made against a dramatic backdrop of broken […]

     
  • Nearly $20b in Stimulus for Saudi Economy in 2018
     

    Saudi Arabia has unveiled a stimulus package to begin next year with money to support housing construction as well as fee waivers for small businesses. Saudi Arabia’s King Salman issued a royal decree approving 72 billion riyals ($19.2 billion) worth of measures to stimulate growth in the private sector next year (2018), and 200 billion […]

     
  • Bloomberg Report: Meeting Held Today at White House to Discuss Potential for U.S.-Saudi 123 Agreement
     

    Trump Administration officials are reportedly meeting at the White House today to discuss details of a potential nuclear cooperation agreement with Saudi Arabia, known as a 123 Agreement, according to two administration officials quoted in Bloomberg. Section 123 of the U.S. Atomic Energy Act requires the conclusion of a peaceful nuclear cooperation agreement for significant transfers of nuclear material, equipment, […]

     

MUST-READS

  • Saudi Arabia’s Misk Art Institute announces art grant winners

    The Saudi Misk Art Institute announced the winners of its 2021 Misk Art Grant, an annual program that provides technical and financial support to artists inside and outside the Kingdom.

  • Saudi Stocks Had Their Best First Half in 16 Years: Chart

    Saudi stocks wrapped up the best first half in 16 years, after rallying 26% in 2021 so far. Higher oil prices and government projects, including a program which aims to release 5 trillion riyals ($1.3 trillion) of private sector investment, have supported shares listed in the kingdom. The benchmark Tadawul All Share index is near a key level of 11,000 points and Junaid Farooq, a fund manager at Fim Partners in Dubai, suggests the positive sentiment has some momentum.

  • StanChart starts offering banking services from Saudi branch

    Standard Chartered (STAN.L) has begun offering banking services through its branch in Saudi Arabia with a team of 25 people, the bank said on Thursday, as it boosts its presence in the Arab world's biggest economy. Saudi Arabia granted Standard Chartered a banking licence in 2019, which helps it to expand beyond the capital markets business it has conducted in the kingdom since 2011.

  • Standard Chartered Opens First Branch in Deal-Rich Saudi

    Standard Chartered Plc has opened its first branch in Saudi Arabia as the kingdom attracts Western banks keen to cash in on the country’s economic reform. The London-based bank began operations from its Riyadh branch in the last couple of weeks with a 35-strong team, which is expanding to more than 50 over the next few years, according to Yazaid Al Salloom, the head of the business. This includes about 10 staff already who were already working in capital markets.

  • Blinken meets with Saudi and French counterparts to discuss Lebanon reform

    Mr Blinken noted on Twitter that he had met Saudi Prince Faisal bin Farhan and French Foreign Minister Jean-Yves Le Drian to call on “Lebanon’s political leaders to show real leadership by implementing overdue reforms to stabilise the economy and provide the Lebanese people much-needed relief".

  • AlUla’s partnership with GreenEDGE looking to transform Saudi cycling culture

    When the Tour de France 2021 started on Saturday, there would have been extra interest from one corner of Saud Arabia in particular. Only days earlier, the Kingdom’s Royal Commission for AlUla (RCU) had announced it was partnering with GreenEDGE Cycling, also known as Team BikeExchange, ahead of the sport’s most famous tour, which runs until July 18.

  • Saudi startup that spots fake job certificates secures $1.5m funding

    The entrepreneurship arm of Saudi Aramco, Wa’ed, has invested $1.5 million in a Saudi blockchain technology provider which helps recruiters to spot fraudulent professional qualifications.

  • Abu Dhabi Starts Using Facial Covid Scanners at Malls, Airports

    The technology can detect infections by measuring electromagnetic waves, which change when the RNA particles of the virus are present in the body, state-run WAM reported. The results showed 93.5 per cent sensitivity, reflecting the accuracy of identifying those infected.

  • Hamas wins Palestinian hearts as Gaza conflict threatens broader shift

    Hamas may be an international pariah, branded as a terrorist organization by the U.S. and Israel, but the militant group has succeeded in winning the admiration and respect of Palestinians in the wake of the recent 11-day war with Israel.

  • US hopeful but ‘realistic’ on departure of foreign forces from Libya

    After a conference on Libya’s political future ended without a concrete plan for the withdrawal of foreign forces, a top US diplomat expressed optimism but said Washington is "realistic" about what can be achieved ahead of elections later this year. “We’ve seen remarkable progress among political actors,” Joey Hood, the acting assistant secretary of state for Near Eastern affairs, told reporters on a call Thursday.