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  • Markets Rattled by Saudi Shake-Up, Rising Regional Tensions
     

    Rising tensions between Saudi Arabia and Iran, as well as the kingdom’s crackdown on corruption last week that has seen over 200 jailed and $100b in assets frozen, have rattled markets in the region and kicked off efforts for wealthy Saudis to move money abroad, according to reports. In Lebanon, where tensions are escalating between the two […]

     
  • UK Government Agrees to $2b Loan Guarantee For Saudi Aramco
     

    The U.K. government agreed to a $2 billion loan guarantee for Saudi Aramco as competition to host the likely largest in history IPO heats up, according to Bloomberg. “The unusually large export credit guarantee, designed to finance the purchase of British goods, will be seen by many as an attempt to help woo the IPO to the […]

     
  • Trump Tweets U.S. Interest for Aramco IPO, but can the NYSE Compete?
     

    President Donald Trump used his Twitter account to encourage Saudi Arabia to list shares of Saudi Aramco on the New York Stock Exchange (NYSE) as markets around the world compete for the sought-after listing. “Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United […]

     
  • Al-Jubeir: ‘There Is No Doubt’ Iranian-Built Missile Shot from Yemen ‘Act of Aggression’
     

    Saudi Arabia’s Foreign Minister Adel Al-Jubeir said that Saudi Arabia had the right to defend itself against Iran and would take “appropriate” actions to counter Iranian aggression against the Kingdom, according to an interview the foreign minister gave to CNN. On Saturday, Saudi Arabia said it intercepted a missile shot from Yemen that nearly reached Riyadh’s […]

     
  • Investors, Analysts with Mixed Interpretations After Wild Weekend in Saudi Arabia
     

    Investors and analysts are mixed in their reactions after a wild weekend for Saudi Arabia that put the Kingdom into the international spotlight. Within the span of just days, Saudi Arabia said it shot down a missile that nearly hit Riyadh’s international airport, launched a new corruption body that immediately arrested some of Saudi Arabia’s wealthiest international businessmen and […]

     
  • Fitch Ratings Affirms ‘A+’ Outlook for Saudi Arabia as Finance Ministry Pushes Back Date of Deficit Elimination
     

    Fitch Ratings on Thursday affirmed Saudi Arabia’s long-term foreign-currency Issuer Default Rating (IDR) at ‘A+’ with a stable outlook, saying the ratings are “supported by strong fiscal and external balance sheets, including exceptionally high international reserves, low government debt, significant government assets and strong commitment to an ambitious reform agenda.” The Fitch report said central […]

     
  • Despite Progress, WEF Ranks Saudi Poorly on Gender Gap Index
     

    Saudi Arabia was among the lowest-ranked countries on in the World Economic Forum’s Global Gender Gap index, despite recently issuing new rules on women driving and other progress in the Kingdom. Saudi Arabia placed 138th out of 144 countries. The Kingdom’s Vision 2030 economic and social reform plans call for greater participation and empowerment of women in Saudi […]

     
  • Saudi Arabia will Introduce Tourist Visas ‘Soon’, Tourism Authority Head Confirms
     

    Saudi Arabia plans to start issuing tourist visas “soon,” Prince Sultan bin Salman bin Abdul Aziz, head of the Saudi tourism authority, said in a statement according to several reports. Prince Sultan did not give an exact time frame. The Kingdom issues separate visas for the millions of pilgrims that visit Saudi Arabia each year for […]

     
  • Saudi Arabia Takes Significant Step Toward Formal Tender for Peaceful Nuclear Power Plants
     

    Saudi Arabia has sent a request for information (RFI) to international suppliers to build two nuclear power plants, a first step towards a formal tender, three sources told Reuters. Saudi Arabia has announced plans to extract uranium domestically as part of its nuclear power program and will start building its first nuclear reactors next year. Extracting […]

     
  • Saudi Arabia to Boost Spending Next Year as Foreign Reserves Reach New Lows
     

    Saudi Arabia will boost state spending next year despite dwindling foreign reserves as the Kingdom looks to turbo charge economic growth, according to reports. Saudi Arabia’s Finance Minister Mohammed al-Jadaan told the Financial Times that Saudi Arabia “would set out an expansionary budget in 2018” to respond to the needs of the struggling private sector, which is […]

     

MUST-READS

  • Saudi startup Red Sea Farms raises $10 mln to fund expansion

    Saudi Arabian agriculture technology startup Red Sea Farms on Monday said it had raised $10 million which it would use to develop commercial scale farming facilities and expand into neighbouring United Arab Emirates. Red Sea Farms, established in 2018, grows tomatoes in an environment-controlled, enclosed farm that primarily uses saltwater to cool greenhouses and irrigate crops. Fresh water is sparsely available in the predominantly desert Gulf region where arable land is also scarce.

  • How Saudi Arabia is charting a path to food security

    Smart agriculture in Saudi Arabia means shifting the focus toward crops that require relatively less water and finding alternatives to water-intensive farming. Thus, farming of thirsty grains such as wheat has been largely transferred to water-rich Sudan, while local farmers are encouraged to concentrate on water-conserving approaches such as the greenhouse production of fruits and vegetables.

  • STV took part in 30 percent of all Saudi start-up funding rounds, CEO says

    Saudi Technology Ventures (STV), the venture capital arm of Saudi Telecom, took part in 30 percent of all start-up funding rounds in Saudi Arabia and 20 percent in the wider Middle East in recent years, its CEO said.

  • Bahrain, Facing a Covid Surge, Starts Giving Pfizer Boosters to Recipients of Chinese Vaccine

    The Persian Gulf island nation of Bahrain, battling a sharp resurgence of Covid-19 despite high levels of inoculation with a Chinese-made vaccine, has started giving booster shots to vulnerable citizens using a different vaccine made by Pfizer Inc. and BioNTech SE, a senior official said.

  • Saudi Arabia Has Embarked on a Multibillion-Dollar Cultural Partnership With Greece

    “As Saudi Arabia’s cultural transformation continues at pace, we welcome closer relations with our Greek friends,” Prince Badr told Saudi state media after the announcement. “Both our countries have a deep and rich heritage stretching back millennia, and a shared outlook on the positive power of cultural exchange and the need for its protection and preservation.”

  • How international partnerships help boost Saudi intellectual property watchdog’s effectiveness

    SAIP is considered a ‘one-stop-shop’ for all matters relating to the protection, regulation and enforcement of intellectual property rights in the Kingdom of Saudi Arabia. Its mission is to promote the competitiveness of the national economy, support the growth of the intellectual property culture in Saudi Arabia and highlight the Saudi Authority for Intellectual Property as the main intellectual property center in the MENA region. It is mandated to organize, support, sponsor, protect and promote intellectual property in the Kingdom in accordance with global best practices.

  • Saudi InsurTech startup Eltizam raises $666k ahead of launch

    Eltizam, a Saudi Arabia-based Insurance-as-a-Service (IaaS) platform, has raised $666k through a crowdfunding round on Scopeer. Eltizam announced the success of the fundraiser last week, adding that the newly raised capital will help the company to grow its team and fine-tune operations. Founded by Hani Al Maliki (CEO) and Khaled Al Ahmadi (CTO), Eltizam is still in the pre-launch stage. If all goes as per plan, the startup plans on officially launching within the next three months.

  • Biden Seeks State Department Budget Boost, But Ambassador Nominations Lag

    President Joe Biden, who vowed to “repair our alliances and engage with the world once again,” is proposing to put dollars behind that promise. But analysts say he’s lacking the lower-level diplomacy that’s critical to building strong relationships.

  • Adidas announces landmark partnership with Challenge Team, Saudi’s first ever Women’s Football League champions

    Commenting on the partnership with the Riyadh based team, Rawh Al-Arfaj , Challenge Team Founder and CEO said, “We are honored to be the first female football team to be sponsored by adidas in Saudi Arabia. We’ve really seen Challenge Football Team gain momentum since the establishment of the first Women’s Football League in Saudi Arabia in 2020, and we hope to inspire girls and women in Saudi Arabia and beyond to pursue their passion.”

  • Blinken turns to ‘effective partner’ Egypt to calm Mideast

    Blinken landed in Cairo a day after holding intensive talks with Israeli and Palestinian leaders. In Egypt, he met with President Abdel Fattah el-Sissi and other top officials. Later he traveled to Jordan to meet with King Abdullah II.