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  • Saudi CMA Approves Rules for Exchange-Listed Real Estate Funds
     

    Saudi Arabia’s Capital Markets Authority (CMA) announced that it has approved rules for exchange-listed real estate funds as Kingdom seeks to entice investment to develop housing in Saudi Arabia. “It is important to mention that these instructions aim to regulate offering of Real Estate Investment Traded Funds that has a primary investment objective to invest in construction developed […]

     
  • Yemen’s Houthi Rebels Fire Missiles Toward Holy City of Mecca in Saudi Arabia, Coalition Says
     

    Yemen’s Houthi militia launched a ballistic missile toward Mecca on Thursday, the Saudi-led coalition intervening in Yemen’s civil war on behalf of the government said in a statement. Reuters via the Saudi Press Agency (SPA) reports that Coalition forces “destroyed the missile 65 km (40 miles) from the holy city before it could do any […]

     
  • US Customs Facilities Coming to Riyadh, Jeddah Airports to Add Convenience, Efficiency to U.S.-Saudi Travelers
     

    The United States Customs and Border Protection (CBP) will soon set up facilities at Riyadh and Jeddah airports to process U.S.-bound passengers’ arrival documents before landing in the U.S., the Saudi Gazette reports, citing a person with knowledge of the situation who spoke with the Okaz Arabic daily. Long delays and extra screenings have become standard for […]

     
  • Will Saudi Spending Cutbacks Slow the Kingdom’s Push for Middle Class Home Ownership?
     

    The local director of real estate services firm Jones Lang LaSalle (JLL) said Saudi Arabia’s state spending cuts will pressure people’s ability to buy their own homes and could push housing prices in some segments down by nearly a third, according to a report in Reuters. A reduction in subsidies available to government employees and […]

     
  • Candor from High-Ranking Saudi Ministers on Economy Latest Example of Increased Transparency
     

    Several high-ranking officials and Ministers in Saudi Arabia discussed the state of the Kingdom’s economy on a popular television show last week, according to Bloomberg, in what amounted to “an unusual attempt by a government not known for transparency to promote its plan to cope with the plunge in oil prices.” “Saudis who switched on a […]

     
  • Yemen Ceasefire Tested by Missiles, Airstrikes
     

    The 72-hour U.N.-backed truce in Yemen came under duress on Thursday when missiles fired from inside the war-torn country killed two civilians in Saudi Arabia, while a Saudi-led coalition launched air strikes that Iran-allied Houthi fighters said killed three people, according to reports. The U.N.-brokered ceasefire began late on Wednesday, which “brought Sanaa its first night without air strikes in […]

     
  • Government Payments to Top Companies Resume, Al-Assaf Says on Saudi TV
     

    Saudi Arabia has resumed payments of its debts to contractors after long delays that imperiled company finances and hurt investor sentiment, according to Bloomberg, which cited comments made by Saudi Finance Minister Ibrahim Al-Assaf on Saudi television. In the televised interview late on Wednesday, Al-Assaf said payments have been “regularized and will rise in the coming period.” […]

     
  • 72-Hour Ceasefire in Yemen Set for Wednesday Night
     

    The United Nations Special Envoy to Yemen announced a 72-hour cease-fire to begin Wednesday night, after he received commitments from all of the country’s warring factions, according to reports. Ismail Ould Cheikh Ahmed said the cessation of hostilities will begin at 8:59 p.m. UTC Wednesday and could be renewed after the initial three-day period. Twice […]

     
  • Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
     

    Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]

     
  • U.S. Responds to Missile Strikes from Yemen, Destroys 3 Radar Sites
     

    The U.S. military struck three radar sites in Houthi-controlled territory on Yemen’s Red Sea coast, the Pentagon said in a statement.  The strikes were aimed at preventing future missiles from being launched toward U.S. warships. “These limited self-defense strikes were conducted to protect our personnel, our ships, and our freedom of navigation in this important […]

     

MUST-READS

  • Saudi Crown Prince and UAE President underscore need to maintain regional stability

    President of the United Arab Emirates Sheikh Mohammed bin Zayed Al-Nahyan welcomed Saudi Crown Prince and Prime Minister Mohammed bin Salman at Qasr Al-Rawdha in Al-Ain on Sunday. During the meeting, Sheikh Mohammed warmly received the Saudi Crown Prince. The two leaders held cordial discussions reflecting the deep-rooted fraternal relations between Saudi Arabia and the UAE. Their discussions explored the enduring fraternal ties between the two countries and opportunities for further development under their special strategic partnership, according to WAM, the UAE news agency.

  • Saudi Arabia reaches Vision 2030 milestone with Riyadh Metro opening

    On 1 December, after over a decade of construction, Saudi Arabia celebrated the completion of the first phase of the Riyadh Metro station. Inspired by local heritage, the multi-billion-dollar project, backed by three international consortiums from 13 countries across North America, Europe, and Asia, marks a significant milestone in the country’s infrastructure development. Currently, the station stands as one of the largest in the world, featuring six lines spanning 176 kilometres and 85 stations, with an estimated cost of around $25 billion. While not yet fully operational, the modern, automated, and driverless trains will eventually be capable of carrying up to 3.6 million passengers once all the lines are complete.

  • France’s Macron arrives in Saudi Arabia for three-day visit

    Crown Prince Mohammed bin Salman welcomed French President Emmanuel Macron to Riyadh on Monday for a three-day state visit, during which the French leader will participate in the One Water Summit, a global forum focused on water sustainability efforts, the Saudi Press Agency (SPA) reported. The three-day state visit state also aims to strengthen diplomatic, economic, and cultural relations between France and Saudi Arabia.

  • Saudi Arabia Hosts IPL Auction: What It Means for Sports Tourism

    Last week, Saudi Arabia’s Jeddah hosted this year’s player auction for the Indian Premier League (IPL) — the highly popular annual cricket tournament in India. While Saudi Arabia is only hosting the auction, it is part of its larger strategy to bring big sporting activities to the country. During the IPL auction, the 10 franchise teams bid for participating players from across the globe. Often dubbed a marriage of cricket with entertainment, the 2024 edition of the tournament had close to 1.2 billion people viewing the matches on streaming services. The live matches are equally popular.

  • Saudi Arabia may slash January crude prices for Asia

    Top oil exporter Saudi Arabia is expected to slash crude prices for Asian buyers in January to the lowest in years, largely tracking a slump in Middle East benchmark prices last month, traders said on Monday. The January official selling price (OSP) for flagship Arab Light may fall by 70 to 90 cents a barrel from December to at least a four-year low, six sources at Asian refineries said in a Reuters survey.

  • Saudi ministry begins third phase of e-documenting localization of operation and maintenance of contracts

    The Ministry of Human Resources and Social Development (MHRSD) began on Sunday, Dec. 1, implementing the third phase of approving the service of documenting the localization of operation and maintenance contracts in public entities to be an electronic service within the Qiwa platform. The decision will be applied to all the establishments, contracting with the government agencies, in which the state has at least 51 percent stake. The third phase will be applicable to establishments with less than 500 employees.

  • Saudi Arabia, Ethiopia Hold First Round of Political Consultations

    The first round of political consultations between the Saudi Ministry of Foreign Affairs and the Ministry of Foreign Affairs of the Federal Democratic Republic of Ethiopia was held today at the ministry's headquarters in Riyadh. The Saudi delegation was led by Vice Minister of Foreign Affairs Eng. Waleed El-Khereiji, while Ethiopia's Minister of State for Foreign Affairs, Ambassador Mesganu Arga, headed the Ethiopian delegation. The consultations focused on ways to enhance cooperation between the two countries in various fields and discussed developments on regional and international issues. The meeting was attended by Saudi Ambassador to Ethiopia Dr. Fahd Al-Humaidani, Director General of Expatriate Affairs at the Ministry of Foreign Affairs Ambassador Dr. Mohammed Al-Shammari, and Ethiopian Ambassador to Saudi Arabia Dr. Muktar Kedir Abdu.

  • Saudi deserts transformed: Terraxy’s CarboSoil, SandX pave path toward “green” future

    Terraxy Company Inc. is playing a key role in the Saudi Green Initiative’s goal to plant 10 billion trees, providing solutions that can transform the Kingdom’s deserts into fertile landscapes. Central to the KAUST startup’s innovations is CarboSoil — an advanced form of the durable soil-amendment biochar, whose origins date back thousands of years. “Through CarboSoil, we’re not just giving soil a nutrient boost, we’re building soils that will last for centuries,” said Adair Gallo Jr., co-founder and chief executive officer. He added that biochar research started around 20 years ago as scientists began probing “terra preta” (black earth) in the Amazon Rainforest.

  • Saudi Arabia makes more than 900 sponsor deals in 2034 World Cup plan

    Saudi Arabia has struck more than 900 sponsorship deals across the sporting landscape and made dozens of formalised agreements with football federations as it prepares for a controversial coronation to host the 2034 World Cup. Over the past two and a half years, Saudi Arabia has sealed more than 35 memorandums of understanding with different countries’ federations, most recently with the Football Association of Ukraine in October. In total it has 48 with individual nations and further agreements with the Oceania Football Confederation and the Confederation of African Football. All bar the Ukraine deal and additional accords with France and Croatia involve countries from outside Europe.

  • Saudi Poultry Giant Alwatania Is Said to Explore Sale of Company

    Alwatania, the largest poultry producer in the Middle East, is exploring a sale of the company, people familiar with the matter said, as Saudi Arabia’s push for food self-sufficiency makes the industry more attractive. Alwatania has appointed BSF Capital as its adviser for a potential deal, according to the people, who asked not to be identified because the information is not public. A transaction may fetch as much as 2 billion riyals ($532 million), one of the people said.