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  • 77% of Saudi businessmen expect economy to grow in next 12 months: PwC survey

    PwC Middle East's 28th Annual CEO Survey showed that 77% of business leaders in Saudi Arabia expect the local economy to grow over the next 12 months, outpacing their peers in the GCC (71%), the Middle East (64%), and the world (57%). The Kingdom continues to implement its ambitious plans under Vision 2030, strengthening the investment climate and making it the top destination for regional investments. Non-oil revenue growth increased by 4.9% in the second half of 2024, recording the highest growth rate to date, the report said. Economic risks for business leaders are changing, as inflation stabilized at 2% by the end of 2024 from its peak of 3.4% in January 2023. However, cybersecurity risks rose to 49%, compared to 20% a year earlier.

  • Aramco dividend vital to big-spending Saudi Arabia

    Saudi Aramco’s 2024 full-year results due this week are likely to again underline the importance of the world’s largest listed oil company to big-spending Saudi Arabia’s economic development plans. Aramco has said it expects to announce fourth-quarter dividends – payouts to the Saudi government are a core source of state revenue – of SAR116.5 billion ($31.1 billion), the same payout as the preceding three quarters. That would boost its total dividends for 2024 to SAR466 billion ($124.3 billion) and equate to 34 percent of the SAR1.37 trillion of state spending last year, according to AGBI calculations. The kingdom’s annual deficit was SAR115.6 billion. Aramco introduced an additional “performance-linked” dividend in 2023, which boosted payouts significantly; assuming fourth-quarter net profit is in line with that of the first nine months of 2024, Aramco’s dividend-to-profit ratio would be 110 percent. Or, put more simply, Aramco will pay more in dividends than it made in profit. Why the increased windfalls for deteriorating performance? The government, which owns 81.5 percent of Aramco, needs the money. Likewise, the state-owned Public Investment Fund, which also holds a 16 percent stake and is a lead protagonist in the country’s economic diversification programme.

  • Saudi Arabia Introduces Seventy E-Gates at Jeddah Airport to Speed Up Travel

    Saudi Arabia has taken another major step in modernizing its aviation sector with the launch of seventy AI-powered e-gates at King Abdulaziz International Airport (JED) in Jeddah. The new system, inaugurated by Deputy Emir of the Mecca Region, Prince Saud bin Mishaal, is set to enhance travel efficiency, improve security, and reduce wait times for 175,000 passengers daily. Jeddah’s King Abdulaziz International Airport follows King Khalid International Airport (Riyadh) and Neom Bay Airport in adopting AI-powered e-gates, reinforcing Saudi Arabia’s commitment to smart airport solutions.

  • Saudi Arabia arrests 131 in major anti-corruption crackdown

    Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha) has launched a sweeping crackdown on corruption, arresting 131 individuals and investigating 370 others as part of its latest enforcement efforts. In a statement released on Friday, the authority said it conducted 3,466 oversight visits across various government entities in February, uncovering cases of bribery, abuse of authority, and other violations. Some of those arrested were later released on bail.

  • Saudi banks banned from using WhatsApp for their communications with customers

    The Saudi Central Bank (SAMA) has decided to ban the use of instant messaging applications such as WhatsApp by the local banks for their communications with customers. SAMA noted that these applications are unreliable channels, according to Asharq Al-Awsat newspaper. SAMA's decision is based on the powers assigned to it and other related regulations, and out of its keenness to enhance the quality of practices and procedures followed by financial institutions subject to its supervision, in a way bringing the risks to the minimum. It is learnt that the Central Bank has asked financial institutions to examine the availability of alternative and secure channels such as benefiting from activating instant messaging services such as Live Chat or ChatBot, within the application, or the financial institution's website, taking into account compliance with the requirements for protecting personal data.

  • Former Saudi ambassador weighs in on Trump’s approach to Gaza and the Middle East: Video

    Israel is blocking humanitarian aid from reaching Gaza until Hamas agrees to a proposal to extend phase one of the ceasefire, which expired Saturday. John Yang speaks with Prince Turki Al-Faisal, a former Saudi ambassador to the U.S. and U.K., about the latest developments and the Trump administration’s involvement in Gaza.

  • Saudi real GDP grows 4.4% in Q4, highest in two years

    Saudi Arabia’s real GDP grew by 4.4% y-o-y in Q4 2024, the highest growth rate in two years, driven by a 4.6% rise in non-oil GDP, while oil GDP also increased by 3.4%, according to estimates by GSTAT. Saudi Arabia recorded SAR57.7 billion ($15.38 billion) budget deficit in Q4 2024, widening from SAR30.2 billion ($8.05 billion) in Q3. Total government revenues fell 15.4% y-o-y to SAR302.9 billion, while expenditure declined 8.7% y-o-y to SAR360.5 billion, noted an Al Rajhi Capital research report. Non-oil exports rose 18.1% y-o-y in December, compared to 20.4% y-o-y growth in November. The increase was led by Chemical Products (+13.8% y-o-y).

  • Will Trump strike gold with wealthy Arabs through new residency program?

    US President Donald Trump’s $5 million “gold card” visa is expected to draw wealthy Arab investors seeking economic stability, US market access, and residency prestige, experts say. With Gulf nations, including Saudi Arabia, successfully running their own golden visa programs, Trump’s initiative positions the US as a competitive destination for high-net-worth individuals from the region, offering them a gateway to business expansion, real estate investment, and financial security.  “Saudi investors have always been keen on expanding into the US market, particularly in sectors like technology, real estate, and energy. A more accessible visa process could encourage even greater collaboration and economic integration between both countries,” Al-Ansari said. The new initiative will replace the existing EB-5 visa program, which was established in 1990, and is expected to help reduce the national deficit. The EB-5 program grants foreign investors a green card for investing around $1 million in a US business that creates or sustains at least 10 full-time jobs for local workers.

  • Saudi Arabia denounces Israel’s blocking of aid into Gaza; calling it ‘blackmail and collective punishment’

    Saudi Arabia condemned on Sunday the decision of the Israeli occupation government to block the entry of humanitarian aid into the Gaza Strip. In a statement, the Ministry of Foreign Affairs expressed Saudi Arabia's condemnation and denunciation of the decision of the Israeli government to stop the entry of humanitarian aid into the Gaza Strip, and its use as a tool of blackmail and collective punishment. The ministry stated that it is a flagrant violation of international law and a direct violation of the rules of international humanitarian law, in light of the humanitarian catastrophe that the Palestinian people are facing. Saudi Arabia reiterated its call to the international community to stop these serious Israeli violations, in addition to activating international accountability mechanisms, and ensuring sustainable access to aid.

  • Saudi Arabia to partner with US company to manufacture and export “flying taxis”

    The American Doroni Aerospace company announced that it has decided, in partnership with Saudi entities, to manufacture H1-X ‘flying car.’ Designed for personal use, the HX-1 is a two-seater aircraft that can be parked in a two-car garage, charged at home, and can take off vertically from a driveway. Doroni Aerospace, a company based in Pompano Beach in Florida, said it has secured a $30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia.