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  • Saudi Arabia Approves $24.5b for Water, Agriculture, and Environment Spending to Meet Vision 2030 Goals
     

    Saudi Arabia has approved $24.5b for water, agriculture, and environment spending to allow government leaders to meet 16 goals set as part of its Vision 2030 development plan, Reuters reports. The figure was stated by Abdulrahman Al-Fadhli, Saudi Arabia’s minister for environment, water and agriculture at a speech at an industry conference in Riyadh. Reuters reports that […]

     
  • Secretary of State Tillerson Calls Saudi King Salman, Applauds Saudi Role in Regional Stability
     

    U.S. Secretary of State Rex Tillerson called Saudi Arabia’s King Salman by phone yesterday, and commended the Kingdom on its role in “promoting stability across the region,” the SPA reports. Tillerson also “stressed on the importance of working with the Kingdom, developing a comprehensive plan to strengthen bilateral relations and cooperation both military and counter-terrorism […]

     
  • “Ken of Arabia” Lands Moelis and Co. as Lead Advisor for Saudi Aramco IPO
     

    Saudi Aramco has chosen New York-based boutique investment bank Moelis & Co as an adviser on its plans for what is expected to be the world’s biggest initial public share offer, Reuters reports. Moelis & Co secured the role of lead independent adviser. The selection is set to move the small newcomer, and its CEO, […]

     
  • Raw Video Emerges of Houthi Attack on Saudi Frigate as U.S. Sends Destroyer to Red Sea
     

    Raw video has emerged online of a Houthi attack on a Saudi frigate that damaged the ship and drew the condemnation of Saudi Arabia and its allies. Suicide boats belonging to the Houthi militias from Yemen struck the Saudi frigate off Hodeida port in the Red Sea. Two crew members were killed and three were […]

     
  • December Data a Mixed Picture for Saudi Economy
     

    Saudi Arabia’s total government accounts with SAMA fell $80 billion last year, representing a significant slowdown from 2015 which saw a $116 billion net decline, according to a recently released chartbook by Jadwa Investment. The net monthly change to government accounts with SAMA remained negative in December, falling for the seventh consecutive month, part of […]

     
  • Saudi Restarts Renewable Energy Investment Plans with up to $50b in Solar, Wind by 2023
     

    Saudi Arabia appears to be re-starting its efforts to expand renewable energy projects to meet growing domestic power needs with up to $50b invested through 2023, according to reports and comments by the Kingdom’s energy and industry minister Khalid al-Falih. The projects, part of the National Renewable Energy Plan (NREP) will be managed under a […]

     
  • Saudi Energy Ministry Announces New Renewable Energy Plan for up to $50b in Investments
     

    Saudi Arabia appears to be re-starting its efforts to expand renewable energy projects to meet growing domestic power needs with up to $50b invested through 2023, according to reports and comments by the Kingdom’s energy and industry minister Khalid al-Falih. The projects, part of the National Renewable Energy Plan (NREP) will be managed under a […]

     
  • U.S.-Saudi Arabia Continue Strong Defense Ties in Trump Administration’s Early Days
     

    Saudi Deputy Crown Prince Mohammed bin Salman spoke by phone with Secretary of Defense James Mattis today to discuss mutual cooperation on security issues, according to the SPA and the Saudi Gazette. The Deputy Crown Prince also serves as minister of defense and chair of the powerful Council on Economic and Development Affairs (CEDA). The U.S.-Saudi relationship is […]

     
  • Saudi Arabia Gives Final Approval to VAT
     

    The Saudi Cabinet approved on Monday a GCC-wide measure for implementing a value added tax (VAT) of 5% on certain goods, according to reports. The Unified Agreement for Value Added Tax, which will be implemented throughout the Gulf Cooperation Council (GCC) starting next year, is in line with Saudi Arabia’s goals of diversifying government revenues […]

     
  • Economy Rebounds in Saudi Arabia as Money Supply Grows
     

    Saudi Arabian money supply growth has picked up in latest data for the month of December “in a sign that the economy is regaining strength after a slump last year caused by low oil prices and government austerity measures,” Reuters reports, citing central bank data. Key notes among the Central Bank data reported by Reuters: -Annual […]

     

MUST-READS

  • U.S. Arms Sale to Saudis Advances Amid Uproar Over Smart Bombs

    The State Department notified Congress that it’s moving to issue a license for the sale of 7,500 precision-guided, air-to-ground munitions valued at $478 million to Saudi Arabia, according to two officials familiar with the issue. Raytheon Technologies Corp. can sell the weapons directly to the Saudi government after receiving the license, which will likely be issued before the Biden administration takes office Jan. 20. Details of the proposed sale were informally briefed to lawmakers in January and drew the criticism of Democratic lawmakers who declined to clear the license.

  • Saudi firms replace CEOs at rapid pace in fourth quarter

    Saudi Arabia, the biggest Arab economy, has been the most active in the Middle East in pushing for consolidation in various sectors in the recent past. Key leadership positions have been reshuffled, including those at its wealth fund. There are about 200 companies listed on Saudi Arabia’s stock exchange, and most resignations this quarter were linked to unexplained “personal circumstances.”

  • This Startup Star Is a New Face in Saudi Arabia

    Operating out of a 7,500-square-foot hub in Riyadh, Falak invests more than $1 million every year on tech startups for an accelerated four-month development program, and it also links investors to promising businesses through its angel investment unit.

  • Saudi Arabia: King Abdulaziz Bus Project in Riyadh to start operations in 2021

    The King Abdulaziz Public Transport Network for Buses in Riyadh city announced that it will start operation in the second quarter of 2021, local media reported. The Royal Commission for Riyadh City has set the date for actual operation of the bus service, according to a statement from the Saudi Public Transport Company (SAPTCO), posted on the website of the Saudi Stock Exchange (Tadawul).

  • Manga company partners with NEOM for Saudi animation series

    The $500-billion megacity project in the Kingdom’s northwest will be the location for the second season of the Saudi animation series “Future Folktales” that attracted a global audience of more than 70 million for its first season.

  • Opinion: Enemies—and Partners—Will Get a Vote in the Middle East

    All of the Middle East’s countries are tied to the energy economy—both those that export energy and those that export labor to countries that export energy. While regional governments have the principal responsibility for this transition, governments around the world, and particularly U.S. allies, have a keen interest in seeing that it is done successfully. The cost of failure would be felt widely, including in the United States, whether the United States decides to focus its attentions elsewhere or not.

  • Saudi start-up goes for the power of 10

    The Helicopter Company (THC) is fully owned by the Public Investment Fund of Saudi Arabia, which has a strategy to activate new sectors that support the realisation of the kingdom’s Vision 2030 and generate long-term commercial returns. THC is the first and, so far, only licensed helicopter operator for commercial flights in Saudi Arabia, with the aim of developing reliable, ground-breaking transport solutions.

  • Israel signals openness to future joint missile defense with Gulf partners

    Israel could be open to future cooperation on missile defence with Gulf Arab states that share its concerns over Iran, a senior Israeli official said on Tuesday. But the official, Moshe Patel, who heads the Israeli Missile Defence Organisation which is part of the Defence Ministry, said it was premature to pursue any such deals, and Washington’s approval would be needed if Israeli systems developed with U.S. technology or funding were involved.

  • Trump’s parting gift to Morocco: Recognition of sovereignty over Western Sahara

    It’s unclear to what extent Trump can tip the scales of the current conflict. “What this does is it adds a major world power in support of Morocco’s claims, which is something that Morocco has lacked until now,” said Samia Errazzouki, a former Moroccan journalist and current doctoral candidate who closely tracks the Western Sahara issue, to Raghavan. She added that full American backing of Morocco’s claims complicates hopes for a referendum in the region on its status, as mandated by U.N. Security Council resolutions.

  • Saudi food delivery startup Jahez plans to go public in 2021

    Riyadh-based food delivery startup Jahez is planning an IPO for next year, its CEO Ghassab AlMandeel said during a fireside chat with Digital Digest’s Racha Ghamlouch at RiseUp Summit on Saturday. AlMandeel said this in response to a question about whether the startup may consider partnering with Delivery Hero in the future or would like to stay independent. He stated that the Saudi market alone is too big for multiple players to co-exist. Delivery Hero has been the biggest acquirer in the food delivery space of the Middle East, North Africa, and Turkey. It currently owns multiple food delivery brands in the region, most of which were either directly acquired by the German company or became a part of it as a result of indirect acquisitions. Delivery Hero owns a 63% majority stake in Saudi’s leading food delivery company, HungerStation.