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  • VAT, Fuel Price Reforms Cause Bump in Saudi Inflation
     

    Inflation rose in Saudi Arabia in January 2018 by 3 percent year-on-year, and 3.9 percent month-on-month “largely as a result of the implementation of VAT and utility and fuel price reform during the month,” Riyadh-based Jadwa Investment confirmed in a research note. The data is based on official Saudi figures released by the government. The figures suggested […]

     
  • King Salman Replaces Top Military Commanders in Cabinet Shuffle
     

    Saudi Arabia has replaced some of its top military officers by royal decree, elevating a younger generation as the war in Yemen approaches its fourth year without a victory. No reason was given for the changes, according to Bloomberg and the Financial Times. King Salman appointed First Lieutenant General Fayyad bin Hamed al-Ruwayli as chief […]

     
  • Major Leap for Saudi Economy as Kingdom Set to Introduce Bankruptcy Laws
     

    Saudi Arabia’s cabinet has approved a bankruptcy law that is likely to be a boost to the Kingdom’s efforts to attract investment and provide protection for entrepreneurs, according to reports. King Salman has reportedly endorsed the new law. As Reuters reports, modern bankruptcy legislation does not currently exist in Saudi Arabia, which creates difficulties for struggling companies seeking to restructure […]

     
  • Development on Jeddah Tower and Surrounding Economic City Moves Forward After Alwaleed’s Release
     

    Construction of what is planned to be the world’s tallest skyscraper in Jeddah is going ahead following the release of Saudi Arabia’s Prince Alwaleed bin Talal, the head of the consortium behind the $1.5 billion project said. Mounib Hammoud,  chief executive of Jeddah Economic Co (JEC), said in an interview that the project will ideally be completed […]

     
  • Saudi Economy to See 1.5% Growth in 2018, Jadwa Says
     

    The Saudi Arabian economy will grow by an estimated 1.5 percent in 2018, up from a contraction in 2017 of -0.7 percent, according to a new report from Riyadh-based economic analysts at Jadwa Investment. “The oil sector will see the largest improvement in the year ahead, rising to 1.5 percent in 2018, compared to a decline […]

     
  • Saudi Crown Prince Mohammed bin Salman will Visit Washington, Other U.S. Cities in Early March
     

    The Royal Embassy of Saudi Arabia in Washington is working to organize a visit by crown prince Mohammed bin Salman to the United States in early March, the first trip to the U.S. since he became crown prince last year, according to reports. Rumors of a forthcoming visit by the powerful crown prince have surfaced in […]

     
  • At Davos, Saudi Leaders Discuss Energy, Foreign Policy on World Stage
     

    Saudi government leaders arrived to Davos, Switzerland for the annual World Economic Forum to meet with other world leaders and discuss key foreign policy and energy challenges facing the Kingdom. The 48th Annual Meeting in Davos will host 3,000 participants across all stakeholder groups including public & private sectors, civil society, academia, media, and arts & culture. The Saudi delegation is led […]

     
  • Report: Saudi Government, SBG in Talks for State Takeover of Troubled Construction Giant
     

    Saudi Arabia is taking managerial control of Saudi Binladin Group (SBG) and discussing a possible transfer of some of the giant construction group’s assets to the state while its chairman and other family members are in detention, Reuters reports today citing sources. Binladin is the biggest builder in the country and important to Saudi Arabia’s plans for […]

     
  • 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 […]

     
  • Omar Bahlaiwa Honored at Johns Hopkins Forum Alongside U.S. Congress Leaders
     

    Omar Bahlaiwa, Saudi businessman, member of the board of directors of the Saudi-US Trade Group (SUSTG), member of the Saudi Committee for International Trade (CIT) and previously Secretary General of CIT as well as acting Secretary General for the Council of Saudi Chambers of Commerce was honored at the Annual Transatlantic Economic Forum held at the Johns […]

     

MUST-READS

  • Saudi Arabia developing luxury train in bid to attract tourists

    As part of its effort to lure more tourists, Saudi Arabia is working with an Italian firm to build a luxury train that will carry passengers on overnight trips through two UNESCO World Heritage archaeological sites. The Dream of the Desert locomotive will be able to carry 80 travelers in 40 luxury cabins in 11 carriages, including a restaurant. The train, developed by the Italian Arsenale Group in an Orient Express style and operated by Saudi Arabia Railways, is expected to be built by summer 2025, with a maiden voyage the following November. The carriages are being built in southern Italy.

  • Kushner calls Saudi Crown Prince “visionary leader” who has made the world better

    Jared Kushner called Saudi Crown Prince Mohammed bin Salman a "visionary leader" in an interview at the Axios BFD conference in Miami on Tuesday. Why it matters: Kushner was criticized for standing by MBS in the aftermath of Jamal Khashoggi's murder as a senior U.S. official and, more recently, for courting Saudi investments after leaving the White House. What he's saying: After some initial exasperation at being asked about Khashoggi's murder — "are we really still doing this?" — Kushner told Axios' Dan Primack that he had not seen the U.S. intelligence assessment that the crown prince ordered the assassination of the Washington Post columnist.

  • Jared Kushner defends his equity firm getting $2 billion from Saudis after he left White House

    Jared Kushner, Donald Trump's former White House adviser and his son-in-law, defended on Tuesday his business dealings after leaving government with the Saudi crown prince who was implicated in the 2018 killing of Washington Post columnist Jamal Khashoggi. Kushner worked on a wide range of issues and policies in the Trump administration, including Middle East peace efforts, and developed a relationship with Saudi Arabia's Crown Prince Mohammed bin Salman, who has overseen social and economic reforms but also a far-reaching crackdown on dissent in the kingdom.

  • Fundamental shift in energy consumption by 2025: Saudi Aramco CEO

    Energy consumption in 2025 will change completely, driven by the interplay of supply and demand, Amin Nasser, CEO of Saudi Arabian Oil Co. (Saudi Aramco), said during the International Petroleum Technology Conference (IPTC). Saudi Aramco is actively delivering on its commitment to energy provision and is poised to enhance both production capacity and daily output, Nasser added. The company is exploring opportunities to secure additional resources and attract investors across various energy sectors, including hydrogen, oil, and gas, in alignment with its primary goal of sustaining growth in gas, oil, and other energy domains.

  • U.S. Ambassador to KSA test drives Humvee Saber at WDS

    A different flavor from the US Ambassador to Saudi Arabia, Michael Ratney, in the American Humvee Saber at the World Defense Exhibition.

  • Saudi Arabia’s Latest Tourism Count – What the Numbers Show

    Growing leisure tourism is a principal focus; diversifying the county from its historic religious tourism sector that benefits from hajj and umrah pilgrims. For now, the leisure tourism sector Saudi is trying to build – whether it be through new hotels, festivals, sports events and giga-projects – has mostly pulled in locals. For Saudi locals, leisure trips have significantly increased. 45% of all domestic trips by locals in the first half of 2023 were for leisure purposes, according to the ministry’s data. In 2022, it was 40% and in 2021 it was 36% of all trips. For international visitors, 20% visited the kingdom for leisure, while visiting friends and relatives made up 23% and religious tourism accounted for 45%. In 2022, 15% of travelers visited for leisure, while in 2021, it was 9%.

  • Visualizing the Rise of the U.S. as Top Crude Oil Producer

    Over the last three decades, the United States, Saudi Arabia, and Russia have alternated as the top crude producers, but always by small margins. During the 1990s, Saudi Arabia dominated crude production, taking advantage of its extensive oil reserves. The petroleum sector accounts for roughly 42% of the country’s GDP, 87% of its budget revenues, and 90% of export earnings. However, during the 2000s, Russia surpassed Saudi Arabia in production during some years, following strategic investments in expanding its oil infrastructure. The majority of Russia’s oil goes to OECD Europe (60%), with around 20% going to China.

  • Visualizing the Rise of the U.S. as Top Crude Oil Producer

    Over the last three decades, the United States, Saudi Arabia, and Russia have alternated as the top crude producers, but always by small margins. During the 1990s, Saudi Arabia dominated crude production, taking advantage of its extensive oil reserves. The petroleum sector accounts for roughly 42% of the country’s GDP, 87% of its budget revenues, and 90% of export earnings. However, during the 2000s, Russia surpassed Saudi Arabia in production during some years, following strategic investments in expanding its oil infrastructure. The majority of Russia’s oil goes to OECD Europe (60%), with around 20% going to China.

  • France proposes Hezbollah withdrawal, border talks for Israel-Lebanon truce

    France has delivered a written proposal to Beirut aimed at ending hostilities with Israel and settling the disputed Lebanon-Israel frontier, according to a document seen by Reuters that calls for fighters including Hezbollah's elite unit to withdraw 10 km (6 miles) from the border. The plan aims to end fighting between the Iran-backed Hezbollah and Israel at the border. The hostilities have run in parallel to the Gaza war and are fueling concern of a ruinous, all-out confrontation.

  • Gazans fearing Israeli assault on Rafah look to Cairo truce talks for hope

    U.S., Egyptian, Israeli and Qatari officials were expected to meet in Cairo on Tuesday to seek a truce in Gaza as more than a million civilians crammed into a southern corner of the Palestinian enclave, waiting in fear for an Israeli assault. Amid growing international concern over the plight of civilians, Israeli tanks shelled the eastern sector of Rafah city overnight, residents said, although the anticipated ground offensive did not appear to have started.