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  • UAE, Saudi Arabia to form new ‘Joint Cooperation Committee’
     

    The United Arab Emirates on Tuesday announced it has formed “a new economic and partnership group” that is a “joint cooperation committee” with Saudi Arabia, separate from the Gulf Cooperation Council, in a move that further emphasizes Saudi-UAE alignment amid a diplomatic crisis with member state Qatar. The Emirati Foreign Ministry announcement was made just hours ahead of a […]

     
  • Citigroup Saudi Arabia to be ‘Fully Operational’ in 1Q 2018
     

    Citigroup will be “fully operational” in Saudi Arabia in the first quarter of 2018 after an absence of more than a decade, according to reports, as it seeks to capitalize on opportunities in debt and equity capital markets. The new business will be branded as Citigroup Saudi Arabia and will offer a full range of investment banking, debt […]

     
  • 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 […]

     
  • 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 […]

     
  • 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 […]

     
  • Crown Prince Mohammed bin Salman Makes Rare Public Speaking Appearance at Conference in Riyadh, Announces New Megacity
     

    Saudi Arabia’s Crown Prince Mohammed bin Salman made a rare public speaking appearance today at the Future Investment Initiative conference, organized by Saudi Arabia’s Public Investment Fund (PIF). The Forum in Riyadh, with attendance by chief executives of BlackRock Inc. and Blackstone Group LP and leaders from Goldman Sachs Group Inc. and J.P. Morgan Chase […]

     
  • Keeping Track of Saudi Arabia’s Public Investment Fund’s Expanding Footprint
     

    Saudi Arabia’s Public Investment Fund (PIF) has created a handful of new companies in several sectors in the Kingdom while investing in many others, injecting capital and a new competitor in the housing, energy, waste and recycling, tourism, transportation sectors and more. As the PIF’s role in the Saudi economy increases, critics say the mega-fund will crowd out private […]

     
  • Goldman Sachs Head Lloyd Blankfein Visits Saudi Arabia, Calls Changes in Kingdom ‘Striking’
     

    Goldman Sachs Group’s CEO visited Saudi Arabia this week and praised the Kingdom’s reform efforts on Twitter, calling the progress in Saudi Arabia “striking.” Lloyd Blankfein visited Saudi Arabia after speaking on a panel with the managing director of Saudi Arabia’s sovereign wealth fund, Yassir Al-Rummayan, on September 20th. In comments on that panel, Blankfein said Saudi […]

     
  • With Historic Decree on Saudi Women Driving, An Economic and Social Game-Changer
     

    Saudi women and champions of equal rights around the world embraced a decision by Saudi Arabia’s King Salman to allow women to drive for the first time, a landmark royal decree that will change the Kingdom’s economy and society in countless ways. Saudi Women will now be able to legally apply for their own driving licenses without having to secure […]

     
  • ‘NTP 2.0’ Keeps Key Policies and Privatization Plans in Place, Report Says
     

    Revision to Saudi Arabia’s National Transformation Plan (NTP), dubbed ‘NTP 2.0’ that was released a year ago will keep key policies of fiscal reforms and a massive privatization program in place, sources familiar with the matter told Reuters. “It is looking increasingly unlikely that some of the targets can be hit by their 2020 deadline, however, partly […]

     

MUST-READS

  • Saudi Arabia’s dream of the desert train will cross UNESCO world heritage sites

    Arsenale Group and Saudi Arabia Railways (SAR) recently announced a partnership to build the first luxury train that will cross the Kingdom at the end of 2025. Dubbed Dream of the Desert, the train will be made entirely in Italy with a design inspired by Saudi style and tradition. From the capital Riyadh to Al Qurayyat, on the northern border with Jordan, passengers will get to travel through scenic deserts and UNESCO world heritage archeological sites.

  • PGA political golf drama is Saudi’s Trump card

    The scrutiny over Saudi Arabia’s potential investment in golf is intensifying. U.S. lawmakers accused, opens new tab former Citigroup (C.N), opens new tab power banker Michael Klein and other consultants to the sovereign’s Public Investment Fund of siding with the Middle East nation. While the deal with the PGA Tour is in flux, delays could work in the Saudis' favor. Last week, a Senate subcommittee hauled Klein, McKinsey boss Bob Sternfels, Boston Consulting Group Chair Richard Lesser and Teneo Chief Executive Paul Keary in for a hearing on national security. The interrogation was prompted in part by a surprise June agreement by the PGA and former archrival PIF-backed LIV Golf that outlined a potential tie-up between the two groups.

  • Opinion – Only President Biden and Crown Prince Mohammed bin Salman Can Redirect the Israeli-Palestinian Conflict

    One of the most unexpected developments in the Israel-Hamas war is the emergence of a powerful alignment of interests and incentives for Israel, the Palestinians, America and Saudi Arabia to all get behind a pathway to a Palestinian state that can live in peace alongside Israel. For starters, moving toward a Palestinian state — once this war ends — is the key for Israel reconnecting with important constituencies around the world, it’s the key to an eventual secure pathway out of Gaza and it is the cement for the regional alliance Israel needs to protect itself.

  • Saudi Aramco starts trading US crude that helps set Brent oil benchmark

    Saudi state oil company Aramco has started trading a U.S. crude oil grade that underpins the global Brent benchmark in a process run by oil-index publisher S&P Global Commodity Insights, the publisher said on Monday. Aramco, the world's largest oil company, has been expanding its trading activity. The company could not immediately be reached for comment on Monday after Saudi business hours. On Monday, Aramco sold a cargo of U.S. WTI Midland crude to Total in the Platts Market on Close process, known as the Platts window, trade sources said. Aramco had last Thursday sold another cargo of the U.S. crude.

  • Clean energy could be ‘closer than ever’ after a nuclear fusion machine smashed a record

    Commercially viable nuclear fusion is always 20 years, or 30 years, or half a century away, or so aspirational minds tell us. It sometimes seems like a fata morgana, hovering on the horizon, just out of reach. But hopefully that’s where the mirage analogy ends; after all, accomplishments like that recently made by JET are small-but-significant steps towards the hope of a clean energy future.

  • Egypt Warily Eyes Gaza as War Builds Pressure on Its Border

    During past conflicts in the region, Egypt has taken in refugees from Syria, Yemen and neighboring Sudan. But in this war, it has reacted very differently to the plight of its Arab neighbors, spurred by a mix of alarm over its own security and fear that the displacement could become permanent and undermine Palestinian aspirations for statehood.

  • How will Pakistan form a coalition government after split election results?

    Pakistan's elections last week returned a hung parliament, with no party getting enough seats in the National Assembly to form a government by itself. Negotiations for a coalition government are taking place between former Prime Minister Nawaz Sharif's party, with 75 seats, and the party of Bilawal Bhutto Zardari, with 54 seats, as well as other smaller parties. Independent candidates backed by jailed former Prime Minister Imran Khan won the most seats - 93 - and they are also jostling for allies to form government. Candidates were vying for 264 seats out of the assembly's 336 total. There are also 70 reserved seats.

  • Israel frees two hostages, Gaza officials say airstrikes kill 67

    Israel freed two Israeli-Argentinian hostages in Rafah on Monday under the cover of airstrikes which local health officials said killed 67 Palestinians and wounded dozens in the southern Gaza city that is the last refuge of about a million displaced civilians. A joint operation by the Israeli military, the domestic Shin Bet security service and the Special Police Unit in Rafah freed Fernando Simon Marman, 60, and Louis Hare, 70, the military said. They were among 250 people seized during the Oct. 7 raid by Hamas militants that triggered Israel's war on Gaza.

  • Saudi Arabia’s real estate index up 0.2% in Q4 2023

    The Saudi real estate price index advanced 0.2% in the fourth quarter of 2023 to 82.8 points from 82.6 points a year earlier, data issued by the General Authority for Statistics (GASTAT) showed. The base year for the index is 2014 (100 base points).

  • Saudi minister says energy transition behind Aramco capacity halt

    Saudi Arabia decided to halt its oil capacity expansion plans because of the energy transition, its energy minister said on Monday, adding that the kingdom has plenty of spare capacity to cushion the oil market. The Saudi government on Jan. 30 ordered state oil company Aramco (2222.SE), opens new tab to halt its oil expansion plan and to target a maximum sustained production capacity of 12 million barrels per day (bpd), 1 million bpd below a target announced in 2020, which was set to be reached in 2027.