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  • Surprise Early Gains for Saudi Leaders in Fight Against State Spending as Successful Deficit Cuts Seen Beyond Projections – Reuters
     

    Saudi Arabia’s 2017 state budget is “likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy” next year, according to a report in Reuters by reporters Marwa Rashad and Andrew Torchia. After a tough year economically for the Kingdom, […]

     
  • $800m King Abdulaziz Center for World Culture in Dhahran Opens
     

    Saudi Aramco opened the $800 million King Abdulaziz Center for World Culture in Dhahran on Thursday, a large steel structure that aims to deepen knowledge and creativity among Saudi youth, according to reports. According to Reuters, the center, known as “Ithra” (“to enrich” in Arabic) is located close to Saudi’s “prosperity well” that tapped some of the […]

     
  • Trump’s Complex Global Business Interests Could Present Problems for President-Elect
     

    President-elect Donald Trump’s complex business dealings before and during his candidacy for the office, and now after his victory on November 8th, continue to draw scrutiny from the media and elected officials in the United States. The president-elect has drawn additional attention for his initial meetings with world leaders that apparently mix his business and family […]

     
  • Three New Ventures by MiSK to Boost Innovation, Training and Investment
     

    Deputy Crown Prince Mohammed bin Salman’s MiSK Foundation launched three new strategic ventures in Riyadh aimed “at comprehensively building the skills, knowledge and capability for economic growth within the Saudi Arabian tech sector,” Reuters and the Saudi Gazette reports. MiSK Academy, MiSK Technovation and MiSK Booster mark a significant new development in the foundation’s work to empower, […]

     
  • Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
     

    Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]

     
  • ‘Downward Trend’ in Economic Activity Seen in Latest Jadwa Investment Chartbook
     

    Jadwa Investment’s recently released economic chartbook for the month of November found a downward trend in economic activity and the fourth consecutive negative change in government accounts with SAMA. “Economic data for September showed a downward trend in economic activity,” Jadwa said it the report, pointing to negative growth in cash withdrawals from ATMs and […]

     
  • Are oil markets better off with OPEC cuts?
     

    Jadwa Investment’s latest Quarterly Oil Market Update anticipates that OPEC’s decision to announce, but not to implement, a cut in production will likely lead to a small cut in oil production “more akin to a production ’freeze’ rather than an outright cut”. “Any agreement by OPEC, if reached, will of course need to be acted […]

     
  • 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 […]

     
  • Yemen’s Houthis Fire Another Missile into Saudi Arabia as Kingdom, Iran Spar at UN over War
     

    Saudi Arabia says it has shot down a ballistic missile fired into the Kingdom by Houthi rebels and their Iranian allies in the latest incident in Yemen’s civil war that has raged for nearly 19 months. The missile targeted the southwestern city of Khamis Mushait and was destroyed Tuesday night without causing any injuries, the Saudi Press […]

     
  • Saudi Arabia Switches to Gregorian Calendar
     

    Saudi Arabia has shifted to the Gregorian or “Western” calendar as a basis for paying civil servants as part of broader fiscal changes, according to reports. The kingdom adopted the lunar Islamic calendar when it was founded in 1932, but the change places its payment schedule in line with the West. It also brings civil […]

     

MUST-READS

  • Iran’s ‘brazen’ strikes around the Middle East send a message to Israel and the U.S., analysts say

    “While incitement against Israel is nothing new, its recent launch against ISIS in Syria of a solid-propellant medium-range ballistic missile capable of striking Israel from Iranian territory was a historic first and a message to the Jewish state,” Behnam Ben Taleblu,  senior fellow at the Foundation for Defense of Democracies think tank in Washington D.C.

    “Highlighting military power in the hopes of deterring adversaries has grown in importance for the regime as wars widen across the region.”

  • World’s Most Ambitious Trade Route Stalls in Mideast Turmoil

    The Israel-Hamas war has halted progress on what’s known as the India-Middle East-Europe Economic Corridor — a project touted last year by Washington and key allies that envisages building new rail links across the Arabian peninsula. As Houthi attacks disrupt Red Sea shipping and turmoil spreads across the region, IMEC is effectively on ice.

    That’s a setback for US strategy, because the plan served multiple purposes – to counter China’s Belt and Road infrastructure program, build influence in the so-called “Global South,” and speed up the hoped-for rapprochement between Israel and Saudi Arabia.

  • Middle East Sector Outlooks Reflect Geopolitical Risk, Oil Assumptions

    The Israel-Hamas war has increased geopolitical risks and set back the previous trend of regional de-escalation, which is reflected in the deteriorating sovereign sector outlook in the Middle East, Fitch Ratings says. The neutral outlooks for other sectors reflect high oil price assumptions and supportive economic conditions.

  • Saudi Arabia emerging as a ‘continent in itself’ with array of tourist destinations, forum hears

    While Saudi Arabia “was, is, and will always be” known for Makkah and Madinah, with billions of Muslims converging in the nation for religious purposes, it is simultaneously evolving as a growing destination site globally, with giga-projects spearheading the Kingdom’s shift, highlighted Mohamad Itani, a partner at Knight Frank.

  • IBM inaugurates regional Saudi headquarters in Riyadh

    Krishna said that the investment in Saudi Arabia reinforces the firm’s longstanding commitment to the Kingdom. IBM first established its presence in Saudi Arabia in 1947, and has since worked on hundreds of projects in the government and private sectors. In recent years, IBM has worked with government, businesses and partners to help enhance the Kingdom’s tech landscape, including the local digital infrastructure, tech ecosystem and Saudi talent.

  • Neom: A guide to the 10 projects in Saudi Arabia’s mega-development

    Ever since The Line hit international headlines, there has been huge interest in this $500 billion city in north-west Saudi Arabia.

    From the world's largest megastructure to the region's first major outdoor skiing destination, there's plenty to look forward to. And there has been a flurry of new communities announced within the past few months.

    Here's a review of all the regions coming up.

  • All about Saudi Founding Day

    Saudi Founding Day or just Founding Day is all about celebrating Diriyah becoming the capital of the First Saudi State in 1727. Introduced in 2022, the holiday involves fireworks, drone shows, and people dressed in traditional outfits of their region. Folklore dances are an integral part of the Saudi national celebrations as well and you can find street performers on most major streets of the capital.

  • French Rafale ‘Dogfights’ Eurofighter Typhoon For Lucrative Saudi Fighter Contract

    The Dassault Rafale is a twin-engine multi-role aircraft that can carry out air-to-air combat or can drop bombs on targets in air-to-ground missions, and owing to its cameras, radars, and sensors, can be used for intelligence gathering. The French fighter jet has already been deployed in Afghanistan, Libya, Iraq, Syria, and Mali, where it flew its most extended mission in 2013, spanning nine hours and 35 minutes.

  • Saudi-Backed Esports Firm to Run New ‘Overwatch’ Competitions

    The series replaces the Overwatch League, an attempt by Activision Blizzard, now owned by Microsoft, to run city-based teams where fans could cheer their local franchises much as they do with football or baseball. After the league failed to live up to its ambitions, Activision Blizzard offered team owners $6 million each to exit — or $114 million. ESL is part of the Savvy Games Group, a video-game unit of the Saudi sovereign wealth fund.

  • Saudi Arabia jumps 25 places in World Bank’s national statistics indicator

    Saudi Arabia’s economic data is demonstrating increased availability and maturity, with the nation advancing 25 places on the World Bank’s most recent Statistical Performance Indicators report. The Kingdom ranked first in the Gulf region and advanced four places among countries of the G20 to rank 15th, compared to 19th in 2019. The World Bank’s ranking takes into account the maturity and performance of the statistical systems of 186 countries.