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  • 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 […]

     
  • Saudi Arabia’s Foreign Ministry Criticizes JASTA, Congress Weighs Adjustment of Law
     

    Although the Congressional override of President Obama’s veto on the controversial Justice Against Sponsors of Terrorism Act (JASTA) was anticipated, it’s reality has proved shocking to U.S. leaders as well as countries globally.  Saudi Arabia’s foreign ministry has issued a statement strongly condemning the legislation and noted, as has been done frequently in the run-up […]

     
  • Jadwa Investment Report Looks at ‘Significant Implications of Vision 2030 on Trade and Financial Flows’ for Saudi Arabia
     

    A recently released Jadwa Investment report researches the impact that Vision 2030 is likely to have on international trade and investment flows with Saudi Arabia. This report looks at the evolution of the current account for the period 2016-30, which is forecast to reach a surplus of $135 billion (8 percent of GDP) by 2030. “While oil export […]

     
  • Deputy Crown Prince Mohammed bin Salman Cracks Bloomberg’s 50 Most Influential in Finance
     

    Saudi Deputy Crown Prince Mohammed bin Salman has been ranked 42nd Bloomberg’s list of the 50 Most Influential People in the world of finance. Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after […]

     
  • New Desalination Technology at KACST in Saudi Arabia ‘Opens Doors to Higher Worldwide Clean Water Sources’
     

    The first worldwide adsorption water desalination and cooling plant has been successfully implemented by King Abdulaziz City of Science and Technology (KACST) in August 2016, the university said in a press release, as the Kingdom continues to be a global leader in desalination technology. Adsorption Desalination and Cooling (ADC) is a newly invented technology, co-owned […]

     
  • President Obama to Veto JASTA Bill
     

    White House Press Secretary Josh Earnest said on Monday that U.S. President Barack Obama will veto the controversial Justice Against Sponsors of Terrorism Act (JASTA) passed by congress last week, setting up a showdown with Congress. Earnest reiterated the White House’s fear that the measure would expose U.S. citizens to legal action overseas if foreign countries pass […]

     
  • Hajj 2016 Begins: Millions Gather in Saudi Arabia
     

    An estimated two million pilgrims have converged in Saudi Arabia for the start of the annual Hajj pilgrimage today, lasting until Wednesday, September 13th. The hajj is one of the five pillars of Islam, which capable Muslims must perform at least once, marking the spiritual peak of their lives. Worshippers from more than 150 countries will embark on […]

     
  • U.S. House to Allow Vote on Controversial JASTA Bill This Week
     

    The U.S.  House of Representatives will vote this week on a bill allowing the families of 9/11 victims to sue Saudi Arabia in U.S. courts, a Republican leadership source told Politico Wednesday. The highly-politicized Justice Against Sponsors of Terrorism Act (JASTA) bill, which President Obama said would receive his veto should it make it to […]

     
  • Report: $20 Billion in Projects may be Canceled; Ministerial Budgets Squeezed as Saudis Adapt to Low Oil Prices
     

    A report in Bloomberg today said that Saudi Arabia is considering canceling more than $20 billion of projects in addition to making deep cuts to ministry budgets as the Kingdom takes austerity measures due to low oil prices. The budget cuts to some ministries could be as much as 25%, the Bloomberg report said.  Overall, the government is […]

     
  • Jadwa: Economic Data for July Shows ‘Mixed Picture’ for Saudi Economy
     

    Recently-released Jadwa Investment monthly chartbook data on the Saudi economy for July showed “a mixed picture in economic activity,” the Riyadh-based investment firm said, noting that data on point-of-sale transactions and ATM withdrawals showed a notable slowdown in July, while the non-oil PMI rose to a 2016 high. The Saudi unemployment rate rose slightly to 11.6 […]

     

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  • New US envoy to Egypt lauds Cairo’s role in fighting for Middle East peace

    America’s new ambassador to Egypt has praised the decades of “courage” shown by Cairo in fighting for peace and stability in the Middle East. And Iraq-born Herro Mustafa Garg pledged the US’ ongoing support for Egyptian efforts to bring about an end to regional conflict and broker a two-state solution for the people of Palestine and Israel. In a video posted on the US Embassy’s social media page, the envoy highlighted “the courage and conviction shown by Egypt’s leaders 45 years ago (signing the Egypt-Israel peace treaty) in giving priority to peace over conflict, elevating common understanding over violence, and investing in prosperity over strife.”

  • Financier Entrusted With Middle East Billions Attempts Comeback

    Home to sovereign wealth funds that control over $4 trillion in assets, the Middle East is central to Misra’s plans. Five of the ten most active state-backed entities in 2023 were from the Gulf, even as global peers pulled back — the PIF alone spent $31.6 billion.

  • U.S. hits Iraq militia sites and anti-ship missiles in Yemen

    The U.S. military struck three facilities in Iraq and two anti-ship missiles in Yemen operated by Iranian-backed militias that have continued to instigate attacks on U.S. personnel and ships in the region as the U.S. continues to try to keep the Israel-Hamas war from spilling over into a wider conflict. Both the strikes in Iraq and Yemen targeted sites that the U.S. has said are involved in the attacks against U.S. forces in Iraq and Syria and were threatening U.S. military and commercial vessels in the Red Sea

  • Saudi model Amira Al-Zuhair walks for Maison Alaia in Paris  

    Saudi model Amira Al-Zuhair this week graced the Maison Alaia runway, showcasing the brand’s Summer/Fall 2024 collection at Paris Fashion Week.

  • Analysis: Were the Saudis Right About the Houthis After All?

    Informed Americans finally seem to understand that the macabre slogan of Yemen’s Houthi militia group—“God is the greatest, death to America, death to Israel, a curse upon the Jews, victory to Islam”—is more than empty rhetoric. The Houthis are a potent Iranian proxy group, and their slogan, adapted from Iranian revolutionary propaganda, is being made manifest in action. They’ve attacked Red Sea shipping lanes more than 30 times since October 17, under the implausible pretext of aiding Hamas and protesting Israeli military actions in Gaza.

  • One of World’s Richest Doctors Sees Fortune Surge to $12 Billion

    A Saudi doctor saw his fortune close in on $12 billion on Thursday as shares of his healthcare firm rebounded, returning him to the ranks of the Middle East’s wealthiest private individuals. Shares in Sulaiman Al Habib’s eponymous company have surged 30% since hitting a one-year low in October. That’s made Al Habib — who founded the firm and holds a 40% stake — the third-richest person in the Middle East who’s not a member of a royal family, according to the Bloomberg Billionaires Index.

  • Saudi Arabia to get first alcohol shop in more than 70 years

    Saudi Arabia has said it will open a shop in Riyadh selling alcohol to a select band of non-Muslim expats, the first to open in more than 70 years. The clientele will be limited to diplomatic staff, who have for years imported booze in sealed official packages known as diplomatic pouches. Saudi officials said the shop would counter "the illicit trade of alcohol". Prohibition has been law since 1952, after one of King Abdulaziz's sons drunkenly shot dead a British diplomat.

  • Ravers flock to dance floor in Saudi’s gateway to Mecca

    On a stage inside the historical centre of Jeddah, the main gateway for Muslim pilgrims heading to Mecca, rapper Ty Dolla $ign asked his screaming Saudi fans a few questions. "Where the hot girls at?" the dreadlocked 41-year-old American (real name: Tyrone William Griffin Jr) bellowed into the microphone during his set at the Balad Beast music festival. "How many of you trying to get lit after the show tonight? How many of you trying to get faded?"

  • Saudi trailblazer Yara Alhogbani handed Mubadala Abu Dhabi Open qualifier wildcard

    The second edition of the Mubadala Abu Dhabi Open will take place February 3-11 at Zayed Sports City's International Tennis Centre, and 10 of the world's top 20 have been confirmed for the WTA 500 tournament, including Kazakh world No 3 Elena Rybakina, Tunisia's sixth-ranked Ons Jabeur and Geece's world No 8 Maria Sakkari. Further star power was added to the field in the form of Japan's four-time Grand Slam champion Naomi Osaka and former US Open winner Emma Raducanu of Great Britain after both players received wildcards.

  • Saudi Arabia prepares to open first alcohol store for diplomats

    Saudi Arabia is preparing to open its first alcohol store in the capital Riyadh which will serve exclusively non-Muslim diplomats, a source familiar with the plans and a document showed on Wednesday.
    Customers will have to register via a mobile app, get a clearance code from the foreign ministry, and respect monthly quotas with their purchases, the document said.
    The move is a milestone in the kingdom's efforts, led by Saudi Crown Prince Mohammed bin Salman, to open the ultra-conservative Muslim country for tourism and business as drinking alcohol is forbidden in Islam.