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  • Saudi Arabia’s New Currency Offers Security Upgrades, Phases Out Small Notes
     

    Saudi Arabia has unveiled newly designed banknotes and coins with added security features that make forgery difficult. The new issuance is the first step to addressing the preponderance of one-Riyal bills currently in circulation. Half of all Saudi paper notes are one-Riyal notes, which is worth a little more than a quarter U.S. dollar. A […]

     
  • 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 […]

     

MUST-READS

  • Foreign direct investment inflows to Saudi Arabia hit $4.53bn in Q3 2023

  • Saudi Arabia Taps Former Dell Executive to Run $100 Billion Firm

    Saudi Arabia named a former executive at Dell Technologies to lead a new investment firm backed by $100 billion in capital from the Public Investment Fund, that’s been set up to plow money into everything from technology to semiconductors and capital goods. Amit Midha, formerly president for Asia Pacific and Japan, Global Digital Cities at Dell Technologies, was named as chief executive officer of the new entity. “Alat is a company focused on the transformation of leading global companies and building a world-class sustainable industrial and electronics hub in Saudi Arabia,” Midha wrote in a post on LinkedIn.

  • Saudi Business Owners Can Open Payment Accounts Remotely in the USA

    Zil US (ZilBank), a leading B2B payments platform, has announced that it will facilitate international transactions for Saudi entrepreneurs and freelancers. Through Zil US, Saudi business owners can now remotely open a US banking account without the need to be physically present in the United States. This initiative marks a significant advancement in financial connectivity, providing Saudi businesses unparalleled access to the US market.

  • China Grabs Spotlight With Major Presence at Saudi Weapons Show

    A Chinese-made J-10 fighter aircraft soared into the sky as part of a showcase at Saudi Arabia’s annual arms exhibition, demonstrating the growing defense ties between the Asian power and the world’s fifth-biggest weapons spender. While US companies like Boeing Co. and Lockheed Martin Corp. dominated the World Defense Show in the Saudi capital of Riyadh this week, China’s presence dwarfed that of most other countries.

  • Hamas proposes 135-day Gaza truce with complete Israeli withdrawal

    Hamas has proposed a ceasefire to quiet the guns in Gaza for four-and-a-half months, during which all hostages would go free, Israel would withdraw its troops from the Gaza Strip and an agreement would be reached on an end to the war. The militant group's proposal - a response to an offer sent last week by Qatari and Egyptian mediators and cleared by Israel and the United States - came during the biggest diplomatic push yet for an extended halt to the fighting.

  • Blasts near Pakistan candidates’ offices kill 26 on eve of election

    Two explosions near electoral candidates' offices in Pakistan's southwestern province of Balochistan killed 26 people and wounded dozens on Wednesday, officials said, raising concerns over security on the eve of a general election. Pakistan goes to the polls on Thursday amid rising militant attacks and the jailing of Imran Khan, the winner of the last national election, who has been dominating the headlines despite an economic crisis and other woes threatening the nuclear-armed country.

  • Saudi Arabia to US: No Israel ties until recognition of an independent Palestinian state within 1967 borders

    Saudi Arabia has clearly communicated to the United States that it will not establish diplomatic relations with Israel without substantial progress on the Palestinian issue. The Kingdom is demanding the recognition of an independent Palestinian state within the 1967 borders and with East Jerusalem as its capital. Additionally, it has called for an end to Israeli aggression in the Gaza Strip and insisted on the withdrawal of all Israeli occupation forces from the enclave as a prerequisite for any future diplomatic engagement with Israel.

  • Saudi economy on track to surpass Vision 2030 targets: Al-Falih

    The Saudi economy is poised to grow from SAR 2.6 trillion to exceed the digital target of SAR 6.4 trillion by 2030, Minister of Investment Khalid Al-Falih said. During the second edition of the PIF Private Sector Forum held today, Feb. 6, Al-Falih underscored that the private sector's contribution to the economy is expected to reach 65% by 2030, marking a quadruple increase compared to pre-Vision levels. The minister emphasized that the Public Investment Fund (PIF) serves as the engine of growth for the private sector, and each entity in this journey represents a robust company enhancing opportunities in the Saudi economy. The private sector benefited from opportunities exceeding SAR 300 billion through partnerships with the fund and government initiatives, he added.

  • Saudi Arabia says no relations with Israel before recognition of Palestinian state on 1967 borders

    Saudi Arabia clapped back at the United States’ claims that discussions on a Saudi-Israeli normalization deal were moving forward separately from talks on a Gaza cease-fire. In a statement released early Wednesday, the Saudi Foreign Ministry said the kingdom has informed Washington that it will have no diplomatic relations with Israel until an independent Palestinian state is established on the 1967 borders with east Jerusalem as its capital and Israel ends its offensive on the Gaza Strip and withdraws its troops from the enclave. “Saudi Arabia has always been steadfast on the Palestinian issue and the necessity that the brotherly Palestinian people obtain their legitimate rights,” the statement added. Read more: https://www.al-monitor.com/originals/2024/02/saudi-arabia-says-no-relations-israel-recognition-palestinian-state-1967-borders#ixzz8R3rLeUiv

  • Saudi SAL partners with Space Age for drone-based shipments

    Drones will be utilized to enhance transportation and shipment efficiency in Saudi Arabia, thanks to a new agreement signed by the Kingdom’s SAL Saudi Logistics Services Co. The logistics and supply chain solutions provider signed a memorandum of understanding with the Saudi-based technology firm Space Age on the second day of the World Defense Show 2024. The agreement aims to provide the technical solutions and infrastructure necessary to transfer and localize the drone industry, as stated by SAL in a post on X.