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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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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Deputy Crown Prince to Promote Saudi Vision 2030 in Japan, China and at G20
Saudi Deputy Crown Prince, Minister of Defense and head of the influential Council of Economic and Development Affairs, HRH Mohammed bin Salman, plans to visit China August 29-31 and Japan August 31-September 3. Prince Mohammed will then attend the Group of 20 Summit September 4-5 to be held in Hangzhou, China where he will be […]
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Al Nassr postpones matches in Shenzhen due to uncontrolled circumstances
In an unexpected turn of events, Al Nassr Club has announced the postponement of its highly anticipated matches in Shenzhen, initially scheduled for Jan. 24 and 28.
The club cited unforeseen circumstances beyond their control as the reason for this delay, with new dates yet to be determined. Despite this setback, Al Nassr expressed deep respect for Chinese football enthusiasts, particularly fans of star player Cristiano Ronaldo. -
Saudi cabinet reaffirms Kingdom’s strong stance against Israel’s attacks on Gaza
King Salman on Tuesday chaired a session of the Saudi cabinet in Riyadh reaffirming the Kingdom's strong stance against Israel's attacks on the Gaza Strip. The Council of Ministers stressed the necessity of an immediate ceasefire and for the prevention of the displacement of the population of Gaza.
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Saudi Arabia set to allow foreign investments in real estate of companies in Makkah and Madinah
Mohammed Elkuwaiz, chairman of the Board of Directors of the Saudi Capital Market Authority (CMA), said that the authority intends to allow non-Saudis to invest for the first time in listed companies that own real estate in the holy cities of Makkah and Madinah. The authority is working to diversify financing products in the capital market during the current year by developing the debt market, real estate contributions, and a number of developments in the funds sector.
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Aramco awards $3.3bn gas facility contracts to Sinopec and Tecnicas Reunidas
Aramco has awarded contracts worth more than $3.3 billion to Chinese company Sinopec and Spain’s Tecnicas Reunidas to build a gas facility in Saudi Arabia. According to a disclosure on the Spanish Stock Exchange, Sinopec will own 65 percent of the project and Tecnicas Reunidas will have a 35 percent share. The contract includes the development of a new facility in Saudi Arabia called Riyas natural gas liquids at the Jafurah unconventional gas production project.
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E-Sports in Saudi Arabia receives $45 million investment
The rapidly growing gaming market in Saudi Arabia has received a huge boost after Dubai-based e-sports brand, True Gamers, signed a franchise deal worth $45 million with investment firm, Falak, reports Meed. The investment will involve the creation of 150 e-sports clubs across Saudi and seeks to capitalize on a market that is expected to expand by over 8% annually over the next three years, eventually meeting a market value of $1.3 billion by 2027.
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Arab Peace Proposal for Gaza Takes Shape as Top Biden Adviser Lands in Region
The proposal, submitted to Israel via the U.S., is the first joint plan by Arab states to end the war in Gaza and set a pathway toward a two-state solution. Saudi Arabia, which is one of five Arab countries making the proposal, is offering to normalize ties with Israel in return, a process derailed by the Hamas-led attack on Oct. 7.
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Formula E attracts backing from Saudi Arabia’s Public Investment Fund
Now the Saudi Arabian PIF has agreed a multi-year deal with Formula E, offroad electric series Extreme E and electric powerboat championship E1. The three series will be promoted under the new brand Electric 360. Formula E founder Alejandro Agag called the deal “a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology.” “PIF will not only play a strategic role in helping us leverage our unique technological platforms, but also foster global collaboration, education and skills development for the next generation worldwide.”
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Saudi Arabia leads IPOs in GCC region: KAMCO Invest
Saudi Arabia continued to lead initial public offerings in the Gulf Cooperation Councill region in 2023, with 35 out of the 46 IPOs occurring in the Kingdom. Saudi Arabia’s parallel market, Nomu, witnessed 27 IPOs in 2023, while the Tadawul All Share Index saw eight deals, according to research by KAMCO Invest. UAE continued its domination in terms of IPO proceeds, raking in almost 56.3 percent of the issuance proceeds at around $6.07 billion from its eight listings.
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Benzema wants to leave Saudi club after bust-up: source close to club
The 36-year-old former Real Madrid striker held a "raging" meeting with the club and its Argentinian coach Marcelo Gallardo last Friday, the source said. Benzema told his coach and club management "he doesn't feel he is able to give his best because of the current pressure at Ittihad". "Benzema asked to leave Ittihad temporarily to change the atmosphere," the source added. Al-Ittihad offered to loan the French striker to another Saudi Pro League club but he has refused, the source added.
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Saudi Arabia launches cutting-edge air mobility initiative
In an effort to redefine air travel and cargo transport, the General Authority of Civil Aviation (GACA) of Saudi Arabia released yesterday the "Enabling Advanced Air Transport in the Kingdom" initiative. The initiative promises to revolutionize the Saudi aviation sector, positioning it as a leader in Advanced Air Mobility (AAM) in the Middle East through sustainable and state-of-the-art technologies. The initiative comprises a spectrum of pioneering solutions, from unmanned aircraft systems to vertical take-off and landing (VTOL) aircraft. These advancements aim to enhance the safety, soundness, and sustainability of air transport, significantly accelerating the mobility of people and goods while addressing environmental concerns.
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