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  • 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 […]

     
  • 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 […]

     

MUST-READS

  • U.S. struggles to contain Gaza conflict, as Qatar PM sees progress in hostage release talks

    “I think it’s very important to note that this is an incredibly volatile time in the Middle East,” Blinken said at a press event with visiting NATO Secretary General Jens Stoltenberg this afternoon. “I would argue that we have not seen a situation as dangerous as the one we’re facing now across the region since at least 1973, and arguably even before that.” “We’ve made very, very clear from day one that we’re going to defend our people,” Blinken said. “We’re going to defend our personnel.”

  • 3 Options for How Biden Could Respond to Iran

    The Biden administration said in a statement on Sunday that U.S. intelligence had already determined that the drone strike was orchestrated by “radical Iran-backed militant groups” in Syria and Iraq. The Associated Press reported on Monday that groups in Iraq were specifically responsible, and a coalition of Iran-backed militias called the Islamic Resistance in Iraq claimed on Sunday that it had targeted U.S. personnel in the vicinity, but it did not explicitly confirm that it had carried out this specific attack. Iran said it had “no connection and had nothing to do” with the strike, stating that decisions by so-called “resistance groups” in the region to attack U.S. forces are made by the groups on their own. However, Iran remains the primary backer of such groups, and its Islamic Revolutionary Guard Corps maintains close ties with them.

  • Qatar’s Prime Minister Says Progress Made on Hostage-Release Deal

    “We are in a much better place than where we were a few weeks ago,” said Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani, during a public forum in Washington. Still, gaps remain wide over key issues, including international guarantees, that during the pause in fighting a comprehensive agreement would be reached that would lead to a permanent end to the war, according to officials familiar with the talks between the leaders. While the talks were positive, a deal isn’t imminent, they said.

  • U.S. Failed to Stop Drone Attack Because of Identification Mixup

    The U.S. failed to stop a deadly attack on an American military outpost in Jordan because the enemy drone approached its target at the same time a U.S. drone was also returning to base, U.S. officials said Monday.

    The return of the U.S. drone led to some confusion over whether the incoming drone was friend or foe, officials have concluded so far.

    The enemy drone was launched from Iraq by a militia backed by Tehran, U.S. officials said. The outpost, Tower 22, sits in Jordan, near the borders of Iraq and Syria.

  • Riyadh prepares construction tender for stadiums

    Saudi Arabia's Sport Ministry is preparing to issue tenders for contracts to build sports stadiums as part of its SR10.1bn ($2.7bn) capital projects programme. "The prequalification process has been completed and the tender for the stadiums is expected to be issued in a week or two," sources close to the scheme told MEED. In July, the ministry invited construction companies to submit prequalification documents for the main construction contracts. The projects are slated for completion before the 2027 Asian Football Confederation (AFC) Asian Cup.

  • Arab officials held secret meeting to discuss plans for post-war Gaza

    Senior national security officials from Saudi Arabia, Jordan, Egypt and the Palestinian Authority secretly met in Riyadh 10 days ago to coordinate plans for the day after the war in Gaza and discuss ways to involve a revitalized Palestinian Authority in governing there, three sources with knowledge of the meeting told Axios.

  • Messi fronts new global campaign for Saudi Arabia tourism

    ‘Saudi Welcome To Arabia’ has kicked off another global marketing campaign featuring football legend and Saudi Tourism ambassador, Lionel Messi. Launching across key target markets in Europe, India and China, the “Go Beyond What You Think” campaign is anchored on the common misconceptions about the destination. It invites audiences to experience the vibrant cultural transformation taking place across Saudi.

  • Saudi, Egyptian foreign ministers call for ceasefire in Gaza

    Saudi Foreign Minister Prince Faisal bin Farhan on Sunday called for an immediate ceasefire in the Gaza Strip to allow for the entry of humanitarian aid and to pave the way for a political solution to the crisis based on a two-state solution. Speaking at a press conference alongside Egyptian Foreign Minister Sameh Shoukri in Cairo, the prince said: “Today, we discussed the mechanisms of cooperation and the situation in Palestine.” The two men had earlier chaired the Egyptian-Saudi Follow-up and Political Consultation Committee meeting, which included a review of their nations’ efforts at economic integration and removing obstacles to investment.

  • Messi-Ronaldo rivalry is ending, but one between MLS and Saudi Pro League is just beginning

    The second is the big one, though. Thursday's meeting with Cristiano Ronaldo and Al-Nassr would mark the 37th and final time the best two players of their generation square off if Ronaldo is available.  It remains to be seen if he'll be recovered from the minor injury that has forced Al-Nassr to reschedule a pair of matches in China, but the appeal of that matchup is obvious if Ronaldo can participate.

  • Houthi Hit on Russian Fuel Makes Oil Traders Reassess Red Sea Risk

    A missile attack on Friday on a tanker taking Russian fuel through the Gulf of Aden may prove to be a defining moment for an oil market that had previously been somewhat immune to months of Houthi militants’ attacks on merchant trade. Why the calm? Because much of the oil flowing through the Red Sea and Suez Canal came from Russia and — so the theory went — it might be safe. The Houthis themselves signaled Russian ships had nothing to fear, and Moscow is an ally of their sponsor Iran. Oil tankers generally had been largely spared.