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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

  • Blinken returns to Mideast in push for hostage deal and postwar plan for Gaza, but obstacles loom

    U.S. Secretary of State Antony Blinken met with Saudi Arabia’s crown prince Monday at the start of his fifth visit to the Middle East since the outbreak of the war in Gaza, hoping to press ahead with a potential cease-fire deal and postwar planning while tamping down regional tensions. But on all three fronts he faces major challenges: Hamas and Israel are publicly at odds over key elements of a potential truce. Israel has dismissed the United States’ calls for a path to a Palestinian state, and Iran’s militant allies in the region have shown little sign of being deterred by U.S. strikes.

  • Fitch Affirms Saudi Arabia at ‘A+’; Outlook Stable

    Saudi Arabia's ratings reflect its strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the 'A' and 'AA' medians, and significant fiscal buffers in the form of deposits and other public sector assets. Oil dependence, low World Bank governance indicators and vulnerability to geopolitical shocks remain relative weaknesses. Nonetheless, governance is improving with social and economic reforms and efforts to bolster effectiveness across government institutions.

  • Lockheed Martin strikes subcontractor deals in Saudi Arabia for local THAAD parts production

    "There are currently only two production lines for these products: the original production line in the US, and now an additional source of supply here in the Kingdom," Lockheed Martin's vice president and general manager of Integrated Air and Missile Defense, Jason Reynolds told Breaking Defense.

  • Saudi defense minister discusses regional developments during call with US counterpart

    Saudi Arabia’s Defense Minister Prince Khalid bin Salman discussed recent regional and international developments with his US counterpart during a phone call on Monday. Prince Khalid and Lloyd Austin reviewed Saudi-US relations and ways to bolster defense cooperation between the two countries. The officials also spoke about the need to de-escalate tensions in the region to achieve security and stability, Prince Khalid said

  • Saudi more than doubles 2030 foreign tourism target: minister

    "We have reached 100 million tourists this year, 77 million from home, 27 million from abroad, over 100 million," Tourism Minister Ahmed Al Khateeb said at a conference organised by Saudi Arabia's sovereign wealth fund, describing the 2023 figures. Authorities now hope to hit 150 million tourists by 2030, up from an earlier goal of 100 million, with 70 million of those coming from abroad, up from an earlier goal of 30 million, he said. Read more: https://www.al-monitor.com/originals/2024/02/saudi-more-doubles-2030-foreign-tourism-target-minister#ixzz8QyFBJdm4

  • Saudi foreign minister, GCC chief discuss Gulf initiatives

    Saudi Foreign Minister Prince Faisal bin Farhan met the Gulf Cooperation Council’s Secretary-General Jassem Mohamed Albudaiwi on Monday, the Saudi Press Agency reported. Discussions focused on collective Gulf initiatives and provided updates on regional and international developments, highlighting the ongoing efforts in these areas. The meeting was also attended by Dr. Abdulrahman Al-Rassi, undersecretary of the Ministry of Foreign Affairs for Multilateral International Affairs.

  • Saudi Arabia Signals a Shift in Oil Strategy

    Saudi Arabia's dilemma is faced by many oil exporters who may want to consider whether setting oil production to full throttle might cause a decline in production flows much sooner than anticipated due to depletion. These exporters in many cases also have growing populations that will demand a greater share of oil crimping exports. This has already caused exports to decline, sometimes rapidly, in a number of oil producing nations. Dallas petroleum geologist Jeffrey Brown outlined this problem long ago in his Export Land Model which has been confirmed over time.

  • Secretary Blinken’s Meeting with Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud in Riyadh

    Secretary of State Antony J. Blinken met today with Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman Al Saud in Riyadh. The Secretary underscored the importance of addressing humanitarian needs in Gaza and preventing further spread of the conflict. The Secretary and Crown Prince continued discussions on regional coordination to achieve an enduring end to the crisis in Gaza that provides lasting peace and security for Israelis and Palestinians alike. They discussed the importance of building a more integrated and prosperous region and reaffirmed the strategic partnership between the United States and Saudi Arabia. The Secretary and Crown Prince also discussed the urgent need to reduce regional tensions, including a cessation of Houthi attacks undermining both freedom of navigation in the Red Sea and progress on the Yemen peace process.

  • McDonald’s says Middle East turmoil is hurting its business

    The burger chain, reporting growing overall sales and earnings for fourth quarter, noted that the overseas tensions were weighing on the region’s sales, and the company is monitoring the evolving situation. The Middle East doesn’t make up a huge part of its overall business. McDonald’s for the most part licenses its brand to independent companies in the region, and McDonald’s said it provided some financial assistance in the form of royalty relief or deferred cash collection.

  • Many Israelis Want Netanyahu Out. But There Is No Simple Path to Do It.

    Prime Minister Benjamin Netanyahu of Israel is on his last legs, it is widely believed, and will be forced to relinquish his post once the war against Hamas in Gaza ends. He is historically unpopular in the opinion polls and blamed for the governmental and security failures that led to the Oct. 7 attack by Hamas, the killings of an estimated 1,200 Israelis and the difficult war that has followed. He faces a long-running trial on a variety of corruption charges.