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  • 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 […]

     
  • 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 […]

     

MUST-READS

  • Saudi Aramco Looks to Secure More Downstream Oil Deals in Asia

    Aramco is looking to seal more downstream deals in Asia, particularly in China and India, as it bets on continued demand growth in its most important market for long-term buyers of its crude, the Saudi oil giant’s Downstream President Mohammed Al Qahtani told Bloomberg in an interview. Saudi Aramco, the world’s top crude exporter and the biggest oil firm in terms of both production and market capitalization, has already struck several deals to buy stakes in Chinese refining and chemical projects and has recently entered Pakistan’s downstream sector. But it is on the hunt for more deals. “Really, the big growth markets for us are China, India and southeast Asia,” Al Qahtani told Bloomberg in an interview in Dhahran, Saudi Arabia.

  • Saudi Arabia’s NEOM: $500 bln project unveils new mega resort and nature sanctuary

    Saudi Arabia’s NEOM – the Kingdom’s $500 billion mega business and tourism project – has announced plans to develop a new mega luxury resort amid a restored sanctuary filled with animals and wildlife.

    Spread across four square kilometers, ‘Zardun’ will be a “carefully restored haven filled with native plants and animals”, which will feature an exclusive nature-based resort that will host four ultra-luxury signature buildings, NEOM said in a statement.

  • Commentary: Is America’s Tower 22 in Jordan ‘ground zero’ for a new battlefront in the Middle East?

    The killings have transformed the third flashpoint in the region, repeated attacks on US troops and facilities in the Middle East, from the least to the most alarming minefield. It now outstrips – at least, for Americans – daily violence on the Israel-Lebanon border and Houthi piracy in the Red Sea. Responding to the attack with firmness, yet also without intensifying a drift towards regional conflict, will be the most challenging spill-over yet of the October 7 crisis for the Biden administration.

  • Biden faces pressure to strike Iran after US troops killed

    The killing of three U.S. troops and wounding of dozens more on Sunday by Iran-backed militants is piling political pressure on President Joe Biden to deal a blow directly against Iran, a move he's been reluctant to do out of fear of igniting a broader war.
    Biden's response options could range anywhere from targeting Iranian forces outside to even inside Iran, or opting for a more cautious retaliatory attack solely against the Iran-backed militants responsible, experts say.

  • Nigeria oil enters unclear new era after Shell’s onshore asset sale

    Shell's exit from Nigeria's onshore oil sector highlights risks oil majors face in Africa's biggest exporter but has raised hopes that local firms could reverse the output decline from the Niger Delta, industry officials and analysts said.
    Shell – which pioneered Nigeria's oil industry – is the most prominent Western company to exit the Delta, a region blighted by pollution, oil theft and pipeline vandalism. Those issues have for years stymied investment – and throttled production and government finances.

  • 3 US troops killed, 25 wounded in Iran-backed drone attack in Jordan

    Three US military personnel were killed and at least 34 wounded when a one-way attack drone struck a base in northeast Jordan near the Syrian border on Sunday. The lethal incident marks the first time US troops have been killed in the near-daily rocket and drone barrages on bases they use in Iraq and Syria, sharply increasing the likelihood that the United States will be drawn into a lethal cycle of retaliation with Iran-backed militias in the region. There have been more than 160 such attacks since Israel’s war in the Gaza Strip began following the Oct. 7 attack by Hamas. Until now most had been thwarted by US ground-based air defenses, US officials have said. Read more: https://www.al-monitor.com/originals/2024/01/3-us-troops-killed-25-wounded-iran-backed-drone-attack-jordan#ixzz8QDbc9g4W

  • Saudi Arabia: 25,000 chip-fitted carpets spread across Prophet’s Mosque

    A revered destination for millions of Muslims from around the world, the Prophet’s Mosque, Islam’s second holiest site, is the focus of utmost care from Saudi authorities.
    A state agency in charge of the place in the Saudi holy city of Medina takes interest in ensuring comfort for worshippers. Part of this attention is paid to more than 25,000 carpets stretched across the mosque and its courtyards.
    The carpets are daily sterilised and scented with the finest perfumes. An electronic chip is attached to each carpet to track its place and learn about the history of its cleaning, sterilisation and scenting, according to the Saudi news agency SPA.

  • Dream of the Desert luxury train to be operational in Saudi Arabia in 2025

    Saudi Arabia Railways (SAR) and the Italian Arsenale Group, which specializes in managing luxury train trips, agreed to launch the Dream of the Desert luxury train service in Saudi Arabia. The Dream of the Desert train, which will have 40 luxury cabins and a maximum capacity of 80 passengers, is due to arrive in Saudi Arabia in the summer of 2025, with the first paying guests scheduled to depart in November 2025.

  • Royal Commission for AlUla CEO arrested for abuse of power and money laundering

    Eng. Amr Al-Madani, CEO of the Royal Commission for AlUla, was arrested over charges of misuse of authority and money laundering involving SR206 million.

    The partners of Al-Madani in a company were also arrested, according to an official source at the Oversight and Anti-Corruption Authority (Nazaha). Al-Madani was detained for his involvement in crimes of abuse of power and money laundering through obtaining contracts for the National Talents Company from King Abdullah City for Atomic and Renewable Energy in an illegal manner.

  • Saudi Arabia welcomes ICJ’s decision against alleged Israeli genocide in Gaza

    The Saudi Foreign Ministry has welcomed the International Court of Justice's (ICJ) initial ruling, which addresses alleged genocidal practices and statements against Palestinians in Gaza.

    The Ministry supports the decision and condemns Israeli occupation practices, as well as violations of the Genocide Convention. The Ministry also commended South Africa for initiating the lawsuit and urged the international community to intensify efforts to end violence in Gaza, protect Palestinians, and hold Israel accountable for alleged violations of international and humanitarian law.