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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 […]

     
  • 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 […]

     
  • 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 […]

     
  • 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 […]

     
  • 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 […]

     
  • John Kerry to Visit Saudi Arabia
     

    U.S. Secretary of State, John Kerry, will travel to Kenya, Nigeria and Saudi Arabia next week as part of a tour that is expected to focus on counter terrorism.  Secretary Kerry is expected to be in Jeddah on Wednesday, August 24th. AFP reports that Secretary Kerry will meet with his counterparts from the six-nation Gulf […]

     

MUST-READS

  • SoftBank Veteran Entrusted With Saudi, UAE Billions Readies Second Act

    The Indian-born financier who helped open the floodgates to Middle Eastern wealth for Masayoshi Son’s $100 billion Vision Fund is attempting his second act. This time, he’s going solo. At SoftBank Group Corp.’s splashy tech vehicle, Rajeev Misra helped secure commitments worth $45 billion from Saudi Arabia’s Public Investment Fund and $15 billion from Abu Dhabi’s Mubadala Investment Co. Investments in high-flying startups ensued — Uber Technologies Inc. and WeWork Inc. among them — but many bets blew up as markets turned. Misra largely stepped back from that venture in 2022 after a tenure marred by internal clashes and investment writedowns.

  • Mourinho rejects Saudi move, weighs European offers

    José Mourinho has rejected an offer from Saudi Pro League club Al Shabab to become their new manager, a source has told ESPN. Domenico Tite, the club's sporting director, had talks with Jorge Mendes, Mourinho's agent, as soon as the Portuguese was sacked by AS Roma last week.

  • Israeli troops cut off Khan Younis after suffering worst Gaza loss

    Twenty-four Israeli soldiers were killed in Israel's worst day of losses in Gaza, the military said on Tuesday, as its forces encircled southern Gaza's main city, trapping Palestinian residents trying to flee.
    Spokesman Rear Admiral Daniel Hagari said 21 soldiers were killed when two buildings they had mined for demolition exploded after militants fired at a nearby tank. Earlier, three soldiers were reported killed in a separate attack in southern Gaza.

  • Turkey set to approve Sweden’s NATO membership bid after long delay

    Turkey's parliament is widely expected to approve Sweden's NATO membership bid on Tuesday, clearing the biggest remaining hurdle to expanding the Western military alliance after 20 months of delays.
    Turkey's general assembly, where President Tayyip Erdogan's ruling alliance holds a majority, is set to vote on the application that Sweden first made in 2022 following Russia's full-scale invasion of Ukraine.

  • Eid al-Fitr 2024: Students in Saudi Arabia to enjoy long vacation

    Students in Saudi Arabia will get to enjoy a long holiday this year to mark Eid al-Fitr, according to the education ministry’s academic calendar. The third academic semester will start on Sunday, March 3, and will end on Thursday, March 28, kicking off the Eid al-Fitr holiday.

  • Work permits and visas in Saudi Arabia: an employer’s guide

    Saudi Arabia is undergoing massive employment and digitization. It's phasing out of a sponsorship system and improving the overall employment ecosystem with modifications to the Labor Code and an ambitious Vision 2030.

  • Saudi Arabia commits to achieving highest global standards in terms of human rights

    Hala bint Mazyad Al-Tuwaijri, the president of the Saudi Human Rights Commission, has spoken of the Kingdom’s commitment to meeting the highest global standards in promoting and protecting human rights, as part of its Vision 2030. Al-Tuwaijri reiterated the goal in her opening statement to the Universal Periodic Review of the UN Human Rights Council in Geneva on Monday, the Saudi Press Agency reported.

  • Saudi Arabia enhances tourist experience with 1,500 new activities

    Saudi Arabia has introduced more than 1,500 activities for tourists in partnership with the private sector to improve their overall experience, said the CEO of the Saudi Tourism Authority. Speaking during the opening remarks of the second Saudi Tourism Forum in Riyadh, Fahd Hamidaddin underscored the Kingdom’s well-equipped resources required to realize its aspirations and goals, encompassing both natural and human components and support from trusted leadership.

  • Employment of Saudis in real estate sector surges to 26,000 after localization push

    The Saudi real estate sector has seen a substantial increase in local employment, with over 26,000 citizens now working in the industry, a significant leap from just 12,000 in July 2021. This 116% surge follows the government's decision to focus on localizing the sector, as announced by Eng. Ahmad Al Rajhi, Minister of Human Resources and Social Development.

    Addressing the Real Estate Future Forum in Riyadh, Al Rajhi highlighted the overall growth in the private sector workforce, with numbers rising from 1.7 million in 2019 to a record 2.3 million in 2023. Notably, 361,000 of these workers are entering the job market for the first time.

  • Real estate prices in Saudi Arabia to rise by 40%: Al Rajhi Investment exec

    Real estate prices in Saudi Arabia are likely to rise by 25% to 40% in the coming period, Asharq News reported, citing Sales Director at Al Rajhi Investment Co. Hossam Ahmed.   On the sidelines of the Real Estate Future Forum, Ahmed said that premium residency is a unique opportunity for the real estate market. It can contribute to the sector’s growth in the coming period by more than 300%.   The Kingdom is currently experiencing a real estate boom, as more than 50% of real estate traffic is concentrated in Riyadh.