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  • KSA sets air traffic records
     

    Saudi Arabia has witnessed remarkable growth in its air traffic during the first half of 2024, according to the General Authority of Civil Aviation (GACA). The Kingdom has reported a significant growth in passenger traffic, flights, air cargo, and connectivity.

     
  • Aquaculture in KSA
     

    Saudi Arabia’s aquaculture sector has witnessed remarkable growth in recent years, with production increasing by 400% between 2015 and 2022. This rapid expansion can be attributed, in part, to a concerted effort from public and private stakeholders to bolster food security in the region, improve economic diversification, and reduce overreliance on food imports.

     
  • NASA Signs US, Saudi Arabia Agreement for Civil Aeronautics, Space Collaboration
     

    The United States and Saudi Arabia signed a framework agreement that opens new possibilities for cooperation with NASA in areas such as space science, exploration, aeronautics, space operations, education, and Earth science. NASA Administrator Bill Nelson signed on behalf of the U.S., and CEO of the Saudi Space Agency Mohammed bin Saud Al-Tamimi signed on behalf […]

     
  • World Bank Lauds KSA for Breakthrough Pension Reforms
     

    Saudi Arabia took a big leap forward in transforming its pension system with the recent announcement of comprehensive reforms, designed with support from the World Bank, aimed at enhancing income protection during old-age, but also promoting gender equality. 

     
  • Buy Now, Pay Later (BNPL) services on the rise in Saudi Arabia
     

    In a recent study, Redseer Strategy Consultants shared that the use of Buy Now, Pay Later (BNPL) services is on the rise in the Middle East. The UAE and Saudi Arabia outscored their regional peers. 

     
  • Saudi Arabia rises on Expat Insider 2024 rankings
     

    For its 11th edition of the Expat Insider survey, InterNations surveyed 12,500 expats representing 175 nationalities living in 174 countries or territories on their thoughts on what it’s like to live and work abroad. 

     
  • Saudi trails only Singapore in Emerging Market VC in H1 2024
     

    Magnitt’s H1 2024 Saudi Arabia Venture Investment Report, sponsored by SVC, underscores Saudi Arabia’s leading role in the MENA VC landscape and its continued appeal to both local and international investors.

     
  • The 966, #133, How Working Women are Changing Saudi Arabia with Dr. Jennifer Peck, Swarthmore College
     

    In Episode #133 of The 966 podcast host Richard Wilson welcomes Dr. Jennifer Peck, Swarthmore College, who has done extensive and fascinating research on women in Saudi Arabia’s labor market as well as recently being featured in Foreign Affairs magazine for her superbly researched and written article, Working Women are Changing Saudi Arabia: Reforms Have Made […]

     
  • The Impact of Healthcare Investments on Saudi Arabia’s economy
     

    The Observer Research Foundation, a leading think tank based in India, examined Saudi Arabia’s spending and strategy with regard to improving health care for its citizens. 

     
  • Dollar-priced oil ending? What’s the story?
     

    A claim emerged in Chinese-language social media posts in June that Saudi Arabia terminated a 50-year formal agreement with the United States to conduct oil transactions in U.S. dollars, under a deal called the “petrodollar agreement.”

     

MUST-READS

  • Ramadan fasting hours in Saudi Arabia: how they change each year

    As Ramadan progresses through the seasons, fasting hours in Saudi Arabia are gradually shortening each year. This trend will continue until 1454 AH (2032), when Ramadan will fall in December, the month with the shortest daylight hours, according to Dr. Abdullah Al Misnad, former climate professor at Qassim University. This year, fasting hours are relatively uniform across the Kingdom due to Ramadan coinciding with the spring equinox on March 20, when the sun aligns directly over the equator, resulting in nearly equal day and night lengths. On the first day of Ramadan, the longest fasting hours were in Ahad Al Masarihah (13 hours, 4 minutes), while Al Qurayyat recorded the shortest (12 hours, 54 minutes). By mid-month, Arar in the north will have the longest fast (13 hours, 19 minutes), while Sabya in the south will have the shortest (12 hours, 15 minutes).

  • 77% of Saudi businessmen expect economy to grow in next 12 months: PwC survey

    PwC Middle East's 28th Annual CEO Survey showed that 77% of business leaders in Saudi Arabia expect the local economy to grow over the next 12 months, outpacing their peers in the GCC (71%), the Middle East (64%), and the world (57%). The Kingdom continues to implement its ambitious plans under Vision 2030, strengthening the investment climate and making it the top destination for regional investments. Non-oil revenue growth increased by 4.9% in the second half of 2024, recording the highest growth rate to date, the report said. Economic risks for business leaders are changing, as inflation stabilized at 2% by the end of 2024 from its peak of 3.4% in January 2023. However, cybersecurity risks rose to 49%, compared to 20% a year earlier.

  • Aramco dividend vital to big-spending Saudi Arabia

    Saudi Aramco’s 2024 full-year results due this week are likely to again underline the importance of the world’s largest listed oil company to big-spending Saudi Arabia’s economic development plans. Aramco has said it expects to announce fourth-quarter dividends – payouts to the Saudi government are a core source of state revenue – of SAR116.5 billion ($31.1 billion), the same payout as the preceding three quarters. That would boost its total dividends for 2024 to SAR466 billion ($124.3 billion) and equate to 34 percent of the SAR1.37 trillion of state spending last year, according to AGBI calculations. The kingdom’s annual deficit was SAR115.6 billion. Aramco introduced an additional “performance-linked” dividend in 2023, which boosted payouts significantly; assuming fourth-quarter net profit is in line with that of the first nine months of 2024, Aramco’s dividend-to-profit ratio would be 110 percent. Or, put more simply, Aramco will pay more in dividends than it made in profit. Why the increased windfalls for deteriorating performance? The government, which owns 81.5 percent of Aramco, needs the money. Likewise, the state-owned Public Investment Fund, which also holds a 16 percent stake and is a lead protagonist in the country’s economic diversification programme.

  • Saudi Arabia arrests 131 in major anti-corruption crackdown

    Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha) has launched a sweeping crackdown on corruption, arresting 131 individuals and investigating 370 others as part of its latest enforcement efforts. In a statement released on Friday, the authority said it conducted 3,466 oversight visits across various government entities in February, uncovering cases of bribery, abuse of authority, and other violations. Some of those arrested were later released on bail.

  • Absher carries out 26 million e-transactions in January

    The number of transactions carried out through the Absher Individuals platform has reached 23,319,656, and these include 16,667,488 document review transactions through the digital wallet available to citizens, residents and visitors via the Absher application. The number of transactions on the Absher Business platform stood at 2,981,416. The number of transactions undertaken for Public Security services reached 3,373,708, including 3,271,007 transactions in the traffic sector, while the number of transactions executed in passports reached 2,630,819 whereas 488,881 transactions executed in the Civil Status sector.

  • Saudi banks banned from using WhatsApp for their communications with customers

    The Saudi Central Bank (SAMA) has decided to ban the use of instant messaging applications such as WhatsApp by the local banks for their communications with customers. SAMA noted that these applications are unreliable channels, according to Asharq Al-Awsat newspaper. SAMA's decision is based on the powers assigned to it and other related regulations, and out of its keenness to enhance the quality of practices and procedures followed by financial institutions subject to its supervision, in a way bringing the risks to the minimum. It is learnt that the Central Bank has asked financial institutions to examine the availability of alternative and secure channels such as benefiting from activating instant messaging services such as Live Chat or ChatBot, within the application, or the financial institution's website, taking into account compliance with the requirements for protecting personal data.

  • Former Saudi ambassador weighs in on Trump’s approach to Gaza and the Middle East: Video

    Israel is blocking humanitarian aid from reaching Gaza until Hamas agrees to a proposal to extend phase one of the ceasefire, which expired Saturday. John Yang speaks with Prince Turki Al-Faisal, a former Saudi ambassador to the U.S. and U.K., about the latest developments and the Trump administration’s involvement in Gaza.

  • Will Trump strike gold with wealthy Arabs through new residency program?

    US President Donald Trump’s $5 million “gold card” visa is expected to draw wealthy Arab investors seeking economic stability, US market access, and residency prestige, experts say. With Gulf nations, including Saudi Arabia, successfully running their own golden visa programs, Trump’s initiative positions the US as a competitive destination for high-net-worth individuals from the region, offering them a gateway to business expansion, real estate investment, and financial security.  “Saudi investors have always been keen on expanding into the US market, particularly in sectors like technology, real estate, and energy. A more accessible visa process could encourage even greater collaboration and economic integration between both countries,” Al-Ansari said. The new initiative will replace the existing EB-5 visa program, which was established in 1990, and is expected to help reduce the national deficit. The EB-5 program grants foreign investors a green card for investing around $1 million in a US business that creates or sustains at least 10 full-time jobs for local workers.

  • Saudi Arabia denounces Israel’s blocking of aid into Gaza; calling it ‘blackmail and collective punishment’

    Saudi Arabia condemned on Sunday the decision of the Israeli occupation government to block the entry of humanitarian aid into the Gaza Strip. In a statement, the Ministry of Foreign Affairs expressed Saudi Arabia's condemnation and denunciation of the decision of the Israeli government to stop the entry of humanitarian aid into the Gaza Strip, and its use as a tool of blackmail and collective punishment. The ministry stated that it is a flagrant violation of international law and a direct violation of the rules of international humanitarian law, in light of the humanitarian catastrophe that the Palestinian people are facing. Saudi Arabia reiterated its call to the international community to stop these serious Israeli violations, in addition to activating international accountability mechanisms, and ensuring sustainable access to aid.

  • Saudi Arabia to partner with US company to manufacture and export “flying taxis”

    The American Doroni Aerospace company announced that it has decided, in partnership with Saudi entities, to manufacture H1-X ‘flying car.’ Designed for personal use, the HX-1 is a two-seater aircraft that can be parked in a two-car garage, charged at home, and can take off vertically from a driveway. Doroni Aerospace, a company based in Pompano Beach in Florida, said it has secured a $30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia.