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Gallup Poll on Saudi Attitudes About Economy, Prosperity Sees Hope after Oil, Divide Between Saudis and Expats
A recently released Gallup poll, conducted shortly after the announcement of Vision 2030, found that nearly half of adults (48%) rate their lives well enough to be considered “thriving,” up significantly from 35% a year earlier. Such a large shift in thriving rates in a single year “is rare in any country,” Gallup said. However, there is a sharp […]
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Saudi Presents Investigation into Coalition Bombings in Yemen
An investigative committee examining charges that the Saudi-led coalition fighting against Houthi rebels in Yemen has caused civilian casualties largely defended their actions, Reuters reports. According to the Saudi Press Agency (SPA), the coalition’s investigative committee is independent and composed of representatives from six countries, all members of the Gulf Cooperation Council, in addition to […]
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Reuters Poll: Non-Oil Business Activity Slows in Gulf as Governments Tighten Spending
A recently released Reuters poll of economists finds that non-oil business activity is slowing in the Gulf because of government austerity measures, causing some to revise their economic forecasts down for the region. In 2015, growth in the GCC “began to lose steam as governments reduced spending to limit big budget deficits caused by cheap oil,” […]
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Aramco Names Ibrahim Al Buainain as Chief Executive of Its Trading Arm
Saudi Aramco has named Ibrahim Al-Buainain as chief executive of its trading arm, the company said on Tuesday, as Al-Buainain’s star continues to rise within the ranks of the energy giant. Ibrahim Al-Buainain’s promotion to CEO of Saudi Aramco Trading takes effect this month. In November 2014, Aramco named Al Buainain as head of Saudi […]
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Flare Up on Saudi Border with Yemen as Saudi Shoots Down Missile
The Saudi-led military coalition said Sunday that it shot down a ballistic missile fired at the Kingdom from Yemen, according to reports. The missile targeting the southern city of Najran was intercepted at 9:30 a.m. Saturday, a statement carried on the official Saudi Press Agency says. On the same day, Saudi-led airstrikes hit hideouts of the […]
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New Saudi Fund Created by Apicorp and Bahri Seeks to Create Biggest Tanker Fleet
A venture between Arab Petroleum Investment Corporation (Apicorp) and National Shipping Co. of Saudi Arabia (Bahri) “will create the world’s largest fleet of oil tankers and support the kingdom’s plan to boost crude exports,” according to a report in Bloomberg, which cited comments from Dr. Khalid al-Falih. The venture will create a $1.5 billion fund […]
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‘Saudi Arabia is among our closest counterterrorism partners’ CIA Chief Brennan Says
Director of the CIA John Brennan said that Saudi Arabia is “among our closest counterterrorism partners” at an event at the Brookings Institution yesterday. Brennan pointed to the enemies that both the United States and Saudi Arabia share, including the Islamic State and al-Qaeda terrorists. “The Saudi government and leadership today has inherited a history whereby there […]
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Aging Population, Pension System May Pressure Saudi Fiscal Policy, S&P Says
Saudi Arabia’s population could put greater pressure on the Kingdom’s fiscal policy and increase government debt as it ages over the next three decades, ratings agency Standard & Poor’s has warned. Saudi Arabia’s population is disproportionately young now, with over 70% of all Saudis under 30 years old. But even the smaller percentage of the population […]
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Millions Worldwide Celebrate Eid Al-Fitr, End of the holy month of Ramadan
Millions of Muslims worldwide celebrated the festival at the end of the holy month of Ramadan on Wednesday as the three-day Eid al-Fitr festival began. Eid al-Fitr festival traditionally means family gatherings and the exchange of gifts and a feast after a month of fasting from dawn until dusk. Despite two deadly terrorist attacks in […]
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‘Very Good News’ for Saudi Real Estate as Kingdom Gets Boost in Transparency Ranking, Citing Chambers of Commerce
JLL and LaSalle Investment Management’s 2016 Global Real Estate Transparency Index (GRETI) has increased Saudi Arabia’s standing to “Semi-Transparent” after recent efforts by the Chambers of Commerce in Saudi Arabia. “The formation of real estate committees in the Chambers of Commerce has highlighted the issue of low transparency in the market and encouraged more action […]
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South Korea’s stunning comeback breaks Saudi Arabian hearts
It was a case of so near yet so far for thousands of Saudi Arabia fans, whose team faltered in the penalty shootout in their round-of-16 match against South Korea and were knocked out of the AFC Asian Cup 2023. South Korea booked a quarterfinal date with Australia as their dogged display saw them win 4-2 on penalties after the match ended 1-1 following extra time at the Education City Stadium on Tuesday night.
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South Korea beat Saudi Arabia on penalties to reach Asian Cup last eight
South Korea beat Saudi Arabia 4-2 in a penalty shootout to advance to the Asian Cup quarter-finals after a thrilling last-16 tie ended 1-1 after extra time at Education City Stadium on Tuesday.After South Korea's Cho Gue-sung equalised in second-half added time to cancel out Abdullah Radif's opener, Sami Al-Najei and Abdulrahman Ghareeb had their penalties saved by Jo Hyeon-Woo to send South Korea through.
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‘Wild, beautiful, untrodden:’ The epic hiking trails emerging in Saudi Arabia
Hoffler has spent 15 years developing trails in Egypt’s Sinai Peninsula and Jordan and is now working with local guides, including Bedouin scouts, to develop Saudi’s ancient ways for local and international hikers.
And he insists the notion of Saudi Arabia as just sand, desert and heat is just a mirage.
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Saudi Arabia Eyes Reviving Multibillion Dollar Aramco Share Sale
The kingdom is working with a group of advisers and is seeking to potentially raise at least 40 billion riyals ($10 billion) from the share sale on the Saudi stock exchange, the people said, asking not to be identified because the information is private. A successful deal would bring in funds for Crown Prince Mohammed bin Salman’s ambitious push to diversify the economy.
Plans for the new sale comes four years after Saudi Arabia raised about $30 billion in Aramco’s initial public offering, which was the world’s largest ever stock sale. MBS, as the crown prince is called, has increased his spending ambitions since as he pumps huge amounts of money into the new development Neom, tourism, sports and other projects.
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Weather warnings in Saudi Arabia amid forecasts of snow and freezing temperatures
Authorities in Saudi Arabia warned on Tuesday that adverse weather conditions are expected to continue in most parts of the country until Friday, with snow and freezing temperatures forecast in some areas. The National Center of Meteorology also warned of light-to-moderate rainfalls, dusty surface winds, and high waves amid the falling temperatures, the Saudi Press Agency reported.
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Pentagon not taking Iran-backed militia pause declaration seriously
A message from an Iran-backed militia to its fighters to suspend attacks on U.S. troops in Iraq and Syria hasn’t changed the Pentagon’s calculus for retaliatory strikes following Sunday’s deadly attack on U.S. troops in Jordan, a spokesman told reporters Tuesday.
The statement from Kataib Hezbollah, first reported by Reuters, came within hours of President Joe Biden telling reporters Tuesday that he had decided on a response to the fatal drone attack that killed three U.S. soldiers, one the Defense Department said “has the footprints” of a Kataib Hezbollah operation.
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Israel pounds Gaza, regional tensions high as Hamas studies ceasefire proposal
Israeli forces pounded areas in northern and southern Gaza on Wednesday after Hamas said it had received and was studying a new proposal for a ceasefire and release of hostages held in the Palestinian enclave.The proposal, presented to the Palestinian militant group by mediators after talks with Israel, appeared to be the most serious peace initiative for months in the Israel-Hamas war.World powers hope to prevent a wider conflict, but tensions in the Middle East remained high after Yemen's Iran-aligned Houthi rebels said they would keep attacking U.S. and British warships in the Red Sea in solidarity with Palestinians.
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Opinion: The World Is Transitioning to American Oil From Saudi Crude
The cancellation, only months before the first of a series of oil field expansions was due to come on stream, was at the behest of the Saudi government, which by law sets what’s known as the maximum sustainable capacity, or MSC. The financial details of the cancellation are unclear, although it’s likely to save Aramco somewhere between $20 billion and $40 billion in capital expenditures over the next five years.
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Neom to tender $8bn community housing PPP deal
Saudi Arabia’s Neom is preparing to issue the request for proposals (RFP) for a contract to develop the second wave of its public-private partnership (PPP) housing deals for worker accommodation. According to a source familiar with the project, the second-wave community village scheme will include up to 20 villages, each comprising about 10,000 accommodation units. MEED understands the budget for each village could be $400m-$450m, which means the overall project could be worth over $8bn. Each village has a built-up area of 240,000 square metres.
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Saudi Arabia’s capacity U-turn was months in the making
Saudi Arabia's surprise reversal of its oil expansion plan was at least six months in the making and spurred by uncertainty over the market's need for additional spare capacity, an industry source told Reuters on Wednesday. State oil giant Aramco (2222.SE), opens new tab was ordered by the Saudi energy ministry on Tuesday to halt plans to boost its maximum sustainable capacity to 13 million barrels per day (bpd), returning to the previous 12 million bpd target. "I think price management is the priority for 2024 and 2025," said a second person familiar with the matter.
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