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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 […]
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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 […]
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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 […]
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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 […]
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Ematah (Removal) Campaign Addresses Saudi Litter
The ‘Crying Indian’ was one of the most iconic images on American television in the 1970s. Produced by the Keep America Beautiful organization it featured Iron Eyes Cody as a Native American distraught over the amount of pollution and litter there was in the United States. Litter was a significant issue in America at the […]
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As Entertainment Industry Develops, A ‘Great Opportunity’ for Cinema Business Awaits in Saudi Arabia
With Deputy Crown Prince Mohammed bin Salman’s recent visit to the United States that included meetings with several top entertainment industry executives in Silicon Valley, it is quite possible that entertainment options in Saudi Arabia could be dramatically greater in a decade. But what will that look like? The Vision 2030 document states that the Kingdom’s leaders “consider culture […]
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U.S. State Department Approves Potential $1.15b Sale of 130 Abrams Battle Tanks, 20 Armored Recovery Vehicles to Saudi Arabia
The U.S. State Department has approved the potential sale of more than 130 Abrams battle tanks, 20 armored recovery vehicles and other equipment, worth about $1.15 billion, to Saudi Arabia, the Pentagon said on Tuesday. “The State Department has made a determination approving a possible Foreign Military Sale to the Kingdom of Saudi Arabia for […]
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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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Saudi Arabia aims to produce 500,000 cars by 2030: PIF Official
In an interview with Al Arabiya on the sidelines of the second PIF Private Sector Forum, AlShiha stated that the PIF is working on five upcoming supply chain projects, and five international companies will begin operating in the Kingdom to produce parts for the Lucid, SER, and Hyundai factories. Ceer, Saudi Arabia’s first automotive brand to produce electric vehicles in the Kingdom, is currently working on engineering and designing cars, AlShiha said, expecting the designs to be announced soon. Ceer’s plant is under construction in King Abdullah Economic City (KAEC).
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Employees of western firms could face jail time for cooperating with LIV-PGA senate probe
Western executives defended themselves, saying that Saudi courts warned them company employees will face jail time if they comply with Congress. The executives said they have launched lawsuits against PIF, which is chaired by Crown Prince Mohammed Bin Salman, to release more information. "The PIF has been explicit that the disclosure of information relating to BCG’s work for PIF is a violation of Saudi law, which ‘imposes criminal penalties for disclosing or disseminating such information including imprisonment for a maximum of 20 years’,” Rich Lesser, of BCG, told lawmakers.
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Future Forum shows KAUST aligning to Saudi priorities
King Abdullah University of Science and Technology (KAUST) is proud to host the inaugural KAUST Future Forum in Riyadh on February 12-13, 2024. The event aims to bring together government, industry, investors and academia to a showcase of KAUST's 15 years of achievements in research and innovation through panel discussions and an interactive exhibition. The forum is under the patronage of H. E. Eng Abdullah Alswaha, Minister of Communications and Information Technology and Chairman of the Board of Directors of King Abdulaziz City for Science and Technology (KACST). It is scheduled to take place in Riyadh's startup district, "The Garage," with Saudi Press Agency as media partner.
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Alat: Spearheading Sustainable Technology Manufacturing with Clean Energy in Saudi Arabia
Through strategic partnerships with international manufacturing and technology leaders, Alat endeavors to transform the global industrial landscape by offering sustainable solutions powered by clean energy. By manufacturing a diverse range of products across vital sectors such as robotics, communication systems, and digital entertainment, Alat aims to strengthen local innovation, research, and development while creating job opportunities and boosting economic growth.
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Why is FinTech flourishing in Saudi Arabia?
Saudi Arabia, under its Vision 2030 and Financial Sector Development Program (FSDP) — with the FinTech strategy approved in May 2022 as its fourth pillar, aims to become a cashless society with a target of 70% by 2030. It also aims to make the Kingdom a global FinTech hub that attracts entrepreneurs from around the world as well as within the country. FinTech Saudi was established in 2018 as an ecosystem builder and catalyst under the supervision of the country's financial regulators, SAMA (Saudi Arabian Monetary Authority) and CMA (Capital Market Authority), to lay the foundation and further accelerate the sector's success journey. This initiative has led to an increase in the number of FinTech startups to 207 in 2023, up from only 10 in 2018—an increase of 20.7 times in five years.
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Young leaders, country in implementation phase gives Saudi edge in defense: GAMI CEO
The confidence in a “young” Saudi leadership coupled with a country that is past its planning and into the implementation phase is giving the country an edge in the defense sector, Saudi Arabia’s defense regulatory chief said Tuesday. Speaking to Al Arabiya English, the CEO of the General Authority for Military Industries (GAMI) Ahmad al-Ohali said: “From a geopolitical and economic perspective, [Saudi Arabia] has a young leadership, very focused leadership with a clear vision,” adding that the country is currently actively seeking to implement the plans that were made in the past few years.
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Saudi Aramco in investment discussions with Indian companies – exec
State oil giant Saudi Aramco is in investment discussions with companies in India, a senior executive said on Wednesday. "Hopefully we will see some announcements soon on investment in Indian companies," Faisal Faqeer, senior vice-president, liquids to chemicals development, downstream, at Saudi Aramco, told delegates at the India Energy Week in Goa, without specifying its plans. The world's largest crude oil exporter and OPEC kingpin has been boosting its investments in refining and petrochemicals across Asia to secure new markets for its crude, as it sees growth in chemicals central to its downstream expansion strategy.
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McKinsey Places 3,000 Staffers on Review as Economies Slow
McKinsey & Co. has warned about 3,000 of the firm’s consultants that their performance was unsatisfactory and will need to improve. The firm gave these employees a so-called “concerns” rating as part of their performance reviews in recent months, according to people familiar with the matter. With that rating, employees are typically given about three months to show improved performance. If they’re unable to do so, the firm may begin counseling some of them to leave the company entirely.
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Exclusive: Apollo in talks for AlShaya Starbucks franchise, sources say
Dubbed "Project Emerald", according to two of the people, the privately owned retailer is looking to sell a minority stake of about 30% in the business, Reuters reported previously. Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), which has previously been shortlisted to buy the stake, is also still involved in the talks, one of the people and a third one said. The Starbucks unit runs around 2,000 outlets in 13 countries, across the Middle East and North Africa, Kazakhstan and Azerbaijan. It was valued at between $4 billion and $5 billion in 2022, Reuters reported previously, before it exited Russia.
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All the tangled conflicts in the Middle East, explained
Even prior to Hamas’s attack and Israel’s response, longstanding alliances and regional political dynamics in the broader Middle East were in a state of unusual flux. Major players including Israel, Iran, Saudi Arabia, and the United States are all reconsidering their interests in the region.
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