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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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First Ever Direct Crude to Chemicals Plant “One Step Closer” for Aramco, SABIC
State-owned Saudi oil giant Aramco and diversified chemicals company SABIC are “one step closer” to being the first ever to use crude oil directly, rather than using refined products such as naphtha or ethane gas as feedstock, to create chemicals, according to reports and announcements by the companies on Saudi Arabia’s stock exchange. The achievement […]
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Mohammed Bin Salman Departs U.S. for France, Sends Cable Thanking U.S. and Obama for Hospitality
Saudi Deputy Crown Prince Mohammed bin Salman sent a cable of thanks to US President Barack Obama on Sunday as he concluded his visit to the United States. “I am pleased as I am leaving your friendly country after the end of my official visit to extend to Your Excellency my deep thanks for the […]
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Deputy Crown Prince, Delegation Meet with Ban Ki Moon at the United Nations
Deputy Crown Prince Mohammed bin Salman and an eight-member delegation arrived at the U.N. yesterday for meetings with the Secretary General, Ban Ki Moon. The Prince and his delegation reportedly discussed Mr. Ban’s decision to cite the Saudi-led military coalition in the Yemen conflict for violating the rights of children. According to the New York Times, Prince Mohammed […]
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Concluding Trip to Silicon Valley, Deputy Crown Prince Mohammed bin Salman and Delegation Ink MOU with Microsoft
Saudi Deputy Crown Prince Mohammed bin Salman met with Satya Narayana Nadella, chief executive officer of Microsoft, at the company’s Silicon Valley offices in San Francisco on Tuesday and signed two deals with the IT giant, according to reports. The first MOU between Saudi Arabia and Microsoft “will train young Saudis and will support Saudi Arabia […]
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MUST-READS
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Red Sea attacks increase shipping times and freight rates
Ships transiting between Europe and Asia via the Suez Canal must pass through the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden. The Bab el-Mandeb Strait is an important oil and natural gas chokepoint, accounting for 12% of seaborne oil trade and 8% of liquefied natural gas (LNG) trade in the first half of 2023. Major oil and natural gas companies that are avoiding the Red Sea include Equinor, which operates mostly natural gas carriers, and bp, which operates both oil and natural gas carriers. As of January 23, 2024, other major energy companies pausing Red Sea transits include Euronav, QatarEnergy, Torm, Shell, and Reliance.
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McKinsey and BCG warn staff face jail if they reveal Saudi work
The heads of consulting giants McKinsey and BCG told US lawmakers on Tuesday that their employees in Saudi Arabia could face jail if the firms handed over details of their work for the country’s sovereign wealth fund without approval from the kingdom. Bob Sternfels of McKinsey and Rich Lesser of BCG had been summoned to appear before Congress, along with the chief executive of smaller consultancy Teneo and the dealmaker Michael Klein, after the four firms failed to comply with a subpoena demanding information about their work for the $700bn Public Investment Fund. A Senate committee is investigating how Saudi Arabia is using “soft power” such as sports investments to extend its influence in the US, and lawmakers assailed the consulting groups for their work in the kingdom at a hearing on Tuesday.
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Saudi Arabia achieves historic reduction in dust and sand storms in January 2024
Saudi Arabia has witnessed the most significant reduction in dust and sand storms in January 2024, marking the highest decrease in 21 years. The reduction, which stands at an impressive 94%, is a direct result of the concerted efforts by the Ministry of Environment, Water and Agriculture (MEWA), alongside the initiatives under the Kingdom's Vision 2030. The Sand and Dust Storm Warning Regional Center highlighted in its latest report remarkable reductions across various regions. Riyadh experienced a complete cessation of dust and sand storms, recording a 100% decrease. Similarly, Dammam also achieved a 100% reduction in such environmental phenomena during the same period. Meanwhile, Wadi Al-Dawasir Province and Al-Ahsa Province saw significant decreases of 81% and 83%, respectively
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Expat remittances in Saudi Arabia at all-time low in a decade
Remittances of foreigners working in Saudi Arabia showed a downward trend in 2023 for the second year in a row, standing at SR124.9 billion, their lowest in more than a decade, according to a Saudi report. In 2022, the remittances reached SR143.2 billion against SR153.5 billion the previous year. Their highest level was recorded in 2015 when they surged to SR156.9 billion, Al Eqtisadia reported, citing data from the Saudi Central Bank. Last year’s figure was the lowest since 2011.
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Saudi Arabia joint venture heralds big sea farming expansion
The aquaculture industry in Saudi Arabia is set for significant growth following the announcement of a new joint venture between NEOM, Saudi Arabia’s development organisation, and fish farming business Tabuk Fisheries Company. Trading as Topian Aquaculture, the new venture will include a hatchery that is expected to become the largest in the MENA (Middle East and North Africa) region by the end of 2024. The hatchery has a planned capacity of 42 million fingerlings and marine-pen production facilities, with production of finfish in the pens projected to reach 20,000 tonnes per year.
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What Israeli Soldiers’ Videos Reveal: Cheering Destruction and Mocking Gazans
Since Israel’s invasion in October, soldiers have shared videos from Gaza on social media, offering a rare, unsanctioned look at operations on the ground. Some have been viewed by small circles of people; others have reached tens of thousands. The New York Times reviewed hundreds of these videos. Some show unremarkable parts of a soldier’s life — eating, hanging out or sending messages to loved ones back home.
- Foreign direct investment inflows to Saudi Arabia hit $4.53bn in Q3 2023
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Saudi Arabia Taps Former Dell Executive to Run $100 Billion Firm
Saudi Arabia named a former executive at Dell Technologies to lead a new investment firm backed by $100 billion in capital from the Public Investment Fund, that’s been set up to plow money into everything from technology to semiconductors and capital goods. Amit Midha, formerly president for Asia Pacific and Japan, Global Digital Cities at Dell Technologies, was named as chief executive officer of the new entity. “Alat is a company focused on the transformation of leading global companies and building a world-class sustainable industrial and electronics hub in Saudi Arabia,” Midha wrote in a post on LinkedIn.
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Saudi Business Owners Can Open Payment Accounts Remotely in the USA
Zil US (ZilBank), a leading B2B payments platform, has announced that it will facilitate international transactions for Saudi entrepreneurs and freelancers. Through Zil US, Saudi business owners can now remotely open a US banking account without the need to be physically present in the United States. This initiative marks a significant advancement in financial connectivity, providing Saudi businesses unparalleled access to the US market.
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China Grabs Spotlight With Major Presence at Saudi Weapons Show
A Chinese-made J-10 fighter aircraft soared into the sky as part of a showcase at Saudi Arabia’s annual arms exhibition, demonstrating the growing defense ties between the Asian power and the world’s fifth-biggest weapons spender. While US companies like Boeing Co. and Lockheed Martin Corp. dominated the World Defense Show in the Saudi capital of Riyadh this week, China’s presence dwarfed that of most other countries.
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