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Deputy Crown Prince Mohammed bin Salman Meets with President Obama, Receives Praise for “Vision 2030”
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman met with President Obama on Friday at the White House to discuss regional and economic issues with the President, Vice President and other members of Obama’s cabinet. The President “commended” Prince Mohammed’s “Vision 2030” plans to reform Saudi Arabia’s economy and society, according to a readout. “The […]
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Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman Receives Praise on Capitol Hill in Washington for Ambitious Economic Reforms
Deputy Crown Prince Mohammed bin Salman visited congressional leaders in Washington on Wednesday to discuss diplomatic and regional issues and talk about Saudi Arabia’s new economic reforms. Prince Mohammed met with Sen. Tom Cotton (R-Arkansas) along with the Senate Armed Services Committee, including Sen. John McCain (R-Arizona) and Sen. Lindsey Graham (R-South Carolina) as well as […]
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State Department Readout of Secretary Kerry’s Dinner with Deputy Crown Prince Mohammed bin Salman
Secretary Kerry hosted Deputy Crown Prince Mohammed bin Salman on June 13 for an iftar dinner in recognition of the Deputy Crown Prince’s visit to the United States. “The two reviewed the strong and enduring relationship between the United States and Saudi Arabia and discussed a broad range of regional issues, including Yemen, Syria, Libya, […]
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Deputy Crown Prince Mohammed Bin Salman Arrives in Washington to Busy Schedule
Deputy Crown Prince Mohammed bin Salman lands in Washington, D.C. today with a tightly packed agenda planned for his 4-day visit in the nation’s capital. The Deputy Crown Prince who is also Minister of Defense and head of the powerful Council on Economic and Development Affairs (CEDA) will meet with U.S. Secretary of State, John Kerry, […]
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Saudi Arabia Scales Back Renewable Energy Targets, Eyes Natural Gas to Fuel Economy
Saudi Arabia is seeking to scale back previous plans to develop large-scale renewable energy resources and is instead opting to rely more heavily on natural gas to meet demand, according to Bloomberg’s Anthony DiPaola and other reports. “We know that Saudi Arabia has been looking for natural gas supplies for a number of years now,” […]
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Internet Penetration in Saudi Arabia at 93%, Daily TV Viewership Down 16%
Internet penetration among Saudi nationals is “around 93 percent” but traditional TV viewership is down 16 percent, an indication of the continued rise of online media viewership and the rise of apps in Saudi Arabia, according to a report in the Saudi Gazette. “The increase in data use is also driven by the use of […]
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Report: $7.9 Billion Bid for KAFD by Saudi Arabia’s Public Investment Fund
Saudi Arabia’s Public Investment Fund (PIF) is reported to be prepared to make an offer for the King Abdullah Financial District (KAFD), situated between downtown Riyadh and the city’s King Khalid International Airport. The offer, reported by Bloomberg citing unnamed sources, is 30 billion riyals ($7.9 billion) — the amount already spent on KAFD by the Saudi Public […]
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Jadwa Investment: Recent Saudi Stock Market Changes ‘Pave the Way’ for Saudi Arabia’s Inclusion Into MSCI Emerging Market Index
The major announcements for Saudi Arabia’s economy and society in the last few weeks related to the release of its ‘Vision 2030’ strategy have given the Kingdom a roadmap and targeted benchmarks for achieving greater economic diversification and empowering Saudi Arabia’s youth. In addition to the ‘Vision 2030’ release and cabinet changes there was “an […]
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Report: Donald Trump Set Up Four Businesses Related to a Jeddah, Saudi Arabia Hotel Project While Campaigning for President in August 2015
Republican frontrunner Donald Trump set up four companies related to a possible hotel project in Jeddah, Saudi Arabia while campaigning for president in August 2015, according to a report by BuzzFeed news, citing the candidate’s latest financial disclosure filings released on Wednesday. According to the report, on August 21, 2015, Trump became president and owner of […]
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Secretary Kerry Meets with Saudi Leaders in Jeddah Ahead of Crucial Syria Talks
Secretary of State John Kerry travelled to Jeddah, Saudi Arabia to meet with Saudi Arabia’s King Salman and other Saudi officials ahead of critical talks on Syria, according to reports. The Secretary, who also met with Crown Prince Mohammed bin Naif and Foreign Minister Adel Al-Jubeir, “discussed a range of regional issues – Yemen, Libya, […]
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Boeing latest to apply for Saudi HQ under government’s new rules
Boeing Co. applied for a license to establish its Middle Eastern headquarters in Riyadh as the Saudi government increasingly pressures businesses to boost their local presence. The US commercial aircraft manufacturer lodged its formal application “a few days ago” and is working with the Ministry of Investment for approval, Asaad Aljomoai, president of Boeing Saudi Arabia, said at the World Defense Show in Riyadh.
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Saudi Arabia taps ex-Dell executive as CEO for new PIF manufacturing company
Global CEO Amit Midha will lead the ambitious plans for the new manufacturing hub in the kingdom. Chaired by Saudi Crown Prince Mohammed bin Salman, Alat is targeting the creation of 39,000 direct jobs in Saudi Arabia and a $9.3 billion contribution to GDP by 2030. The company is launching with more than 30 product categories including robotics, computing and digital entertainment, as well as advanced heavy machinery. Alat, which will officially open for business on Feb. 20, also has a sustainability component and plans to work with global companies to reduce their emissions and move towards zero-carbon manufacturing.
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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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