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Difficult Times for the Saudi Binladin Group
The Saudi Binladin Group (SBG) is facing its toughest challenges in the construction giant’s 85 years of operation as tightened government spending and a 8-month restriction on new projects in the pipeline has undermined the company’s finances. Saudi Binladen has announced a reduction in jobs totaling 77,000, or about one-third of its total workforce. “The […]
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The 5 Major Changes Saudi Arabia’s Capital Markets Authority Made to Increase Foreign Investment in the Saudi Stock Market
Saudi Arabia’s Capital Markets Authority (CMA) has significantly lowered the barriers to entering the Saudi stock market as a foreign investor and increased the amount which a foreigner may own of a Saudi company, the bourse announced in a release today. “These rules were implemented with the aim of raising the bar in relation to investing […]
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Commentary: Saudi Arabia’s Vision 2030, Don’t Miss the Point
While Saudi Arabia’s Vision 2030 was formally endorsed by the Saudi Council of Ministers and published on April 25, 2016, anticipation about the plan had been building for months. McKinsey & Company’s 165-page Moving Saudi Arabia’s Economy Beyond Oil in December 2015 confirmed the depth of the analysis underway within the Saudi government while Deputy […]
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Deputy Crown Prince Mohammed bin Salman Opens Up on Personal History; ‘Vision for the Kingdom of Saudi Arabia’
In his second exclusive and wide-ranging interview with Bloomberg, Saudi Arabia’s deputy crown prince, chair of the Council of Economic and Development Affairs (CEDA), and minister of defense opened up on his rise to power, his initial struggles and ultimate acceptance under the late King Abdullah, and his fondness for Winston Churchill and Sun Tzu’s The […]
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As President Obama Heads to Saudi Arabia, Economic Cooperation and Enhanced Bi-Lateral Security Will be on Agenda
As President Obama heads to Saudi Arabia next week to meet with HRH King Salman and attend a GCC summit, familiar topics as well as new issues will be on the agenda for the President’s 3rd official visit to Saudi Arabia and second meeting with King Salman since September. Along with long-standing regional and security concerns that require U.S.-Saudi […]
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In Egypt, Saudi Arabia’s King Salman Reaffirms Commitment to Bi-Lateral Ties
In what is being hailed as a landmark visit, Saudi Arabia’s King Salman arrived in Egypt to re-affirm Saudi-Egyptian ties and engage a critical regional ally on key foreign policy concerns. King Salman, who was also accompanied by Deputy Crown Prince Mohammed bin Salman and dozens of Saudi officials and leaders, including 14 ministers, was received […]
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Crown Prince Mohammed bin Naif Joins Twitter
Following the lead of King Salman and other top Saudi government officials, Saudi Arabia’s Crown Prince has joined the social microblogging website Twitter using the handle @M_Naif_Alsaud. The Crown Prince chairs the Council of Political and Security Affairs (CPSA) and is Minister of Interior of Saudi Arabia. His first tweet, sent on April 5, 2016 […]
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Saudi Arabia was world’s third largest military spender in 2015, surpassing Russia
Saudi Arabia surpassed Russia in military spending for 2015 to be the world’s third largest spender on defense, according to a new report by the Stockholm International Peace Research Institute (SIPRI). The United States retained its top position globally in total military spending in 2015, accounting for almost one-third of all military spending globally. The […]
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Saudi Arabia taking ‘unprecedented hands-on role in housing finance and development’
Saudi Arabia’s housing minister Majed al-Hogail gave an interview with Bloomberg last week in which he discussed the government’s plans to create its own development company and start a mortgage-guarantee fund to encourage banks to increase lending for Saudis. “‘We are looking to improve the productivity of the local developers’ but also trying to attract international […]
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Throwback: Photos of King Salman at King Saud University, 40 Years On
Recently released photos by the Saudi Press Agency (SPA) show King Salman at the King Saud University roughly 40 years ago, as the then-prince assisted in shaping the Riyadh-based University to be what it is today. King Saud University (KSU) is billed as “the premier institution of higher education in the Kingdom of Saudi Arabia. Prince […]
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Saudi Arabia plans 250k new hotel rooms by 2030, says minister of tourism
“The quality of the rooms and projects is very excellent and will place the Kingdom among the best in the world. The target for 2030 is approximately 550,000 hotel rooms,” the minister said, adding: “Today, we continue to reach 10 percent contribution to the gross domestic product, and we have reached 7 percent contribution to the non-oil GDP.”
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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.
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Big Oil’s Boring Quarter Was Great News for Investors
Big Oil has delivered a set of remarkable earnings. Without fanfare, ExxonMobil Corp., Chevron Corp. and Shell Plc all did in the fourth quarter what they’d promised: Start new oil and gas projects; cut costs; return lots of money to shareholders. It’s a model for the notoriously boom-and-bust industry. Together, the three companies at the top of the global energy industry returned more than $80 billion to shareholders last year, up from $78 billion in 2022 despite lower oil and gas prices, lower refining margins and fewer trading opportunities.
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Commentary: Going after UNRWA is a charade the world must reject
Ten days ago, Israel began circulating accusations that 12 employees of the UN Relief and Works Agency (UNRWA) in Gaza had involvement in the Hamas-led attack on southern Israel on October 7. This led to a crisis of indispensable, largely western, funding for this crucial humanitarian services provider for Palestinian refugees, especially in Gaza, where a large majority are refugees from what has become southern Israel. But this latest campaign is just part of a decades-long attack on the agency by Israel, which is itself just a subset of the broader campaign to eliminate the Palestinian refugee issue by eliminating Palestinian refugees as an internationally monitored and protected group.
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Pakistanis’ Discontent Reaches Record High Before Election
Ahead of the election on Thursday, Gallup surveys show that Pakistanis are more discouraged than they have been in decades about a multitude of economic, political and security challenges that are threatening their country’s stability. The country’s failing economy will likely be central to the vote, although it is far from the only issue on the electorate’s minds. In late 2023, Pakistanis were more pessimistic about their economy than they have been at any point in the past 18 years that Gallup has polled them. A record-high 70% said economic conditions where they live are getting worse.
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LIV Golf had a big opportunity Sunday. Did it take advantage?
The PGA Tour’s final round was pushed off due to some truly gnarly weather conditions at Pebble Beach, giving LIV’s first event of the 2024 season the full stage. And it was Jon Rahm’s first event as a LIV golfer, with Rahm in contention for the win at Mayakoba, Mexico. As much money as LIV has spent to get off the ground and fill its 54-man roster, sometimes luck still brings the greatest chances you’ll get.
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Blinken meets MBS in Saudi Arabia as U.S. pushes for post-war deal
During his previous visit to Israel last month, Blinken told Israeli leaders that Saudi Arabia wants to normalize relations with Israel after the Gaza war ends, but it won't agree to any deal if the Israeli government doesn't commit to the principle of a two-state solution.
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Saudi Arabia discussing potential F-15EX buy, Boeing says
“We have a number of products in our portfolio that are of interest,” he said at the event on 5 February. The discussions also involved Boeing Defense, Space & Security (BDS) chief executive Ted Colbert. Vince Logsdon, BDS vice-president, international business development, confirms that the F-15EX is “one of the biggest things that we’re talking about right now”.
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Blinken returns to Mideast in push for hostage deal and postwar plan for Gaza, but obstacles loom
U.S. Secretary of State Antony Blinken met with Saudi Arabia’s crown prince Monday at the start of his fifth visit to the Middle East since the outbreak of the war in Gaza, hoping to press ahead with a potential cease-fire deal and postwar planning while tamping down regional tensions. But on all three fronts he faces major challenges: Hamas and Israel are publicly at odds over key elements of a potential truce. Israel has dismissed the United States’ calls for a path to a Palestinian state, and Iran’s militant allies in the region have shown little sign of being deterred by U.S. strikes.
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Fitch Affirms Saudi Arabia at ‘A+’; Outlook Stable
Saudi Arabia's ratings reflect its strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the 'A' and 'AA' medians, and significant fiscal buffers in the form of deposits and other public sector assets. Oil dependence, low World Bank governance indicators and vulnerability to geopolitical shocks remain relative weaknesses. Nonetheless, governance is improving with social and economic reforms and efforts to bolster effectiveness across government institutions.
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