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  • GAMI Governor: Localization of Military Expenditure Reaches 19.35%, Compared to 4% in 2018

    Governor of the General Authority for Military Industries (GAMI) Eng. Ahmad Abdulaziz Al-Ohali announced that the localization rate of military spending has reached 19.35%, compared to 4% in 2018. The goal is to achieve over 50% localization of government spending on military equipment and services by 2030. Additionally, the number of licensed and authorized establishments in the military industries sector has increased to 296 by the third quarter of 2024. He highlighted the GAMI's efforts in establishing supply chains within the military industries sector and enhancing military procurement from local companies, amounting to SAR13 billion. This includes the production of locally manufactured drones for field operations, sustainability companies for various defence systems, and the manufacturing of fast interceptor boats.

  • Khamenei’s American reality check

    President Trump was persistent during his first term — he wanted a new deal with Iran and persuaded Japanese Prime Minister Shinzo Abe to take a personal message to Khamenei in Tehran, which was again rebuffed by the Iranian leader. “I don’t consider Trump worthy of sending a message to,” he told Abe. Khamenei gambled that Trump was an anomaly in American politics that Tehran could weather. That was a risky gamble then and a worse one now, with Trump back in the White House for another four years.

  • Managing risk amid Saudi drive for a more sustainable mobility environment

    The use of DBO contracts is rising across KSA as the Kingdom has undertaken numerous projects in a bid to increase its capacity to move people sustainably, in line with Vision 2030’s push for enhanced mobility. Examples include the Riyadh Metro, which aims to reduce traffic congestion and lower emissions, and the NEOM urban development giga project, which integrates advanced, eco-friendly transport options. Both projects emphasise the need for early, clear agreement on roles, timelines, and environmental considerations, ensuring risk mitigation through upfront planning. The latest example, the King Abdullah Financial District announcing a monorail project, signals further commitment to sustainable transit

  • Saudi Arabia Smart Grid Network Market Research 2024-2029: Generation, Transmission, Distribution, Consumption Trends, Opportunities, and Forecasts 2023-2029

    The Saudi Arabia Smart Grid Network Market was valued at USD 765.59 Million in 2023, and is expected to reach USD 1.77 billion by 2029, rising at a CAGR of 14.92%. The trend towards grid digitalization and automation is reshaping the Saudi Arabia Smart Grid Network Market. Digitalization involves the adoption of advanced technologies such as smart meters, sensors, and communication systems that enhance the functionality and efficiency of the power grid. Automation further enhances grid performance by enabling real-time data collection, analysis, and response to grid conditions.

  • PwC Middle East to buy Saudi education consultancy Emkan

    Emkan Education’s local expertise, together with PwC’s global reach, is expected to allow the latter to support regional clients in reaching their objectives and contribute to the education ecosystem development. PwC Middle East has 30 offices across 12 countries in the region with about 12,000 employees. "PwC Middle East to buy Saudi education consultancy Emkan" was originally created and published by International Accounting Bulletin, a GlobalData owned brand.

  • Saudi Labor Market Flourishes: 35% Surge in Local Workforce

    The number of Saudi workers in the private sector rose by 35% in the last five years, reaching 2.34 million. The Minister of Human Resources and Social Development Ahmed Al-Rajhi highlighted this during a panel at the Riyadh Economic Forum. The workforce increased from 1.7 million in 2019 to 2.34 million in 2024. The overall unemployment rate fell to 3.3% in the second quarter of 2024, compared to 5.6% in 2019. Among Saudis, the unemployment rate dropped to 7.1% in 2024, down from 12.3% in 2019. This reflects the Kingdom’s efforts to enhance employment opportunities for its citizens.

  • Saudi Aramco Plans Regular Debt Issues

    Saudi Aramco plans to regularly tap the bond market for debt issuance as it looks to optimize capital structure and widen its investor base, Ziad Al-Murshed, chief financial officer of the world’s biggest oil firm, told Bloomberg in an interview. “You’ll see us do a couple of things. One is, just take on more debt compared to use of equity,” Al-Murshed told Bloomberg. “It’s nothing to do with the dividend, it is optimizing our capital structure so that we end up with a lower weighted average cost of capital.” Aramco returned to the debt market this year, following three years of absence, with two bond issues in which it sold a combined $9 billion in debt.

  • Here are the best times to undertake Umrah in serenity

    As more Muslims are flocking to Saudi Arabia to undertake Umrah or minor pilgrimage in the Grand Mosque in Mecca, Saudi authorities have recommended the faithful to perform the rites in serenity by choosing the most favourable times of the day and shunning overcrowding at the holy site. To this end, the General Authority for Care of the Two Holy Mosques has specified the best times of the day when the Umrah rituals can be performed with ease and smoothly. They are in the following order: from 6am to 8am; 12 to 2pm; and from 2am to 4am, the state agency said.

  • Commentary: Why Is Saudi Arabia Hedging Its BRICS Invite?

    At the BRICS summit last month, one leader was noticeably absent from the family photo of assembled leaders: Saudi Arabia’s crown prince, Mohammed bin Salman. Over a year after the kingdom was offered membership to the bloc, the invitation remains unanswered, and the crown prince passed on attending the 2024 summit. Instead, the Saudi foreign minister arrived for only the final day of the gathering. For its part, Saudi Arabia is hedging its commitment to a group that itself constitutes a hedging club for other middle powers. The motivations driving its ambiguous strategy deserve a closer look. Saudi Arabia’s assessment is likely influenced by BRICS’s decision to invite Iran, as well as Russia’s aggressive rhetoric and plans to reduce the importance of the U.S. dollar. These moves could transform BRICS into an anti-Western club and jeopardize Saudi Arabia’s economic and security relationship with the United States. Furthermore, the bloc’s inclusion of Iran and the UAE places the countries on equal footing with Saudi Arabia at a time when Riyadh seeks to project itself as the regional leader.

  • Al-Jasser: Saudi Arabia to expand rail network to over 8,000 km

    The minister underscored the Kingdom's progress in rail development, noting that the current network spans over 5,500 kilometers. He highlighted key networks, including the North Network, which connects Riyadh to the Jordanian border, and the East Network, linking Riyadh to the Arabian Gulf coast. During the conference, the minister introduced the Asasat Program, aimed at localizing the railway industry in Saudi Arabia. The program is expected to generate investment opportunities worth SR15 billion by 2030, increase local content in SAR’s operations to 60 percent by 2025, and create over 3,000 jobs in the local market.