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McKinsey & Company Publishes 165-Page Analysis of ‘Saudi Arabia Beyond Oil’
McKinsey & Company, the top-tier global consulting firm with offices in Riyadh and across the Middle East, published an in-depth report on the Saudi Economy and the opportunities for the Kingdom beyond oil. The report, produced by the McKinsey Global Institute (MGI) and available on McKinsey’s website to the public (executive summary here, full report […]
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New Saudi Ambassador to United States HH Abdullah Al-Saud Addresses U.S. Business Community at First Public Event
HH Prince Abdullah Al Saud, Saudi Arabia’s new ambassador to the United States, gave his first public remarks as ambassador to the U.S. business community on Friday at an event at the U.S Chamber of Commerce, co-hosted by the U.S. Chamber of Commerce, the Council of Saudi Chambers of Commerce, the Saudi Committee for International […]
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Syrian Rebels Summit As Riyadh Eyes Political Solution
Rebel factions in Syria’s bloody 4-year civil war meet in Saudi Arabia this week for a conference as Riyadh looks for a political solution to the crisis. Around 100 representatives of the Syrian opposition representing 70,000 “moderate rebels” in the fight held the first meeting of its kind in the Saudi capital. Western nations have observer status at […]
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State Sovereign Wealth Funds Pull Out ‘At Least $19bn’ in Assets from Managers in 3Q 2015
Sovereign Wealth Funds are drawing down on their assets held by managers at an alarming rate, with estimates from some providers putting the amount at $19bn in the third quarter of this year alone, according to reports. A Financial Times report (link here to the same story in CNBC) cites the data provider eVestment as saying the drawdown […]
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Jadwa Investment: A ‘Mixed Picture’ for Domestic Economic Activity in October 2015 Data
Riyadh-based Jadwa Investment’s December 2015 Saudi Chartbook finds a ‘mixed picture’ for Saudi domestic economic activity. While data on consumer spending pointed to healthy growth, PMI fell to its lowest point on record. The Data also show the first positive net monthly change to government accounts with SAMA: Real Economy: October data showed a mixed picture for domestic […]
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Saudi Forces Train to Fight in Rugged Mountain Terrain as War in Yemen Continues
Military personnel from Saudi Arabia were photographed by the official Saudi Press Agency (SPA) training in remote mountain terrain as the battle against the Houthi rebels in Yemen continues. Victory has remained elusive for the Saudi-led coalition fighting in Yemen, but steady gains on the back of coalition airstrikes have turned the tide in the […]
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Saudi Shoura Council Approves Tax on Vacant ‘White Properties’ in Saudi Arabia
Saudi Arabia’s Shoura Council has approved a plan to tax landowners on vacant properties following an earlier Saudi Cabinet decision to pursue a tax on so-called ‘white properties.’ The plan was approved by Saudi Arabia’s King Salman in March and the issue was sent to the Shoura council to be voted upon. It still awaits […]
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KAUST Announces New Partnership with Dow, Launches Venture Capital Fund with ICD
Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) announced two new partnerships this week, including a R&D agreement with Dow Chemical and the creation of a venture capital fund with the Islamic Corporation for the Development of the Private Sector (ICD). The university’s campus is now the future home of the new Dow Middle East […]
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Saudi Stock Market’s Key Players Undertake Roadshow to Promote Investment in Saudi Arabia’s Tadawul
Key players in Saudi Arabia’s stock market have embarked on a “global roadshow” abroad to show off the attractiveness of the investment climate in Saudi Arabia, according to reports, with officials meeting potential investors in New York, London, and Singapore. Saudi Arabia’s Tadawul opened to wider foreign investment in July 2015, but it did so […]
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Uber Eyes Fast-Growing MENA Markets for $250m Expansion
Uber Technologies Inc. is investing $250 million to expand in the Middle East and North Africa, which have some of the ride-sharing service’s fastest-growing markets, Bloomberg reports. Uber is already in Saudi Arabia, and the ride-sharing app is having a significant impact on the transportation economy there. And Uber is also making a social impact. Since […]
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MUST-READS
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The Rise of Saudi Arabia’s Venture Capital Ecosystem: A 5-Year Reflection
2023 was a rollercoaster year for Venture Capital. Globally, VC funding fell to $248.4B in 2023, the lowest level since 2017, while transaction volume fell by 30% YoY to 29,303 deals in 2023, a 6-year low, as reported by CB Insights. This trend was against the backdrop of stricter monetary conditions, rising inflation, and, in some regions, geopolitical instability. The Middle East and North Africa (MENA) Region is a prime example of this; amidst rising interest rates, technological disruptions, and geopolitical tensions, the number of deals in MENA reached its lowest levels since 2018, declining by 34%, while capital deployed retreated by 23% YoY, as reported in our MAGNiTT FY 2023 MENA Venture Investment Report.
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UNRWA funding pauses come amid uncertainty over Gaza aid future
The United States and its allies are suspending funding to a U.N. agency at a critical moment for Gaza. Before the war, roughly 80 percent of the population of the strip was reliant on international aid. Following months of conflict, the needs are only more dire, with almost 9 out of 10 people displaced and at least half of the buildings in the strip damaged or destroyed. The U.N. Relief and Works Agency, or UNRWA, played a vital role in distributing international aid to Gaza during the war. But after Israel alleged that more than a dozen UNRWA staff members were involved in the Hamas-led attacks on Israeli towns on Oct. 7, the United States and at least nine other donor countries have paused their funding pending further investigation.
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U.S. sanctions 4 settlers, amid broader push to end Gaza war
The United States today sanctioned four Israeli nationals under a new executive order signed by President Biden targeting perpetrators of extremist violence and intimidation in the Israeli-occupied West Bank, amid a broader push by Washington to try to help negotiate an extended ceasefire between Israel and Hamas, get over 100 Israeli hostages freed, and get regional buy-in for a longer-term path for enduring peace and security for Israelis and Palestinians.
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US sees signs Iran is worried about escalating proxy attacks amid heightened tensions
US officials believe there are signs that Iranian leadership is nervous about some of the actions of its proxy groups in Iraq, Syria and Yemen, according to multiple people familiar with US intelligence, as attacks from militia groups threaten to disrupt the global economy and significantly up the risk of direct confrontation with the United States. The drone attack that killed three American soldiers at a US outpost in Jordan, which the US has attributed to the Iran-backed umbrella group Islamic Resistance in Iraq, caught Tehran by surprise and worried political leadership there, officials told CNN, citing US intelligence.
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New-wave reactor technology could kick-start a nuclear renaissance — and the US is banking on it
The Biden administration and American companies are plowing billions of dollars into SMRs in a bid for business and global influence. China is leading in nuclear technology and construction, and Russia is making almost all the world’s SMR fuel. The US is playing catch-up on both. There’s no mystery behind why the US wants in on the market. It already lost the wind and solar energy race to China, which now provides most of the world’s solar panels and wind turbines. The big problem: The US hasn’t managed to get an SMR working commercially on land.
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HRH Crown Prince launches ‘Alat’ to contribute in making Saudi Arabia a global hub for electronics and advanced industries
Alat will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries and semiconductors, as well as smart appliances, smart health, smart devices and smart buildings, in addition to next generation infrastructure. The company, chaired by HRH Crown Prince, aims to enhance the capabilities of the Saudi technology sector, increase its contribution to local content – benefiting from the rapid development of this sector – increasing the nation’s attractiveness and its ability to create investment opportunities. Alat will also enable the private sector through its strategic partnerships with leading international players in manufacturing and technology, which will enhance the economic ecosystem locally and regionally.
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Saudi anti-corruption body targets high-ranking officials in landmark multi-million riyal cases
In a sweeping crackdown on corruption, the Saudi Oversight and Anti-Corruption Authority (Nazaha) has announced a series of arrests across various sectors on Wednesday. A former head of notary and his brother were arrested for misappropriating vast tracts of state-owned land, illegally profiting SR148 million from their sale. This case also involved a former judge and two employees who received SR10.25 million and SR5 million respectively for their roles in the scheme. In another major case, a former municipal employee was apprehended for accepting SR63 million from commercial entities in exchange for issuing 299 unauthorized supply orders, involving transactions exceeding SR171 million.
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YouTube announces new podcast series focusing on Saudi youth
Guests include influential members of the public and private sector in Saudi such as representatives from the Saudi Authority for Data and Artificial Intelligence (Dr. Raied Aljadaany), the Quality of Life Program (Ms. Noura Alyusuf) and private sector leaders in the creator economy (Kaswara Al-Khatib) and sports (Haya Sawan). Tarek Amin, YouTube’s Director in MENA, said: “YouTube is a reflection of what’s top of mind for Saudi youth thanks to our vibrant creator community in the Kingdom”
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Four Indicators to Track Saudi Reform Progress
Positive developments in four indicators during 2024 – the female labor force participation rate, tourist arrivals, foreign direct investment inflows, and student educational attainment – will give confidence that the bold diversification plans underway in Saudi Arabia are on track.
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OPEC and Saudi spare oil production capacity
Saudi Arabia currently holds spare capacity of 3 million barrels per day, a source with direct knowledge of the matter said, equal to about 2.9% of daily world demand according to Reuters calculations. The International Energy Agency estimates that OPEC's total spare capacity is 5.1 million bpd, of which 3.2 million bpd is held by Saudi Arabia, 1 million bpd by the UAE, 400,000 bpd by Iraq and 300,000 bpd by Kuwait.
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