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  • KAPSARC Report: The $200 Billion Annual Value of OPEC’s Spare Capacity to the Global Economy
     

    A recent peer-reviewed report by the King Abdullah Petroleum Studies and Research Center (KAPSARC) finds that OPEC’s spare capacity reduces oil price volatility and generates between $170 and $200 billion of annual economic benefits for the global economy. “Rising international oil prices and increased geopolitical uncertainty have put OPEC’s spare production capacity back into the spotlight,” […]

     
  • For the Third Time in 9 Months, IMF Raises Saudi Growth Forecast
     

    The International Monetary Fund on Monday raised its growth forecast for the Saudi Arabian economy on the back of higher oil prices. In the organization’s World Economic Outlook update, the IMF said the Saudi economy — which contracted by 0.9 percent last year — would grow by 1.9 percent in 2018, up 0.2 percentage points […]

     
  • Report: Saudi to Invest $10b in South Africa’s Economy
     

    Saudi Arabia will invest at least $10 billion in South Africa, mostly in the energy sector, including building oil refineries, Reuters reports, citing the spokeswomen for South Africa’s president Cyril Ramaphosa said on Thursday. The pledge was made by Saudi Crown Prince Mohammed bin Salman during an official visit by President Ramaphosa and government ministers […]

     
  • Financial Sector Development Program: Delivery Plan 2020
     

    A recently released report from Jadwa Investment shines light on the Saudi Arabia’s Financial Sector Development Program (FSDP), which was announced in April of this year. “In many ways, the FSDP is one of the most important Vision Realization Programs (VRPs), in that the success of the other 11 VRPs are wholly dependent on it,” […]

     
  • ‘The Worst May be Over for Saudi Economy’ as GDP Growth Returns
     

    Rising oil prices and a surge in the non-crude sector jolted the Saudi economy back to life in the first quarter of this year, according to reports, as economists and analysts say the worst might be over for the Kingdom after enacting tough but needed economic reforms. The Kingdom’s GDP grew for the first time […]

     
  • Saudi Arabia, Russia to Jointly Invest $2 Billion in Tech Following Crown Prince, Putin Meeting
     

    Saudi Arabia and Russia will jointly invest $2 billion in technology projects next year, according to reports, following the visit of Crown Prince Mohammed bin Salman to Russia at the start of the World Cup last week. Russia’s RIDF, the country’s sovereign wealth fund, and Saudi Arabia have already allocated $10 billion for investment with $2 billion […]

     
  • Saudi Arabia, UAE and Kuwait Come to Jordan’s Aid with $2.5b after Weekend Summit
     

    Saudi Arabia and two Gulf nations agreed to a $2.5b aid package to help support Jordan’s economy after a proposed income-tax increase sparked some of the largest protests seen in the region since the Arab Spring protests in 2011. The package of aid will include a deposit in the Central Bank of Jordan, guarantees to the World […]

     
  • King Salman Extends Eid Al-Fitr Holiday Break
     

    Saudi Arabia’s King Salman issued a directive to extend this year’s Eid Al-Fitr, the end of the Holy month of Ramadan holiday, to give government employees and military staff a full working week off to mark the holiday, which falls at the end of Ramadan. Although the exact start date of Eid has yet to be officially announced, […]

     
  • Saudi World Cup Squad Beats Greece in Friendly, Will Play Cup Host Russia on June 14
     

    Saudi Arabia’s World Cup squad won a friendly match against Greece 2-0 on Tuesday as the Kingdom sets its sights on its first tournament bid since since 2006. ESPN.com has an excellent breakdown of the Saudi team and how it got to secure its first World Cup bid in over a decade, since failing to qualify […]

     
  • Design Released for Saudi Arabia’s New Global Business School in Jeddah
     

    Renderings of the forthcoming Global Business School in Jeddah have been published online, depicting a massive building that will serve as a modern campus for the educational institution in Saudi Arabia’s second largest city. The new business school, which will have both Saudi and international students, is expected to open in 2020 and will operate […]

     

MUST-READS

  • Saudi king chairs cabinet meeting for first time since September

    Saudi Arabia's King Salman chaired the weekly cabinet meeting on Tuesday, according to state television, for the first time since Sept. 24.
    The 88-year-old king of the world's biggest oil exporter, a major U.S. ally in the Middle East, recovered in October from lung inflammation after undergoing medical tests. His last cabinet meeting in September came after a royal decree a month earlier allowing the cabinet to convene in the absence of both himself and the prime minister, his son Crown Prince Mohammed bin Salman.

  • Chaos in Rio Shows a World Untethered Even Before Trump Returns

    What was billed as a moment for “the West and the Rest” to show unity only served to show how quickly the guardrails are coming off the international rules-based order. North Koreans are fighting in Europe for the first time. Israel is resisting US efforts to halt fighting with Hezbollah and Hamas. China is regularly conducting military exercises surrounding Taiwan. Nuclear threats are becoming commonplace. The sense of global disorder played out in Rio, most vividly when US President Joe Biden and two other Group of Seven leaders — Canadian Prime Minister Justin Trudeau and Italian premier Giorgia Meloni — missed the traditional “family photo” on the first day of the summit. The US said the picture was taken early, while organizers said Biden was late.

  • NEOM projects still on track despite CEO departure, Italian construction firm Webuild says

    Italy’s construction group Webuild reportedly said its activities connected to Saudi Arabia’s NEOM are continuing in line with the plan, after the infrastructure mega project’s long-time chief executive left the role last week. “Webuild has no evidence of changes in the activity plan initially set for the projects it is implementing, nor has it recorded any delay in payments,” the company told Reuters on Tuesday. Webuild, which has been active in Saudi Arabia for 60 years, is building a system of three dams that will feed an artificial lake in the Trojena area and a high-speed railway called the Connector.

  • Number of Saudi workers in private sector hits 2.34mn, up 35% in five years: Minister says

    In absolute terms, the number of Saudi workers in the private sector reached 2.34 million currently from 1.7 million in 2019, Minister of Human Resources and Social Development Ahmed Al-Rajhi said. Chairing a panel discussion at the Riyadh Economic Forum on Tuesday, the minister, however, said there has been a decline in the overall unemployment rate to 3.3 per cent in the second quarter of 2024, compared to 5.6 per cent in the same period in 2019. “The unemployment rate among Saudis dropped to 7.1 per cent in Q2 2024, compared to 12.3 per cent during the same period in 2019,” Al-Rajhi said.

  • Netanyahu, in Gaza, says Hamas will no longer rule enclave

    Israeli Prime Minister Benjamin Netanyahu said during a visit to Gaza on Tuesday that Hamas would not rule the Palestinian enclave after the war had ended and that Israel had destroyed the Islamist group's military capabilities. Netanyahu also said Israel had not given up trying to locate the 101 remaining hostages believed to be still in the enclave and he offered a $5 million reward for the return of each one.

  • Riyadh Season: Jennifer Lopez’s performance, set design spark controversy

    One of the fashion shows featured a runway with a cube-shaped display resembling the Kaaba in Mecca. Models circled around it, much like the ritual of Muslim pilgrims circling the Kaaba during the Hajj pilgrimage. Many viewed the juxtaposition of the models against something resembling the holiest site in Islam as disrespectful to the religion. Many online said the stage prop was not meant to emulate the Kaaba, but that it was a display screen used by several entertainment companies. The Anti-Rumors Authority, an NGO in Saudi Arabia, also confirmed it was not a model of the Kaaba, but the similarity and imagery still angered many people.

  • Pact inked to establish Saudi-Brazilian Coordination Council

    Saudi Minister of Foreign Affairs Prince Faisal bin Farhan met his Brazilian counterpart Mauro Vieira on the sidelines of the G20 Summit in the Brazilian city of Rio de Janeiro on Tuesday. During the meeting, they reviewed bilateral relations between the two countries and ways to further develop them. The ministers discussed regional and international developments and the efforts made in this regard. During the meeting, the ministers signed a memorandum of understanding to establish the Saudi-Brazilian Coordination Council. This is in continuation of the agreement reached between the leaders of the two countries during the visit of Brazilian President Luiz Inacio Lula da Silva to Saudi Arabia on November 30, 2023.

  • Pure Data Centres and Dune Vaults team up for hyperscale data centers in Saudi Arabia

    Faisal AlRahbiny, founder and MD of Dune Vaults, said: “We are dedicated to establishing over 1GW of sustainable data center capacity in Saudi Arabia, aligning with market demand estimates and supporting the Kingdom’s Vision 2030 digital transformation goals. Through our strategic partnership with Pure DC, we are bringing advanced data center solutions to meet the needs of global hyperscalers whose presence in the Kingdom will accelerate digitization and economic growth." Pure DC currently has more than 500MW of IT capacity live or under development across the UK, Europe, the Middle East, and Asia. The company purchased land in Madrid, Spain, earlier this year for its first foray into the Spanish market.

  • Saudi Firm Jadwa Raises $266M at First Close of Blind-pool PE Fund

    Jadwa Investment announced the first close of GCC Private Equity Fund 1, the Riyadh, KDS-based firm’s first regional blind-pool private equity fund, with a total of SAR 1B ($266M) in commitments. Fund I aims to invest in diversified opportunities in private equity across the Gulf Cooperation Council states. The fund has completed three investment projects in the retail and food-and-beverage industry and expects to be fully invested over a three-year deployment period.

  • Perspective: Middle East looks to Saudi Arabia to rein in Donald Trump

    After Trump named a number of ardently pro-Israeli nominees and Iran hawks for key positions, Arab officials worry his incoming administration might approve any moves by Israel to annex the occupied West Bank, occupy Gaza or escalate tensions with Tehran. But they hope Riyadh can temper the incoming administration’s policies in the region by leveraging Crown Prince Mohammed bin Salman’s relationship with Trump, the president-elect’s appetite for financial deals and his expected desire to strike a “grand bargain” that would lead Saudi Arabia and Israel to normalise relations. “The key player in the region is Saudi Arabia because of their known relations with him, so it will be the linchpin of any regional actions the US might decide to do,” said an Arab diplomat.