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  • 72-Hour Ceasefire in Yemen Set for Wednesday Night
     

    The United Nations Special Envoy to Yemen announced a 72-hour cease-fire to begin Wednesday night, after he received commitments from all of the country’s warring factions, according to reports. Ismail Ould Cheikh Ahmed said the cessation of hostilities will begin at 8:59 p.m. UTC Wednesday and could be renewed after the initial three-day period. Twice […]

     
  • Are oil markets better off with OPEC cuts?
     

    Jadwa Investment’s latest Quarterly Oil Market Update anticipates that OPEC’s decision to announce, but not to implement, a cut in production will likely lead to a small cut in oil production “more akin to a production ’freeze’ rather than an outright cut”. “Any agreement by OPEC, if reached, will of course need to be acted […]

     
  • Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
     

    Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]

     
  • U.S. Responds to Missile Strikes from Yemen, Destroys 3 Radar Sites
     

    The U.S. military struck three radar sites in Houthi-controlled territory on Yemen’s Red Sea coast, the Pentagon said in a statement.  The strikes were aimed at preventing future missiles from being launched toward U.S. warships. “These limited self-defense strikes were conducted to protect our personnel, our ships, and our freedom of navigation in this important […]

     
  • Yemen’s Houthis Fire Another Missile into Saudi Arabia as Kingdom, Iran Spar at UN over War
     

    Saudi Arabia says it has shot down a ballistic missile fired into the Kingdom by Houthi rebels and their Iranian allies in the latest incident in Yemen’s civil war that has raged for nearly 19 months. The missile targeted the southwestern city of Khamis Mushait and was destroyed Tuesday night without causing any injuries, the Saudi Press […]

     
  • Despite Downturn, Half in New Poll Expect Saudi Economy to Improve
     

    With tough economic decisions at hand and the price of oil at a tipping point, where is the Saudi economy heading? In a recent poll conducted by Bayt.com and YouGov, 50% of respondents in Saudi Arabia expect business conditions to improve in one year, and 40% believe things will improve in the next six months. […]

     
  • Deadly Coalition Missile Attack on Funeral in Yemen Draws International Condemnation, Prompts U.S. Review of Support
     

    The ongoing conflict in Yemen was further inflamed this weekend after a missile attack on a funeral hall killed over 160 civilians, sparking outrage across the war-torn country. Yemeni officials and witnesses are blaming the Saudi-led coalition fighting in Yemen for the attack, which threatens to significantly alter the war’s course. The coalition initially denied […]

     
  • Video: Paramotoring in Saudi Arabia’s Qassim Desert
     

    A recently released report and video by Reuters highlights the start and growth of a “paramotoring” club in the Qassim Desert in Saudi Arabia as “a hobby, curiosity, a change.” Paramotoring, also referred to as powered paragliding, involves the use of a motor driving propeller that is worn on one’s back. The motor can be stopped and started in […]

     
  • Jadwa Investment Revises Saudi GDP Down to 1.1%
     

    The latest quarterly GDP update on the Saudi economy from Jadwa Investment finds year-on-year growth continued to slow for the fourth consecutive quarter, “mainly owing to a deceleration in annual GDP growth for both the oil sector and the non-oil private sector.” However, in real terms, the Saudi economy was 1.4 percent larger in the second quarter […]

     
  • Top Saudi Investment Officials in New York for Two-Day JPMorgan Chase Event
     

    Saudi Capital Market Authority Chairman Mohammed Al-Jadaan and Tadawul stock exchange Chief Executive Officer Khalid Al Hussan are among officials attending a two-day event in New York City this week organized by JPMorgan Chase & Co., Bloomberg reports. According to Bloomberg, senior representatives of the kingdom’s economy ministry and central bank will also be present. The […]

     

MUST-READS

  • Saudi Arabia’s transport authority suspends 3 apps for violations

    The three applications used within the online hail and ride and delivery services sectors lacked licenses from the relevant authorities and failed to follow regulations, the Saudi Press Agency reported on Wednesday. The transport authority said that two of the suspended applications provided transportation services for passengers while the third was active in the delivery sector. It added that digital applications should obtain licenses to run on the country’s cyber network.

  • Saudi wealth fund ramps up stock sales to support spending plans

    The Public Investment Fund sold 100 million shares in Saudi Telecom Co., or a 2% stake, at 38.6 ($10.27) riyals apiece. That’s a 6% discount to the stock’s Wednesday closing price of 41.1 riyals. Apart from Saudi Telecom, the wealth fund has investments in companies across a range of industries from Saudi Electricity and utility Acwa Power to bourse operator Saudi Tadawul Group Holding. It also owns majority stake in the $52 billion commodities firm Saudi Arabian Mining as well as holdings in lenders including Saudi National Bank, Riyad Bank and Alinma.

  • Opinion: Netanyahu chose ICC over GCC, and is likely to get what he wished for

    For Netanyahu, the situation could not be clearer. His long-standing strategy of appealing to Western allies while ignoring the Arab and Muslim world is now facing a stern test. He may be counting on the support of a sympathetic administration in Washington, but there are limits to what that can shield him from. The days when the US could unconditionally veto international action against Israel are fading. A new American leadership will take office with a united Arab and Islamic world, along with a substantial portion of the international community, all pushing for accountability and a concrete two-state solution.

  • GCC banks to remain resilient in 2025 despite anticipated rate cuts: S&P Global

    GCC banks maintain strong capitalization levels, which continue to underpin their overall creditworthiness, according to the report. Shareholder support has been a key factor, with dividend payouts generally below 50 percent, allowing banks to retain profits and stabilize their capital positions.  The quality of capital remains robust, with limited reliance on hybrid instruments. However, S&P Global anticipates an increase in hybrid issuance by GCC banks over 2025-2026, as institutions seek to take advantage of lower interest rates and address the first call dates of previously issued instruments.

  • Aramco’s Latest Financial Results Suggest That Its Dividend Policy Is Unsustainable

    Aramco’s third quarter financial results show that while the company remains a cash generating machine, lower oil prices and weaker downstream margins have hurt its net income in 2024. The company’s net income was $84 billion in the first three quarters of 2024 compared to $95 billion during the same period in 2023.  Despite this drop in net income, Aramco has upped its dividend payout and increased its capital spending. The company will pay $124 billion of dividends in 2024 compared to $98 billion in 2023 and $75 billion in 2022. This reflects Aramco’s decision since the third quarter of 2023 to pay a performance-linked dividend in addition to its base dividend. The performance-related dividend is set at 70% of free cash flow in 2022 and 2023 (cash flow less capital spending and the base dividend). Guidance provided by Aramco executives during their recent earnings call with investors was that capital spending in 2024 would be in the range of $51 billion to $54 billion compared to $50 billion in 2023 and $39 billion in 2022. 

  • Saudi Finance Firm Gets $35 Billion in Orders for $264 Million IPO

    Investors put in 131 billion riyals ($34.8 billion) of orders for the initial public offering of a Saudi Arabian financial services firm, in the latest example of strong demand for share sales in the kingdom. United International Holding Co.’s Riyadh IPO was covered 132 times, according to a statement on Tuesday. Its parent United Electronics Co. — known as Extra – is set to raise 990 million riyals by selling a 30% stake in the deal. The final price was set at 132 riyals per share, the top end of a marketed range, implying a market capitalization of 3.3 billion riyals. The offering had sold out minutes after books opened last month.

  • Saudi Arabia and Iran explore prospect of strengthening defense ties

    Saudi Chief of the General Staff Gen. Fayyadh Al-Ruwaili discussed on Sunday with his Iranian counterpart Maj. Gen. Mohammad Bagheri opportunities to strengthen bilateral relations between the two countries in the military and defense fields, in a way that contributes to enhancing security and stability in the region. The meeting was held during Al-Ruwaili's visit to Tehran based on the directives of the Saudi leadership. This was also within the framework of the "Beijing Agreement" that aims to bring the two countries closer and raise the level of coordination and cooperation, in a way that fulfills their common interests.

  • Mobilizing for Sustainability

    In a new report, Will Todman argues that international actors should view environmental civil society as a strategic partner in their efforts to stabilize the MENA region. Too often, donor support skews the civil society ecosystem and undermines its ability to drive change. Unlocking citizen groups’ potential would not require more money, but a narrower focus on sustainability. Based on over 130 interviews with government officials, international donor representatives, and civil society actors, Will assesses the potential of civil society to accelerate environmental action in Iraq, Oman, and Tunisia, while Martin Pimentel assesses Morocco.

  • Exxon chief says Donald Trump shouldn’t abandon the Paris climate accords

    CEO Darren Woods told The Wall Street Journal that Trump’s pledge to leave the climate accords for a second time — Trump exited them in his first term and President Joe Biden reentered the agreement after his inauguration — would create instability. “I don’t think the stops and starts are the right thing for businesses,” Woods said. “It is extremely inefficient. It creates a lot of uncertainty.” Woods’ statement isn’t a particularly surprising one, given Exxon’s celebration of Biden’s decision to reenter the Paris accord in 2021. Woods told the Journal that you don’t want “to have the pendulum swing back and forth as administrations change.”

  • Struggling Australia and Saudi Arabia play a crucial Asian World Cup qualifier

    Australia hosts Saudi Arabia in a crucial World Cup qualifier at Melbourne on Thursday while Japan and South Korea can take a big step towards North America in 2026 when the third round of Asian qualifying reaches the halfway stage. With only the top two teams from each of the three groups of six progressing automatically to the expanded 48-team tournament, Australia and Saudi Arabia both have only five points from four Group C games, five behind leaders Japan. The sputtering form of the two teams has already resulted in coaching changes since the third round began. Graham Arnold stepped down as Socceroos head coach in September and was replaced by Tony Popovic while Saudi Arabia fired Roberto Mancini in October after a 0-0 draw with Bahrain in Jeddah.