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  • Saudi Non-Oil Exports Drop, Imports Grow in 1Q 2015
     

    Latest figures released by Saudi Arabia’s Central Department of Statistics show Saudi nonoil exports dropped by 14.5 percent, to $12.5 billion in the first quarter of 2015 compared to 1Q 2014. Meanwhile, Saudi imports are up by 6.88% in the first quarter of this year, to $43 billion.  Plastic and rubber products topped the Kingdom’s list […]

     
  • Large Jump in May Oil Shipments to China Moves Russia Past Saudi Arabia
     

    Russia has leaped ahead of Saudi Arabia as the top oil supplier to China, according to Bloomberg, as the race to supply the world’s second-largest oil consumer heats up.  Bloomberg: “China imported a record 3.92 million metric tons from its northern neighbor in May, according to data emailed by the Beijing-based General Administration of Customs on Tuesday. […]

     
  • Saudi Arabia Reduces Crude Exports, Refining More at Home
     

    Saudi Arabia reduced crude oil exports in April but used record supplies domestically for a burgeoning refining industry, Bloomberg’s Wael Mahdi reports.  Shipments in April fell by an average of 160,000 barrels a day, down to 7.6m BPD from 9m BPD in March. The March shipments were the highest in almost a decade, according to […]

     
  • Fahad Nazer: ‘ISIS Will Fail in Saudi Arabia’
     

    After two bombings hit two soft targets in Saudi Arabia, the self-described Islamic State, or Daesh, has its sights set on Saudi Arabia, but the extremist group is unlikely to succeed in the Kingdom, writes Gulf expert Fahad Nazer. Nazer, a Saudi writer based in the United States whose contributions are featured on CNN, Washington […]

     
  • Is it Crunch Time for Saudi Arabia’s Yemen Operation?
     

    In an in-depth analysis in Reuters, Angus McDowall writes that following Saudi Arabia and the GCC’s lack of success in significantly tipping the scales in Yemen with airstrikes, the limited options for Saudi Arabia’s leadership in the war-torn country come with high risks. With the possibility of a ground operation apparently ruled out, “Riyadh may soon […]

     
  • NCB: Saudi real GDP to grow 3.4 percent in 2015
     

    Saudi Arabia will face “a moderate business cycle during 2015 and 2016, growing around 3% in real terms,” Saudi Arabia’s National Commercial Bank (NCB) finds in a recently released study.  The study, entitled “Saudi Economic Perspectives 2015-2016” with the theme of “Tackling Challenges on Solid Ground,” finds less contribution from the oil sector and moderation in […]

     
  • U.S. Chamber of Commerce, Saudi Committee for International Trade to Host Private Roundtable Luncheon with Visiting Shura Council Members in Washington
     

    This week, members of Saudi Arabia’s Shura Council will attend a private roundtable luncheon at the Washington Headquarters of the U.S. Chamber of Commerce as part of the delegation’s outreach to the U.S. business community. Organized by the U.S. Chamber of Commerce, the Committee for International Trade (CIT) of the Council of Saudi Chambers, and […]

     
  • Level of Turmoil in Middle East at ‘Highest Point in 50 years’, Gulf Expert Writes in Politico Magazine
     

    Gary Sick, a well-known and respected Gulf expert writes in an in-depth piece for Politico Magazine that the turmoil in the Middle East is at the highest point in 50 years, and that Saudi Arabia is dramatically increasing its efforts to slow the spread of Iranian influence across the region. Dr. Sick, a Columbia professor […]

     
  • In Washington, A Saudi and an Israeli Share a Stage – and a Common Enemy
     

    Anwar Eshki, a retired major general in the Saudi armed forces, and Dore Gold, a former Ambassador and close to Israeli PM Netanyahu, shared a stage at the Council on Foreign Relations in Washington yesterday as the two countries revealed a series of bi-lateral talks that have occurred for the purpose of thwarting a common […]

     
  • Cash Reward Offered for Wanted Men Connected to Mosque Bombings
     

    Saudi Arabia’s government offered a $1.3m cash reward for men connected to bombings at mosques in the past two weeks, saying that “[a]nyone dealing with the wanted men will be held accountable,” according to Reuters and information posted by the Ministry of Interior and the Saudi Press Agency. The self-described Islamic State, or Daesh, claimed […]

     

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.