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  • Why Saudi Arabia’s Travel and Tourism Sector Is Ripe for Growth
     

    Saudi Arabia’s travel and tourism sector is poised for rapid growth in the next decade and beyond, and both Saudi and international corporations are looking to cash in on the opportunities ahead. A product of the changing economic and social landscape in Saudi Arabia, the coming tourism boom is likely to contribute to the Kingdom’s […]

     
  • The Ritz-Carlton in Riyadh is Arguably the World’s Nicest Hotel
     

    If you look at pictures of the new Ritz Carlton, it might not look like it belongs in Riyadh, the capital of Saudi Arabia. Not because the arguably world’s nicest hotel isn’t worthy for the Kingdom, but because the style of the hotel makes it look like a king’s palace in old Europe, with a […]

     
  • The problem with taxing foreign-earned income
     

    Eritrea is one of only two countries in the world that applies citizenship-based taxation in addition to residence-based taxation.  The other? The United States of America. In fact, the US is the ONLY industrialized country in the world to impose citizenship-based taxation. The immediate result for American expatriates is a blizzard of confusing and complex […]

     
  • Saudis allow women to compete
     

    Saudi Arabia is to allow its women athletes to compete in the Olympics for the first time. Officials say the country’s Olympic Committee will “oversee participation of women athletes who can qualify”. The decision will end recent speculation as to whether the entire Saudi team could have been disqualified on grounds of gender discrimination.

     
  • Saudi car sector to accelerate
     

    Strong fundamentals coupled with a rapidly growing young population made Saudi Arabia the largest importer of vehicles and automotive parts in the Middle East in 2011, with the pace seen accelerating in the medium term, the National Commercial Bank said in its report on the Kingdom’s automotive sector released Wednesday. It noted that rising income […]

     
  • The Importance of Economic Diversification for Saudi Arabia
     

    In a clear break from past trends, Saudi Arabia’s private sector is growing. This trend can be in part explained by the increase in bank lending to private sector. In year-on-year terms, lending growth was at its highest since March 2009. More specifically, bank lending to private sector rose by 1.1 percent in April to […]

     
  • Saudi Arabia mourns death of Crown Prince Naif
     

    The funeral prayers for the Saudi Crown Prince Naif bin Abdul Aziz will be held at the Haram Mosque in Makkah following the Maghreb prayer today. The body will then be buried at the graveyard in the holy city. Muslim leaders from across the world started arriving in Jeddah on their way to Makkah to […]

     
  • Saudi Arabia remains largest takaful market
     

    The global takaful industry has witnessed tremendous growth in the last decade, rapidly becoming an integral part of the mainstream financial system, with Saudi Arabia at the forefront, Ernst & Young executive said Wednesday at the opening of “The World takaful Conference: Asia Leaders Summit (WTC: ALS 2012)” at Hotel Istana, Kuala Lumpur. South East […]

     
  • Jadwa Chartbook June 2012: Sectoral Performance
     

    Riyadh-based Jadwa Investments recently released its June, 2012 Saudi ‘Chartbook’ which includes updates on the Saudi economy, trade, oil metrics as well as assessments of various sectors including banking, trade, and sectoral performance. Below is a snapshot of Jadwa’s analysis of the performance of Saudi Arabia’s main economic sectors. For the full Jadwa report, click […]

     
  • In Major Shift, Saudi Aramco Dabbles in Oil Trading
     

    Saudi Arabia has long been a dominant force in global oil markets, “but has never been an oil trader.” That changed on January 1st, 2012, when Saudi Aramco began operations at Aramco Trading, a wholly owned company subsidiary. The new Aramco Trading marks an expansion in Aramco’s downstream investment portfolio in the Kingdom and overseas, […]

     

MUST-READS

  • Iranian Oil Kingpin’s Hedge Fund Manages Millions From London

    The building at 180 Brompton Road is one of the main outposts for Ocean Leonid Investments, a hedge fund overseen by Hossein Shamkhani, the secretive commodities trader whose network is an influential player in both Iran and Russia, according to more than a dozen people familiar with the matter and documents seen by Bloomberg.

  • Expert Views: A US regional response to the security threats posed by Iran and its proxies

    The region remains on edge as Israel contemplates its planned retaliatory strike against Iran, while its wars in Gaza and Lebanon against the Iranian-backed groups Hamas and Hezbollah show few signs of concluding. Both sides’ now year-long effort to reassert deterrence over the other puts the United States in a challenging position — supporting its close regional allies and partners on the one hand, while working to deescalate the situation and prevent a region-wide war on the other.

  • Transcript of Press Briefing: Middle East and Central Asia Department Regional Economic Outlook October 2024

    Let me start with the Middle East and North Africa.  This year has been challenging, with conflicts causing devastating human suffering and economic damage.  Oil production cuts are contributing to sluggish growth in many economies, too.  The recent escalation in Lebanon has increased uncertainty in the MENA region.  The second important issue is on growth.  For 2024, growth is projected at 2.1 percent, a downgrade revision of 0.6 percent from the April WEO forecast, and this is largely due to the impact of the conflict and the prolonged OPEC+ production cuts.  To the extent that these gradually abate, we anticipate stronger growth of 4 percent in 2025.  However, uncertainty about when these factors will ease is still very high.

  • Cheap Solar Panels Are Changing the World

    In the United States, solar accounted for more than half of all new power last year. But the most dramatic growth is happening overseas. The latest global report from the International Energy Agency (IEA) notes that solar is on track to overtake all other forms of energy by 2033. The world’s use of fossil fuels is already plateauing (the U.S., for its part, hit its peak demand for fossil-fuel energy way back in 2007). Energy demand is still rising, but renewables are stepping in to make up the difference. “The really interesting debate now,” Bond said, “is actually: When do we push fossil fuels off the plateau? And from our numbers, if solar keeps on growing this way, it’s going to be off the plateau by the end of this decade.”

  • GCC-Iran engagement heats up as regional war looms

    In the shadow of a potential major escalation between Iran and Israel, Bahrain has hosted an Iranian chief diplomat for the first time in 17 years. Meanwhile, in another first—and amid tension over three disputed islands—Sheikh Mohammed bin Zayed Al Nahyan (MbZ) of the United Arab Emirates (UAE) has met his Iranian counterpart. The session notably took place even as Abu Dhabi was not among regional capitals recently toured by Iran’s chief diplomat. Speaking on condition of anonymity, informed Iranian political sources told Amwaj.media that the lack of a visit to the UAE was deliberate and triggered by the territorial dispute.

  • Saudi broadcaster in Iraqi crosshairs over sniping at ‘heroes of the resistance’

    A diplomatic and security crisis has erupted in Iraq over a Saudi TV channel’s description of slain leaders of Iran-backed armed groups as “terrorists.” Only hours after the report, protesters reportedly aligned with the targeted groups sacked the Baghdad office of Saudi media conglomerate MBC. Given the growing scale of the controversy, Iraqi authorities are moving to cancel the channel’s operating license—eliciting a range of heated reactions. Featuring Saudi journalist Mohammed Al-Mishari, the MBC segment likened assassinated leaders of Iran-backed groups to former Al-Qaeda head Osama bin Laden (1957–2011). 

  • Democrats call for special counsel probe into Kushner over Saudi ties

    Senior Democrats in the House and Senate are calling on the Justice Department to investigate former President Trump’s son-in-law and senior adviser in the White House, Jared Kushner, over possible violations related to lobbying for a foreign government.  The lawmakers describe Kushner as acting as a “Shadow Diplomat” and political adviser to Saudi Arabia’s Crown Prince Mohammed bin Salman Al Saud, in exchange for at least $87 million paid out to Kushner’s investment firm, Affinity Partners.

  • Kingdom of Saudi Arabia – TOW 2A & TOW 2B Missiles

    The State Department has made a determination approving a possible Foreign Military Sale to the Kingdom of Saudi Arabia of TOW 2A tube-launched, optically-tracked, wireless-guided, radio frequency missiles (BGM-71E-4B-RF), TOW 2B tube-launched, optically-tracked, wireless-guided, radio frequency missiles (BGM-71F-3-RF), and support and related elements of logistics and program support for an estimated cost of $440 million. The Defense Security Cooperation Agency delivered the required certification notifying Congress of this possible sale today.

  • Global financiers head to Riyadh investment bash in shadow of war

    Global financiers are poised to flock to Saudi Arabia's annual flagship investment conference next week as a tightening of the kingdom's purse strings and a deepening of regional conflict cloud the outlook. Among those expected to descend on the Future Investment Initiative (FII) in Riyadh are top CEOs, including Goldman Sachs' David Solomon, BlackRock's Larry Fink, Citigroup's Jane Fraser and the London Stock Exchange's Julia Hoggett.

  • Israeli strike kills journalists in Lebanon, Blinken sees urgent need for resolution

    An Israeli strike killed three journalists in south Lebanon on Friday, Lebanon's health ministry said, and the UN refugee agency warned that Israeli airstrikes on a border crossing with Syria were hindering refugees attempting to flee the war. U.S. Secretary of State Antony Blinken said there was an urgency to get a diplomatic resolution to the conflict, a day after he said Washington did not want to see a protracted campaign in Lebanon by its ally Israel.