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  • Major Banks Expanding in Saudi Arabia
     

    “We’d be crazy to limit ourselves to a handful of bankers when we can see oil prices are going to sustain the Saudi economy for the foreseeable future,” Rory Gilbert, the head of Middle East and North Africa at London-based Barclays’s wealth management unit, said in an interview this week in Dubai. “In four or […]

     
  • A Nuclear Iran: CNN
     

    What do we really know about the Iranian nuclear threat?  Iran says it wants the right to have its peaceful nuclear program formally recognized.  But from the outside, Iran has long given the impression it has something to hide.  And fear that Iran may soon have the capability to build a nuclear weapon, has spurred […]

     
  • Saudi ‘tops in mobile users’
     

    Saudi Arabia has the highest proportion of mobile phone users in the world with 188 per cent, followed by Vietnam and Oman in the second and third places respectively, according to a recent study. The study which was conducted by the United Nations Conference on Trade and Development (UNCTAD) indicated that this percentage is by far […]

     
  • The Menu of Options in the Iranian Nuclear Talks
     

    For the first time in more than a year and a half, negotiators from Iran and the so-called P5+1 countries – the five permanent members of the United Nations Security Council, the U.S., Russia, China, France and England, plus Germany – will sit down with their Iranian counterparts this Friday in Istanbul to talk about […]

     
  • Saudi Defense Minister Prince Salman Visits Pentagon, White House
     

    Saudi Defense Minister Prince Salman bin Abdul Aziz held talks at the Pentagon on Wednesday that focused on the crisis in Syria, hours before a ceasefire deadline was due to expire. The Saudi defense chief later held talks with President Barack Obama in the Oval Office.

     
  • Saudi Arabia & the GCC – post ‘Arab Spring’: Obaid
     

    This week Mr. Nawaf Obaid, former strategic adviser to Prince Turki Al-Faisal, presented a briefing titled, “Saudi Arabia & the GCC in a Post ‘Arab Spring’ Environment” at the Harvard Kennedy School of Government as part of a program examining responses among GCC states to the “Arab Spring” turmoil that started early last year. Obaid […]

     
  • Al-Rabiah moves to push foreign trade and investment
     

    Commerce and Industry Minister Tawfiq Al-Rabiah yesterday opened a major workshop for the development of Saudi commercial attaches as part of the ministry’s efforts to promote trade and investment relations with foreign countries. The workshop attended by top officials from related departments and agencies discussed ways to improve the performance of Saudi commercial attaches abroad […]

     
  • Graphic: The Rise of Saudi Oil Consumption
     

    Saudi Arabia uses as much oil per person as America, largely to run oil-fired power plants to run domestic air conditioners. And the more of its oil siphoned off for such uses, the less cushion there is in the worlds oil supply. Thats a big problem now but is becoming less of one. America and […]

     
  • Critical Commercial and Economic Ties: Interview with Jose Fernandez
     

    The 2nd US-Saudi Business Opportunities Forum in Atlanta in December brought together a high level delegation of over 200 Saudi officials and business people with over 1000 Americans to explore the $1 trillion-plus commercial openings available in the coming decade in the Kingdom. The response to the Forum – and what it means for American investment and […]

     
  • Secretary of State Clinton to Visit Saudi on Friday and Saturday
     

    Clinton will be in Saudi Arabia’s capital of Riyadh Friday and Saturday. There, she’ll meet with Saudi King Abdullah and participate in an event dedicated to the “strategic cooperation” between the U.S. and Gulf Arab states. Washington and many of its allies say Syrian President Bashar Assad has lost all legitimacy in a year of […]

     

MUST-READS

  • Saudi Arabia’s landmark new Civil Transactions Law

    Articles 461 to 478 of the CTL now contain detailed provisions dealing with contractors and employers’ obligations, subcontracting and termination of construction contracts. Other key principles included elsewhere in the CTL will also be relevant to construction contracts and claims.

  • Beyond the bottom line: How PIF is finding value in operational efficiency

    “If you go back 20-plus years in the private equity arena, value is mainly driven by financial leverage. I buy it at a multiple of X and sell it at a multiple of Y,” says Raid Ismail, Head of Direct Investments for the Middle East and North Africa at PIF. “Fast forward to where we are today, and value creation is driven by operational enhancements – improving systems and processes and culture.”

  • Biden welcomes deal to free hostages from Hamas

    Biden thanked Qatari Sheikh Tamim bin Hamad Al-Thani and Egyptian President Abdel-Fattah El-Sisi “for their critical leadership and partnership in reaching this deal,” as well as Israeli Prime Minister Benjamin Netanyahu and the Israeli government “for supporting an extended pause to ensure this deal can be fully carried out and to ensure the provision of additional humanitarian assistance to alleviate the suffering of innocent Palestinian families in Gaza.”

  • Israel, Hamas agree four-day truce, 50 hostages to go free

     Israel and Hamas agreed on Wednesday to a ceasefire in Gaza for at least four days, to let in aid and release at least 50 hostages captured by militants in exchange for at least 150 Palestinians jailed in Israel.

    The first truce in a brutal near seven-week-old war, reached after mediation by Qatar, was hailed around the world as a sign of progress that could ease the suffering of Gaza's civilians and bring more Israeli hostages home. Israel said the ceasefire could be extended further, as long as more hostages were freed.

  • The secret negotiations that led to the Gaza hostages deal

     Shortly after Hamas militants took hostages during their deadly assault on southern Israel on Oct. 7, the government of Qatar contacted the White House with a request: Form a small team of advisers to help work to get the captives freed.

    That work, begun in the days after the hostages were taken, finally bore fruit with the announcement of a prisoner swap deal mediated by Qatar and Egypt and agreed by Israel, Hamas and the United States.

  • ‘We’re staying away from Gaza’: Palpable silence at the Dubai Air Show

    Two major Israeli companies—Israel Aerospace Industries and Rafael Advanced Defense Systems—left their booths empty on the first day of the show. On the second day, a few representatives manned IAI’s booth, but they wouldn’t comment on the extent of the company’s presence at the show. There is “sensitivity” surrounding the conflict, said Eric Fanning, CEO of the Aerospace Industries Association, which convenes industry and government officials at international trade shows.

  • Despite public outrage, Iran moves to raise retirement age

    The Iranian parliament has voted to increase the retirement age. The move has been strongly criticized by both the media and the public. Lawmakers insist that details of the plan have been misrepresented. Meanwhile, the labor minister has argued that the measure will help “stabilize” the crisis-hit retirement funds in the country. Though passed by the parliament, the plan needs to be vetted by the Guardian Council before becoming law.

  • SAMI exec on Saudi Arabian localization push, Turkish deal prospects and future plans

    A top executive for Saudi Arabia’s state-owned defense conglomerate told Breaking Defense that the kingdom has managed to localize about 15 percent of its defense production so far, in what he says will be a springboard for hitting the nation’s goal of 50 percent localization by 2030. For instance, Walid Abukhaled, CEO of Saudi Arabia Military Industries (SAMI), pointed to a recent deal with Turkey’s Baykar Technology to first directly purchase the company’s Bayraktar Akinci drones, but then domestically produce them in the kingdom beginning in 2026. Abukhaled sat down with Breaking Defense during the Dubai Airshow to discuss SAMI’s wider localization efforts, prospective cooperation agreements, and the organization’s plans for the upcoming second edition of World Defense Show that will take place in Saudi Arabia in February 2024.

  • Saudi Crown Prince calls on all countries to stop arms exports to Israel

    Saudi Arabia’s Crown Prince Mohammed bin Salman urged all nations during an extraordinary BRICS summit on Tuesday to cease weapon exports to Israel.

    South Africa is hosting a virtual meeting of BRICS -- a group of major emerging economies that includes Brazil, Russia, India, China and South Africa -- aimed at drawing up a common response to the Israel-Hamas conflict.

  • Saudi Arabia begins ‘significant’ income tax reform: Everything you need to know

    Saudi Arabia is proposing major reforms to its income tax laws through amendments to the ‘Income Tax Law’. Late last month, the kingdom’s Zakat, Tax and Customs Authority (ZATCA) released draft laws seeking public input on changes that aim to overhaul the tax code in line with its Vision 2030 economic agenda. “The proposed law represents a significant reform, aiming to modernise the tax system in line with global best practices,” Jean Abboud, Partner and Head of KSA at BSA Legal, told Arabian Business.