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  • Saudi Aramco to invest in new energy ventures
     

    Saudi Aramco has launched an investment arm to buy into companies that have developed technologies of strategic importance to Saudi Arabia and speed their deployment in the kingdom, the state-run energy group said. Saudi Aramco Energy Ventures LLC (SAEV) plans to invest in start-up and high-growth ventures offering new technologies to the upstream and downstream […]

     
  • Al Jubayl Saudi Arabia As Seen From Orbit at Night
     

    The city of Al Jubayl (or Jubail) is located on the coast of Saudi Arabia, along the Persian Gulf. The city has a history extending back more than 7,000 years, but since 1975 it has been associated with the petrochemical, fertilizer, and steel industries. At night, these industrial areas form a brightly lit region (image […]

     
  • Study finds ’80 more years of Saudi oil at current production levels’
     

    Saudi Arabia, the biggest oil producer in the world with a proven reserve of 264 billion barrels, could continue oil supplies for the next 80 years at the current production levels, the Kuwait-based Diplomatic Center for Strategic Studies (DCSS) said in a study. Saudi Arabia retains 38.7 percent of world oil reserves whereas the shares […]

     
  • 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 […]

     
  • Saudi, UAE, Qatar top Cleantech list
     

    Saudi Arabia, the UAE, Qatar and Jordan are the most attractive markets for clean technologies, thanks to their government plans, budgets and long-term strategies, said a report by Ernst & Young. These countries have also demonstrated investments in large initiatives such as KACARE, Masdar and the ‘Green’ Fifa World Cup 2022, said E&Y in the […]

     
  • Saudi Mortgage Law Approved – Jadwa Flash Note
     

    Jadwa Investments released a flash note discussing the recently approved mortgage law in Saudi Arabia, which the bank believes “is a very important step in broadening home ownership.” The new mortgage law “will help to tackle one of the most pressing social issues for many in the Kingdom and will generate significant benefits to the economy. However, […]

     
  • 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 […]

     
  • Hoteliers Expand in Saudi Arabia as Mecca Goes Upscale
     

    “I wish I could have more hotels in Mecca,” said Jan Smits, InterContinental’s chief executive officer for Asia, Middle East and Africa. “In four months, you make 70 percent of your income. It’s a really strong market and it’s one of the most unique in the world.” The company has been in the country since […]

     
  • 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.

     

MUST-READS

  • Saudi deeptech Intelmatix scores $20 million Series A

    Founded in 2021 by a group of MIT graduates led by Anas Alfaris, Almaha Almalki and Ahmad Alabdulkareem, Intelmatix provides both public and private sectors with accessible AI and advanced analytics that delivers technologies to improve operations, productivity, growth, and sustainability.

  • Saudi Arabia’s Q2 GDP shrinks by an estimated 0.4% y/y

    Saudi Arabia's real gross domestic product (GDP) shrank 0.4% year-on-year in the second quarter, preliminary data by the government's statistical authority showed on Wednesday, driven by a 8.5% decline in oil activities which has limited overall growth for several quarters. GDP had decreased 1.7% in the first quarter of 2024, as cuts to oil production have continued to weigh on the major oil exporter's economy.

  • Saudi Arabia Is Near End of Economic Slump Lasting Four Quarters

    Forecasts compiled by Bloomberg show the $1.1 trillion economy is set to return to growth in the third quarter with a gain of almost 4%, in what would be the biggest acceleration since the end of 2022. “We expect this to be the last quarter of deeply negative hydrocarbon sector growth,” said Carla Slim, an economist with Standard Chartered Plc.

  • Saudi Cabinet session praises Kingdom’s 2034 FIFA World Cup bid

    The Saudi Cabinet on Tuesday praised the submission of Saudi Arabia’s bid to host the 2034 World Cup, Saudi Press Agency reported. In a session chaired by Crown Prince Mohammed bin Salman, the Cabinet said the hosting of the World Cup would show the Kingdom’s determination to present an exceptional version of the major sporting event. The bid was submitted to FIFA officials in Paris on Monday by a delegation headed by the Saudi minister of sports, Abdulaziz bin Turki bin Faisal, and President of the Saudi Football Federation Yasser Al-Misehal.

  • An insight into the activities of Saudi Arabia’s General Authority for Competition – highlights of its 2023 annual report

    The Authority carried out a staggering number of 548 dawn raids in 2023, meaning an average of 2.2 dawn raids every business day. The Authority investigated 442 entities and ultimately indicted 186 of them.

  • Seizing Opportunities in Saudi Arabia’s Thriving Business Landscape

    Saudi Arabia's free zones have played a pivotal role in attracting foreign investment and fostering economic growth. These zones offer numerous benefits, including tax exemptions, streamlined regulations, and access to a skilled workforce.

  • Saudi commerce minister leads delegation to Korea

    Trade ties in light of the free trade agreement between the Gulf Cooperation Council and South Korea were discussed when a leading Saudi minister met the East Asian country’s prime minister.  As part of his three-day visit to the republic, Saudi Minister of Commerce Majid Al-Qasabi held talks with Han Duck-soo in Seoul. An FTA between South Korea and the GCC was signed in December 2023, with the East Asian nation agreeing to remove tariffs on almost 90 percent of all items, including liquefied natural gas and other petroleum products.

  • Turkish-Saudi Normalization Grows Under Security Umbrella

    Saudi Arabia’s burgeoning political and defense cooperation with Turkey has attracted significant attention, especially following visits by these top Saudi officials, which have paved the way for the signing of key cooperation agreements. Turkish policymakers have hailed the pace of advancements in relations with Saudi Arabia, stating that 2024 could be a “golden year” in Turkish-Saudi economic ties. Beyond the aspirations of policymakers from both countries, evolving regional dynamics are providing critical support for the development of closer Turkish-Saudi relations.

  • Saudi Commerce Minister Leads Delegation to Boost Trade with Korea

    Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul today, leading a Saudi delegation on a three-day visit to bolster trade ties with the Republic of Korea. The delegation, comprising officials from 10 government agencies and 55 business leaders from major national companies, aims to reinforce economic partnerships and participate in the Saudi-Korean Business Forum.

  • Discover Saudi Arabia’s new UNESCO World Heritage Site

    Al-Faw can be found in Wadi Ad-Dawasir, which is between the Empty Quarter and Tuwaiq mountain range. The area was a strategic point for ancient trading routes. Archaeologists have found that it was abandoned around the fifth century CE. Plus, it has been occupied by three different populations. Archaeologists have found approximately 12,000 remains. The items include the Palaeolithic and Neolithic tools. Plus, there are signs of rock carvings and an ancient water management system.