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  • Jadwa Saudi Chartbook for August 2012: Banking Indicators
     

    Jadwa Investment’s recently released Saudi Charbook for the month of August 2012 found that the Saudi economy remained “robust.” On the subject of banking indicators in Saudi Arabia, Jadwa found that “bank lending to the private sector jumped in June. Monthly growth was the highest since August 2009. In year-on-year terms it was at its peak since […]

     
  • ‘There is a large infrastructure boom happening in Saudi Arabia’
     

    Saudi Arabia is spending more than $60 billion on a logistics hub, airport improvement and roads to reduce travel time in the Arab world’s biggest economy. The investments also yielded the largest sukuk, or Islamic bond, offered in the Middle East this year and an initial public offering on the stock exchange in June. “There […]

     
  • Wealth Management in the Middle East: Boon or Bust?
     

    Middle Eastern policymakers and bankers will develop an indigenous wealth management industry which keeps the super-wealthy’s investments at home. Developing a local national wealth management industry requires letting in foreign competition, changing banking and securities laws, and growing local companies whose shares are worth buying. The first part of the article reviews trends in wealth […]

     
  • Saudi Students Flood In as U.S. Reopens Door
     

    The more than 300 graduates gathered at a hotel overlooking the Potomac River were all from Saudi Arabia, part of a massive government-paid foreign study program to earn bachelor’s, master’s and doctorate degrees and return home to help run their country. “You are the best of the best, and the future of our country,” Saudi […]

     
  • Saudi consumer electronics market surges
     

    Saudi Arabia’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video, audio and gaming products is projected at $6.4 billion in 2012, Business Monitor International said in “Saudi Arabia Consumer Electronics Report Q2 2012″report. This is expected to increase to $8.2 billion by 2016, driven by the growing […]

     
  • The Saudi Cultural Mission’s New Headquarters
     

    The new SACM headquarters in Fairfax, Virginia provides a modern hub for Saudi Students in the United States, and stands as a symbol of the strong cultural relations between the United States and Saudi Arabia. Until recently, the future of the iconic Watergate hotel and office complex in Washington DC, which was the site of […]

     
  • With customs union, GCC edges toward closer economic ties
     

    Saudi Arabia, the biggest Arab economy, is leading moves toward political and economic cooperation, which it believes would give the mostly Sunni-led monarchies of the Gulf more power to withstand any confrontation with Shi’ite Iran. Closer business ties within the GCC, which consists of Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain and has […]

     
  • Ramadan 1433
     

    Ramadan means more in the lives of Muslims than refraining from eating and drinking during the daylight hours. The ritual fasting during the holy month is among the five pillars of Islam: Shahadah, the declaration of faith; Salat, five daily prayers; Zakat, charitable giving; Hajj, the pilgrimage to Mecca; and Sawm of Ramadan, the ritual […]

     
  • Saudi car sales to hit $25 billion by 2013
     

    Saudi Arabia has ambitious plans to further expand its lucrative automobile industry. In 2011 alone, the Kingdom announced the sale of approximately 800,000 cars potentially increasing to 1 million vehicles per year by the end of the current decade. In this context, the country is planning to start manufacturing automobile parts by 2013 in addition […]

     
  • Muslims across the world prepare to observe Ramadan
     

    Muslims around the world begin fasting on Friday in observation of Ramadan, the holiest month in Islam when the faithful abstain from eating food or drinking water from sunrise to sunset…. Every year, identifying the start of Ramadan is like a waiting game; Islamic scholars must see the new crescent moon in the night skies […]

     

MUST-READS

  • Climate-tech startups could help the Middle East adapt to climate change—if they can get funding

    Though states such as Qatar and Kuwait have invested billions to bring in tourists, investment in climate-focused startups has begun lagging in the region. Climate tech investment in the Middle East declined by more than 80% in 2023 to $152 million, compared to about $1 billion in 2022. Sulaiman Amin, managing director of Abu Dhabi-based clean startup accelerator Catalyst, says this is due in part to risk-averse investors who want a more rapid return than many climate ventures can deliver.

  • Netanyahu heads to Washington, says Israel will remain key US ally whoever replaces Biden

    Israel will be the United States' strongest ally in the Middle East regardless of who is elected president in November, Prime Minister Benjamin Netanyahu said on Monday before flying to Washington, where he was due to address the U.S. Congress. The visit, Netanyahu's first to his most important international ally since returning for a record sixth term as prime minister at the end of 2022, has been overshadowed by President Joe Biden's decision not to seek reelection.

  • Saudi and World Bank officials discuss economic cooperation

    Saudi Minister of Economy and Planning Faisal Alibrahim met on Thursday with World Bank Group President Ajay Banga. During the meeting, both sides discussed regional and global economic challenges and explored opportunities to enhance cooperation between Saudi Arabia and the World Bank.

  • ‘‘Saudi youth are exploring new avenues of self-expression”

    In the heart of Saudi Arabia’s cultural transformation, audio serves as the soundtrack to change, weaving itself seamlessly into the fabric of everyday life. Whether through podcasts, audiobooks, or music streaming platforms, people consume audio seamlessly, integrating it into various aspects of their daily routines, from morning commutes to evening wind-downs. This is amplified now more than ever due to the abundant presence of smartphones, which provide instant access to unlimited audio content anytime, anywhere.

  • Saudi Arabia’s tourist expenditure hits $40bn in H1, says minister

    Tourist spending in Saudi Arabia reached approximately SR150 billion ($40 billion) in the first half of 2024, reflecting a 10 percent increase in both traveler numbers and expenditure compared to the same period the previous year, as revealed by a top minister.  At a conference convened to review the 2024 summer tourism program, the Kingdom’s Minister of Tourism Ahmed Al-Khateeb reiterated that his country will launch a tourist visa next month to attract more international visitors and bolster the sector’s growth.

  • Lilium strikes sales deal with Saudi Arabia for up to 100 eVTOL aircraft

    Lilium, an electric aviation company based in Germany, says it has secured a binding sales agreement for up to 100 electric vertical takeoff and landing (eVTOL) aircraft with Saudia Group, which operates the largest airline carrier in Saudi Arabia and is wholly owned by the Kingdom of Saudi Arabia. The agreement is a “firm order” for 50 Lilium jets, with an option to purchase up to 50 more, the company said. The deal follows a 2022 memorandum of understanding between Lilium and Saudia to explore ways in which battery-powered multi-rotor aircraft can address the region’s transportation challenges.

  • Saudi Consortium Secures $3.9 Billion Financing for Taiba-2 and Qassim-2 Power Projects, Advancing Saudi Arabia’s Energy Goals

    Aljomaih Energy & Water Company (AEC), in collaboration with Ajlan & Bros Group, Buhur for Investment Company, and the EDF Group, announced the successful financial close of the Taiba-2 and Qassim-2 Independent Power Plant (IPP) projects in Saudi Arabia, totaling 3.96 gigawatts (GW).

  • Saudi Arabia rejects, condemns Israeli security minister’s visit to Al-Aqsa Mosque compound

    Saudi Arabia condemned and rejected in the strongest terms on Thursday a visit made by Israel’s far-right national security minister to Jerusalem’s most sensitive holy site. Itamar Ben-Gvir, an ultranationalist settler leader, said he had gone up to the Jerusalem hilltop compound of Al-Aqsa Mosque to pray for the return of Israeli hostages on Thursday. The Kingdom’s Foreign Ministry also condemned an Israeli parliament vote to oppose a Palestinian state.

  • Trump Organisation and Saudi developer sign deal for Dubai luxury tower

    The Trump Organization on Thursday announced a deal with a Saudi developer to build a luxury high-rise tower in Dubai, as the former president’s real estate company continues its expansion in the Gulf region. The Trump Organization and Dar Global, a subsidiary of Saudi Arabia's Dar Al Arkan Real Estate Development, said the project will launch next year, without providing a cost estimate.

  • Saudi Fisheries’ financial woes persist in Q1 2024

    Saudi Fisheries Company's (SFC) financial issues continue to intensify, as the aquaculture firm’s accumulated losses by the end of the first quarter of 2024 spiked to SAR 265 million (USD 70.6 million, EUR 65.5 million) – equivalent to 66 percent of ‎the company’s capital – according to the company’s recently published interim results.