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  • 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 […]

     
  • Gulf States Move to Diversify Income Sources
     

    Saudi Arabia, the world’s biggest oil exporter, has identified mining as a key investment area after oil and petrochemicals, and is spending an estimated $38 billion to develop two cities centered around mining…“The idea is to try and improve the range of benefits and advantages of doing business in the G.C.C. and in Saudi Arabia, […]

     
  • Moving forward with nationalisation in Saudi Arabia
     

    “Nitaqat represents an effort to introduce more incentives for companies to employ Saudis and in that sense it is an improvement on what went before,” says James Reeve, an economist at the local Samba Financial Group. “The reason you are hearing more complaints is probably because the system is being enforced with greater vigour.” Despite […]

     
  • More than half of GCC population under age 25
     

    The countries of the Gulf Cooperation Council (GCC) have a low population compared with other regions, totaling 45 million people in 2011, less than 1 percent of the global population, a recently published report read. The report, filed by Kuwait Financial Center (Markaz), highlighting the GCC demographic shift, said the region is young, with 54 […]

     
  • Saudi public sector’s bank credit rebounds
     

    Bank lending in Saudi Arabia is continuing at a generally brisk pace, the National Commercial Bank said in its “GCC Financial Market Quarterly” released Monday.The report said liquidity conditions supporting this credit expansion remain very benign. However, the growing economic confidence has begun to hit deposit growth somewhat and the annual pace of expansion decelerated […]

     
  • Jadwa Investment’s Saud June 2012 Inflation Report
     

    Jadwa Investment’s recently released June inflation report found year-on-year inflation for Saudi Arabia eased again in June, slipping to 4.9 percent from 5.1 percent in May, the first time it has been below 5 percent since August 2011. The Riyadh-based investment firm also found lower rental inflation caused most of the fall. Jadwa’s report is […]

     

MUST-READS

  • Digital banking start-up YAP raises $41 mln, to expand into Saudi Arabia

    YAP, a digital bank in the United Arab Emirates, said on Monday it had raised $41 million in funding and targeted raising another roughly $20 million to finance its expansion plans. The investors so far included Saudi Arabia's Aljazira Capital, Abu Dawood Group, Astra Group and Audacia Capital. YAP said it intends to complete it Series A by the end of the year.

  • Saudi wealth fund PIF launches new aircraft leasing company

    PIF has said AviLease would initially focus on scaling through purchase-and-lease-back transactions with airlines, portfolio acquisitions, and direct orders from aircraft manufacturers. AviLease’s fleet will consist of narrow-body and wide-body aircraft developed by leading manufacturers. It will also look into expansions through corporate acquisitions.

  • Russia seizes control of Sakhalin gas project, raises stakes with West

    President Vladimir Putin has raised the stakes in an economic war with the West and its allies with a decree that seizes full control of the Sakhalin-2 gas and oil project in Russia's far east, a move that could force out Shell and Japanese investors. The order, signed on Thursday, creates a new firm to take over all rights and obligations of Sakhalin Energy Investment Co, in which Shell (SHEL.L) and two Japanese trading companies Mitsui and Mitsubishi hold just under 50%

  • Saudi Arabia may raise August crude prices to Asia to near record levels

    Top oil exporter Saudi Arabia may raise prices of light crude grades to Asia for the second straight month in August on the back of record distillate margins and strong spot premiums for Middle Eastern oil this month. The official selling price (OSP) for Saudi's flagship Arab Light crude could rise by about $2.4 a barrel from the previous month, according to nine refining sources surveyed by Reuters on June 28-29.

  • Saudi Arabia open to interfaith dialogue to combat religious intolerance, says US Special envoy to combat and monitor antisemitism

    "My country is not perfect. And my president, the secretary of state to whom I report and other leaders acknowledge our shortcomings. And we don’t go out preaching to the world ‘we’re perfect and you should change.’ But what we’re saying is these are issues that concern us within the boundaries of the US and concern us outside the boundaries of the US,” said Lipstadt.

  • Russia’s Putin to meet Iran’s Raisi in Ashgabat on Wednesday

    Russian President Vladimir Putin will hold a meeting with Iranian President Ebrahim Raisi during a visit to Ashgabat, the capital of Turkmenistan, on Wednesday, the Kremlin said. Putin is making his first known trip abroad since the start of what Moscow calls a "special military operation" in Ukraine. He is expected to meet Tajik President Imomali Rakhmon in Dushanbe later on Tuesday.

  • Air travel’s global recovery will be slowest in Africa in 2022

    Global air travel is bouncing back from the dire days of the covid-19 pandemic. The industry lost nearly $140 billion in 2020, but that will come down to under $10 billion this year, according to the International Air Transport Association’s report this week. In fact, the North American market is expected to revert to its 2019 status of profitability.

  • Climate tech firm to launch scaled-up plant sucking CO2 from air

    The new "Mammoth" plant will contain around 80 large blocks of fans and filters that suck in air and extract its CO2, which Icelandic carbon storage firm Carbfix then mixes with water and injects underground where a chemical reaction turns it to rock. The process will be powered by a nearby geothermal energy plant.

  • Saudi all-women SHERO Rally Team gears up for Italian Baja, aims for Dakar 2023

    De Simone founded SHERO, a portmanteau of “She” and “Hero”, in 2020; hailing from Italy and an alumna of Stanford University and Harvard Business School Executive Education, she previously worked as a physical education teacher and the sports director for King’s College Riyadh in Saudi Arabia. She signed Dania Akeel and Mashael Alobaidan as the team’s first members and project managers. After a delayed start due to COVID-19, the programme formally launched in December 2020 with the goal of running the 2022 Dakar Rally, though its timetable was later pushed back a year.

  • Bulging Warehouses, 28,000 Idle Containers Herald New Supply Woe

    Responsible for 42% of all containerized trade with Asia, the US’s largest hubs of Los Angeles and Long Beach in Southern California are dealing with an influx of cargo as retailers stock up on back-to-school and holiday goods that’s coinciding with the easing of the lockdowns in China. All this is happening just as US railroads and warehouses remain clogged and thousands of dockworker contracts across the West Coast are set to expire this week.