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  • 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 […]

     
  • Saudi Arabia Ghazal Defies Camels as SUV for Desert Market
     

    Saudi Arabia is venturing into a territory normally reserved for automakers. The kingdom is developing the Ghazal, a sport-utility vehicle for the hazards of the desert, to diversify its economy beyond oil. The SUV, built by King Saud University in Riyadh, is an all-wheel drive vehicle with a rugged carbon-fiber frame aimed at taking on […]

     
  • Sarah Attar Is a Saudi Trailblazer, By Way of the U.S.
     

    One of the first women to compete for Saudi Arabia at the Olympics was born and raised in California. The athletes are Wodjan Ali Seraj Abdulrahim Shahrkhani, who competes in judo, and Sarah Attar, a 19-year-old junior at Pepperdine University and a graduate of Escondido High School in California. Attar, who trains in San Diego, […]

     
  • Living Social
     

    In their pursuit to be where the young consum­ers are, brands have long identified social media as a crucial place to establish a presence. Where else will you find huge numbers of youngsters highly active and engaged? Results from market research company TNS indicate that 68 percent of MENA youth spend 12 hours per  week […]

     
  • Saudi Arabia to Send Olympic Women Athletes for First Time
     

    Saudi Arabia will send female athletes to the Olympic Games for the first time, the International Olympic Committee said, ending a ban by the kingdom where women aren’t allowed to drive. Wodjan Ali Seraj Abdulrahim Shahrkhani will compete in judo at the London Games and Sarah Attar will run the 800 meters. The athletes, who […]

     
  • Saudi Arabia Weighs Annual Budget to Boost Clean Energy
     

    An annual budget for renewables would differ from the feed- in tariffs that Germany, Spain, Italy, France and Britain offered to spur solar and wind power in their nations. Germany was first to introduce the feed-in tariff in 2004 and became the world’s biggest market for solar because of the subsidy, which is paid for […]

     

MUST-READS

  • Saudi: Israel’s rejection of Palestinian statehood reflects its aggressive approach

    The Ministry of Foreign Affairs in Saudi Arabia strongly condemned the Israeli Knesset’s vote to reject the establishment of a Palestinian state and far-right Minister Itamar Ben-Gvir storming Al-Aqsa Mosque. “These continued hostile practices towards Islamic sanctities and international resolutions and laws reflect the aggressive approach of the Israeli occupation authorities,” the ministry said in a statement.

  • Saudi Arabia, Russia to maintain ‘close coordination’ on OPEC+: Kremlin

    Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin reaffirmed their countries’ commitment to the OPEC+ oil production accord among other bilateral issues in a phone call late July 17, the Kremlin said in a statement. “The importance of continuing close coordination within the framework of OPEC+ to ensure stability in the energy market was noted,” the statement said. A Saudi statement posted by the official Saudi Press Agency did not mention the OPEC+ agreement but said the two leaders “discussed a number of issues and topics of common interest” in a phone call initiated by the crown prince.

  • Saudi Arabia rolls out red carpet for foreign filmmakers

    The government is also offering financial incentives. The state-run Saudi Film Commission gives rebates of up to 40 per cent on production spending, compared with the 30 per cent offered by regional rivals such as Egypt and Morocco. Filmmakers can also apply for a share of a $234mn Saudi Cultural Development Fund pot. Film commission officials say their incentive package gives Saudi Arabia a competitive advantage. “In other countries you just get the cash rebate, then you are on your own when it comes to dealing with different government departments,” said one. “We handle the whole thing.”

  • Launch of Saudi Arabia’s NEOM Airlines on hold – report

    Other developments facing cutbacks, the sources claimed, include the Qiddiya Coast, a tourism and entertainment project in Jeddah on the Red Sea once projected to have a potential budget of USD50 billion. Downsizing of other projects can be expected as the government committee finalises its review.

  • Saudi Arabia signs deals for 30GW domestic solar PV manufacturing

    Both agreements, made through joint ventures (JV), will bring 30GW of solar PV manufacturing, from ingots to modules, to Saudi Arabia. The agreements have been made by the Renewable Energy Localization Company (RELC), a fully-owned PIF company, along with the participation of Saudi renewables investor Vision Industries (VI) and the Chinese manufacturers.

  • Saudi Arabia’s Riyadh may be crypto’s sleeping giant

    Though the word “cryptocurrency” was largely avoided at the event, Siu’s message seemed clear: Saudi Arabia may not have made definitive moves in the realm of blockchain and crypto, but it is a sleeping giant in terms of wealth, population and influence, and can set the tone of the industry for the entire region.

  • Slowing Chinese economy no threat to Saudi oil exports – yet

    Slower economic growth in China in the second quarter of this year has raised concerns about Saudi Arabia’s ability to maintain funding lines from its main trading partner. The Chinese economy grew at a year-on-year rate of 4.7 percent, down from 5.3 percent in the previous quarter. In the retail sector, the pace of growth slowed to an 18-month low as deflationary pressures forced businesses in the world’s second-largest economy to cut prices on everything from cars to food and clothes.

  • Saudi’s New Murabba Stadium will be ready for the 2034 FIFA World Cup

    Part of the grand $800 billion New Murabba project, the stadium is just one piece of the puzzle. The project aims to double the size and population of the capital, turning downtown Riyadh into a cultural hotspot. Alongside the stadium, the project will include a museum, a technology and design university, a multi-purpose immersive theatre, and over 80 cultural and entertainment venues.

  • Saudi Arabia stresses importance of strengthening international order to prevent chaos and conflicts

    Moreover, the Cabinet reaffirmed the Kingdom’s commitment to enhancing international cooperation to ban weapons of mass destruction and prevent their proliferation during the meetings of the Executive Council of the Organization for the Prohibition of Chemical Weapons. The Cabinet emphasized the organization’s role in maintaining international peace and security and the full and effective implementation of all provisions of the Chemical Weapons Convention.

  • Saudi Crown Prince congratulates Iranian President on election victory during a phone call

    Crown Prince and Prime Minister Mohammed bin Salman congratulated President Dr. Masoud Pezeshkian on winning the presidential elections in Iran during a phone call on Wednesday. The Crown Prince and President Pezeshkian praised the development of relations at all levels, stressing the importance of continuing to enhance cooperation in various fields between the two countries. The Iranian President expressed his gratitude and appreciation to Crown Prince Mohammed bin Salman for his kind wishes.