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  • 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 […]

     
  • Sulaiman Al-Rajhi’s life a rags to riches story
     

    Al-Rajhi is a billionaire who chose last year to become a poor man at his own will without having any cash or real estates or stocks that he owned earlier. He became penniless after transferring all his assets among his children and set aside the rest for endowments. In recognition of his outstanding work to […]

     
  • How Oil Has Driven Global Conflict For The Past 100 Years
     

    Michael T. Klare recently gave a presentation titled “The Geopolitics of Oil: Old and New” at the Association for the Study of Peak Oil conference in Vienna, in which he speaks about how no other substance in the world is as closely aligned with geopolitics as oil is. Klare describes the geopolitics of oil — the intersection […]

     
  • 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 Arabia targets control of Alba to bolster metals ambitions

    State-controlled Saudi Arabian Mining Co., known as Ma’aden, announced a series of deals this week involving Aluminium Bahrain B.S.C., or Alba. When those deals close, the Saudi company “hopes to be a majority shareholder in Alba,” Ma’aden chief executive officer Bob Wilt said in an interview in Riyadh. “I’m very bullish on aluminum,” Wilt said. “The energy transition doesn’t happen without aluminum, so if we want to be a critical minerals and processing hub, we’ve got to control the feedstock.”

  • Egypt PM says Saudi’s planned $5 bln investment independent of cenbank deposit

    Egypt's Prime Minister Mostafa Madbouly said on Thursday that a planned Saudi Arabian investment of $5 billion in Egypt is independent of funds the Gulf state has deposited in the country's central bank, sending bond prices higher. The country's sovereign dollar bonds rallied to fresh two-year highs. The 2059 maturity gained the most, rising 1.35 cents, to bid at 77.60 cents on the dollar by 1309 GMT, Tradeweb data showed.

  • GCC economies set for 4.4% growth in 2025, report forecasts

    Analysis by the Institute of Chartered Accountants in England and Wales attributes this projected growth to both the rebound in oil production cuts by  OPEC and the GCC’s ongoing diversification efforts. This comes as countries across the Gulf, including Saudi Arabia and the UAE, intensify diversification efforts, with the Kingdom’s General Authority for Statistics reporting a 4.9 percent increase in non-oil sector activity in the second quarter of 2024.

  • Non-hydrocarbon sectors poised to drive strong GCC economic growth this year: Report

    This year has witnessed a relatively favorable economic landscape for GCC countries, characterized by robust non-oil growth despite prevailing uncertainties. Nevertheless, the broader Middle East has faced challenges, with the economic repercussions of the Gaza conflict extending to its neighboring nations, according to the latest Middle East Economy Watch report from PwC Middle East.

  • Coldplay confirmed for GCC-exclusive show in Abu Dhabi

    Coldplay’s rain-soaked 2009 performance in Abu Dhabi has gone down in history as one of the country’s greatest concerts, and now, the British band is gearing up to outdo itself. The group’s record-breaking Music of the Spheres World Tour will make a stop at Zayed Sports City Stadium in Abu Dhabi on Saturday, 11 January 2025. It will be the British band’s only show in the region. Tickets to see Coldplay in Abu Dhabi go on sale very soon, and here’s how to get your hands on them.

  • Iran’s ambassador to Lebanon injured by pager explosion

    Iran's ambassador to Lebanon, Mojtaba Amani, was slightly injured on Tuesday by the explosion of an electronic pager, Iran's semi-official Fars news agency reported, as numerous such devices exploded across Lebanon. "Amani has a superficial injury and is currently under observation in a hospital," Fars quoted a source as saying. Iran's Foreign Minister Abbas Araqchi, in a phone call with his Lebanese counterpart, strongly condemned the "terrorist attack" and thanked Lebanon for providing immediate medical treatment to Amani, Iranian state media reported.

  • Senators in both parties open to treaty vote on US-Saudi defense pact

    Republicans and Democrats are demanding any such agreement arrive on Capitol Hill as a treaty, requiring a two-thirds majority. Getting that level of Senate approval would be a huge challenge, according to interviews with more than a half-dozen senators on the Foreign Relations Committee.

  • Italy’s Saipem wins offshore contract worth $2 bln in Saudi Arabia

    Italian energy engineering group Saipem (SPMI.MI), opens new tab said on Wednesday it had won an offshore contract worth around $2 billion for the development of the Marjan oil field in Saudi Arabia. The contract was signed under the existing long-term agreement with oil giant Saudi Aramco (2222.SE), opens new tab, the company said in a statement. Saipem said earlier this month it had won two other offshore contracts with Saudi Aramco worth about $1 billion in total, and an offshore contract worth $4 billion with QatarEnergy, one of the world's top LNG suppliers.

  • Changes to Saudi Investment Law will help facilitate foreign investment

    “The new investment law introduces a number of positive changes that will help in fostering the continued development of the investment landscape in Saudi Arabia. The Investment Law represents a substantial amendment of the existing investment regime for both foreign and domestic investors and will further support the Kingdom’s transition away from oil and gas. The updates to the Investment Law create a sophisticated framework that reduces entry barriers, enhances legal certainty, and strengthens investor rights. The reforms unlock significant opportunities for long-term strategic partnerships and market expansion in the Kingdom”

  • Saudi Arabia is betting big on Egypt

    Gulf countries — mainly Saudi Arabia, the UAE, and Qatar — are most interested in building up stakes in Egypt’s state-owned assets. On the block are port terminals, historic hotel chains, and petrochemical companies. The Gulf has grown weary of handing cash to Egypt with little by way of financial payback: Saudi Arabia’s $5 billion deposit in Egypt’s central bank in 2022 may be the last of Riyadh’s handouts. Its Public Investment Fund demands market returns on its investments, particularly those outside the country.