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  • Global Advisory Board for NEOM Includes Diverse Experts
     

    The Saudi government has appointed a global advisory board for Neom, the kingdom’s $500 billion city of the future planned for Saudi Arabia’s northwest coast near Egypt on the Red Sea. The board is composed of experts in a variety of sectors – including urban planning, architecture, design, technology, sustainability, energy and manufacturing – to provide […]

     
  • Bloomberg Lands Another Wide-Ranging Sit-Down Interview with Crown Prince Mohammed bin Salman
     

    Bloomberg‘s reporting team in Saudi Arabia landed another wide-ranging sit down interview with Saudi Arabia’s Crown Prince Mohammed bin Salman, revealing the powerful leader’s thinking on many issues from Vision 2030 to the Saudi Aramco IPO and others. Bloomberg’s Senior Executive Editor for Economics, Stephanie Flanders, and five other Bloomberg journalists sat down with the […]

     
  • Oil Reaches Four Year High after OPEC+ Downplays Calls for Increased Production
     

    Oil rose to its highest price in four years on Tuesday, to above $81 on Brent, after Saudi Arabia and Russia appeared to downplay calls from the US to increase production. Saudi Arabia said it will boost its crude oil production “in the coming months” as it expects stronger demand, according to recent comments made by […]

     
  • Ministry of Labor Inspectors ‘Find Many Shops Closed’ as Store Owners Deal With New Regulations
     

    Saudi Arabia’s plans to increase Saudi employment to 70 percent of jobs in stores in several sectors came into force on Tuesday, and inspectors from the Ministry of Labor reportedly found that “many such shops in Dammam and Al-Khobar downed their shutters to avoid penalties and ensure that when they open they are in line with the […]

     
  • Saudi oil production rises in August after surprise July drop
     

    Saudi Arabia’s crude oil production rose again in August following a surprise drop in production in July, according to reports. The Kingdom’s crude oil production in August rose to 10.424 million barrels per day compared to 10.288 million bpd in July, an OPEC source told Reuters. In June, Bloomberg reported that Saudi Arabia was planning to pump “a record […]

     
  • Al-Falih Denies Reuters Report of Cancelled Saudi Aramco IPO
     

    Saudi Arabia is refuting a Reuters report yesterday that said the Kingdom was cancelling its planned IPO for Saudi Aramco, according to comments made by the Kingdom’s minister of energy Khalid Al-Falih. “The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum,” Al-Falih said. […]

     
  • Report: Top Tech Companies Remove Accounts Related to Anti-Saudi ‘Iranian Propaganda Operation’
     

    Facebook, Twitter, and Alphabet collectively removed hundreds of accounts tied to an alleged Iranian propaganda operation on Tuesday, while Facebook took down a second campaign it said was linked to Russia, according to a Reuters report. Facebook Chief Executive Mark Zuckerberg said the accounts identified on his company’s platform were part of two separate campaigns, […]

     
  • Al Widyan is Saudi Arabia’s Next PIF-Backed ‘City Within a City’ Planned for Riyadh
     

    A new Public Investment Fund (PIF)-backed “city within a city” is being planned for North Riyadh, according to a report in the English-language daily Arab News. The development – called Al Widyan – will include residential, commercial, retail and leisure facilities on a 7 million square meter site to the north of the capital, and will […]

     
  • S&P Dow Jones to Upgrade Saudi Stocks to Emerging Market Next Year
     

    Global equity index compiler S&P Dow Jones Indices will upgrade Saudi Arabia’s bourse to emerging market status from a stand-alone market next year, becoming the latest in a series of index firms to promote Riyadh, according to Reuters and a statement released on S&P Dow Jones’ website. S&P Dow Jones will “add major Saudi stocks to […]

     
  • KAPSARC Report: The $200 Billion Annual Value of OPEC’s Spare Capacity to the Global Economy
     

    A recent peer-reviewed report by the King Abdullah Petroleum Studies and Research Center (KAPSARC) finds that OPEC’s spare capacity reduces oil price volatility and generates between $170 and $200 billion of annual economic benefits for the global economy. “Rising international oil prices and increased geopolitical uncertainty have put OPEC’s spare production capacity back into the spotlight,” […]

     

MUST-READS

  • Oil at 5-Month Low on Lockdowns and Libya

    Oil kicked off what promises to be a turbulent week of trading by plunging to a five-month low as a continued increase in Libyan crude production coincided with a wave of new virus-lockdown measures in Europe. The double whammy of falling demand and growing supply pushed futures in New York down as much as 6% in Asian trading. That could be just the curtain raiser for price action as Americans head to the polls on Tuesday in an election set to have far-reaching consequences for battered financial markets.

  • Saudi Arabia AlUla Heritage sites reopen window to ancient world

    AlUla, the open-air museum of unprecedented historical and cultural significance in North West Saudi Arabia, reopened its heritage sites on October 31 in a move to realise its tourism ambitions. The Royal Commission for AlUla (RCU) has confirmed that the UNESCO World Heritage Site, Hegra; the ancient kingdom of Dadan; and the whispering canyons of Jabal Ikmah will be the first sites to reopen to the public, having been largely closed off to visitors for two-plus years. In addition, residents of AlUla had the opportunity to access the sites exclusively on October 30 for free on a first-come first-served basis for the entire opening weekend.

  • Saudi Arabia’s deficit down in third quarter as taxes boost revenue

    Saudi Arabia posted a budget deficit of 40.768 billion riyals ($10.87 billion) in the third quarter this year, more than half its deficit in the previous quarter, as a spike in non-oil revenues offset a continued decline in oil income.

  • Minister of Culture: Saudi coffee agreement an economic window for an original local product

    The agreements aim to strengthen cooperation between Saudi companies and coffee farmers under which companies would purchase coffee crops to ensure the sustainability of production with a focus on improving productivity and adherence to quality specifications in accordance with international standards.

  • Demand issues to overshadow OPEC+ supply next year, Aramco trading arm chief says

    The Organization of the Petroleum Exporting Countries (OPEC) and its allies will have to contend with a “lot of demand issues” before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco’s trading arm said. OPEC and its allies plan to raise production by 2 million barrels per day (bpd) from January after record output cuts this year as the coronavirus pandemic hammered demand, taking overall reductions to about 5.7 million bpd.

  • Saudi Arabia has fastest 5G download speed, S Korea second

    South Korea’s 5G download speed is the world’s second fastest behind Saudi Arabia, reaching an average speed of 336.1 megabits per second (Mbps), a report revealed on Tuesday. Saudi Arabia delivered an average 5G download speed of 377.2 Mbps, according to a report from industry tracker Opensignal, which tracked data between July 1 and September 28 in 15 countries with 5G networks.

  • Taliban to ‘reset’ commitments under agreement with Washington to bring down violence: U.S. special envoy

    The U.S. special envoy to Afghanistan said on Thursday he had struck an agreement with the insurgent Taliban to “re-set” their commitments under a troop withdrawal deal and reduce the number of casualties in the country, which has seen heavy fighting in southern Helmand province.

  • Afghan forces launch counter assault after Taliban offensive overshadows talks

    Afghan security forces launched a counter offensive in the south against Taliban fighters, officials said on Tuesday, as fighting raged for a third straight day in a major insurgent offensive that has overshadowed peace talks.

  • IMF revises down economic forecasts for most Gulf countries

    The International Monetary Fund (IMF) revised down on Tuesday its 2020 real gross domestic product (GDP) projections for most Gulf countries, as it warned the economic outlook was worsening for many emerging markets amid the coronavirus crisis. The IMF forecast a 2020 global contraction of 4.4% in its latest World Economic Outlook, an improvement over a 5.2% contraction predicted in June, but said it was still the worst economic crisis since the 1930s Great Depression.

  • Saudi’s NWC installs 2 million smart meters, consumption down 39%

    Saudi Arabia’s National Water Company (NWC) has successfully completed the installation of more than 2 million smart meters in various regions of the kingdom, which has alerted customers to their high consumption patterns, resulting in a 39% decrease in monthly water consumption rates for each customer. More than 950,000 customers have benefited from the smart meters, with an average of 36,000 weekly ‘high consumption’ alert messages sent to urge customers to identify the causes of high consumption of water, whether from internal leaks or daily use.