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  • Ambitious Saudi Entertainment Push Announced by GEA’s Turki al-Sheikh
     

    Saudi Arabia is looking to maintain heavy investment in the entertainment sector in 2019, according to comments made by a top Saudi official, as it looks to make good on key Vision 2030 economic reforms. Reuters reports that Saudi Arabia’s recently named chairman of the General Entertainment Authority, Turki al-Sheikh, said the Kingdom would put on […]

     
  • Saudi Arabia Explores Interconnected Gas Grid for Region
     

    Saudi Arabia may pursue an interconnected natural gas grid in the region that would link together the Kingdom with Oman, Kuwait, and the United Arab Emirates, according to reports. “I am talking to my colleagues in Oman, Kuwait, UAE, about extending a gas grid in the region and we hope to exchange gas and we also have […]

     
  • Reports: Potential Deal for New Saudi Investment in U.S. Energy Sector
     

    Saudi Arabia is reportedly eyeing an investment in U.S. liquefied natural gas (LNG) in what would mark a “sea change in the energy flows between the U.S. and Saudi Arabia,” the Wall Street Journal reported Tuesday citing unnamed sources. The WSJ reports the “landmark decision” would mark a shift for Saudi Arabia, which in the past has been an energy […]

     
  • Saudi Arabia Plans to Increase State Spending by More than 7 Percent in 2019
     

    Saudi Arabia plans to ramp up state spending by more than 7 percent in 2019, according to a budget released by the Finance Ministry on Tuesday. Spending is projected to rise to $295 billion next year, Arab News reports, an increase of $25 billion over 2018’s figure of $270 billion. The move is seen as an effort […]

     
  • OPEC, Russia Will Cut 1.2 million Barrels of Oil Production a Day; Price Jumps
     

    OPEC and Russia have agreed to collectively throttle back oil production by 1.2 million barrels per day to dry up a global supply glut, according to energy reporters from the Wall Street Journal. OPEC nations would cut 800,000 barrels and the Russia-led group would handle the remainder, according to the WSJ. Oil prices on indices […]

     
  • Saudi Aramco CEO: ‘We Need a Major Acquisition For Us to Be In Different Markets Quickly’
     

    In an interview with Bloomberg, Saudi Aramco’s CEO Amin Nasser said the company is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects. The interview, given in Dhahran, Saudi Arabia, said the planned spending would come on top of the already planned purchase of a […]

     
  • King Salman Delivers Opening Speech at Shoura Council
     

    King Salman gave his annual speech at the opening of the third year of the Shoura Council’s seventh session on Monday and discussed a number of regional and local issues. The King urged the international community on Monday to halt Iran’s nuclear and ballistic missile programs, and reiterated the kingdom’s support for U.N. efforts to […]

     
  • Saudi Arabia’s Budget Deficit Shrinks a Whopping 60%
     

    Saudi Arabia reduced its budget deficit by 60 percent to SR49 billion ($13 billion) in the first nine months of the year, official figures published Wednesday show. The reduction — greater than anticipated in earlier budget forecasts — was the result of a significant growth in both oil and non-oil revenues, the Ministry of Finance […]

     
  • Special Economic Zone Created at Riyadh Airport to Attract Investment; New Jazan Project Launched
     

    Saudi Arabia announced the establishment of a special economic zone around Riyadh’s airport to draw more foreign investment, Reuters reports, citing the Saudi Press Agency (SPA). The zone, which will be located in King Khalid International Airport in Riyadh, will “focus on integrated logistics and enjoy special rules and regulations aiming at attracting more multinational companies […]

     
  • IMF Lifts Projections for Economic Growth for Saudi Arabia
     

    In its World Economic Outlook, the International Monetary Fund (IMF) on Tuesday lifted its projections for economic growth in Saudi Arabia, the region’s biggest economy, and its oil-rich neighbors in the Gulf – while also predicting that Iran’s economy will suffer due to renewed US sanctions. The Saudi economy is expected to grow by 2.2 percent […]

     

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