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  • Saudi-GCC non-oil commodity exports soar to $2.5bln

    The total non-oil commodity exports, including national exports and re-exports, between Saudi Arabia and GCC states surged to hit SAR9.5 billion ($2.5 billion) in November 2024, reflecting an estimated annual growth of 43% from the previous year's figure of SAR6.624 billion ($1.76 billion). The total commodity imports amounted to approximately SAR5.663 billion, according to the preliminary data from the General Authority for Statistics' international trade report for November 2024. The Saudi non-oil trade balance recorded a surplus with the GCC states amounting to SAR3.718 billion, bringing the total to SAR3.805 billion. This marks an annual growth estimated at 4,277.7% compared to the same period in 2023, when the surplus was SAR86.9 million, stated the offical data.

  • Distinguishing Myth From Reality: Saudi Arabia’s Trade and Investment With the United States

    Verifying the numbers quoted by Trump, Al-Jadaan, and Crown Prince Mohammed Bin Salman is not easy. Definitions are not always clear, data on Saudi investment in the United States is not comprehensive, and there are errors and omissions in the Saudi balance of payments data that could mean its imports are underrecorded. With these constraints in mind, the following is a best effort at pulling together the relevant information on U.S.-Saudi trade and investment relations to see which numbers stand up to scrutiny and which do not.

  • The Gulf States in a New Syria

    While Egypt became the most visible manifestation of the divergence of Gulf approaches, with first Qatar (in 2012) and then Saudi Arabia and the UAE (in 2013) backing opposing sides in the post-Hosni Mubarak maelstrom, similar trends were apparent in Syria in and after 2011. Different rebel groups received support from Qatar and Saudi Arabia in the critical opening years of the uprising, while flows of financial and logistical aid from the Gulf, especially from or routed through Kuwait, added further complexity. Although there was some coordination between Saudi and Qatari officials after 2013, other external interests, from Turkey and Iran and, after 2015, Russia, became entrenched in a precarious new status quo in Syria. The recapture of Aleppo by regime forces at the end of 2016 appeared to seal the end of the uprising, by which time global attention had shifted onto the Islamic State group in Syria and Iraq. 

  • The foreign aid freeze poses risks to US interests in Syria

    In his confirmation hearing in January, US Secretary of State Marco Rubio previewed his priorities for an outcome in Syria that is favorable to US interests and, more importantly, for the people of Syria. Rubio described an endgame in which Syria is not a land bridge for Iranian proxies, a chessboard for foreign interventions, or an exporter of drugs and terrorism. On several fronts, the Trump administration should pick up where the Biden administration left off in helping Syrians to rebuild their country.

  • How PIF is supercharging the new golden age of gaming

    Valued at more than $200 billion globally – larger than the film and music industries combined – the gaming industry has evolved far beyond the realm of entertainment. Games are now home to virtual economies and used as educational tools, and they are influencing the business world by offering new ways to reach their customers. As gaming expands, countries have been racing to stake their claim on a sector that PWC says will see revenues top $300 billion by 2028. PIF’s Savvy Games Group already owns the largest esports company in the world, ESL FACEIT Group (EFG), a merger between two esports organizers Savvy bought. The company’s acquisition of U.S. games publisher Scopely means Savvy now ranks among the world’s top 20 game developers.

  • Saudi Arabia increases defense spending to $78B in 2025

    The Kingdom of Saudi Arabia has allocated $78 billion for defense spending in 2025, up from $75.8 billion spent in 2024, Governor of the General Authority for Military Industries (GAMI) Ahmad Al-Ohali said in a statement Saturday. “The Kingdom allocated approximately $78 billion to the military sector in the 2025 budget, which constitutes 21% of total government spending and 7.1% of Saudi Arabia’s gross product,” he said, according to the statement. The statement further noted that the Kingdom has witnessed a 4.5 percent annual defense growth since 1960, adding that it has become the fifth largest defense spender worldwide and the largest in the Arab world.

  • Saudi Arabia Defers $1.2B Oil Payment By Pakistan

    Pakistan has signed an agreement with the Saudi Fund for Development to defer a $1.2 billion payment on the country's oil imports by one year, the office of Pakistan's prime minister said on Monday. "This project will strengthen Pakistan's economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens," Prime Minister Shehbaz Sharif’s office said when welcoming the signing of the oil import financing facility. Pakistan has been experiencing an economic crisis since 2022, characterized by high inflation, high debt, job cuts, and a struggling fiscal position. At some point the country was facing a severe shortage of foreign exchange reserves and risked defaulting on its debt obligations.

  • Saudi Arabia champions youth as it drives talent development to fuel Vision 2030

    Figures from the General Authority for Statistics released in 2023 show that 63 percent of the Kingdom’s population is under 30 years old, and the government and private sector are working hand-in-hand to shape the coming era. “Digital literacy is essential, as technological advancements require the younger generation to not only be proficient in the latest advancements but also drive innovation in areas like AI and data analytics,” Riyadh Al-Najjar, PwC Middle East chairman and Saudi Arabia country senior partner, told Arab News.  He added: “An entrepreneurial mindset is equally important, as the success of Vision 2030 relies on growing the private sector. Young people need to be able to spot opportunities, think critically, and solve problems that add value to the economy.”

  • Saudi-PIF backed Umm Al Qura moves ahead with IPO to support $26bn Masar project in Makkah

    The IPO proceeds are to be deployed for funding the infrastructure, land settlements, and development of the MASAR Destination, a major Makkah redevelopment project valued at $26.66 billion (SAR 100 billion). The company said it plans to offer 130.8 million new shares, or 9.09 per cent of its post-increase capital, Reuters reported. Spanning 1.2 million square meters, MASAR aims to enhance Makkah’s infrastructure with hotels, residential units, retail spaces, and cultural centres, according to its website. The Saudi Exchange granted conditional approval on December 8, 2024, while the Capital Market Authority (CMA) approved the company’s IPO on December 24, 2024, allowing it to raise funds for land settlements, infrastructure, and project expansion.

  • Oil prices: The US is in a ‘delicate dance’ with Saudi Arabia

    "Ultimately, we're going to see the seasonal dance: Gas prices are going to go up this spring regardless of tariffs or not, they're going to go back down in the fall," De Haan tells Julie Hyman and Josh Lipton. "And I think seasonally looking at where we are for the year, for gas prices, we anticipate a yearly national average of about $3.22 a gallon, which would be a modest or even slight improvement of about $0.11 compared to 2024."