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  • Saudis Around the World Celebrate 89th National Day
     

    Saudis around the world are celebrating Saudi National day today, the Kingdom’s biggest national holiday dedicated to the history of the Kingdom as a unified state. The holiday commemorates the announcement of the Saudi Kingdom’s unification on September 23rd, 1932 by King Abdulaziz Al-Saud, who united and renamed the Kingdoms of Nejd and Hejaz to Saudi Arabia by […]

     
  • Saudi Arabia’s Financial Sector Development Program Sees ‘Fair Level of Progress’, Report Says
     

    A recently-released report from Jadwa Investment finds “a fair level of progress on most areas” in the Kingdom’s important Financial Sector Development program (FSDP), encouraging news for the diversification of Saudi Arabia’s economy and modernization of its financial sector. The FSDP, one of the Kingdom’s Vision 2030 ‘Vision Realization Programs’ (VRPs), aims to develop a diversified […]

     
  • Pompeo Calls Strikes an ‘Act of War’ as he Visits Saudi Arabia, Meets with Crown Prince
     

    Secretary of State Mike Pompeo has called the recent attacks against Saudi oil facilities an “act of war” by Iran, and met Wednesday with Saudi Crown Prince Mohammed bin Salman in Jeddah. The recent attacks “didn’t come from the Houthis,” Pompeo said Wednesday in remarks to reporters. “This was an Iranian attack…we’re blessed that there were no Americans killed […]

     
  • As Officials Gather Evidence in Saudi Oil Attacks, Trump Ratchets Up Sanctions
     

    President Donald Trump on Wednesday said he ordered a major increase in sanctions on Iran, the first response by the U.S. to the attacks on two key oil installations in Saudi Arabia, according to reports. The pronouncement by Trump comes as both U.S. and Saudi officials ready evidence that points the finger at Iran for the […]

     
  • Trump says he does not want war with Iran, but says Tehran ‘likely’ behind attacks
     

    President Donald Trump said on Monday it looked like Iran was behind attacks on oil plants in Saudi Arabia but stressed he did not want to go to war, according to reports, as the world watches how the Kingdom and its allies may respond to Saturday’s strikes. “It’s certainly looking that way at this moment,” Trump […]

     
  • Brazen Attacks on Key Saudi Oil Facilities Knock Half of Daily Saudi Production Offline, Place Region on Edge
     

    In the early hours of Saturday morning, two of Saudi Arabia’s most important oil facilities were brazenly attacked and set ablaze, causing a disruption of half of Saudi Arabia’s total daily oil production and 5% of the world’s crude supply and throwing the tense region into greater risk of conflict. The attacks on Saudi Arabia hit […]

     
  • Positive Trends Seen in Latest Data on Saudi Tourism Sector
     

    Recent data released by the Tourism Information Research Center for the Saudi Commission for Tourism & National Heritage finds encouraging data for Saudi officials hoping to attract tourism spending from abroad and entice Saudis to spend vacation locally in the Kingdom. Tourism spending in Saudi Arabia amounted to $9.6 billion during July and August of 2019 […]

     
  • Saudi Arabia will Continue Efforts to Raise Oil Prices with Compliance on OPEC+ Production Cuts
     

    Saudi Arabia’s new minister of energy Prince Abdulaziz bin Salman said the Kingdom would continue to overcomply voluntarily with oil output cuts agreed by the OPEC+ producer alliance, Reuters reports, as the Saudi Arabia hopes to push the price of oil higher. The comments from the new minister came after a meeting of ministers from […]

     
  • First shares in Aramco will be sold on Saudi stock exchange – reports
     

    Saudi Aramco will list the first shares of the company on Saudi Arabia’s stock exchange, the Tadawul, and will do so “very soon,” the company’s CEO Amin Nasser said. The local listing is likely to precede an international one, but the company has not yet selected a location, according to reports. “The primary listing is to list […]

     
  • IMF suggests Saudi Arabia double its VAT to 10%
     

    The International Monetary Fund (IMF) suggested that Saudi Arabia would see positive economic benefits by raising its Value Added Tax (VAT) to 10% after successfully implementing a 5% VAT last year. “The introduction of the VAT in January 2018 was a landmark achievement, with revenue collections exceeding expectations,” the Washington-based lender said in a report […]

     

MUST-READS

  • Saudi Arabia reopens embassy in Syria, completing reconciliation with Assad regime

    At a reception held at Damascus’s Four Seasons Hotel on Monday, Saudi Chargé d’Affaires, Abdullah Al-Harith, stated that the reopening of the Kingdom’s diplomatic mission in Syria “represents an important moment in the history of relations between our two brotherly countries”. He also emphasised Riyadh’s commitment to developing bilateral relations with Damascus.

  • Saudi Arabia reopens its embassy in Damascus after a hiatus of 12 years

    It is noteworthy that in May this year Saudi Arabia had appointed Faisal bin Saud Al-Mujfel as its ambassador to Syria, months after announcing the resumption of diplomatic relations between the two countries, becoming the first Saudi ambassador since the embassy was closed in 2012. Syria appointed earlier Dr. Muhammad Soussan as new ambassador to Saudi Arabia. Dr. Soussan assumed charge in Riyadh in January this year. In May 2023, Saudi Arabia restored diplomatic ties with Syria after a hiatus of 12 years.

  • Saudi Arabia to scale back debt issuance in H2: Fitch Ratings

    Saudi Arabia plans to reduce its debt issuance in the second half of 2024, thanks to substantial dividend payments from Aramco that have alleviated the need for sovereign financing, according to Fitch Ratings. This decision comes after a period of significant debt issuance in the first half of the year, reflecting the government’s strategic fiscal management.

  • Saudi Arabia announces new fee rules on customs services

    On 6 September 2024, the Board of Directors of the Zakat, Tax and Customs Authority (ZATCA) issued Resolution No. (03-03-24) dated 18/10/1445 AH (Resolution) regarding the new fee structure for customs services. On the same day, the ZATCA announced the issuance of the Resolution on its website. The new fee structure includes waiving export customs service fees and introducing a new mechanism for calculating import customs service fees with minimum and maximum fee caps, in addition to a special provision for e-commerce.

  • The Economic Impact of Generative AI Use: The Future of Work in the Kingdom of Saudi Arabia

    This study estimates that using generative AI to transform the way work is currently done in the Saudi private sector economy, excluding government agencies, can potentially unlock USD133.6 billion of productive capacity, equivalent to the size of its manufacturing industry. This estimate does not specify a timeframe for achieving this uplift but illustrates the potential gains for the economy should full adoption be achieved.

  • Saudi Arabia claims qualifying win over China at Asia World Cup

    Australia endured another disappointing evening in Asia’s World Cup qualifying on Tuesday as Graham Arnold’s side were held to a 0-0 draw by hosts Indonesia while Saudi Arabia claimed a late 2-1 win over China. Hassan Kadish’s 90th minute header earned victory for the 10-man Saudis, who moved onto four points from their opening two games in Group C of the third phase of qualifying

  • Saudi Arabia among top global investment destinations, says Al-Falih

    He explained that convincing international investors to invest their money in Saudi Arabia was not difficult, as investors were looking for a destination that offers several key factors, such as political and economic stability, predictability, a long-term vision, abundant opportunities, a strategic location and presence of local investors. Almost 87% of the 1,000 Vision 2030 initiatives have been implemented or are nearing completion. Saudi Arabia included more goals after completing the initial ones.

  • Microsoft and partners to generate $24 billion in Saudi Arabia over next four years, says IDC study

    Microsoft, along with its partners and cloud-utilizing customers, is projected to generate approximately $24 billion in additional revenue above the 2022 figures over the next four years, according to a recent study from IDC. The same research indicates that by 2026, Microsoft’s partner ecosystem will earn roughly $8 for every $1 of revenue generated by Microsoft’s cloud services. This presents significant opportunities for partners in the Kingdom to enhance their revenues, increase local content contributions, and expand their customer bases.

  • Saudi Arabia starts time planning for 2025 Hajj season

    Saudi Arabia announced the start of time planning for the 2025 Hajj season, during a meeting held on Sept. 8 in Jeddah, under the auspicious of Prince Khalid Al Faisal, Advisor to the Custodian of the Two Holy Mosques, Governor of Makkah Province and Chairman of the Central Hajj Committee.

  • Saudi Arabia’s game plan for a thriving esports economy: Video

    From hosting the first-ever Esports World Cup to announcing plans to build cutting-edge gaming arenas, Saudi Arabia is making big moves in the esports industry. With projections of a $13 billion boost to its economy, CNN’s Eleni Giokos takes a look at how this thriving sector is redefining entertainment and business in a country with a young, tech-savvy population.