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  • Saudi private-sector growth in August is fastest this year: PMI
     

    Growth in Saudi Arabia’s non-oil private sector edged up in August to its fastest rate this year, according to reports, “suggesting a long-awaited recovery of the economy may have begun.” The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index rose to 55.1 last month from 54.9 in July; a level above 50 indicates expansion, Reuters […]

     
  • 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 […]

     
  • PIF Picks All-Star Investors for FII Advisory Board
     

    Saudi Arabia’s Public Investment Fund (PIF) has formed an advisory board of 11 top technology, finance and business executives that will provide strategic guidance on developing the kingdom’s Future Investment Initiative as a platform that attracts investment. The advisors include Masayoshi Son, the CEO of Japan’s SoftBank Group, Joe Kaeser, the president and chief executive of German industrial […]

     
  • SAMI CEO Gives Interview to DefenseNews.com: ‘SAMI itself is acting as a kind of active holding company’
     

    The CEO of Saudi Arabian Military Industries (SAMI) recently gave an interview with DefenseNews.com about how the organization works within Vision 2030 to develop the Kingdom’s future defense industry. Localizing Saudi Arabia’s military industry is a key part of the Kingdom’s ambitious social and economic reform plans. “SAMI itself is acting as a kind of active […]

     
  • IMF Raises Saudi Arabia GDP Forecast, Non-Oil Growth Gains Momentum; Vision 2030 Reforms Cited
     

    Even without a Saudi Aramco IPO, the Kingdom’s Vision 2030 economic and social reform blueprint is having an undeniably positive effect on the Saudi economy and growth, the IMF said. Real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent, the IMF forecasted. Growth is expected […]

     
  • Saudi Arabia’s PIF Seeks $11 Billion Loan, FT Reports
     

    Saudi Arabia’s Public Investment Fund (PIF) is set to choose international banks to lend the wealth fund $11 billion, according to a report in the London-based Financial Times. The FT reports that there is strong interest from major international lenders in participating in the loan to the PIF, including “[s]ome of the most senior names in international banking, including JPMorgan’s Jamie Dimon, Morgan […]

     
  • 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, […]

     
  • 2.3 Million Attend Hajj in Saudi Arabia
     

    An estimated 2.3 million pilgrims reassembled in Mina on Tuesday in celebration of the Eid Al-Adha with the rest of the Islamic world, as part of the annual Hajj pilgrimage, a 5-day journey to the holy city of Mecca in Saudi Arabia. The pilgrimage represents one of the five pillars of Islam and is required of all able-bodied […]

     
  • Report: Saudi Arabia Eyes Oil Port in Eastern Yemen near Oman
     

    Saudi Arabia is reportedly eying a new oil port to be built in Yemen’s southeast al-Mahra governorate, near Oman, where Saudi-led coalition troops are present, the energy-focused website oilprice.com reports. Saudi Arabia-based marine construction company Huta Marine has sent a letter to the Saudi ambassador to Yemen in which it thanks the official for the opportunity to […]

     

MUST-READS

  • KAUST startups combine to win NASA’s Deep Space Food Challenge

    Two King Abdullah University for Science and Technology agricultural technology startups, Natufia and Edama, are among the 10 international winners in NASA’s competitive Deep Space Food Challenge. NASA and the Canadian Space Agency jointly recognized Natufia and Edama for bringing innovative food production technologies to space. A show highlighting the challenge aired on NASA television on Nov. 9, with details about the winning solutions and what is next for the winners.

  • Kissflow partners with four Saudi IT companies to boost cloud

    The recent Saudi Arabia CIO Survey by IDC has found that more than 25% of enterprises in Saudi Arabia have plans to deploy cloud infrastructure. Recognising this market demand, through 2021, Kissflow has established itself as a key enabler of cloud and digital transformation for Saudi enterprises with its market-leading No-code citizen developer platform.

  • Shell to Move Headquarters to London Amid Energy Transition

    Under the plan, the company’s headquarters will be in the U.K., rather than The Hague, and its chief executive and board meetings relocated to Britain. The company would also take up tax residence in the U.K., instead of the Netherlands. The restructure envisions a name change, the oil company said, that would drop the Royal Dutch designation it has held for more than 130 years to become just Shell.

  • GACA Saudi Arabia to participate in Dubai Airshow 2021

    Several entities will participate in the GACA’s pavilion, including the Saudi Academy of Civil Aviation (SACA), the Saudi Civil Aviation Holding Company represented by Riyadh and Dammam Airports Company, Saudi Arabian Airlines, Altanfeethi Company, Saudi Air Navigation Services Company, Prince Sultan Academy of Aviation Sciences, Saudi Airlines Catering Company, Saudi Airlines Real Estate Development Company, Flynas, and Flyadeal.

  • Anthony Mackie, Aiysha Hart to Lead Saudi-Backed ‘Desert Warrior’

    Desert Warrior is set in the early seventh century, when Arabia was made up of rival, feuding tribes, disunited and forever at each other’s throats. Emperor Kisra (Kingsley) has a fearsome reputation for being utterly ruthless. But when the Arabian Princess Hind (Hart) refuses to become Kisra’s concubine, the stage is set for an epic confrontation. It is a battle that, by its conclusion, will have changed the region forever and echo throughout history.

  • Saudi PIF nearly triples U.S. stock holdings; adds Walmart, Pinterest

    "The Q3 figure is indeed significantly larger than Q2, but most of the increase is due to Lucid Motors' IPO in July," said Diego Lopez, managing director at Global SWF, an industry data specialist.

  • StanChart executes $250 mln ESG-based repo deal with Saudi National Bank

    Standard Chartered Bank (STAN.L) said on Monday it has executed a $250 million repurchase agreement transaction (Repo) based on ESG principles with the Saudi National Bank. The transaction is the first in the Middle East, North Africa and Pakistan region, and among the first globally, where repo financing proceeds are allocated towards ESG assets, it said in a statement.

  • ‘Lockheed Martin’: Saudi Arabia Provides Ideal Opportunities for Manufacturing Parts of Our Military Products

    International Business Vice President at Lockheed Martin Ray Piselli has said that Saudi Arabia provides ideal opportunities for manufacturing parts of Lockheed Martin’s products, pointing out that the corporation is working with Riyadh to make the Kingdom a world-class producer of military equipment.

  • 6.3 mag earthquake rocks Middle East

    The earthquake was centered 18 km from Hormozgan Province, in Iran at 4:08 pm at a magnitude of 6.3, with aftershocks felt in Bahrain, Saudi Arabia, Iran, Oman, Pakistan, Qatar, United Arab Emirates, and Afghanistan, according to U.S. Geological Survey, ready.gov.

  • Charts: Ecommerce in the Middle East (Stats and Outlook)

    Despite its growth, GCC ecommerce is small compared to leading countries. eMarketer projects global ecommerce sales to reach $4.9 trillion in 2021. China remains the dominant ecommerce economy, accounting for roughly 57% of the total. The GCC’s projected 2021 total, $29 billion, accounts for less than 1%.