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  • Saudi Arabia’s Grain Organization will Privatize Four Mills as Reforms Reach More Sectors
     

    Saudi Arabia’s state grain buyer, the Saudi Arabian Grains Organization (SAGO), said on Thursday it would start accepting applications for qualification of potential investors interested in the sale of its four mills on Aug. 26 as the push toward privatization across several sectors in the Kingdom continues. Reuters reports that the agency “will also make […]

     
  • Saudi, UAE, Kuwait to Support Bahrain Economy after Downturn
     

    Saudi Arabia, Kuwait and the United Arab Emirates will soon announce an “integrated program” to support Bahrain’s economic reforms and its fiscal stability, Reuters reports, citing a joint statement from the three Gulf states on Tuesday. Like other oil producing nations whose state finances are closely tied to oil prices, Bahrain’s economy was hit hard […]

     
  • In Win for Saudis, OPEC Agrees On ‘Modest’ Increase in Oil Production
     

    The Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday on a modest increase in oil production from July, Reuters reports, after its de-facto leader Saudi Arabia “persuaded arch-rival Iran to cooperate” amid calls from major consumers to help reduce the price of crude and avoid a supply shortage. The increase followed days of […]

     
  • Saudi Arabia Selected for MSCI Inclusion; Analysts Expect Significant Capital Inflows
     

    Following years of effort by Saudi officials to increase transparency in its stock market, the Kingdom won inclusion into MSCI, Inc.’s highly sought-after emerging market index, expanding the asset class by as much as $600 billion for the Kingdom. The news, announced overnight in Saudi Arabia, was welcomed by Saudi officials and executives at the […]

     
  • Potentially Lucrative Decision for Saudi Arabia on MSCI Inclusion Today
     

    Saudi Arabia will hear news regarding its inclusion into MSCI, Inc.’s highly sought-after emerging market index. The announcement is expected at 4:30pm today on the U.S. East coast, or 23:30 tonight in Riyadh. As Bloomberg writes, the Kingdom’s path toward potential inclusion in the index began three years ago with a concerted effort toward more transparent […]

     
  • Saudi Arabia, Russia to Jointly Invest $2 Billion in Tech Following Crown Prince, Putin Meeting
     

    Saudi Arabia and Russia will jointly invest $2 billion in technology projects next year, according to reports, following the visit of Crown Prince Mohammed bin Salman to Russia at the start of the World Cup last week. Russia’s RIDF, the country’s sovereign wealth fund, and Saudi Arabia have already allocated $10 billion for investment with $2 billion […]

     
  • Saudi Digital Media Startup Raises $9 Million Series A Round with 20m Subscribers
     

    A Saudi Arabia-based digital media company raised $9 million in a Series A round of funding, according to reports. Telfaz11, with over 20 million subscribers on their network, and reporting more than 2 billion views on YouTube, is a leading Arabic Multi-Channel Network (MCN) which seeks to change the face of home-grown online entertainment. “As a pre-eminent […]

     
  • Tough Start for Saudi Arabia Football at World Cup; Uruguay Next
     

    Host country Russia defeated Saudi Arabia 5-0 in a tough start for the Kingdom’s first World Cup bid in 12 years. Saudi Arabia’s Crown Prince Mohammed bin Salman watched the match alongside of Russia’s President Vladimir Putin, and video images of the two leaders reacting to the match have gone viral on social media sites. […]

     
  • Saudi Arabia Set to Launch $32 Billion Plan to Jumpstart Housing Market
     

    Saudi Arabia’s Public Investment Fund-backed mortgage company, the Saudi Real Estate Refinance Company (SRC), plans to roll out new funding soon to the Kingdom’s lenders to boost home ownership in Saudi Arabia, according to a report. Announced in October 2017, the creation of the SRC and the overall plan for $32 billion to boost home ownership […]

     
  • Privatization and Vision 2030: Report Looks at Opportunities, Challenges for Saudi Arabia’s Ambitious Plans
     

    A recently released Jadwa Investment report lays out in detail Saudi Arabia’s ambitious privatization plans as part of its Vision 2030 economic and social reform program and identifies opportunities and challenges for decision-makers. The research report, entitled “Privatization and Vision 2030” which was emailed in a note to investors by Jadwa’s head of research Dr. Fahad Alturki, […]

     

MUST-READS

  • Saudi FoodTech start-up Siwar raises $7.5m in funding round

    Saudi Arabian food technology start-up Siwar has raised 28 million Saudi riyals ($7.5m) in its latest funding round. The Series A funding round led by Riyadh-based travel services company Seera Group, in which other unnamed strategic investors also took part, will help Siwar to strengthen its consumer insights and distribution network, the company said in a statement on Thursday.

  • Saudi Arabia introduces biometric smartphone app for visas

    Saudi Arabia is the first country in the world to allow registration of biometrics on smartphones for issuing electronic visas. Pilgrims can now apply for Hajj and Umrah visas from their smartphones. They will be issued online without the need for people to visit visa centres to register their biometrics in their countries.

  • Saudi Agtech Startup Red Sea Farms Is On A Mission To Enable MENA Farms To Grow Crops Using Saltwater

    Established in 2018, the agtech startup uses its proprietary smart system involving solar and growth monitoring technologies to use saltwater to grow crops or reduce freshwater usage in irrigation and cool greenhouses, which also saves energy.

  • WhatsApp down: how parts of the Middle East came to depend on the messaging service

    Facebook and WhatsApp have long been staples of Middle East communication, with the former's use in the region expanding from fewer than 20 million users a decade ago to almost 200 million today. WhatsApp has also become progressively more important, especially since the Covid-19 pandemic began.

  • Saudi youth’s growing ‘fascination’ for Japanese language, anime and arts

    ”I have been very excited and honoured to meet so many Saudi citizens, especially those from the younger generation, who are strongly fascinated with the Japanese pop-culture, such as anime and manga, as well as Japanese traditional arts such as Shodo, which drove so many people to learn the Japanese language,” he said.

  • Big oil courts U.S. clean-energy startups in bid to speed green transition

    There are roughly 20 clean-tech U.S. incubators tracked by the Electric Power Research Institute. But that number likely undercounts the total because of their rapid growth, said Julia Travaglini, vice president of marketing for Greentown Labs. "We're seeing across-the-board an uptick in clean energy" incubators, added Lindsay Schuenke, director of content at the International Business Innovation Association, which works with business development groups.

  • Retailers chartering cargo ships could extend inflation woes

    Retailers want to avoid paying spot rates—the one-off prices for companies buying unplanned, last-minute space on a container ship—which have soared during the pandemic. Aside from being expensive, spot shipping is also an unreliable way to move goods, because companies can’t always find a ship that will sell them ad hoc cargo space when they need it.

  • Foodics partners with American Express Saudi Arabia

    The announcement comes at the back of its series B fundraising in February this year, during which it raised $20 million in a funding round led by Sanabil Investments, a firm wholly owned by Saudi Arabia’s Public Investments Fund. With this latest announcement, Foodics is on track to exceed its 2021 targets, with 11,000 brands onboarded so far and growing, as well as new product launches also in the pipeline.

  • IMO and Kingdom of Saudi Arabia sign new partnerships

    IMO has signed three partnership agreements with the Kingdom of Saudi Arabia to support the preparation of a new global project that targets ship-based emissions. Further funding goes to existing projects focused on biofouling and marine plastic litter. The agreements, signed by IMO Secretary-General Kitack Lim and His Excellency Mr. Saleh bin Nasser al-Jasser, Minister of Transport and Logistic Services, Kingdom of Saudi Arabia (28 September), will see US$509,000 going to the three environmental initiatives.

  • EU seeks stronger partnership with Gulf countries

    Borrell, who began a visit to Qatar, the United Arab Emirates and Saudi Arabia Thursday published a lengthy personal bloc, titled the EU's stakes and options in a changing Gulf region, explaining the objectives of his first visit as the EU foreign policy chief to the Gulf region. “It is a dynamic region in the middle of a significant transformation. This gives us a chance to develop new forms of cooperation," he stressed.