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  • IMF: Saudi Arabia Making ‘Good Progress’ on Vision 2030, Should Focus on Balanced Budget in 2023
     

    Saudi Arabia is making good progress in implementing Vision 2030 economic and social reforms, the International Monetary Fund (IMF) said in a statement late on Tuesday, as it urged the Kingdom not to increase spending and to focus on a balanced budget by 2023. “The government remains committed to wide-ranging economic and social reforms to transform the […]

     
  • Nasdaq Dubai to Launch Futures Trading in Saudi Quoted Companies before End of Year
     

    Nasdaq Dubai will launch futures trading in Saudi quoted companies “before the end of this year,” according to reports, marking the first time Saudi stocks can be traded in derivative form. The move will allow global investors to trade shares in Saudi Arabian listed companies via contracts to buy or sell shares at a set price in […]

     
  • Oil Hits $80 for First Time in Three Years, Saudis Consulting Other Producers on Supply
     

    The price of oil reached $80 on the Brent Crude Index this week for the first time in three years, prompting Saudi Arabia’s powerful Minister of Energy Khalid Al-Falih to tweet a message urging coordinated action to allay supply “anxiety,” according to reports. Al-Falih said in a Twitter post that he had called his counterparts […]

     
  • Ramadan Begins Today in Saudi Arabia
     

    Ramadan officially begins in Saudi Arabia Thursday, as millions of Muslims in the Kingdom and around the world prepare for a month of fasting, which is intended to bring Muslims closer to Allah and remind them of those less fortunate. The Islamic calendar is 11 days shorter than the Gregorian calendar, so each year, the […]

     
  • Design Released for Saudi Arabia’s New Global Business School in Jeddah
     

    Renderings of the forthcoming Global Business School in Jeddah have been published online, depicting a massive building that will serve as a modern campus for the educational institution in Saudi Arabia’s second largest city. The new business school, which will have both Saudi and international students, is expected to open in 2020 and will operate […]

     
  • Will Trump’s JCPoA Decision Affect U.S.-Saudi Nuclear Talks?
     

    President Trump’s decision to withdraw the United States from the so-called Iran deal may have an effect on the ongoing negotiations between the U.S. and Saudi Arabia, according to analysts, as Energy Secretary Rick Perry hopes to steer Saudi nuclear negotiators into an “acceptable 123 agreement with additional protocols.” The U.S. is hoping to position Westinghouse among […]

     
  • New Tax Gains Redistributed to Support Saudi Safety Net but Takes Toll on Balance Sheet, Report Says
     

    New tax earnings for Saudi Arabia’s government were offset by expenditures toward programs comprising the Kingdom’s safety net for lower income citizens, according to a Bloomberg report which cited Ministry of Finance figures. The increase in the kingdom’s spending on wages and social benefits during the first quarter “exceeded what it accrued through higher taxes […]

     
  • Saudi Arabia Applauds Trump Decision on Iran Nuclear Deal
     

    Saudi Arabia has embraced President Trump’s decision yesterday to pull the United States out of the JCPoA, the agreement to curb Iran’s nuclear ambitions by offering sanctions relief in exchange for Iran’s compliance with non-proliferation standards, according to statements made by top Saudi officials and the Saudi Press Agency. As the chief rival of Iran in […]

     
  • In Boost to Corruption Reforms, King Salman Signs Order Protecting Whistleblowers
     

    Saudi Arabia’s King Salman has ordered protection for employees who report financial and administrative corruption, according to reports, an indication that the Kingdom is taking seriously its efforts to combat graft. King Salman’s order is an “interim measure while more detailed legislation is finalized,” according to Faisal bin Farhan, the top advisor to the Royal Embassy […]

     
  • Saudi Arabia Launches $13b ‘Quality of Life 2020’ Program to Promote Entertainment, Health, and Sports
     

    At a ceremony in Riyadh yesterday, the Kingdom unveiled its plans to spend 50 billion riyals ($13.33 billion) by 2020 on a new ‘Quality of Life 2020’ initiative to promote entertainment, health, sports and education as part of a modernizing drive by Crown Prince Mohammed bin Salman, according to Reuters. The program, which aims to generate 300,000 […]

     

MUST-READS

  • Riyadh meeting highlights role of Saudi missions abroad in achieving strategic goals

    The 5th general meeting of the heads of the Saudi missions abroad discussed on Sunday the priorities of Saudi foreign policy and the role of the missions in achieving the Kingdom’s strategic goals.The agenda of the meeting included interactive dialogues and presentations with the aim of discussing and examining the ministry's strategies and initiatives and exchanging visions on their implementation. This is in addition to activating coordination between the Saudi missions abroad and government agencies, and exchanging views on issues related to their tasks on the external scene in a way that serves the interests of the country and the citizens.

  • Saudi Arabia proposes renaming OAPEC into the Arab Energy Organization

    Members of the Organization of Arab Petroleum Exporting Countries (OAPEC) signed a resolution on Sunday to rename the organization to the Arab Energy Organization (AEO), the Saudi Press Agency reported. Saudi Arabia had proposed renaming and restructuring the organization during the 113th ministerial meeting in Kuwait this week. Saudi Arabia's proposal aimed to enhance OAPEC's charter and promote stronger cooperation among its members as part of a larger reconstruction initiative, the SPA added.

  • Non-institutional foreign ownership ex-Aramco rises to 9.48% last week

    Non-institutional foreign investors raised their ownership in Tadawul-listed equities, excluding Saudi Aramco, from 9.40% to 9.48%, or SAR 327.82 billion, in the week ended Dec. 12, market data showed.  The ownership of non-institutional foreign investors is represented by swap holders, residents, and qualified foreign investors (QFIs).

  • Industrial Licenses In KSA

    The Kingdom of Saudi Arabia (KSA) offers significant investment opportunities, particularly in the industrial sector, which is a cornerstone of its national economy. Aligned with Vision 2030, the Kingdom continues to improve legislation and regulations to foster industrial growth and sustainability. This article outlines the types of industrial licenses, application procedures, and associated fees for establishing an industrial project in Saudi Arabia.

  • Another huge airport coming in Riyadh, Saudi Arabia – living up to the hype

    Now Saudi Arabia will open what is being billed as one of the world's physically largest airports - King Salman International - in Riyadh by 2030, forming a crucial part of Crown Prince Mohammed bin Salman's 'Vision 2030'.  The international companies Foster + Partners, Jacobs, and Mace, along with the Saudi company Nera, have already been signed up to design and build it. Coming in at USD29 billion, it will be the one of world's costliest airport projects too. Along with the extension of Dubai World Central (Al Maktoum International Airport) in the UAE; the now mostly completed expansion of Hong Kong International Airport including the third runway; the Long Thanh Airport in Vietnam - a greenfield project; and the expansion of Jeddah's King Abdulaziz International Airport - also in Saudi Arabia. The Asia Pacific region is the world's most populous, and the fact that three of these five projects are in the relatively lightly populated Middle East, rather than there, is testament to the continuing ambition already inherent in that region.

  • FIFA has a human rights policy, so how could it award Saudi Arabia the 2034 soccer World Cup?

    Supporters of the decision, including respected sports journalist Tracey Holmes, argue a World Cup in the kingdom offers a once-in-a-generation opportunity to foster positive change. A range of celebrities and players also congratulated the Saudi Arabian Football Association and Prime Minister Mohammed bin Salman. FIFA claims it can encourage positive human rights transformations in host nations, and since 2017 it has enshrined human rights in its guiding principles. In 2017, FIFA’s executive committee signed onto the so-called “Ruggie Principles”, adopted by the United Nations Human Rights Council unanimously in 2011.

  • Saudia Reduces India Flights Despite High Demand

    The move to reduce the operations of Saudia is rather surprising, especially at a time when other airlines from both sides, from India and Saudi Arabia, are simultaneously expanding into this flourishing market to cater to ever-growing demand.  when the observations were made, one surprise was that Saudia does not have any flights to India from Dammam (DMM), one of Saudi Arabia’s most important cities, though direct flights are offered by several other competing airlines between Dammam and destinations across India. Air connectivity between India and Saudi Arabia is quite flourishing, as lots of airlines fly in this high-demand corridor.

  • Saudi Arabia’s cybersecurity strategy: Building a resilient digital future

    At the heart of this strategy is the National Cybersecurity Authority (NCA), which was established to oversee and coordinate the Kingdom’s cybersecurity efforts. The NCA is tasked with ensuring that all sectors, both public and private are aligned in their cybersecurity initiatives. By providing a clear framework and governance structure, the NCA fosters collaboration between government entities, critical infrastructure providers, and private-sector partners to address emerging cyber risks.

  • Saudi Arabia ranks third in global AI policy review, behind US, UK

    Saudi Arabia has been ranked third globally in the Organization for Economic Co-operation and Development’s AI Policy Observatory, behind the US and the UK.Al-Ghamdi added that the Kingdom’s AI Ethics Early Adopters initiative and the International Center for AI Research and Ethics were vital in enhancing trust in AI products and establishing ethical standards for AI practices and services. He said that ICAIRE, which is based in Riyadh and sponsored by UNESCO, had been selected as a regional and global partner for advancing the AI ethics agenda. Al-Ghamdi added that UNESCO had praised Saudi Arabia’s advances in the AI sector as part of a recent report evaluating countries’ readiness to adopt AI in accordance with ethical values and international standards.

  • Saudi Arabia hosting World Cup 2034 will harm climate, experts say

    As the newly named host of the 2034 World Cup in men's soccer, Saudi Arabia says it will construct or renovate 15 stadiums, create a futuristic city and expand airports in a massive build-out to accommodate millions of athletes, coaches and spectators. That will emit tons of planet-warming greenhouse gases as concrete and steel are manufactured and transported, diesel-powered excavators and trucks move material, and new buildings are powered and cooled. When all the emissions associated with the world's buildings are grouped together, they are the largest contributor to climate change.