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  • Saudi Aramco Inks Two Deals Worth Nearly $50 Billion
     

    Saudi Aramco inked two deals yesterday totaling a whopping $49 billion as the state-run oil company ramps up to a planned public offering. The Wall Street Journal and Reuters report that India and Saudi Arabia on Wednesday signed an agreement to set up a “mega” crude-oil refinery with a capacity to process 1.2 million barrels a day, […]

     
  • Major Fossil Discovery in Saudi Arabia is 90,000 Years Old
     

    A recently discovered fossil finger bone dating back about 90,000 years that was unearthed in Saudi Arabia’s Nefud Desert is “pointing to what scientists are calling a new understanding of how our species came out of Africa en route to colonizing the world,” Reuters reports. The discovery, the middle bone of an adult’s middle finger, […]

     
  • Saudi Crown Prince Wraps Up U.S. Tour in Houston with Big Gulf Investments Eyed
     

    Crown Prince Mohammed bin Salman wrapped up his unprecedented whirlwind tour of the United States with a stop in Houston to talk investments in the Gulf region. The Crown Prince visited Motiva Enterprises LLC, a wholly-owned downstream oil and gas subsidiary of Saudi Aramco, to witness the signing of MoUs worth between $8 billion to $10 billion with US […]

     
  • U.S. State Department Approves $1.31 Billion in Artillery Sales to Saudi Arabia
     

    The State Department approved a sale of $1.31 billion in artillery to Saudi Arabia, giving “a vote of confidence to the Saudi military as young Crown Prince Mohammed bin Salman concludes a marathon tour of the United States,” the Washington Post reports. The possible sale is for “155mm M109A5/A6 Medium Self-Propelled Howitzer structures for conversion to M109A6 […]

     
  • With Entertainment Opportunities in Focus, Saudi Pitches to 250 Hollywood Elite
     

    Saudi officials on Wednesday pitched ambitious entertainment industry plans to about 250 representatives from major Hollywood financiers and players in Los Angeles. The event, organized by the Saudi General Entertainment Authority at the Four Seasons Hotel in Beverly Hills, featured Saudi investment and private-sector leaders who “promised a cadre of services to facilitate U.S. investment and partnerships […]

     
  • Trump, King Salman Speak by Phone; Trump Urges End to Qatar Crisis
     

    President Trump and Saudi Arabia’s King Salman spoke by phone yesterday and discussed a number of regional issues, according to a readout of the call and wire reports. On the call, Trump “emphasized the importance of resolving the Gulf dispute and restoring a united Gulf Cooperation Council to counter Iranian malign influence and defeat terrorists and extremists.” The leaders […]

     
  • President Trump Calls King Salman, Urges End to Qatar Dispute
     

    President Trump and Saudi Arabia’s King Salman spoke by phone yesterday and discussed a number of regional issues, according to a readout of the call and wire reports. On the call, Trump “emphasized the importance of resolving the Gulf dispute and restoring a united Gulf Cooperation Council to counter Iranian malign influence and defeat terrorists and […]

     
  • Now West, Crown Prince Salman Meets with Tech Elite in Seattle
     

    Saudi Arabia’s Crown Prince Mohammed bin Salman met with some of the world’s most prominent technology executives in Seattle this weekend as part of his three-week long official visit to the United States. The powerful millennial has prioritized technology as part of Saudi Arabia’s Vision 2030 social and economic reform blueprint, and has used the newly-empowered Public […]

     
  • Saudi Arabia’s Swings for Fences With ‘Bold, Risky’ Solar Bet
     

    Saudi Arabia and SoftBank signed a MOU to build a $200 billion solar power project this week in New York, dwarfing all other existing or planned projects in the world and placing the Kingdom and its 3,000 hours of sunshine a year into a global leadership position in the renewable energy field. The project, unveiled in New York this week […]

     
  • Saudi Leadership Delighted at FTSE Inclusion for Tadawul; Billions Expected in Fresh Inflows
     

    The Saudi Arabian stock market will join FTSE Russell’s emerging market index starting in March next year in a move that will likely bring billions of dollars of fresh investment into the Kingdom, Reuters reports. Saudi Arabia’s Crown Prince Mohammed bin Salman and Finance Minister Mohammed Al-Jadaan met with the Mark Makepeace, chief executive of […]

     

MUST-READS

  • Saudi banks lead Gulf in loan growth as sector posts strong quarter

    Saudi lenders increased their loan books by a net 13.1 percent from the previous three months, the most of any country in the GCC, Kuwait-based asset manager Kamco Invest said in a report. Average return on equity, a measure of profitability, was 11.0 percent for the Kingdom’s banks, second in the region after Qatar, and above the average of 9.1 percent.

  • Saudi Arabia starts tendering process for second water transmission pipeline PPP

    Saudi Water Partnership Company (SWPC) issused on Wednesday an Expression of Interest (EOI) notice for the Rayis – Rabigh Independent Water Transmission Pipeline (IWTP) project with a transmission capacity of 900,000 cubic metres per day (m3/day). The 100-kilometre long water pipeline project is the second IWTP project to be tendered by SWPC after the 400,000 m3/day Ras Mohaisan–Baha-Makkah IWTP.

  • Saudi Arabia unveils locally-made smart chip and new tech initiatives worth $1bn

    Saudi Arabia unveiled its first locally-made smart chip and announced a slew of new high-tech initiatives worth 4 billion Saudi riyals ($1.07bn) in partnership with 10 global tech giants to improve its technological prowess. The new initiatives announced on Wednesday in Riyadh aim to boost innovation and the digital capabilities of the kingdom and produce one programmer out of every 100 Saudi nationals by 2030, the state-run Saudi Press Agency said.

  • Saudi Second-Quarter Exports Jump on Eased Lockdown, Oil Rally

    Saudi Arabia’s exports rose 99.4% during the second quarter of the year on an annual basis, driven mainly by the easing of Covid-19 lockdown measures and a recovery in oil prices. Total revenue was 238.6 billion riyals ($63.6 billion), up from around 120 billion riyals a year earlier, according to a statement by the General Authority for Statistics on Tuesday. Oil exports rose 126% during the quarter.

  • Parents battle dearth of domestic drivers as Saudi schools prepare to open

    “Most parents had been using school transport before the pandemic as they cannot drop and pick up their wards due to their job schedules, so they will continue with precautions assured by the transport providers.”

  • Commentary: Whither the Arabs – The end of the welfare state and the start of a journey into the unknown

    “The challenge of creating an average of 7.5 million jobs annually, just to keep the already high unemployment rate from rising, requires a major overhaul of economic and socio-political systems.”

  • Startup Hub Riyadh creates new generation of Saudi innovators

    “The Riyadh center specializes in the Internet of Things (IoT) and cybersecurity, and the Khobar center focuses on artificial intelligence and data analytics. We have a track for traditional businesses to adopt new technology, and we have another track for innovative startups.”

  • Qiddiya, Saudi Arabia’s Future Disruptive Entertainment, Sports & Arts Giga-Project

    “Entertainment is something that has grown in terms of importance everywhere. We have this growing realisation in the world that time passes very fast and people need to enjoy time together, and do things together — not just work, go to bed and go back to work,” Phillipe Gas, the CEO of the Qiddiya Investment Company, told sister organisation Asharq News.

  • Exclusive: India starts selling oil from strategic reserves after policy shift

    India has begun selling oil from its Strategic Petroleum Reserve (SPR) to state-run refiners as it implements a new policy to commercialise its federal storage by leasing out space, three sources familiar with the matter said.

  • Saudi startup Red Sea Farms secures $16m in latest funding round

    Saudi agricultural technology startup Red Sea Farms has secured $16 million in its latest funding round, exceeding the initial target thanks to strong investor interest. The agtech startup, which enables farming of produce using primarily salt water and sunlight, will use the capital injection to expand its operations in the region and beyond.