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  • Hilton to Open 35 Hotels, Add 10,000 Rooms in Saudi Arabia as Tourism Sector Soars
     

    Hilton Hotels & Resorts announced it is looking to build 35 new hotels in Saudi Arabia, adding as many as 10,000 rooms over the next 3-5 years, according to reports on comments made by a top executive for the company. The decision to invest in Saudi Arabia – the company’s largest pipeline in the Middle […]

     
  • Kingdom Ends Corruption Crackdown with $106 Billion Recovered
     

    Saudi investigators have recovered assets worth more than $106 billion in an anti-corruption crackdown ordered by Crown Prince Mohammed bin Salman, the royal court said on Wednesday. The crackdown began in November 2017 when Saudi Crown Prince Mohammed bin Salman ordered suspects detained at the Ritz Carlton in Riyadh. The government summoned 381 people, although some appeared only […]

     
  • Secretary of State Pompeo Kicks Off 8-Nation Middle East Tour
     

    Secretary of State Mike Pompeo begins a weeklong tour of eight Arab nations in the Middle East through Jan. 15, including a visit to Saudi Arabia. The Secretary’s schedule will take him to Amman, Cairo, Manama, Abu Dhabi, Doha, Riyadh, Muscat, and Kuwait City. Pompeo will give a major speech about America’s role in the region and privately […]

     
  • Oil Posts Biggest Weekly Gain Since December 2016
     

    Brent crude headed for its biggest weekly gain since December 2016 after several months of price falls as Saudi Arabia’s production cuts outweighed concerns over the health of the global economy, according to reports. The weekly gain – nearly 9% on the Brent crude index – follows three weeks of losses and its worst quarter in […]

     
  • Breakthrough Ceasefire Agreements Reached over Yemen Ports as U.S. Senate Rebukes Trump
     

    The internationally recognized Yemeni government and the Iranian-aligned Houthi movement agreed to a ceasefire around the city of Hodeidah and to remove troops from the area in a potential major turning point for the three year old conflict, according to reports. The agreement was reached at U.N.-brokered talks in Sweden. The port, which is currently under Houthi control, […]

     
  • KPMG Releases Second Edition of its Saudi Arabia CEO Outlook report; Finds Positivity Among Saudi CEOs
     

    KPMG has released its second edition of its Saudi Arabia CEO Outlook report, available as a .PDF from the company’s website here.  The report is based on interviews with 50 CEOs of organizations in Saudi Arabia for their thoughts and insights on the potential opportunities that they have while preparing for the challenges that lie ahead, […]

     
  • Saudi Aramco Aims to Invest $150b to Become Gas Exporter – CEO
     

    Saudi Aramco’s gas expansion strategy needs $150 billion (117.55 billion pounds) worth of investments over the next decade as the company plans to increase output and become an exporter, Reuters reports, citing CEO Amin Nasser’s comments at an industry event in Dubai. Aramco is pushing ahead with its conventional and unconventional gas exploration and production program […]

     
  • Full Text: Saudi Arabia Public Prosecution’s Briefing on the Investigation Results into the Murder of Jamal Khashoggi
     

    Saudi Arabia’s Public Prosecution released a briefing on the investigation into the murder of Jamal Khashoggi in Istanbul. Below is the full text of the briefing, emailed by the Saudi Embassy in Washington, D.C. *** Public Prosecution: A Briefing on the Investigation Results  The Public Prosecution said in a press briefing that through the investigation […]

     
  • Saudi Economy Fundamentals Stable, Continued Growth Expected: Jadwa Investment
     

    A recently released macroeconomic update by Jadwa Investment finds the fundamentals of the Saudi economy remain unaltered and the bank “expects solid growth in the next few years” by 2.2 percent in 2018 (compared to -0.9 percent in 2017), with an improvement in the oil sector lifting oil GDP to 3.2 percent in 2018. Looking out into […]

     
  • S&P says Gulf countries need to raise $300 billion by 2021 – Report
     

    Gulf Cooperation Council (GCC) countries will need to raise about $300 billion between 2018 and 2021, with Saudi Arabia having the largest financing requirements, according to rating agency S&P as reported in Reuters. According to a Reuters report, the S&P expects 70 percent of the $300 billion of combined funding needs to be raised through debt […]

     

MUST-READS

  • Virus Cases in Saudi Arabia Rise as Gatherings of More than 5 People Banned

    The Saudi Health Ministry said Thursday that the Kingdom has a total of 33,731 cases of the coronavirus after 1,793 more people tested positive as the Interior Ministry announced that gatherings of more than five people are banned. Health Ministry spokesman Dr. Mohammed Abdelali said five percent of the new cases are children, 93 percent are adults and the rest are aged above 65.

  • Saudi nationals fly back to Riyadh from Lebanon

    While Saudi nationals have not been able to cross from Syria to Lebanon, 88 Saudis who were staying in Lebanon flew home on a Saudi Arabian Airlines flight. They took off from Beirut Rafik Hariri International Airport and landed at Riyadh’s King Khalid International Airport. This falls within the efforts to repatriate Saudis wishing to come back to the Kingdom amid the COVID-19 pandemic.

  • Aramco close to inking $10 billion deal with group of about 10 banks: sources

    Saudi Aramco is about to finalise a $10 billion loan with a group of roughly 10 banks, three sources familiar with the matter said, as the oil giant seeks cash amid record low oil prices. Aramco is raising the loan to back its acquisition of a 70% stake in Saudi Basic Industries Corp (SABIC) from Saudi Arabia’s Public Investment Fund, a deal worth almost $70 billion, sources have previously told Reuters.

  • Pentagon warns Taliban of ‘responses’ if violence continues

    “If the violence cannot be reduced then yes, there will be responses,” US Forces-Afghanistan spokesperson Colonel Sonny Leggettwrote in a letter to Taliban spokesman Zabihullah Mujahid that he posted a copy of to Twitter.

  • Saudi Arabia’s Social Development Bank earmarks $2.4bn for micro-enterprises

    The first track will provide easy and quick funding for 6,000 new and existing start-ups. The second track is a healthcare portfolio aimed at funding 1,000 medical establishments to raise their operational capacity during the crisis.

  • Lebanon’s latest reform-for-support plan

    What distinguishes this plan from previous reform pitches is the fact that this government rests on the support of only one side of Lebanon’s political spectrum — Hezbollah and its allies. Previous proposed support packages for Lebanon were implicitly (and often not-so-implicitly) designed to strengthen the legitimate state institutions relative to non-state actors, especially Hezbollah.

  • As Lebanon’s crisis deepens, politicians trade blame

    Lebanon faces its gravest threat since the 1975-90 civil war as its currency sinks, inflation spirals and protesters return to the streets, angered by an economic crisis made worse by a coronavirus shutdown. Unrest this week in Sidon and Tripoli, where banks were torched and a demonstrator killed, is seen as a sign of what’s to come as poverty and unemployment soar. Prices of consumer goods have shot up 50% since October.

  • Key U.S. Official Urges Lebanon to Prove Commitment to Reforms: Al-Arabiya

    U.S. State Department's top diplomat for the Middle East has urged crisis-hit Lebanon to prove its commitment to reform in order to secure international assistance, Saudi-owned Al Arabiya TV channel said on Wednesday. Lebanon is grappling with renewed protests following a collapse in its currency, soaring inflation and spiralling unemployment, but its dire financial straits have only been worsened by a shutdown to rein in the coronavirus pandemic.

  • Saudi Banks Act in Unison to Reassure Investors on Oil and Virus

    Saudi Arabia’s banks are all on the same page when it comes to the message they want to send to investors this earnings season: they’re financially sound, even with the double whammy of the coronavirus and collapse in oil prices. All of the oil-rich kingdom’s listed lenders used the same language -- word-for-word -- to highlight their strength and warn that it’s still too early “to determine the size and extent of the financial impact at this stage.”

  • Lebanon on Life Support: Protest Amidst COVID-Fueled Crisis

    If and when the virus penetrates Lebanese society, the country’s health care system will be woefully unprepared, and its infrastructure lacking. Now, with a confirmed case of COVID-19 in one of its refugee camps, Lebanon may be facing the beginning of a destabilizing public health crisis. And, even if public officials are able to curb the spread of the virus, Lebanon certainly faces another emergency in the form of a crippling economic recession.