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  • New President for KAUST in Saudi Arabia
     

    In a press release today, the King Abdullah University of Science and Technology (KAUST) in Thuwal, Saudi Arabia, announced a new president in Dr. Jean-Lou Chameau, who will be the second to serve in that post since the university’s inception. Dr. Chameau previously served as President of the California Institute of Technology in Pasadena.

     
  • 5 More Years for Booming King Abdullah Scholarship
     

    Al Arabiya reports that the King Abdullah Scholarship Program, which has sent thousands of Saudi students to the United States and elsewhere, has been renewed for another five years in an important step that will strengthen US-Saudi cultural and economic ties. According to Al Arabiya, Minister of Higher Education Khalid Al Angari said the move was “clear […]

     
  • Saudi Arabia Strong Market for U.S. Companies, Ex-Im Head Says
     

    Saudi Arabia, the Arab world’s biggest economy, represents an “exceedingly” strong market for U.S. companies, Export-Import Bank Chairman Fred Hochberg said. “Part of that has been driven by in this part of the world a diversification of economies,” Hochberg said in an interview yesterday in Riyadh. “We see a lot of opportunity here. U.S. companies […]

     
  • Saudi Chartbook – February 2013
     

    Jadwa Investment’s recently released Saudi Chartbook for the month of February 2013 assesses a number of key aspects of the Saudi economy including the real economy, bank lending, banking indicators, inflation, trade, oil, exchange rates, the TASI (Saudi Stock Market), sectoral performance, and more. [The full report from Jadwa Investment can be read here.]

     
  • Saudi Arabia’s Six New Economic Cities
     

    Except for King Abdullah Economic City, each of the cities has its own area specialization being developed around at least one globally competitive cluster or industry. They are also being developed according to environmental guidelines using state-of-the-art greenfield solutions. The aim is to create opportunities for the private sector by way of jobs and attractive […]

     
  • Must-see interactive 360° view from top of Burj Dubai
     

    On the heels of last month’s viral photograph of the World’s Tallest Mountain, Mount Everest, which was captured in astounding interactive detail so much so that you can zoom in and out and see the entire mountain, it looks like a similar project was done on top of Dubai’s impressive Burj Khalifa tower, currently the […]

     
  • Al-Assaf, Al-Rabiah Headline Important Private Sector Initiative in Riyadh
     

    The high-level meeting, an ambitious private sector initiative, addressed joint Arab action agendas, with 21 proposals of developmental projects discussed. Saudi Finance Minister Ibrahim Al-Assaf and Commerce Minister Tawfig Al Rabiah headlined this important event in Riyadh, which was widely discussed on Social Media sites and in the general media.

     
  • Breakthrough in Saudi Arabia: 30 women named to parliament
     

    King Abdullah Bin Abdul Aziz of Saudi Arabia issued Friday a historic decree allowing women to be members of the kingdom’s previously all-male Shura Council for the first time. The decree amended two article in the council’s statute introducing a 20 percent quota for women in the country’s 150-member Shura Council, and the king appointed […]

     
  • Nitaqat: Towards a Saudi “New Deal?”
     

    Editor’s Note: ‘Saudization’ is a topic that has garnered a great deal of front-page ink in Saudi Arabia of late.  The Nitaqat (“Ranges”) Program introduced in 2011 has staunch advocates and detractors and the ongoing argument between members of the private sector and the Ministry of Labor over recent fee hikes for foreign employees has been […]

     
  • Are Members of Royalty “Foreign Officials” Under the FCPA?
     

    For U.S. companies conducting business abroad, the Foreign Corrupt Practices Act (FCPA) is a constant companion.  The FCPA, “applies to any person who has a certain degree of connection to the United States and engages in foreign corrupt practices. The Act also applies to any act by U.S. businesses, foreign corporations trading securities in the […]

     

MUST-READS

  • Saudi Arabia pushes ahead with economic transformation, minister says

     Saudi Arabia is "doubling down" on its multi-billion dollar plan to overhaul its economy and cut the kingdom's dependence on oil rents, the finance minister told an investor summit in Riyadh on Wednesday. The government is investing heavily in infrastructure works such as the vast mega-city NEOM project under the plan driven by Crown Prince Mohammed bin Salman, who wants to grow the private sector, develop new industries and create thousands of jobs.

  • Inside Saudi Arabia’s Big Cinema Swing ‘Desert Warrior,’ The Delayed $150M Historical Epic Still Being Readied For Battle

    Sources say a final cut is yet to be locked by Wyatt, who exited and then returned to the project amid creative fissures. A screen test revealed Desert Warrior’s disconnect with audiences and a handful of major U.S. studios were unconvinced about an earlier version of the movie. Deeper questions have been asked about Western creatives being entrusted with a historical story about the Middle East, while buyers raised concerns about the movie’s optics after the October 7 attack on Israel.

  • Lebanon, Israel could agree to ceasefire within days, Lebanese prime minister says

    Lebanon's prime minister expressed hope on Wednesday that a ceasefire deal with Israel would be announced within days as Israel's public broadcaster published what it said was a draft agreement providing for an initial 60-day truce. The document, which broadcaster Kan said was a leaked proposal written by Washington, said Israel would withdraw its forces from Lebanon within the first week of the 60-day ceasefire. It largely aligned with details reported earlier by Reuters based on two sources familiar with the matter.

  • Saudi Arabia in advanced talks over Zambia copper mine stake, Ma’aden CEO says

    Saudi Arabia is in the advanced stages of talks about a stake in a copper mine in Zambia and is expecting a deal by the end of the year, the CEO of Saudi Arabia’s flagship mining company Ma’aden told Reuters on Wednesday. “We are looking at Zambia, we are talking with a company there, with a mine there, so those are pretty advanced stage discussions,” CEO Robert Wilt, who is also vice chairman of Saudi Arabia’s international mining venture Manara Minerals, said.

  • AI Leaders Gather in Saudi Arabia to Talk Energy

    The Ritz-Carlton convention center played host to some bold predictions about the future. Softbank Group Corp.’s Masayoshi Son laid out a vision of superintelligence 10,000 times that of humans by 2035. Elon Musk, in a virtual appearance, said robots would far outnumber humans by 2040. And the Saudis touted plans to make their country an AI superpower, with smart cities and personalized health care.

  • NEOM announces the opening of Sindalah

    Sindalah’s surrounding waters are home to an impressive marine ecosystem that features over 300 coral species and 1,100 species of fish. Preservation of this unique habitat has been central to Sindalah’s development, so that guests will be able to explore these ecologically-rich waters for themselves for generations to come.

  • Israeli strike kills dozens in north Gaza residential block, US calls incident ‘horrifying’

    At least 93 Palestinians were killed or missing and dozens wounded in an Israeli strike on a residential building in the northern Gaza town of Beit Lahiya on Tuesday, the Gaza health ministry said, and the U.S. called the incident "horrifying". Medics said at least 20 children were among the dead. "A number of victims are still under the rubble and on the roads, and ambulance and civil defence crews cannot reach them," the territory's health ministry said in a statement.

  • Saudi Arabia Upbeat on FDI as 2030 Goal Remains Distant

    Saudi Arabia’s FDI inflows amounted to about $26 billion last year, above the government’s self-set target but still the lowest level since 2020. The data was recently revised higher, from $19 billion, to reflect what Al-Falih said was a methodology in line with International Monetary Fund standards. The kingdom aims to quadruple FDI inflows by 2030 in a bid to share some of the financial burden of spending on its economic diversification plan. Crown Prince Mohammed Bin Salman’s government also sees foreign expertise as critical to training the local population in new industries like technology and minerals exploration and catalyzing growth in those sectors.

  • At a Glitzy Saudi Investment Forum, Almost No Mention of War

    “Notwithstanding the regional war ensuing, the Gulf political elites, in particular in Saudi Arabia, need to project that they are open for business,” said Aziz Alghashian, director of research at the Observer Research Foundation Middle East, a think tank. “Restructuring the economy is not a matter of preference or desire, but the Saudis are considering the restructuring of the economy as an existential matter,” he added. “They need to make sure regional turmoil does not hinder these economic ambitions.”

  • Abu Dhabi Heavy Hitters Skip FII, Showing Riyadh Competition

    Key figures from Abu Dhabi, like Mubadala Investment Co. Chief Executive Officer Khaldoon Al Mubarak, have previously attended the event. But not many prominent names from the emirate have made the short trip over to Riyadh this year for the eighth edition of the summit. To solidify its advantage, the emirate started a conference of its own, Abu Dhabi Finance Week. That’s drawn prominent names, including billionaire Alan Howard who last year said the emirate could become a global financial center, and Bridgewater Associates Founder Ray Dalio, who has become the face of Abu Dhabi’s success in drawing hedge fund luminaries.