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  • Blackstone Establishes Energy Investment Vehicle for MENA Region
     

    Blackstone, the world’s largest buyout group with over $15 billion of equity globally with the energy industry has established Zarou, a company designed to develop, finance, construct and operate energy-related projects in the MENA region. According to the Financial Times, Blackstone will team with Sameh Shenouda, former head of infrastructure equity investments at the UK’s development finance […]

     
  • Global Advisory Board for NEOM Includes Diverse Experts
     

    The Saudi government has appointed a global advisory board for Neom, the kingdom’s $500 billion city of the future planned for Saudi Arabia’s northwest coast near Egypt on the Red Sea. The board is composed of experts in a variety of sectors – including urban planning, architecture, design, technology, sustainability, energy and manufacturing – to provide […]

     
  • Oil Reaches Four Year High after OPEC+ Downplays Calls for Increased Production
     

    Oil rose to its highest price in four years on Tuesday, to above $81 on Brent, after Saudi Arabia and Russia appeared to downplay calls from the US to increase production. Saudi Arabia said it will boost its crude oil production “in the coming months” as it expects stronger demand, according to recent comments made by […]

     
  • Saudi Energy Minister Khalid Al-Falih in Washington Today to Meet with Secretary Perry
     

    Saudi Arabia’s Energy Minister Khalid Al-Falih is in Washington D.C. on Monday to meet with Secretary of Energy Rick Perry, according to a Reuters report which cited a Trump administration official and the Department of Energy. Saudi Arabia has markedly increased oil exports to America in recent months, according to Bloomberg. This weekend, the energy minister […]

     
  • Aramco Officials Begin Early Talks with Banks for SABIC Stake Financing, Report Says
     

    Saudi Aramco officials began early talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, Reuters reports, citing banking sources. JPMorgan and Morgan Stanley were picked to advise on Saudi Aramco’s plan in July. Aramco is looking at the 70% strategic stake in Sabic which […]

     
  • MSCI, Tadawul Sign Agreement to Launch a Tradeable Index Later This Year
     

    Global index provider MSCI announced the signing of an agreement with the Saudi Stock Exchange Co (Tadawul) to jointly launch a tradeable index later this year, Reuters reports, a “move that could spur the growth of derivatives and exchange-traded funds.” The Tadawul said it would introduce exchange-traded derivatives in the first half of 2019. According to a […]

     
  • Saudi Arabia Taps Aradhana Khowala for NEOM Tourism Chief
     

    Aradhana Khowala, former CEO and founder of Aptamind, a global private client advisory firm, has been appointed as NEOM’s managing director of tourism, according to reports. “We will be working alongside Aradhana to make NEOM an exceptional global tourism destination looking ahead to the future,” said NEOM’s CEO Nadhmi Al-Nasr in a tweet on NEOM’s official […]

     
  • SAMI CEO Gives Interview to DefenseNews.com: ‘SAMI itself is acting as a kind of active holding company’
     

    The CEO of Saudi Arabian Military Industries (SAMI) recently gave an interview with DefenseNews.com about how the organization works within Vision 2030 to develop the Kingdom’s future defense industry. Localizing Saudi Arabia’s military industry is a key part of the Kingdom’s ambitious social and economic reform plans. “SAMI itself is acting as a kind of active […]

     
  • Saudi Arabia’s Fiscal Deficit Narrows Dramatically, Jadwa Investment Report Finds
     

    Saudi Arabia’s total government revenue soared in Q2 2018 compared with the same period last year, according to a recent report by Jadwa Investment. Revenue jumped to SR273 billion ($72.7 billion) in Q2 2018, up by 67 percent, or SR110 billion ($29.3 billion), year-on-year. Non-oil revenue saw a rise of 42 percent year-on-year, and government oil […]

     
  • Saudi Aramco Appoints New Top-Level Positions During Board Meeting
     

    Saudi Aramco has made new appointments during a meeting of its board of directors, naming Khalid al-Dabbagh to become senior vice president for finance. Al-Dabbagh takes over the position from Abdallah al-Saadan, who is now chairman of the Royal Commission for Jubail and Yanbu. The board also appointed Motassim al-Maashouq to the post of president of treasury, […]

     

MUST-READS

  • Two Falcons Sold for SAR191,000 at Third Night of Saudi Falcons Club Auction 2024

    The Saudi Falcons Club Auction 2024, held at the club's headquarters in Malham, north of Riyadh, continues until November 15. On the third night, two Shaheen falcons were sold for a total of SAR191,000. The first falcon, Tarh Al-Faw Hafr Al-Batin, presented by falconer Omar Al-Enezi, sold for SAR41,000. The second falcon, Tarh Al-Leith, presented by falconer Ibrahim Al-Ayyaf, began with a starting price of SAR50,000, generating intense competition before ultimately selling for SAR150,000.

  • Saudi Arabia, China forge tourism partnerships to boost investment, travel

    In a post on his X account, Al-Khateeb said: “During my visit to China, I met with Chinese investors and discussed the great potential and investment opportunities in Saudi Arabia’s tourism sector and ways for collaboration to elevate the experience of tourists.” In June, the Kingdom announced its official Approved Destination Status, effective July 1, following participation in the second China Roadshow and ITB China in Shanghai.

  • A Mideast Shift Is Underway, Without Israel

    A diplomatic détente is underway in the Mideast, but not the one envisioned by the Israeli prime minister, Benjamin Netanyahu, who continues to say that his administration can clinch a deal with Riyadh. This month, the foreign ministers of the Persian Gulf states met for the first time as a group with their Iranian counterpart. It is a shaky, early-stage rapprochement that will only chip away at centuries of sectarian antagonisms, but it represents a sharp shift in a region where the rivalry between Riyadh and Tehran has drenched the region in bloodshed for decades.

  • Saudi Arabia launches unified e-contract for student registration

    This came with the aim of regulating the contractual relationship between schools and parents of students, in a way that guarantees the rights of both parties within a legal framework of transparency and clarity, SPA reported. The contract includes the obligations of both private schools and parents towards each other, including providing the curriculum, paying tuition fees at the specified times, and maintaining good behavior and discipline within the school.

  • Eighth Saudi Relief Plane Departs for Lebanon with Essential Aid Supplies

    The eighth relief plane of the Saudi air bridge, operated by the King Salman Humanitarian Aid and Relief Center (KSrelief), took off today for Lebanon, bound for Rafic Hariri International Airport with a cargo of food, shelter, and medical supplies.

  • More than money: The geopolitics behind Saudi Arabia’s sports strategy

    The conventional term for Saudi Arabia’s strategy is sportswashing, the practice of reputation-laundering in the hopes that a cleaner national image will translate into soft power on the world stage. But that explanation doesn’t go far enough. For bin Salman, the suite of sports investments and properties is only a small part of a larger strategy to prepare Saudi Arabia for a 21st century when global oil demand is expected to fall by mid-century and geopolitics will become more complicated.

  • Saudi foreign reserve assets fall to SAR 1.71T in September

    Saudi Arabia's foreign reserve assets declined by SAR 48.2 billion, or 3%, month-on-month (MoM) to SAR 1.71 trillion in September, according to the Saudi Central Bank (SAMA). Reserve assets include investments in foreign securities, foreign cash and deposits, reserve position in the International Monetary Fund (IMF), special drawing rights (SDRs), and monetary gold.

  • Saudi Arabia announces Shortlisted Bidders for 3,700 MW Round 5 Solar Projects

    The Saudi Power Procurement Company (SPPC) has announced the Shortlisted Bidders for the fifth round of solar projects under the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy. The projects will attract investments exceeding 8 billion Saudi riyals. Each will be developed on a build, own, and operate (BOO) basis by a project company, which will be 100% owned by the successful bidder. Furthermore, each project company will enter into a 25-year power purchase agreement with SPPC.

  • The Middle East’s IPO Boom Is No Longer a Tale of Three Cities

    The wave of listing activity that transformed the Middle East into a hotspot for new share sales over the past few years has so far largely been a tale of three cities — Abu Dhabi, Dubai and Riyadh. There are early signs of that wave broadening beyond the two biggest Gulf economies, Saudi Arabia and the United Arab Emirates. Oman’s state energy firm last week sold a 25% stake in its exploration and production business in a deal that raised about $2 billion. That means the region’s biggest initial public offering in well over a year has come from one of its smallest bourses.

  • GCC banks capable of handling potential funding outflows: S&P Global

    “Under high and severe stress, banks appear capable of handling potential funding outflows by using their liquid assets. Government support could be necessary if assets are less liquid than we expect. If asset quality stress is as severe as we project, many of the top 45 banks in the region could display losses,” said S&P Global in the latest report. It added: “The results of our hypothetical stress test show that most banking systems in our sample will be resilient if regional conflicts escalate and investor confidence declines.”