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  • Saudi Arabia remains largest takaful market
     

    The global takaful industry has witnessed tremendous growth in the last decade, rapidly becoming an integral part of the mainstream financial system, with Saudi Arabia at the forefront, Ernst & Young executive said Wednesday at the opening of “The World takaful Conference: Asia Leaders Summit (WTC: ALS 2012)” at Hotel Istana, Kuala Lumpur. South East […]

     
  • Jadwa Chartbook June 2012: Sectoral Performance
     

    Riyadh-based Jadwa Investments recently released its June, 2012 Saudi ‘Chartbook’ which includes updates on the Saudi economy, trade, oil metrics as well as assessments of various sectors including banking, trade, and sectoral performance. Below is a snapshot of Jadwa’s analysis of the performance of Saudi Arabia’s main economic sectors. For the full Jadwa report, click […]

     
  • In Major Shift, Saudi Aramco Dabbles in Oil Trading
     

    Saudi Arabia has long been a dominant force in global oil markets, “but has never been an oil trader.” That changed on January 1st, 2012, when Saudi Aramco began operations at Aramco Trading, a wholly owned company subsidiary. The new Aramco Trading marks an expansion in Aramco’s downstream investment portfolio in the Kingdom and overseas, […]

     
  • The Middle East fights the Flame, but virus spreads anyway
     

    Two years ago there was Stuxnet, a virus that targeted Iranian uranium-enrichment infrastructure. Now Flame, a mutating piece of malware, is continuing to spread, infecting more than 1,000 Windows-powered computers across the Middle East. It’s centered on Iran, but has also spread to Israel and Palestine, Saudi Arabia, Syria, and even Sudan. Flame is a huge virus — 20 megabytes […]

     
  • Saudi Construction Sector: A Sleeping Giant Awakes
     

    Deloitte’s recently released report, “GCC powers of construction 2012: Five lessons to learn” assesses the current prospects of Saudi Arabia’s construction sector.  Deloitte paints a very optimistic picture noting Saudi Arabia’s leading position in the GCC with regard to population and GDP.  It also highlights the ambitious spending plans established in the latest 5-year development plan announced in […]

     
  • Saudi, Kuwait, UAE lead Q1 GCC corporate earnings growth
     

    Earnings of Saudi Arabian companies totalled $6.7 billion, an increase of 15 per cent YoY and 28 per cent QoQ. SABIC, which reported $1.9 billion in Q1 profits, saw its bottom-line decline by five per cent YoY due to softening of global petrochemical prices when compared to Q1 2011. Saudi Banks continued its stable growth […]

     
  • Changing patterns in U.S. crude imports
     

    U.S. crude oil import patterns have been undergoing significant shifts in recent months. While growing domestic tight oil production from the Bakken formation in North Dakota and elsewhere has helped displace imports from some countries, U.S. import volumes from the Canadian oil sands and Saudi Arabia have been on the rise. In total, U.S. crude […]

     
  • At the SACM Career Fair in Washington, Saudi Arabia’s Brightest Are Met With Opportunities (PHOTOS)
     

    Across the United States, around the end of the month of May every year, graduating students from high schools and universities join with families and friends to celebrate their achievements in

     
  • Saudi Satire Ignites YouTube’s Massive Growth in Middle East
     

    Fahad Albutairi never expected a career in broadcast or comedy, and he certainly didn’t expect to emerge as a YouTube star known to millions. Albutairi is the co-founder and star of the La Yekthar Show, a small cadre of YouTube shows shot in Saudi Arabia that have become wildly popular in the last year. His […]

     
  • Saudi female entrepreneurs exploit changing attitudes
     

    In Saudi Arabia, a small but determined number of women are overcoming obstacles to build their own thriving businesses. Social constraints in the conservative Kingdom have not stopped women from amassing substantial individual wealth. An estimated $11.9 billion is held by women primarily in bonds and bank accounts, according to asset managers Al Masah Capital. […]

     

MUST-READS

  • Saudi Arabia’s Neom and MDLBeast create an ‘ultra-modern’ beach club

    The Sindalah Beach Club, located on the shores of the Red Sea, promises year-round experiences inspired by music and culture. MDLBeast, which is behind the annual Soundstorm festival, will curate the music scene at Sindalah, promising to bring in world-famous musicians, artists and DJs, as well as cutting-edge audio and visual installations. "Sindalah is bringing a new model for luxury travel and living powered by innovation and sustainability," said Antoni Vives, chief urban planning and islands officer at Neom. "MDLBeast will reimagine the typical beach club experience into a tech-enhanced journey."

  • In Saudi Arabia, Tourism Is Being Used as a Force for Restoring Biodiversity

    Over the last few centuries, not much has changed in the village of Shuwaymis, which lies 400 miles and a dusty seven-hour drive north of Jeddah. But in 2001, a Bedouin told local teacher Mahboub Habbas al-Rasheedi that he'd found an undiscovered cache of rock art while grazing his camels. Mahboub spent the next several days searching for the site and eventually found hundreds of petroglyphs emblazoned on a honey-hued escarpment, including depictions of oryx, ostriches, leopards, cheetahs, and lions. Not only did the discovery uncover the region's largest collection of ancient rock art, dating back at least to the Bronze Age, but it added to scientists' understanding of the ecological history of the Arabian peninsula. They already knew that creatures like lions and the Arabian leopard had roamed the area before being killed off by overhunting in the last century, but they now recognized that these animals had inhabited the region as far back as 3,000 BCE.

  • Saudi Arabia developing luxury train in bid to attract tourists

    As part of its effort to lure more tourists, Saudi Arabia is working with an Italian firm to build a luxury train that will carry passengers on overnight trips through two UNESCO World Heritage archaeological sites. The Dream of the Desert locomotive will be able to carry 80 travelers in 40 luxury cabins in 11 carriages, including a restaurant. The train, developed by the Italian Arsenale Group in an Orient Express style and operated by Saudi Arabia Railways, is expected to be built by summer 2025, with a maiden voyage the following November. The carriages are being built in southern Italy.

  • Saudi Arabia’s Latest Tourism Count – What the Numbers Show

    Growing leisure tourism is a principal focus; diversifying the county from its historic religious tourism sector that benefits from hajj and umrah pilgrims. For now, the leisure tourism sector Saudi is trying to build – whether it be through new hotels, festivals, sports events and giga-projects – has mostly pulled in locals. For Saudi locals, leisure trips have significantly increased. 45% of all domestic trips by locals in the first half of 2023 were for leisure purposes, according to the ministry’s data. In 2022, it was 40% and in 2021 it was 36% of all trips. For international visitors, 20% visited the kingdom for leisure, while visiting friends and relatives made up 23% and religious tourism accounted for 45%. In 2022, 15% of travelers visited for leisure, while in 2021, it was 9%.

  • Why Saudi Arabia is betting on esports

    The scale of Saudi Arabia’s spending may seem like largesse. But there is a strategic logic to it. Estimates suggest that while the global esports market may currently be worth around 1.5B USD, that figure could rise to 7B USD by 2030. Yet Saudi Arabia’s ventures are not simply borne of a quest for financial gain or whimsical hankering for childhood. Indeed, esports have become a powerful policy tool being deployed by the Kingdom to help implement the profound transformational changes it is undertaking.

  • Saudi Arabia: Women can perform Hajj without Mahram, Hajj Ministry reaffirms

    Saudi Arabia’s Ministry of Hajj and Umrah has reaffirmed that women can perform Hajj without a Mahram, highlighting that this requirement is no longer obligatory for all pilgrimages. Additionally, the ministry has specified that for the Hajj season of 2024, all domestic pilgrims must receive vaccinations against neisseria meningitis and seasonal influenza as part of the registration requirements.

  • Saudi Arabia Prepares 10 Regions to Become Among Top 50 Global Cities

    Saudi Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail said that the Kingdom was working to transform at least 10 Saudi cities to become among the top 50 global cities, by achieving the factors of governance, sustainability, and interaction with residents. His remarks came on the sidelines of the Global Smart City Forum, organized by the Saudi Data and Artificial Intelligence Authority (SDAIA) on Monday in Riyadh with the participation of world experts in the field of building smart cities and artificial intelligence.

  • Big 5 Construct Saudi: Driving Saudi Arabia’s Construction Sector Towards Vision 2030

    The upcoming 12th edition of Big 5 Construct Saudi promises to build upon the successes of previous years, featuring an expanded exhibition space, five new product sectors, and participation from 1,300 exhibitors representing 47 countries. The event aims to unite over 55,000 industry players, government stakeholders, and active buyers, all aligned towards the advancement of Saudi Arabia's Vision 2030 goals.

  • Saudi Arabia reveals bidders for 3.7 GW solar tender

    Saudi Power Procurement Co. (SPPC) announced this week the selected bidders for the final phase of the fifth round of the Saudi Arabian government's National Renewable Energy Program (NREP).

  • Saudi Arabia announces national plan to stimulate urban policies by 2025

    The minister described the progress made by Saudi cities in the field of smart technology and urban development, saying: “Our goal is for at least 10 Saudi cities to be among the top 50 global cities by achieving the factors of governance, sustainability, and interaction with the population, meeting their aspirations, and achieving high prosperity for them.” He added: “Last year, four of our vibrant cities were classified within the Smart Cities Index. This exceptional journey toward transformation has enabled us to benefit from technology, artificial intelligence and data to make a real and tangible impact in municipalities.”