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  • Jadwa Saudi Chartbook for August 2012: Banking Indicators
     

    Jadwa Investment’s recently released Saudi Charbook for the month of August 2012 found that the Saudi economy remained “robust.” On the subject of banking indicators in Saudi Arabia, Jadwa found that “bank lending to the private sector jumped in June. Monthly growth was the highest since August 2009. In year-on-year terms it was at its peak since […]

     
  • ‘There is a large infrastructure boom happening in Saudi Arabia’
     

    Saudi Arabia is spending more than $60 billion on a logistics hub, airport improvement and roads to reduce travel time in the Arab world’s biggest economy. The investments also yielded the largest sukuk, or Islamic bond, offered in the Middle East this year and an initial public offering on the stock exchange in June. “There […]

     
  • Wealth Management in the Middle East: Boon or Bust?
     

    Middle Eastern policymakers and bankers will develop an indigenous wealth management industry which keeps the super-wealthy’s investments at home. Developing a local national wealth management industry requires letting in foreign competition, changing banking and securities laws, and growing local companies whose shares are worth buying. The first part of the article reviews trends in wealth […]

     
  • Saudi consumer electronics market surges
     

    Saudi Arabia’s consumer electronics devices market, defined as the addressable market for computing devices, mobile handsets and video, audio and gaming products is projected at $6.4 billion in 2012, Business Monitor International said in “Saudi Arabia Consumer Electronics Report Q2 2012″report. This is expected to increase to $8.2 billion by 2016, driven by the growing […]

     
  • The Saudi Cultural Mission’s New Headquarters
     

    The new SACM headquarters in Fairfax, Virginia provides a modern hub for Saudi Students in the United States, and stands as a symbol of the strong cultural relations between the United States and Saudi Arabia. Until recently, the future of the iconic Watergate hotel and office complex in Washington DC, which was the site of […]

     
  • With customs union, GCC edges toward closer economic ties
     

    Saudi Arabia, the biggest Arab economy, is leading moves toward political and economic cooperation, which it believes would give the mostly Sunni-led monarchies of the Gulf more power to withstand any confrontation with Shi’ite Iran. Closer business ties within the GCC, which consists of Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain and has […]

     
  • Ramadan 1433
     

    Ramadan means more in the lives of Muslims than refraining from eating and drinking during the daylight hours. The ritual fasting during the holy month is among the five pillars of Islam: Shahadah, the declaration of faith; Salat, five daily prayers; Zakat, charitable giving; Hajj, the pilgrimage to Mecca; and Sawm of Ramadan, the ritual […]

     
  • Saudi car sales to hit $25 billion by 2013
     

    Saudi Arabia has ambitious plans to further expand its lucrative automobile industry. In 2011 alone, the Kingdom announced the sale of approximately 800,000 cars potentially increasing to 1 million vehicles per year by the end of the current decade. In this context, the country is planning to start manufacturing automobile parts by 2013 in addition […]

     
  • Muslims across the world prepare to observe Ramadan
     

    Muslims around the world begin fasting on Friday in observation of Ramadan, the holiest month in Islam when the faithful abstain from eating food or drinking water from sunrise to sunset…. Every year, identifying the start of Ramadan is like a waiting game; Islamic scholars must see the new crescent moon in the night skies […]

     
  • Moving forward with nationalisation in Saudi Arabia
     

    “Nitaqat represents an effort to introduce more incentives for companies to employ Saudis and in that sense it is an improvement on what went before,” says James Reeve, an economist at the local Samba Financial Group. “The reason you are hearing more complaints is probably because the system is being enforced with greater vigour.” Despite […]

     

MUST-READS

  • Nazaha investigates 289 suspects, arrests 136 in September

    The Oversight and Anti-Corruption Authority (Nazaha) initiated investigations into a number of criminal and administrative cases through 3,903 inspection tours in September 2024. Nazaha said on the X platform that it investigated 289 persons and arrested 136 suspects, some of whom were released on bail for being involved in bribery and abuse of power. The arrested included employees at the Ministries of Interior, Justice, Health, Education, and Municipal, Rural Affairs, and Housing.

  • Iran’s Khamenei warned Nasrallah of Israeli plot to kill him, sources say

    Iran's Supreme Leader Ayatollah Ali Khamenei warned Hezbollah leader Syyed Hassan Nasrallah to flee Lebanon days before he was killed in an Israeli strike and is now deeply worried about Israeli infiltration of senior government ranks in Tehran, three Iranian sources said. In the immediate aftermath of the attack on Hezbollah's booby-trapped pagers on Sept. 17, Khamenei sent a message with an envoy to beseech the Hezbollah secretary general to leave for Iran, citing intelligence reports that suggested Israel had operatives within Hezbollah and was planning to kill him, one of the sources, a senior Iranian official, told Reuters.

  • Saudi Vision 2030 reforms cut unemployment, boosted job creation: Analysts

    The unemployment rate among Saudis fell to an all-time low of 7.1% in Q2 2024, from 7.6% in Q1 2024, based on data available since 1999, the General Authority for Statistics (GASTAT) Labor Force Survey showed. Analysts surveyed by Argaam attributed this downtrend to several factors driven by the Saudi Vision 2030’s goals. They said the vision-related programs helped achieve the goal of reducing unemployment six years ahead of schedule, in addition to the intense labor market reforms undertaken by the government.

  • OPEC rebuts WSJ article on Saudi saying oil prices could drop to $50

    OPEC rebutted a Wall Street Journal report on Wednesday, calling it wholly inaccurate and misleading in saying that Saudi Arabia's energy minister warned oil prices will drop to $50 per barrel if OPEC+ members do not stick to agreed-upon production limits. The report cited unidentified delegates from the oil producers group as saying they heard the minister, Prince Abdulaziz bin Salman, give the warning on a conference call last week. The WSJ cited the sources as saying he had singled out Iraq and Kazakhstan for overproduction.

  • Israel calls for evacuations from south Lebanon, explosions in Beirut

    Israel's military urged residents of over 20 towns in south Lebanon to evacuate their homes immediately on Thursday as it pressed on with an incursion after suffering its worst losses in a year of fighting the Iran-backed armed group Hezbollah. The call for evacuations from southern towns included the provincial capital Nabatieh, suggesting another Israeli operation designed to further weaken Hezbollah is imminent.

  • Houthis’ email alert to Red Sea ships: Prepare for attack, with best regards

    On a warm spring night in Athens, shortly before midnight, a senior executive at a Greek shipping company noticed an unusual email had landed in his personal inbox. The message, which was also sent to the manager's business email address, warned that one of the company's vessels travelling through the Red Sea was at risk of being attacked by Yemen's Iranian-backed Houthi militia. The Greek-managed ship had violated a Houthi-imposed transit ban by docking at an Israeli port and would be "directly targeted by the Yemeni Armed Forces in any area they deem appropriate," read the message, written in English and reviewed by Reuters.

  • All eyes on improving infant health in Saudi Arabia

    One crucial indicator of a nation’s health, social stability, and economic development is infant mortality. Currently, Saudi Arabia has an infant mortality rate (IMR) of 5.1 infant deaths per 1,000 live births, placing it 63rd out of 253 countries globally. By comparison, developed G20 countries like Japan and Italy have the lowest IMRs of 1.6 and 2.2, respectively.

  • ‘Marvels of Saudi Orchestra’ Mesmerizes London with Stunning Performance

    The historic Westminster Central Hall resonated with the enchanting sounds of the ‘Marvels of Saudi Orchestra’ last night, as the Saudi National Orchestra and Choir performed alongside the Royal Philharmonic Orchestra. The event marked a significant moment of cultural exchange and musical collaboration between Saudi Arabia and the United Kingdom.

  • Airlines Forced Into Saudi Airspace Amid Mideast Conflict

    Airlines connecting Europe with the Middle East and South Asia are being forced to fly a more circuitous path using Egyptian and Saudi Arabian airspace as the escalating regional conflict blocks of routes over Iran and Iraq for many carriers. Bloomberg's Leen Al-Rashdan reports.

  • Work to resume on world’s tallest tower in Saudi Arabia

    Construction is to resume on the world’s tallest tower in Jeddah, Saudi Arabia, which will be over one kilometre high when completed. Jeddah Economic Company (JEC), an associate of Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has reached an agreement with Saudi Binladin Group to continue developing the Jeddah Economic Company Tower, KHC said in a statement to the Saudi stock exchange on Wednesday. So far, 63 of the planned 157 floors have been completed. Construction is slated to be completed in 42 months.