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  • Saudi Arabia says job-creation policy bears fruit
     

    Saudi Arabia, grappling with chronic youth unemployment, has created 380,000 new jobs in 10 months by requiring private firms to employ Saudis, Labor Minister Adel al-Fakeih said, the Saudi Gazette reported on Monday. “This figure is 20 times what had been previously achieved over the past five years before Nitaqat (the main jobs program) was […]

     
  • Total US-Saudi Bilateral Trade Reaches Record-High $39 Billion in H1 2012
     

    Total bi-lateral trade between Saudi Arabia and the United States reached $39 billion in the first six months of 2012, a record high for any half to date.  Below are some key US-Saudi trade figures for the first half (H1) of 2012 provided to SUSTG by the Saudi Commercial Office at the Royal Embassy of […]

     
  • ‘A Disciplined Approach To Forward-Looking Policymaking’
     

    A recently released report by the Center for Strategic and International Studies on Saudi Arabia’s energy policy finds that the Kingdom is pursuing a “disciplined approach to forward-looking policymaking.” The report was published by Hisham Akhonbay, who is a visiting fellow with the Energy and National Security Program at CSIS from the King Abdullah Petroleum […]

     
  • Will Saudi Arabia become an oil importer by 2030?
     

    THIS was the question asked all of this past week all over the world. Thousands of stories were filed on the topic, following speculation by a Citigroup analyst that Saudi Arabia may start importing oil by 2030. According to that theory, by 2030, Saudi consumption of oil would outstrip production and we could be importing […]

     
  • Saudi Mortgage Law: Key Details Still to be Determined
     

    Saudi Arabia faces housing challenges caused by rapid population growth and an inflow of expatriate workers to the kingdom.

     
  • Property rents soar in Saudi Arabia, analyst report shows
     

    Residential property rents in Saudi Arabia’s main cities have increased by up to 15% in some locations in the first six months of the year. The latest analysis report from real estate consultants CBRE explains that an increasing population and a rapid rise in per capita GDP has led to soaring rents. There has been […]

     
  • Jadwa September 2012 Saudi Chartbook – Inflation
     

    Jadwa Investment’s recently released Saudi Charbook for the month of September 2012 found that the Saudi economic activity in July experienced a “modest slowdown of economic activity…with indicators of consumer spending and PMI slowing on the back of a seasonal trend.” However, Jadwa notes that the “healthy underlying economic momentum remains in place.” Below is a snapshot of […]

     
  • Saudi real estate market poised for new boom
     

    New programmes and the new mortgage system — approved by the cabinet in July and expected to take force in the next few weeks — will contribute to decreased land prices, realtors said. Land prices are expected to drop by 20%, especially in the central, eastern and western regions, according to realtors. Residential land prices […]

     
  • Jadwa September 2012 Chartbook – Construction Indicators
     

    Jadwa Investment’s recently released Saudi Charbook for the month of September 2012 found that the Saudi economic activity in July experienced a “modest slowdown of economic activity…with indicators of consumer spending and PMI slowing on the back of a seasonal trend.” However, Jadwa notes that the “healthy underlying economic momentum remains in place.” Below is a snapshot of […]

     
  • Mitt Romney on Foreign and Middle East Policy
     

    This [US election] year is different. There is relatively little attention to issues outside America’s borders – only four percent of Americans “consider foreign affairs much of an issue in this year’s campaign” according to Foreign Policy.com.  The sluggish economy – taxes, unemployment, deficits, thorny domestic issues and “personality” questions dominate the campaigns. With the […]

     

MUST-READS

  • Saudi Arabia arrests 21,049 illegals in one week

    Saudi authorities arrested 21,049 people in one week for breaching residency, work and border security regulations, the Saudi Press Agency reported on Saturday. According to an official report, a total of 13,209 people were arrested for violations of residency laws, while 5,177 were held over illegal border crossing attempts, and a further 2,663 for labor-related issues.

  • Saudi Arabia ranks 1st among G20 countries in workforce growth rate

    Saudi Arabia achieved the highest growth rates in both male and female workforce participation among all G20 countries between 2016 and 2021, according to data from the Kingdom’s National Labor Observatory. The statistics reveal a 1.7 percent growth rate for male workers in Saudi Arabia, surpassing Australia’s 1.5 percent and exceeding the rates of other G20 nations. Female workforce growth was even more notable, with a rate of 5.5 percent in Saudi Arabia compared to 2.1 percent in Australia and lower figures in the rest of the G20.

  • Discover Saudi’s newest World Heritage Site

    Set in a strategic point of the ancient trade routes that used to crisscross the Heart of Arabia and abruptly abandoned around the 5th century CE, the site of Al-Faw – which includes the vestige of the city of Qaryat al-Faw – is full of mysteries waiting to be uncovered.

  • Saudi Arabia’s Domestic Tourism is Surging with Solo Travelers Leading the Charge

    Domestic travel in Saudi Arabia has seen a significant rise, according to recent data from Wego. Wego’s report highlights a notable 20.31 percent increase in domestic flight bookings during Eid Al-Fitr this year compared to the same period last year. The travel app and online marketplace, catering to the Middle East and North Africa (MENA) region, recorded over three million searches specifically for Riyadh. Additionally, there was a 19.63 percent increase in domestic travel bookings during Eid Al-Fitr compared to the previous month.

  • Saudi Arabia Unveils Plans for 11 New Stadiums in 2034 World Cup Bid

    Saudi Arabia is set to make a significant impact on the global sports stage with its bid to host the 2034 FIFA World Cup. The bid includes plans for 11 new stadiums, highlighting the country’s commitment to modernising its infrastructure and enhancing its international profile. The announcement, made in Paris, showcases the kingdom’s intent to build new stadiums across five key cities: Riyadh, Jeddah, Khobar, Abha, and Neom’s futuristic city, The Line.

  • Saudi Arabia raises Sept light crude prices for Asia less than expected

    Top oil exporter Saudi Arabia raised the price for the flagship Arab light crude it sells to Asia in September for the first time in three months, while cutting prices to the other regions. The official selling price for Arab Light crude to Asia rose by 20 cents to $2 a barrel above the Oman/Dubai average in September, Saudi Aramco said in a statement on Sunday. The price was a two-month high, but the hike was less than the market had expected.

  • GCC travelers spent $3.9 bln in Saudi Arabia in 2023: Saudi tourism ministry

    Travelers from the Gulf Cooperation Council (GCC) countries spent more than $3.9 billion during their travels in Saudi Arabia, the Kingdom’s Ministry of Tourism said in its annual report. Around 8.6 million visitors from these countries came to Saudi Arabia. This included 3.5 million travelers from Bahrain, 2.3 million from Kuwait, 1.4 million from the UAE, 1.1 million from Qatar, and 455,000 from Oman.

  • Saudi Bank Performance and Growth Prospects Underpinned by Favourable Operating Environment

    The operating environment for Saudi banks remains favourable, and our operating environment score of 'bbb+' is the highest across the GCC’s banking sectors (one notch above the bbb of its closest peers - the UAE, Qatar and Kuwait), being the highest score for EM banking sectors scored by Fitch globally. The operating environment for banks in the kingdom is underpinned by high oil prices and by government spending, supporting the country's giga projects and the Visions 2030 strategy, and resulting in solid non-oil GDP growth. Fitch Ratings forecasts real non-oil GDP growth to average 4.5% over 2024–2025 (2022–2023: 5%).

  • Saudi non-oil activity growth eases in July, PMI shows

    Growth in Saudi Arabia's non-oil sector eased in July from the previous month, with new orders increasing at the slowest pace in two and a half years, a survey showed on Monday. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index fell to 54.4 in July from 55.0 in June. It was the lowest reading since January 2022, although still well above the 50 level which marks growth in activity.

  • Saudi Aramco Hikes Oil Prices for First Time in Months

    Saudi Aramco raised the official selling prices of its light crude for Asian clients for the first time in three months, with the September price for flagship Arab Light up by $0.20 per barrel for September delivery. Aramco kept Arab Medium and Arab Heavy crude prices unchanged for Asian buyers. With the hike, Arab Light will cost $2 per barrel over the Oman/Dubai average next month for Asian buyers, although the increase was smaller than the amount analysts expected, which was 50%. The September price for the flagship blend will be the highest in two months.