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  • Study finds ’80 more years of Saudi oil at current production levels’
     

    Saudi Arabia, the biggest oil producer in the world with a proven reserve of 264 billion barrels, could continue oil supplies for the next 80 years at the current production levels, the Kuwait-based Diplomatic Center for Strategic Studies (DCSS) said in a study. Saudi Arabia retains 38.7 percent of world oil reserves whereas the shares […]

     
  • Why Saudi Arabia’s Travel and Tourism Sector Is Ripe for Growth
     

    Saudi Arabia’s travel and tourism sector is poised for rapid growth in the next decade and beyond, and both Saudi and international corporations are looking to cash in on the opportunities ahead. A product of the changing economic and social landscape in Saudi Arabia, the coming tourism boom is likely to contribute to the Kingdom’s […]

     
  • Saudi, UAE, Qatar top Cleantech list
     

    Saudi Arabia, the UAE, Qatar and Jordan are the most attractive markets for clean technologies, thanks to their government plans, budgets and long-term strategies, said a report by Ernst & Young. These countries have also demonstrated investments in large initiatives such as KACARE, Masdar and the ‘Green’ Fifa World Cup 2022, said E&Y in the […]

     
  • Saudi Mortgage Law Approved – Jadwa Flash Note
     

    Jadwa Investments released a flash note discussing the recently approved mortgage law in Saudi Arabia, which the bank believes “is a very important step in broadening home ownership.” The new mortgage law “will help to tackle one of the most pressing social issues for many in the Kingdom and will generate significant benefits to the economy. However, […]

     
  • The Ritz-Carlton in Riyadh is Arguably the World’s Nicest Hotel
     

    If you look at pictures of the new Ritz Carlton, it might not look like it belongs in Riyadh, the capital of Saudi Arabia. Not because the arguably world’s nicest hotel isn’t worthy for the Kingdom, but because the style of the hotel makes it look like a king’s palace in old Europe, with a […]

     
  • Sulaiman Al-Rajhi’s life a rags to riches story
     

    Al-Rajhi is a billionaire who chose last year to become a poor man at his own will without having any cash or real estates or stocks that he owned earlier. He became penniless after transferring all his assets among his children and set aside the rest for endowments. In recognition of his outstanding work to […]

     
  • How Oil Has Driven Global Conflict For The Past 100 Years
     

    Michael T. Klare recently gave a presentation titled “The Geopolitics of Oil: Old and New” at the Association for the Study of Peak Oil conference in Vienna, in which he speaks about how no other substance in the world is as closely aligned with geopolitics as oil is. Klare describes the geopolitics of oil — the intersection […]

     
  • Hoteliers Expand in Saudi Arabia as Mecca Goes Upscale
     

    “I wish I could have more hotels in Mecca,” said Jan Smits, InterContinental’s chief executive officer for Asia, Middle East and Africa. “In four months, you make 70 percent of your income. It’s a really strong market and it’s one of the most unique in the world.” The company has been in the country since […]

     
  • The problem with taxing foreign-earned income
     

    Eritrea is one of only two countries in the world that applies citizenship-based taxation in addition to residence-based taxation.  The other? The United States of America. In fact, the US is the ONLY industrialized country in the world to impose citizenship-based taxation. The immediate result for American expatriates is a blizzard of confusing and complex […]

     
  • Saudis allow women to compete
     

    Saudi Arabia is to allow its women athletes to compete in the Olympics for the first time. Officials say the country’s Olympic Committee will “oversee participation of women athletes who can qualify”. The decision will end recent speculation as to whether the entire Saudi team could have been disqualified on grounds of gender discrimination.

     

MUST-READS

  • Kuwait crown prince dissolves parliament, calls for early election

    Kuwait's crown prince dissolved parliament on Wednesday and called for early elections amid a feud between the government and elected assembly that has hindered fiscal reform, a move welcomed by opposition lawmakers to end the standoff. Crown Prince Sheikh Meshal al-Ahmad al-Sabah said in a televised speech that the domestic political scene was being "torn by disagreement and personal interests" to the detriment of the U.S.-allied country and OPEC oil producer.

  • Opinion: Biden Can Repair a Rift and Push Human Rights in Saudi Arabia

    There will still be critics on the left and right who want to terminate the US-Saudi partnership. But they’re basically neo-isolationists opposed to US global leadership. Washington and Riyadh have been partners for decades because they share a common interest in maintaining the global and regional status quo. That hasn’t changed. By pressing on human rights, Biden can make the partnership stronger.

  • Saudi Arabia aims to increase digital transactions to 70% by 2025

    The minister explained that the strategy contributes to enhancing innovation in the financial services sector by attracting key players in FinTech. The strategy seeks to increase the number of FinTech companies operating in the Kingdom from 82 to 230 by 2025. In addition, it aims to increase the share of non-cash transactions (digital transactions) to 70% by 2025.

  • What the world can learn from Saudi Arabia’s fight against industrial control system attacks

    But the Saudi government is taking action to prevent such attacks from happening again. It is introducing a set of laws, called the Essential Cybersecurity Controls (ECC), which are mandatory cyber security controls devised by the National Cyber Security Authority (NCA) to counter the kind of attack described above. Saudi Arabia is now one of the few countries in the region with a security initiative that focuses on more than just IT systems. It has included the risks on OT infrastructure as well.

  • Qatar Airways Will Cut Routes During FIFA World Cup

    Qatar is hosting the FIFA World Cup later this year, and the country expects a massive influx of visitors to pass through Doha's Hamad International Airport. The big spike in passenger numbers and additional airlines looking to fly into the Qatar Airways-dominated airport temporarily is causing the hometown airline to make some short-term but significant changes over the period.

  • Bahrain in talks for cloud computing, FDI deals

    Bahrain is in advanced talks for investment deals with cloud computing companies from the United States, China and the United Arab Emirates, an Economic Development Board executive said, as the country seeks to diversify its oil-based economy. Cloud computing and foreign direct investment are key planks of Bahrain's economic recovery programme that aims to grow non-oil gross domestic product by 5% this year and includes $30 billion in strategic projects.

  • Saudi Fawaz Alhokair Group invests $480m in Egypt, targets renewable energy

    Fawaz Alhokair Group’s investments in Egypt exceed SR1.8 billion ($480 million), the CEO of its subsidiary FAS Real Estate Co., Turki Alhokair told Al-Arabiya TV. In the coming period, the group plans to enter the Egyptian energy sector and is negotiating several renewable energy projects including one with a SR500 million investment, he added.

  • Hajj 2022: Saudi Arabia aims to keep pilgrimage clean and eco-friendly

    Organisers of Saudi Arabia's Hajj are embracing environmental issues in preparation for the annual pilgrimage to Makkah this year. Officials are encouraging pilgrims to avoid food waste, to use reusable water bottles, and to separate rubbish and recyclables.

  • Short hair, don’t care: Saudi working women embrace cropped locks

    When Saudi doctor Safi took a new job at a hospital in the capital, she decided to offset her standard white lab coat with a look she once would have considered dramatic. Walking into a Riyadh salon, she ordered the hairdresser to chop her long, wavy locks all the way up to her neck, a style increasingly in vogue among working women in the conservative kingdom.

  • Saudi Oil Major Aramco Aims to Generate 12 GW of Renewable Energy by 2030

    The oil company aims to establish a framework for in-company renewable applications supported by a mix of grid-connected and off-grid solutions, including office buildings, valve stations, cathodic pipeline protection, bulk plants, and production wells. The report also outlines a pathway for Aramco to achieve net-zero Scope 1 and Scope 2 greenhouse gas (GHG) emissions across all its wholly-owned operating assets by 2050, delivering continued affordable and reliable energy solutions. The company is mulling strategies to mitigate more than 50 million metric tons of CO2 equivalent annually by 2035, both in its upstream and downstream segments.