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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

  • Saudi Arabia isn’t ruling out befriending Israel. But it may come at a higher price

    Just weeks before Hamas launched its October 7 attack on Israel, Saudi Arabia said it was inching closer to normalizing diplomatic ties with the Jewish state. Despite three months of war that have left more than 23,000 Palestinians dead and the Arab world seething, Riyadh is signaling that a recognition of Israel could still be on the table.

    On another tour of shuttle diplomacy across the Middle East, including to Saudi Arabia and Israel, US Secretary of State Antony Blinken last week said that normalization talks continue to take place and “there is a clear interest in the region in pursuing that.”

  • Saudi Arabia plans for ‘futuristic’ clifftop 2034 World Cup stadium revealed

    Saudi Arabia has unveiled designs for a hi-tech stadium atop a 200-metre high cliff near Riyadh where the kingdom plans to stage games at the 2034 World Cup.

    The 45,000-seat venue will be named Prince Mohammed bin Salman Stadium for the crown prince of the oil-rich kingdom that wants to become the major player in world sports over the next decade. The design has a retractable roof and field, plus an LED wall with hundreds of metres of screens to create an immersive experience for fans, the Qiddiya Investment Company said in a statement.

  • Saudi Arabia’s Ministry of Media launches Horizon documentary on Netflix, about wildlife in the Kingdom

    The film, the latest production of the Konoz Initiative, aims to raise awareness of Saudi Arabia’s species richness and biodiversity and its distinctive geographical areas, and highlights the leading efforts exerted by the Kingdom to protect wildlife, preserve rare species, and acquaint the world with its various rich resources. The documentary showcases Saudi Arabia’s picturesque nature, its diverse plant and animal life, and the abundant riches of its lands.

  • Is Saudi Arabia Giving Up On Oil?

    It is now common to hear about Saudi Arabia’s ambitious new investments. Many will have seen advertisements of the new futuristic city, Neom, near the Red Sea. It is meant to run completely on renewable energy, a surprising plan for a top oil exporter. There are also lavish investments on sports; some say it is “sportswashing” with $6.3 billion spent since 2021. This includes buying clubs overseas and paying an estimated $214 million for football player Cristiano Ronaldo.

  • Saudi Arabia unveils stunning new Prince Mohammad bin Salman Stadium in Qiddiya City amid 2034 World Cup bid

    The multi-use venue, which is situated in Qiddiya City, is set to provide the backdrop to some of the region’s biggest sports, entertainment and cultural events. The impressive construction is expected to attract visitors from all over the world while revolutionising the “traditional stadium experience with its immersive design and unique technological features” that puts “spectators at the centre of the show”.  

     

  • Mohammed bin Salman Stadium: Saudi Arabia announces new 45,000 seat venue in Qiddiya

    Saudi Arabia’s Qiddiya will be home to the Kingdom’s new 45-000 seat stadium set to be the world’s first fully integrated venue with a combined retractable roof, pitch, and giant LED wall, the Board of Directors of the Qiddiya Investment Company (QIC) announced on Monday. The multi-use Prince Mohammed bin Salman Stadium will host some of Saudi Arabia’s biggest sports, entertainment, and cultural events, according to a statement carried by the Saudi Press Agency (SPA).

  • Saudi Arabia unveils major plan to develop waste sector

    Saudi Arabia’s Ministry of Environment, Water, and Agriculture has unveiled a major plan to develop the waste sector in the Kingdom. Under this initiative, the Saudi ministry aims to take its recycli Read more at: https://www.gccbusinessnews.com/saudi-arabia-to-develop-waste-sector/

  • Saudi Arabia, Canada agree to re-exchange trade delegations

    Saudi Arabia and Canada have agreed to re-exchange trade delegations after it was suspended for five years. The Federation of Saudi Chambers of Commerce said it signed a memorandum of understanding with the Canadian side to form a joint Saudi-Canadian Business Council. The move came amid Riyadh and Ottawa resumed full diplomatic ties last year.

  • Everything to Know About the World’s Largest Arabic Grand Opera Coming to Saudi Arabia

    Titled Zarqa Al Yamama, the production is organized by the Theatre and Performing Arts Commission of Saudi Arabia and under the patronage of Minister of Culture Prince Badr bin Abdullah bin Farhan, who is also the chairman of the commission’s board of directors. It marks the first time a grand opera has been produced in the Kingdom and is the largest Arabic grand opera to ever be staged. The opera will take place in Riyadh, and kick off after Eid al-Fitr, running from April 25  to May 4. The venue of the grand opera is yet to be announced.

  • Will Saudi Arabia build on domestic boom with first Asian Cup triumph in 28 years?

    Having such big names playing in the domestic league will always have immediate benefits but, from a longer-term perspective, the hope is that training daily with higher-level players would also raise the level of the local talent.