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  • 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, […]

     
  • Riyadh among lowest risk cities in Mideast
     

    Riyadh is among the lowest risk cities in the region, with a rating that puts it ahead of international business hubs such as Milan, Lisbon, Istanbul and Moscow, according to the findings from the 2012 People Risk Index, created by Aon Hewitt, the global human resources business of Aon plc. The Aon Hewitt 2012 People […]

     
  • Jadwa Chartbook June 2012: Trade
     

    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. Below is a snapshot of Jadwa’s analysis of Saudi imports and exports and letters of credit. 

     
  • 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 […]

     
  • Wider world opened to Saudis studying abroad
     

    Wearing the black face-covering veil favoured by Saudi women, Maha Mazyad looked through leaflets for prospective jobs with some of the Islamic kingdom’s largest companies at a recent career fair in Riyadh. A few years ago she would have worried about the disapproving reaction of friends and parents to the notion of a young woman […]

     
  • Jadwa Chartbook June 2012: Banking
     

    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. Below is a snapshot of Jadwa’s banking sector analysis.

     
  • 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 […]

     
  • Key to the kingdom
     

    2012 is likely to be the tipping point for the Gulf’s most ambitious real estate project. If the good results continue, and companies carry on signing up to take advantage of the transport infrastructure coming online in 2013, then KAEC looks set to snowball. But when will the city be fully completed? “Our target is […]

     
  • Oil Prices Fall Below Break-Even for Several Nations
     

    Citibank expects that Russia will have a very turbulent next five years, given their estimate that Brent crude prices will likely settle close to $85 over that time period. Oil producers are beginning to feel the future threat of peak demand for oil caused by multiple factors — including unconventional liquid fuels — breathing down […]

     

MUST-READS

  • Launch of Saudi Arabia’s NEOM Airlines on hold – report

    Other developments facing cutbacks, the sources claimed, include the Qiddiya Coast, a tourism and entertainment project in Jeddah on the Red Sea once projected to have a potential budget of USD50 billion. Downsizing of other projects can be expected as the government committee finalises its review.

  • Ahmed Mater: The Saudi artist documenting a kingdom in flux

    Born in Tabuk in 1979, Mater grew up in Abha in southwestern Saudi Arabia, close to the militarized Yemeni border, at a time of immense social change in the region. The first presentation of his art outside the Kingdom came in 2005 at an exhibition hosted by the British Museum in London. Just over a decade later, he became the first artist to host a solo exhibition in the US, with “Symbolic Cities: The Work of Ahmed Mater” in 2016.

  • Saudi Arabia signs deals for 30GW domestic solar PV manufacturing

    Both agreements, made through joint ventures (JV), will bring 30GW of solar PV manufacturing, from ingots to modules, to Saudi Arabia. The agreements have been made by the Renewable Energy Localization Company (RELC), a fully-owned PIF company, along with the participation of Saudi renewables investor Vision Industries (VI) and the Chinese manufacturers.

  • Saudi Arabia’s Riyadh may be crypto’s sleeping giant

    Though the word “cryptocurrency” was largely avoided at the event, Siu’s message seemed clear: Saudi Arabia may not have made definitive moves in the realm of blockchain and crypto, but it is a sleeping giant in terms of wealth, population and influence, and can set the tone of the industry for the entire region.

  • Slowing Chinese economy no threat to Saudi oil exports – yet

    Slower economic growth in China in the second quarter of this year has raised concerns about Saudi Arabia’s ability to maintain funding lines from its main trading partner. The Chinese economy grew at a year-on-year rate of 4.7 percent, down from 5.3 percent in the previous quarter. In the retail sector, the pace of growth slowed to an 18-month low as deflationary pressures forced businesses in the world’s second-largest economy to cut prices on everything from cars to food and clothes.

  • Saudi’s New Murabba Stadium will be ready for the 2034 FIFA World Cup

    Part of the grand $800 billion New Murabba project, the stadium is just one piece of the puzzle. The project aims to double the size and population of the capital, turning downtown Riyadh into a cultural hotspot. Alongside the stadium, the project will include a museum, a technology and design university, a multi-purpose immersive theatre, and over 80 cultural and entertainment venues.

  • Saudi Arabia stresses importance of strengthening international order to prevent chaos and conflicts

    Moreover, the Cabinet reaffirmed the Kingdom’s commitment to enhancing international cooperation to ban weapons of mass destruction and prevent their proliferation during the meetings of the Executive Council of the Organization for the Prohibition of Chemical Weapons. The Cabinet emphasized the organization’s role in maintaining international peace and security and the full and effective implementation of all provisions of the Chemical Weapons Convention.

  • Saudi Crown Prince congratulates Iranian President on election victory during a phone call

    Crown Prince and Prime Minister Mohammed bin Salman congratulated President Dr. Masoud Pezeshkian on winning the presidential elections in Iran during a phone call on Wednesday. The Crown Prince and President Pezeshkian praised the development of relations at all levels, stressing the importance of continuing to enhance cooperation in various fields between the two countries. The Iranian President expressed his gratitude and appreciation to Crown Prince Mohammed bin Salman for his kind wishes.

  • Saudi Aramco backs AI startup

    A venture unit of Saudi Arabian oil company Aramco is making its first U.S. AI-related investment, backing a pre-Series A round for San Francisco-based AiXplain, AiXplain is one of a growing number of startups that aim to transform generative AI from chatbots into agents who can take action. The startup also wants to ensure that Arabic languages are better represented.

  • Will growing Saudi investment in Iraq hit Iranian roadblock?

    Gulf Arab investment in Iraq has swelled in recent years, signaling a new and widening rapprochement with Baghdad. Yet, while Iran and Saudi Arabia last year agreed to normalize relations, it is unclear whether Arab investment in Iraq—without stoking Iranian ire—is tenable. Riyadh and its Arab neighbors recognize that any move against their interests by Iran-backed  Iraqi armed groups would undermine the investments that their broader strategy depends on.