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  • Saudi’s SAMA Warns Against Cryptocurrencies
     

    The Saudi government has outlawed using and trading in Bitcoin, citing the high risk and negative consequences in the cryptocurrency. Saudi Arabia’s Monetary Agency (SAMA) warned against trading in digital currencies for “their negative consequences and high risks on traders as they are out of government supervision.” SAMA continued that cyptocurrencies like Bitcoin “are illegal in the kingdom […]

     
  • Saudi Arabia’s Fiscal Deficit Narrows Dramatically, Jadwa Investment Report Finds
     

    Saudi Arabia’s total government revenue soared in Q2 2018 compared with the same period last year, according to a recent report by Jadwa Investment. Revenue jumped to SR273 billion ($72.7 billion) in Q2 2018, up by 67 percent, or SR110 billion ($29.3 billion), year-on-year. Non-oil revenue saw a rise of 42 percent year-on-year, and government oil […]

     
  • Secretary of State Mike Pompeo’s Speaks with Saudi Crown Prince Mohammed bin Salman
     

    Secretary of State Michael R. Pompeo spoke today with Saudi Crown Prince Mohammed bin Salman by phone to discuss several regional issues, according to a statement released by the State Department. Secretary Pompeo “thanked the Crown Prince for Saudi Arabia’s support for northeast Syria’s urgent stabilization needs, its engagement with the Iraqi government, and its […]

     
  • Report: Saudi Delegation of Companies Led by Ministry of Economy and Planning Set to Visit New York
     

    The Saudi Ministry of Economy and Planning (MEP) will lead a delegation comprising of a “number of government and private-sector entities and representatives of charitable associations” to the United States to present a review of the country’s progress on sustainable development, according to reports. The delegation will participate in the UN’s High-level Political Forum on […]

     
  • Report: Saudi to Invest $10b in South Africa’s Economy
     

    Saudi Arabia will invest at least $10 billion in South Africa, mostly in the energy sector, including building oil refineries, Reuters reports, citing the spokeswomen for South Africa’s president Cyril Ramaphosa said on Thursday. The pledge was made by Saudi Crown Prince Mohammed bin Salman during an official visit by President Ramaphosa and government ministers […]

     
  • Report Says U.S., Saudi Arabia Officials Working Closely on Ongoing Economic, Security Cooperation
     

    U.S. government teams spent three days in Saudi Arabia discussing ways to cut off money flows to Iran without disrupting energy markets, Bloomberg reports, ahead of U.S. efforts to press nations to stop buying Iranian oil by Nov. 4. The report, which cited a senior State Department official, said that envoys from the State and Treasury departments and […]

     
  • ‘The Worst May be Over for Saudi Economy’ as GDP Growth Returns
     

    Rising oil prices and a surge in the non-crude sector jolted the Saudi economy back to life in the first quarter of this year, according to reports, as economists and analysts say the worst might be over for the Kingdom after enacting tough but needed economic reforms. The Kingdom’s GDP grew for the first time […]

     
  • Saudi Women Take the Wheel as Kingdom Marches to More Vibrant Society
     

    Saudi women exercised their new legal right to drive across the Kingdom for the first time in decades this weekend, with many taking to social media to document their experience. The new law allowing women to drive took effect on June 24th, with some newly licensed women drivers in the kingdom doing so right at […]

     
  • Saudi Ambassador to the United States Prince Khaled bin Salman Issues Statement on Hodaidah
     

    Saudi Arabia’s ambassador to the United States HRH Prince Khaled bin Salman has issued a statement on Twitter concerning the recent moves by the Kingdom and its Arab allies on the port city of Hodaidah in Yemen, blasting the Iran-backed Houthi rebels for worsening the humanitarian situation in the war-torn country. Yesterday, Saudi Arabia and […]

     
  • Privatization and Vision 2030: Report Looks at Opportunities, Challenges for Saudi Arabia’s Ambitious Plans
     

    A recently released Jadwa Investment report lays out in detail Saudi Arabia’s ambitious privatization plans as part of its Vision 2030 economic and social reform program and identifies opportunities and challenges for decision-makers. The research report, entitled “Privatization and Vision 2030” which was emailed in a note to investors by Jadwa’s head of research Dr. Fahad Alturki, […]

     

MUST-READS

  • No booze in 2034 World Cup, LGBTQ fans welcome, Saudi ambassador says

    Saudi Arabia will uphold its current ban on alcohol during the 2034 World Cup, said Khalid bin Bandar Al Saud, the host country's ambassador to the United Kingdom. Global soccer governing body FIFA officially announced Saudi as hosts of the 2034 World Cup in December. The kingdom banned alcohol, which is prohibited for observant Muslims, in 1952. It was not sold at stadiums in neighbouring Qatar, where drinking in public is illegal, during the 2022 tournament but beer was available at designated fan zones and in some hotels.  "Plenty of fun can be had without alcohol - it's not 100 per cent necessary and if you want to drink after you leave, you're welcome to, but at the moment we don't have alcohol," Khalid bin Bandar told British radio station LBC on Wednesday. "Rather like our weather, it's a dry country. Everyone has their own culture. We're happy to accommodate people within the boundaries of our culture but we don’t want to change our culture for someone else."

  • Saudi Arabia acquires Tanzania’s Bagamoyo port

    The Tanzanian authorities granted the Saudi African Investment and Development Co. (SADC) concession and acquisition rights for Bagamoyo Port in Tanzania, Saudi Press Agency reported, citing Chairman of Federation of Saudi Chambers of Commerce Hassan Al-Huwaizi. The approval is part of SADC's "East Gateway Project," aimed at the East African region. The initiative will bolster Saudi Arabia’s position as a key driver of global economic development, attract greater foreign investment (particularly in Africa), and strengthen its logistical capacity to deliver Saudi exports worldwide.

  • Saudi Arabia is evaluating BRICS membership, says economy minister

    Saudi Arabia is evaluating the benefits of joining the BRICS economic bloc, Faisal Alibrahim, the Kingdom’s minister of economy and planning, said at the World Governments Summit on Wednesday. Speaking during a session titled “The Emergence of Multiple Economic Blocs,” Alibrahim highlighted Saudi Arabia’s commitment to fostering global dialogue while navigating an increasingly fragmented economic landscape. The BRICS bloc was formed in 2009 and initially named after its original founders Brazil, Russia, India and China, while South Africa joined a year later. It now has 10 full members including Iran, Egypt, Ethiopia, the UAE and Indonesia. Alibrahim said economic blocs such as BRICS were not an end in themselves but tools to promote stability and integration. “Dialogue is important. It’s important for the Kingdom and for the world today.”

  • Saudi Arabia: Suspension of Multiple-Entry Visa for Certain Nationals

    Saudi Arabia has suspended the issuance of one-year multiple-entry visas for business, tourism, and family visits for nationals of Algeria, Bangladesh, Egypt, Ethiopia, India, Indonesia, Iraq, Jordan, Morocco, Nigeria, Pakistan, Sudan, Tunisia, and Yemen. Affected nationals are still eligible to apply for a single-entry visa, however, based on experience, processing times for single-entry visas may be longer, and in some cases, applications may be rejected, especially during the Hajj season.

  • ‘Haram. Haram. Haram!’ — Riyadh Air CEO slams lack of direct flights from Saudi Arabia to major global cities

    “Haram. Haram. Haram.” With those three emphatic words, Riyadh Air CEO Tony Douglas made it clear — Saudi Arabia’s lack of direct global connectivity is unacceptable, and it’s time to fix it. Speaking at the PIF Private Sector Forum on Wednesday, Douglas didn’t hold back. “We can’t travel directly from Riyadh to Tokyo, to Shanghai, to Seoul, to Sydney — the list goes on and on,” he said. What’s worse, Saudi travelers are propping up foreign airlines instead. “The number one premium passenger for Qatar Airways — business and first class — is Saudi passport holders. Number three on Emirates? Saudi passport holders,” he revealed. Even Douglas himself is forced to fly Emirates next week to attend FII Miami. “Why? Because there is no direct connectivity from Riyadh. Haram. Haram. Haram.”

  • Saudi Arabia assumes presidency of global anti-corruption network

    Saudi Arabia, through its Oversight and Anti-Corruption Authority, or Nazaha, has assumed the presidency of the Global Operational Network of Anti-Corruption Law Enforcement Authorities. Spain handed over the leadership of the GlobE Network during a ceremony at the UN Office on Drugs and Crime’s headquarters in Vienna, Austria, the Saudi Press Agency reported on Wednesday. Nasser Nasser Abaalkhail, Nazaha’s deputy for international collaboration, was installed as chairman of the committee, with Boni de Moraes Soares, Brazil’s national solicitor for international affairs, as vice chair.

  • Saudi Arabia, Tanzania Sign Trade Agreements and Establish Joint Business Council

    The Federation of Saudi Chambers of Commerce and the Tanzania Chamber of Commerce, Industry And Agriculture (TCCIA) signed an agreement to establish a joint Saudi-Tanzanian business council, marking a significant stride towards enhancing economic cooperation between the two countries. The signing ceremony took place in Dar es Salaam on the sidelines of the Saudi-Tanzanian Roundtable meeting held yesterday, in which ministers, officials, and business leaders from both countries took part. During the meeting, discussions revolved around exploring partnership opportunities in vital sectors such as ports, agriculture, and transportation. The event also witnessed the signing of trade agreements between Saudi and Tanzanian companies across various economic sectors.

  • Saudi educator known for charity and prisoner work wins $1 million Global Teacher Prize

    Al-Mansour, a teacher at the Prince Saud bin Jalawi School in al-Ahsa, is also an author and is known for work in his community, including a program that helped ensure people had access to air conditioning maintenance during Saudi Arabia’s scorching summer months. He also works with orphans and hopes to use the prize to build a school for them.

  • Italy-Saudi ties strengthen with $10bn energy deals

    The Italian move highlights the strengthening ties between the two countries and signals the growing relevance of the Middle East for Italy, amid a tenser relationship between Europe and the U.S. as Donald Trump took office for a second presidential mandate last month. The deals were part of a strategic partnership that involved energy as well as other sectors such as defence and infrastructure, Italian Prime Minister Giorgia Meloni said after meeting Saudi Crown Prince Mohammed bin Salman, Reuters reportedAmong the deals, Italy’s credit export agency SACE said it would provide loan guarantees worth $3 billion for Saudi Arabia’s NEOM real estate project.

  • Trump’s special envoy to the Middle East reveals how the US secured Marc Fogel’s release

    U.S. Special Envoy to the Middle East Steve Witkoff said some things were still up in the air when he hopped on his jet to Russia to discuss the potential release of American school teacher Marc Fogel.  Witkoff, a longtime friend of President Donald Trump, said Wednesday on "Hannity" that someone who is an intermediary between the United States and Russian governments reached out with an opportunity to bring Fogel back. A plan was presented to the president and members of his Cabinet, including national security advisor Mike Waltz and CIA director John Ratcliffe, who deemed the information "credible" and "actionable."