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  • Jadwa Investment Revises Saudi GDP Down to 1.1%
     

    The latest quarterly GDP update on the Saudi economy from Jadwa Investment finds year-on-year growth continued to slow for the fourth consecutive quarter, “mainly owing to a deceleration in annual GDP growth for both the oil sector and the non-oil private sector.” However, in real terms, the Saudi economy was 1.4 percent larger in the second quarter […]

     
  • Top Saudi Investment Officials in New York for Two-Day JPMorgan Chase Event
     

    Saudi Capital Market Authority Chairman Mohammed Al-Jadaan and Tadawul stock exchange Chief Executive Officer Khalid Al Hussan are among officials attending a two-day event in New York City this week organized by JPMorgan Chase & Co., Bloomberg reports. According to Bloomberg, senior representatives of the kingdom’s economy ministry and central bank will also be present. The […]

     
  • Saudi Binladin Group Says Government Resumes Payment of Dues
     

    The Saudi finance ministry has resumed payments to Saudi Binladin Group (SBG), the kingdom’s biggest construction firm, for its work on government projects, according to a Reuters report which cited a local newspaper. The positive news for SBG and its employees comes at a critical time for the company. SBG faced its toughest challenges in the […]

     
  • Event Alert: King of Bahrain, Secretary Kissinger, Gen. David Petraeus Headline C3 Business Summit in New York
     

    Scheduled to take place on the heels of the 71st U.N. General Assembly in New York on September 26 and September 27, the 2016 C3 Business and Healthcare Summit has announced the confirmed participation of His Majesty King Hamad Bin Isa Al Khalifa and The Honorable Dr. Henry Kissinger. This edition of the well-established C3 Summit series will examine ISIS, Brexit, the growing concerns […]

     
  • Security Tight as Millions Perform Hajj in Saudi Arabia; Eid al-Adha Begins Today
     

    Saudi Arabia has invested heavily in added safety and security measures as the Kingdom hosts this year’s estimated 1.85 million Hajj pilgrims.  Photos from the official Saudi Press Agency (SPA) show Saudi civil defense forces and medical personnel on standby ready to ensure a safe and peaceful Hajj. Temperatures throughout the week topped 100°F (28°C), making […]

     
  • Jadwa: Economic Data for July Shows ‘Mixed Picture’ for Saudi Economy
     

    Recently-released Jadwa Investment monthly chartbook data on the Saudi economy for July showed “a mixed picture in economic activity,” the Riyadh-based investment firm said, noting that data on point-of-sale transactions and ATM withdrawals showed a notable slowdown in July, while the non-oil PMI rose to a 2016 high. The Saudi unemployment rate rose slightly to 11.6 […]

     
  • Asian Banks Said to Have ‘Intense Interest’ in First Saudi Foreign Debt Issuance, Reports Say
     

    Saudi Arabia is seeing “intense interest” in its first international bond sale of $15 billion and is considering further issuances given the current appetite, according to a report today in the Financial Times.  The Kingdom’s first international debt sale has generated so much interest from particularly from Asian investors that “the kingdom is weighing a […]

     
  • Deputy Crown Prince Mohammed bin Salman Arrives in China, Meets with Top Chinese Officials to Discuss ‘Vision 2030’
     

    Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman and a delegation including top ministers and other officials are in China this week for talks aimed at pushing the Kingdom’s Vision 2030 broad economic reforms. The visit to global economic powerhouse China, like the Deputy Crown Prince’s visit to the United States in June, hopes to “showcase […]

     
  • $20 Billion Dow-Saudi Aramco Venture Takes Another Step
     

    Sadara, a joint-venture between Dow Chemical Company and Saudi Aramco has started its mixed feed cracker, the only one of its kind in the Middle East and one of 26 manufacturing units that will be part of the Sadara chemical complex. Located in Jubail Industrial City along the Gulf coast of Saudi Arabia, Sadara was […]

     
  • In 2016, Saudi Restrictions Removed for U.S. Meat Exporters
     

    2016 has been a good year for U.S. farmers and food producers looking to expand into the Saudi market as the Kingdom has relaxed previously established restrictions on both poultry and beef imports from the United States.  In July, Saudi Arabia lifted a lengthy four-year ban on US beef imports that followed a scare over […]

     

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  • Saudi Central Bank (SAMA) Welcomes Four New Fintechs to Sandbox

    Wally Global Arabia, Sanam Aliliddikhar for Information Technology, Istishraf Al-Bayanat for Financial Technology and Spare Arabian Financial Company join 38 other permitted firms operating under SAMA’s Regulatory Sandbox to 42. Of those, 15 have graduated by obtaining full authorisations and were licensed by SAMA.

  • Saudi Central Bank grants permit to 4 new fintech firms to operate under its regulatory sandbox

    The Saudi Central Bank (SAMA) announces granting permit to a new batch of companies to provide Open Banking Solutions in the Regulatory Sandbox; Wally Global Arabia, Sanam Aliliddikhar for Information Technology, Istishraf Al-Bayanat for Financial Technology, and Spare Arabian Financial Company. This will bring the total number of permitted firms operating under SAMA's Regulatory Sandbox to 42, of which 15 have graduated by obtaining full authorizations and were licensed by SAMA.

  • Saudi Arabia’s wealth fund hires banks for debut green bonds

    Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche U.S. dollar-denominated green bonds, a document showed on Tuesday. Sources told Reuters earlier this month that PIF would issue the long-planned green bonds this month or in October.

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  • Saudi minister Bandar bin Ibrahim Al-Khorayef holds meetings with high level officials of Boeing, Cargill, Merck Millipore

    Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef, currently on a visit to the US, held meetings with high-level officials of several private sector companies to discuss investment opportunities between the two countries in the industrial and mining sectors.

  • Iran’s President abandons CNN interview after Amanpour declines head scarf demand

    Amanpour, who grew up in the Iranian capital Tehran and is a fluent Farsi speaker, said that she wears a head scarf while reporting in Iran to comply with the local laws and customs, “otherwise you couldn’t operate as a journalist.” But she said that she would not cover her head to conduct an interview with an Iranian official outside a country where it is not required.

  • US, France and Saudi Arabia call on Lebanese politicians to elect unifying president

    The US, France and Saudi Arabia on Wednesday called on Lebanese politicians to elect a unifying and internationally co-operative president when current leader Michel Aoun's term expires next month. Mr Aoun's mandate ends on October 31 but there is no consensus on his successor, presenting the possibility that Lebanon will have no president even as its economy collapses. “It is critical to elect a president who can unite the Lebanese people and work with regional and international actors to overcome the current crisis,” a statement from the US, France and Saudi Arabia read.