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  • Saudi Aramco Denies Financial Times Report on Shelving Long-Awaited IPO
     

    Saudi Aramco has denied a report in the London-based Financial Times that the state-controlled company will shelve its plans to list part of the company on international indices in favor of private placements. The Financial Times reports that talks about “a private sale to foreign governments including China and other investors have gathered pace in recent […]

     
  • Over 87,000 Business Licenses Issued to Saudi Arabia this Year – Report
     

    Saudi Arabia’s Ministry of Commerce and Investment issued over 87,000 business licenses to women in the last year as the Kingdom looks to increase female integration into the Saudi economy. The Ministry said it issued 87,575 commercial registrations for women “for businesses in various fields, including trade, manufacturing, communications, information technology, real estate, cleaning, tourism, restaurants […]

     
  • U.S. Approves Possible Sale of THAAD Missile Defense System to Saudi Arabia with Massive $15b Price Tag
     

    The United States has given preliminary approval for the sale of a Terminal High Altitude Area Defense (THAAD) missile defense system to Saudi Arabia with a price tag of $15 billion, according to reports and a statement by the U.S. Defense Security Cooperation Agency (DSCA). The announcement, made on the heels of Saudi Arabia’s King Salman […]

     
  • Saudi Arabia and Russia sign S-400 MOU, with Some Manufacturing in the Kingdom
     

    Saudi Arabia wants to produce a range of Russian military products, including parts for the S-400 air defense system, as part of agreements signed during King Salman’s visit to Russia this week. The agreement to produce military equipment covering the procurement of S-400 long-range air defense systems includes manufacturing part of the system in the Kingdom, […]

     
  • Saudi-Russia Ties Strengthen as King Salman Visits around Russia Energy Week
     

    Saudi-Russia ties continue to warm ahead of King Salman’s visit as the Kingdom looks to expand bi-lateral investment opportunities, according to reports. Saudi Arabia and Russia are the two biggest energy players, producing almost a quarter of the world’s oil between them. As the de facto leader of OPEC, Saudi Arabia has forged a working […]

     
  • Saudi Economy Contracts as Production Cuts, Reforms Begin
     

    Saudi Arabia’s economy contracted by 1.03 percent in the second quarter of this year following a 0.5-percent contraction in the first quarter, according to reports, as participation in the OPEC oil production cut and disappointing growth in non-oil industries weighed on the economy. While the contraction in the economy is to be expected as OPEC and Russia seek […]

     
  • Saudi’s PIF Continues Investment Drive in Kingdom’s Tourism and Hospitality Development
     

    Saudi Arabia’s Public Investment Fund (PIF) is continuing to expand its investment portfolio in Saudi Arabia’s travel, tourism, and leisure infrastructure across different regions of the country as part of the Kingdom’s Vision 2030 economic and social reform plans. The latest such development came in the form of an announcement by the PIF today that it […]

     
  • With Historic Decree on Saudi Women Driving, An Economic and Social Game-Changer
     

    Saudi women and champions of equal rights around the world embraced a decision by Saudi Arabia’s King Salman to allow women to drive for the first time, a landmark royal decree that will change the Kingdom’s economy and society in countless ways. Saudi Women will now be able to legally apply for their own driving licenses without having to secure […]

     
  • Saudi-based Restaurant Management Startup Raises $4m
     

    A restaurant management startup in Saudi Arabia has raised a $4m Series A investment as the Kingdom sees signs of life for new small and medium-sized enterprises (SMEs). Foodics, which is a Saudi-based company, offers an all-in-one iPad-based point of sale and restaurant management system. Foodics raised its venture funding from Saudi VC firms Raed […]

     
  • PIF $2.7b Bet on Entertainment an Investment Toward a ‘Vibrant Saudi Society’
     

    Saudi Arabia’s Public Investment Fund (PIF) announced on September 20 that it is setting up a new company to invest in the entertainment sector, as the Kingdom looks to achieve a more vibrant society – a stated goal of Saudi Arabia’s Vision 2030. The company, which will have $2.67 billion in initial capital to invest, will seek […]

     

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