People & Lifestyle Saudi Arabia shifts to Western calendar Saudi Arabia is to shift towards using the Gregorian calendar in all official transactions, reserving the Islamic system only for religious occasions, the cabinet said this week, in a move that could presage aligning the weekend with international norms. A statement was issued on October 31 after a cabinet meeting chaired by Crown Prince Mohammed […] November 1, 2023
Analysis Renewable Energy Startup touts alternative EV batteries for Saudi industry A startup developing non-lithium batteries for electric vehicles (EVs) says they are better suited to Gulf climates where flammability is a risk. But industry experts say it will be difficult to penetrate the car industry where lithium options are baked into budgets. Mukesh Chatter, founder of Alsym Energy, argued his case to regional political and […] November 1, 2023
Business of Sport Saudi Arabia to host 2034 World Cup Saudi Arabia is to be formally declared as the host of the 2034 Fifa World Cup after Australia said on Tuesday – the final day for bids – that it would not submit an application. Football Australia said in a statement that it had decided to focus instead on bids for the 2026 Women’s Asian […] October 31, 2023
Oil & Gas Saudi GDP shrinks following oil output cuts Real GDP growth in Saudi Arabia contracted by 4.5 percent in the third quarter, as ongoing Opec+ oil output cuts affect the broader economy. Government data released this week showed oil activities decreased by 17.3 percent in the third quarter from a year earlier. However the General Authority for Statistics said there was an expansion […] October 31, 2023
Analysis Giga-projects Saudi construction under pressure to deliver on its promise The Saudi construction sector is growing as the state showers money on giga-projects while oil prices are high, but the industry is under increasing government pressure to deliver, industry players say. A market that was previously dominated by favoured government contractors such as Binladin Group and the now defunct Saudi Oger has been liberalised. This […] October 30, 2023
Renewable Energy Saudi sticks to green energy goals despite pressures Saudi Arabia aims to be a model for green energy transition despite being home to the world’s largest oil production company, its minister of energy said in Riyadh this week. Abdulaziz bin Salman added that it will not let regional turmoil slow its progress. “We will be challenging everybody to ensure they can do what […] October 23, 2023
Employment Saudi Arabia should raise retirement age, study shows Saudi Arabia should raise the retirement age to create a sustainable pension system and institute other much-needed improvements, according to a study released this week. The Global Pension Index by Mercer, a New York professional services company, ranked Saudi Arabia – the leading Arab economy and world’s biggest oil exporter – at 28 out of […] October 20, 2023
Finance PIF’s sukuk may test investor appetite for Middle East Saudi Arabia’s Public Investment Fund is planning to issue its first dollar-denominated Islamic bonds, but the move could be a test of investor appetite as regional tensions rise over the conflict in Gaza. Citi, HSBC, JP Morgan and Standard Chartered Bank have been nominated as global joint co-ordinators to organise a series of investor calls […] October 17, 2023
Economy Saudi inflation eases but real estate buoys the index Saudi inflation eased to 1.7 percent in September, from 2 percent the previous month, but the booming real estate sector continued to push up prices. Housing rents rose 9.8 percent, including a 19.8 percent increase in apartment rents, forming “the main driver of the inflation rate in September 2023”, the General Authority for Statistics said. […] October 16, 2023
Analysis Banking & Finance Turkey and Egypt can trip up Gulf lenders says analyst Gulf banks are in a resilient position as oil production cuts crimp economic growth, but lenders could face headwinds from macroeconomic volatility in Egypt and Turkey, an S&P Global analyst said this week. In Turkey, Dubai’s Emirates NBD owns Denizbank and Qatar National Bank owns QNB Finansbank, the country’s eighth and ninth largest banks by […] October 12, 2023
Finance Saudi grant programme to develop local defence sector Two Saudi government entities have launched a four-year programme of grants worth 664 million riyals ($177 million) to support the development of a local defence sector, part of plans to diversify its arms industry sources by 2030. The General Authority for Defense Development and Public Investment Fund-owned Saudi Arabian Military Industries (Sami) launched the initiative […] October 11, 2023
Analysis Banking & Finance Islamic finance set to grow 10% in 2023 The Islamic finance industry is set to grow by 10 percent this year, driven by Saudi Arabia and Kuwait, according to a new report by ratings agency S&P Global. This is despite a slowdown in growth in the Gulf region caused by Opec+ oil production cuts. “We generally expect sukuk issuance volume to diminish […] October 11, 2023
Video length: 07:09 Analysis Energy Riyadh adds safety valve to US and China nuclear quest Saudi Arabia is to allow inspections of future nuclear facilities, in an effort to persuade Washington to allow transfer of US reactor technology. The decision by Riyadh will appease Washington, but the Saudis are still courting China as a possible alternative option if US fears of nuclear proliferation prevent a deal. The Saudi government presented […] October 11, 2023
Economy Saudi economy will contract due to oil output cuts says World Bank The World Bank has forecast that the Saudi economy will contract by 0.9 percent this year with a budget deficit of 2 percent of GDP. This is a slightly more hawkish assessment than Saudi Arabia’s most recent estimations of an economic slowdown. Analysts and ratings agencies have been revising their assessments in light of oil […] October 6, 2023
Tourism Saudi Arabia among biggest gainers in tourism rebound The Middle East is the best-performing global tourism region as the world undergoes a tourism rebound after the Covid-19 pandemic, and Saudi Arabia the second best-performing country, according to the UN’s tourism body. The United Nations World Tourism Organization said tourism in terms of traveller numbers had rebounded globally to 84 percent of levels before […] October 4, 2023
Construction Doubts still swirl around completion of Jeddah Tower No final decision has been taken on construction the Jeddah Tower in Saudi Arabia, despite reports that building work on the controversial project had restarted. The planned skyscraper, which was set to be the tallest building in the world, was announced in 2009 by Kingdom Holding. Work stopped in 2017, however, after only a few […] October 3, 2023
Opinion Oil & Gas Saudi Arabia’s oil output cut is paying dividends Oil economies have to live with the consequences of the swings of global demand October 2, 2023
Finance Saudi Arabia to report budget deficits until 2026 Saudi Arabia, the world’s largest oil exporter, expects to report budgetary deficits each year until 2026, the kingdom’s finance ministry said. It added that GDP is likely to rebound after taking a hit this year from extended oil production cuts. The Arab world’s largest economy anticipates real GDP to grow by 0.03 percent in 2023, […] October 2, 2023
Tourism Israel expects religious tourism to Saudi holy cities Israel sees religious tourism among its Muslim population as a major benefit of a peace deal with Saudi Arabia, Israeli minister of tourism Haim Katz said in Riyadh this week. “Twenty percent of Israel is Muslim, two million, and they will come to Mecca easily,” Katz told AGBI on September 27 at a gala dinner […] September 28, 2023
Tourism $1bn tourism school to open in Saudi’s Qiddiya Saudi Arabia plans to build a $1 billion tourism school in the Qiddiya sports, culture and entertainment city giga-project. The Riyadh School for Tourism and Hospitality will train workers from around the world, not only Saudi Arabia, tourism minister Ahmed Al-Khateeb told a UN World Tourism Organization gathering in the capital. The training headquarters at […] September 27, 2023
Tourism Israeli minister makes historic visit to Saudi Arabia Israeli tourism minister Haim Katz made the first ever public visit by a member of the Israeli government to Saudi Arabia this week, attending a World Tourism Day event in Riyadh. The Israeli ministry of tourism said Katz was leading a delegation on a two-day stay in the Saudi capital as part of the United […] September 27, 2023
Analysis Industry More companies set up Saudi HQs as deadline nears Saudi Arabia has had limited success so far in its plan to tempt major companies to open regional headquarters in the kingdom, but more are obliging as the deadline to do so draws nearer. Among the companies relocating their main offices – or at least creating a presence in the kingdom – are international names […] September 26, 2023
