Analysis Biden Middle East US-Saudi trade relationship in rude health The US-Saudi trade relationship rebounded from the pandemic lows of 2020 to posting record high exchanges of non-oil and non-defence goods last year as vehicles and vaccines boosted American imports into the kingdom. According to data from the US-Saudi Business Council, total trade volume amounted to SR92.5 billion ($24.7 billion) during 2021, rising 22 percent […] July 8, 2022
Analysis Biden Middle East Biden’s Saudi visit is a test of pragmatism over populism Ever since the White House announced in June that US President Joe Biden would be embarking on a trip to the Middle East – the first of his presidency – the possible motives behind it have been the subject of keen debate. Slated to take place from July 13-16 the trip has also been the […] July 8, 2022
Analysis People & Lifestyle Security is what MbS wants most of all from Washington As the architect of Saudi Vision 2030, Crown Prince Mohammed bin Salman quickly won plaudits the world over as a great moderniser and the face of reform in the kingdom. But the killing of Washington Post columnist Jamal Khashoggi in 2018 complicated matters. Shunned by many leaders – both political and business – MbS has […] July 8, 2022
Analysis Biden Middle East 43 billion reasons why the US is key to Saudi’s wealth fund Saudi Arabia’s Public Investment Fund (PIF) is expected to continue with an investment strategy of “bargain hunting” in the United States but will likely deploy some caution, given current volatility in the US stock market. US president Joe Biden’s visit to the kingdom is an opportunity to strengthen bilateral business ties, commentators told AGBI, and […] July 8, 2022
Analysis Biden Middle East US firms invest billions as Saudi appeal grows American businessmen first travelled to Saudi Arabia back in the 1930s to help develop the kingdom’s natural resources. Fast forward 90 years and, with record foreign investment licences issued in Saudi Arabia in the first quarter of 2022 and the country’s gross domestic product (GDP) growing at its fastest rate in a decade, it’s little […] July 8, 2022
Tourism Pizza Hut to open 100 branches in Saudi Arabia Middle East franchisee Americana on Tuesday said it had reached a deal with Pizza Hut parent firm Yum Brands to open 100 Pizza Hut branches in Saudi Arabia over the next three years. Americana, which operates Pizza Hut franchised branches elsewhere in the region, will open up to 30 locations in Saudi Arabia’s largest cities […] July 5, 2022
Economy Saudi King allocates $5bn to tackle rising prices The Saudi king has ordered the allocation of 20 billion riyals ($5.33 billion) to tackle the effects of the rising global prices, state news agency SPA reported on Monday. Half of the allocated money will go to social insurance beneficiaries and the Citizen Account Program, it added. Saudi Arabia’s non-oil private sector expanded in June […] July 5, 2022
Manufacturing Saudi non-oil private sector gallops despite inflation Saudi Arabia’s non-oil private sector expanded in June at its fastest pace since September as demand continued to rise strongly despite the highest inflation in nearly two years, a survey showed on Tuesday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy rose to 57.0 in June from […] July 5, 2022
Transport Saudi reveals tram project to drive AlUla tourism ambitions Saudi Arabia has unveiled plans to build a new tram system as they aim to develop AlUla as a major international tourism destination. The Royal Commission for AlUla (RCU) said the tram will connect all of AlUla’s most important landmarks, archaeological sites, tourist destinations, urban areas and transport infrastructure. The first phase of the system […] July 5, 2022
Banking & Finance Digital bank YAP raises $41m as it eyes Saudi Arabia United Arab Emirates-based digital bank YAP said on Monday it had raised $41 million and plans to expand into Saudi Arabia through a partnership with a traditional bank in the kingdom. The investors in the Series A round, which YAP said it intends to close by the end of the year, include Saudi Arabia’s Aljazira […] July 4, 2022
Real Estate Zero-carbon smart city in Riyadh to house 44,000 A Dubai-based architecture firm is working on designs for a 10km2, zero-carbon smart city in Saudi Arabia which will provide homes for 44,000 people. URB, which is headquartered in Dubai Design District, said it has completed the concept stage for ALNAMA Smart City and will soon begin the detailed design stage. Set to be located […] July 1, 2022
Energy Biden won’t push Saudi crown prince on oil U.S. President Joe Biden on Thursday said he would see Saudi Arabia’s king and crown prince during a visit to the country next month but that the purpose of his trip was not to press them to increase oil output. Asked at a press conference in Spain if he would ask the Saudi leaders to […] July 1, 2022
Banking & Finance Saudi Arabia ‘in early talks to take stake in Aston Martin’ Saudi Arabia’s Public Investment Fund is in early talks with British luxury carmaker Aston Martin about taking a stake in the business that could be worth 200 million pounds ($243.5 million), the Financial Times reported on Thursday. Shares in Aston Martin, which had fallen as much as 20 percent to a record low on Thursday, […] July 1, 2022
Analysis Employment Saudi unemployment rate drops as over 1 million expats leave The unemployment rate among Saudi nationals, especially women, continues to decline, as the latest data from the Saudi General Authority for Statistics (GASTAT) also showed that over a million expats left the kingdom during the pandemic. The population at the mid-year point in 2021 was 34.1 million, a 2.6 percent year-on-year decrease. Foreign workers and […] July 1, 2022
Saudi imports from UAE drop 23% in a year Saudi imports from the UAE fell by 23 percent year-on-year in April, with analysts citing last year’s changes to the customs rules as the main reason for the drop. Imports into the kingdom from the six GCC countries, which also includes Oman, Bahrain, Kuwait and Qatar, rose seven percent year-on-year to 6.55 billion riyals ($1.75 […] June 30, 2022
Media & Advertising Snapchat paid version launches in Saudi Arabia, UAE Snap Inc on Wednesday launched a paid version of the Snapchat app in the US, priced at $3.99 a month, and a few other markets, in a major step away from a revenue model dependent mostly on advertising. Snap, which had teased the subscription version, Snapchat+, earlier this month, said it would be available in […] June 30, 2022
Food & Drink Saudi prince backs $40m funding for dairy replacement producer KBW Ventures, the venture capital firm founded by Saudi Arabia’s Prince Khaled bin Alwaleed, was one of the prime investors in a $40 million fundraising round by a Californian company that is aiming to become the world’s first true plant-based dairy replacement producer. Oakland-based Eclipse Foods was founded in 2019 by chef Thomas Bowman and […] June 30, 2022
Media & Advertising BBC News controller heads for Saudi’s Al Arabiya News A former senior news editor at the BBC left the corporation to take a position at Saudi Arabia’s state broadcaster. Jamie Angus stepped down from his role as BBC News’s senior controller of output and commissioning in April. He is expected to take a senior role at Al Arabiya News. Sources were uncertain about Angus’s […] June 30, 2022
Energy G7 should opt for fuel tax cut over price cap, says Saudi-based analyst A proposal by the G7 group of leaders to look at the feasibility of introducing a price cap on energy imports was dismissed as “highly doubtful” by a top Saudi-based energy analyst. A report by the Financial Times on Tuesday claimed that the G7 leaders – which includes Canada, France, Germany, Italy, Japan, the UK […] June 29, 2022
Banking & Finance Saudi foreign direct investment rises 9.5% in first quarter Saudi Arabia recorded 9.5 percent increase year on year in foreign direct investment (FDI) flows during the first three months of 2022, the investment ministry said on Twitter on Tuesday. The FDI inflows were at 7.4 billion riyals ($1.97 billion) in the first quarter of 2022, the ministry added. ($1 = 3.7530 riyals) June 29, 2022
