Iraqi PM in Iran to push for revival of Tehran-Riyadh talks Iran and Iraq have agreed to seek stability in the Middle East, Iraqi Prime Minister Mustafa al-Kadhimi said in Tehran on Sunday, a day after he visited Saudi Arabia in a bid to revive talks between the regional rivals to ease years of hostility. Iran and Saudi Arabia, the leading Shi’ite and Sunni Muslim powers […] June 27, 2022
Markets Saudi bourse to launch single stock futures on July 4 The Saudi stock exchange Tadawul plans to launch single stock futures on July 4, which will enable local and international investors to hedge and manage portfolio risks more effectively. Tadawul said in a statement on Sunday that the underlying stocks for single stock futures have been selected from the largest and most liquid publicly listed […] June 27, 2022
Health Saudi Arabia to invest $3.4bn in vaccine, biomedical drugs sector Saudi Arabia’s industry and Mineral Resources minister said on Friday the country would invest $3.4 billion in the vaccine and biomedical drugs sector, according to state news agency SPA. The Minister Bandar Alkhorayef, who heads the newly-established vaccines and biopharmaceutical industry committee, said the move is part of the kingdom’s push towards achieving pharmaceutical security […] June 25, 2022
Tourism Saudi adventure tourism climbs to new heights Saudi Arabia’s Vision 2030 ambition to diversify into tourism has added the action sport of climbing to its offer, a way for adventure holiday enthusiasts to explore the kingdom’s natural landscape. Climbing is a new concept for the country, only born locally from young Saudis who studied or worked abroad and then returned home with […] June 23, 2022
Manufacturing Alba confirms it is ‘exploring’ listing in Saudi Arabia Bahrain’s sovereign wealth fund Mumtalakat is considering a secondary listing of Aluminium Bahrain BSC (Alba) on Saudi Arabia’s Tadawul stock market. Alba said in a statement to the Bahrain Stock Exchange yesterday it is “exploring various opportunities, one of which is a potential secondary listing on Saudi Arabia’s Stock Exchange which is currently under evaluation […] June 23, 2022
Markets Saudi bank stocks drop as Gulf markets follow lower oil prices Stock markets in the Gulf retreated on Wednesday, tracking crude prices, and as global sentiment was weighed by persistent worries that rising interest rates would trigger a global recession. Saudi Arabia’s benchmark index slid 2.9 percent, posting broad-based declines, dragged down by Al Rajhi Bank a 4.3 percent drop and a 2.9 percent decline in […] June 23, 2022
First multifaith gathering held on Arabian Peninsula in 1,000 years In contrast to a rhetoric of conflict, the forum proposes a unifying vision The Muslim World League held the Forum on Common Values Among Religious Followers this week in Saudi capital Riyadh. A multifaith event with leaders from around the world, the forum included 90 faith leaders in all, with Muslims, Christians, Jews, Buddhists and […] June 22, 2022
Food & Drink Chef Jason Atherton opens fine dining restaurant in Jeddah A new Mediterranean restaurant in Jeddah is bringing a fine dining experience to the city thanks to a partnership between English chef Jason Atherton and Saudi businessman Abdelkarim Abbar. Located at the newly opened Jeddah Yacht Club on the Red Sea, Marina Social, operated by Atherton and owned by Abbar, opened on June 19. Atherton’s […] June 22, 2022
Jordan hopes for $3bn in deals from Saudi crown prince visit Saudi Crown Prince Mohammed bin Salman met with Jordan’s King Abdullah on Tuesday amid a thaw in relations after years of tension due to divergent views on regional conflicts and unfulfilled pledges of aid. The first visit to Jordan in years by the de facto ruler of Saudi Arabia comes at a time, officials say, […] June 22, 2022
Markets Saudi Arabia exchange has its biggest gain in more than a year Stock markets in the Gulf ended higher on Tuesday, pausing for breath after a steep sell-off, but major central banks’ rate hike plans and global recession risks kept investors cautious. Saudi Arabia’s benchmark index advanced 2.6 percent, its biggest intraday gain in more than a year, buoyed by a 3.4 percent jump in Al Rajhi […] June 22, 2022
Business of Sport Saudi to host Joshua-Usyk heavyweight title rematch Saudi Arabia confirmed today that it will host the world heavyweight boxing clash between champion Oleksandr Usyk and Anthony Joshua on August 20 as the kingdom cements its status as a global sporting destination. In a statement, the Ministry of Sports announced that the Red Sea city of Jeddah will host the rematch between the […] June 20, 2022
Analysis Energy Gulf defies oil financing trends as UN calls for end to fossil fuels The Middle East is boosting investment in oil and gas, bucking the global trend even as the United Nations calls for an end to the funding of fossil fuel projects. The MENA region is forecast to invest $879 billion in energy projects from 2022 to 2026, an increase of 9 percent over the previous five […] June 20, 2022
Analysis Middle East growth forecast brightens despite global gloom Growth forecasts for the Middle East have been revised upwards despite the darkening global landscape. Middle East GDP growth for 2022 is now projected at 5.2 percent, an increase of 1 percentage point on the forecast three months ago, according to the Economic Insight report for the Middle East, commissioned by the Institute of Chartered […] June 20, 2022
Markets Saudi stock market sees biggest fall since November 2021 Stock markets in the Gulf registered steep losses on Sunday, as investors worried that tighter monetary policy by inflation-fighting central banks could damage economic growth. On Wednesday, the US central bank approved its biggest interest rate hike since 1994, lifting the target federal funds rate by 75 basis points to a range of between 1.5 […] June 20, 2022
Analysis Energy ACWA places faith in hydrogen to power Saudi’s future Saudi Arabia, the world’s top oil exporter, has grand ambitions to become the globe’s number one producer of green hydrogen. The kingdom is aiming to produce around four million tonnes of the gas by 2030 as part of Saudi Crown Prince Mohammed bin Salman’s (MbS) Vision 2030 to diversify the economy. Green hydrogen is set […] June 17, 2022
Morocco seeks Saudi support, as economic growth slows Morocco invited Saudi Arabia on Thursday to contribute to a fund to spur investments, seeking economic gains from its close political alliance with the Gulf monarchy. The Moroccan economy is expected to slow to 1.5 percent this year from 7.9 percent last year on the back of drought and imported inflationary pressures. The Moroccan economy […] June 17, 2022
Analysis Development Foreign investment licences in Saudi reach record high The number of foreign investment licences have soared to record highs in Saudi Arabia as more than 100 deals worth over $4 billion were struck during the first quarter of 2022. Saudi Arabia’s Ministry of Investment (MISA) revealed that the deals announced are expected to create more than 5,800 new jobs in the domestic economy, […] June 15, 2022
Lifestyle Saudi slips and UAE soars as millionaires seek new homes Saudi Arabia is forecast to lose 600 high net worth individuals this year while the UAE is set to gain 4,000, according to a new report June 15, 2022
Banking & Finance The Prince and the PIF: The way ahead for Saudi’s top investor The prince who’s the international face of Saudi business may no longer be able to call all the shots. For years, Prince Alwaleed bin Talal, Saudi Arabia’s self-styled Warren Buffett, has made hundreds of millions of dollars by investing in companies from Citigroup to Uber to Twitter with almost complete autonomy. Now, his Kingdom Holding […] June 15, 2022
Manufacturing Gulf rivals jostle for position as EV test beds A collaboration has been forged between electric vehicle company NWTN and real estate investor Sultan Investments to build a manufacturing facility in Abu Dhabi. The tie-up is the latest signal of intent by the UAE to corner the fast growing EV market, rivalling Saudi Arabia’s ambitions. NWTN, previously known as ICONIQ, was founded in 2016 […] June 14, 2022
