January 1st, 2018 marked the day Saudi Arabia raised their price for a barrel in their first baby step to begin taking their economy off energy subsidies, as well as to reduce the amount of oil the Saudis consume. The prices went up substantially to achieve the kingdom’s goals, by 82 percent. The Ministry of… Continue Reading
Category Archives: Saudi Arabia
Canada Financial Giant’s Investments in the Middle East Expected to Double
The regional head of Canada’s giant financial services group, Canaccord Genuity announced that it will be doubling its investments in its Middle East and India banking businesses over the coming five years. The company was recently involved in sealing the C$Five billion deal between Dubai ports operator DP World and Caisse de Depot et placement… Continue Reading
Jadwa Investment Picks New CFO
Abdulaziz Al-Arifi was appointed to be the new chief financial officer of Riyadh-based Jadwa Investment. The appointment is part of the major investment firm’s expansion, with Al-Arifi being given the responsibility of leading the company’s new business strategy. Al-Arifi has more than ten years of experience working in the financial services sector. He is coming… Continue Reading
WHO Declares MERS Not a PHEIC
After meeting for five hours in an emergency meeting the World Health Organization announced that the new deadly MERS (Middle East Respiratory Syndrome) virus is causing a “significant increase” in concern but does not yet qualify as a global public health emergency- Public Health Emergency of International Concern (PHEIC.) “The committee concluded that the conditions… Continue Reading
Saudi Economy Booming According to SED and Outlook Report
The Saudi Economic Developments and Outlook Report sponsored by the National Commercial Bank states that the economy of Saudi Arabia has continued to grow apace, with a real GDP climbing to 6.8 percent annual growth. The expansion was due both to the oil and non-oil sectors. Per capita income rose to record levels, reaching SR… Continue Reading
Saudis Will Launch Two New Satellites in Next Three Years
Speaking at the Second Annual Saudi International Space and Aeronautics Technology Conference, Prince Turki bin Saud bin Mohammed, the KACST vice president for Research Institutes said that Saudi Arabia is planning on launching two satellites in 2013 and 2015 as part of the country’s space science development strategy. Prince Mohammed said that the SAUDISAT4 and… Continue Reading
Saudi Begins Push to Replace Foreign Cabbies With Homegrown Drivers
The Saudi government is considering a plan to hire about 28,000 Saudi workers to man the extensive limousine service within the country in order to replace a similar number of foreign workers who at the moment inhabit most of this job sector. The plan stipulates that a Saudi driver will receive a salary of about… Continue Reading
World’s Tallest Tower to be Built in Jeddah
In a bit more than five years from now the world’s largest building will be completed in Jeddah, Saudi Arabia. Known as the Kingdom Tower, the plans for the building’s construction by the Kingdom Holding Company were announced in mid-April, 2012 by the KHC’s Chairman Prince Alwaleed bin Talal. Also announced was the increase in… Continue Reading
Two New Medical Cities worth SR 2 Billion in Planning Stages in Saudi Arabia
Over SR2 billion is going to be invested in the creation of two private medical cities by the Doctor Sulaiman Al-Habib Medical Group. The first city will be situated in north Riyadh and will have 500 beds and will cost SR1.5 billion. The second medical city will cost SR 800 million and will be equipped… Continue Reading
Safari Land Development Under Way in Riyadh
An agreement was signed last week between the real estate development company Dar Al Arkan and the investment and real estate development company Al Othaim. The agreement is a 15 year lease for a 10,963 square meter space in the Alqasr Mall which was developed by Dar Al Arkan in Riyadh City, Saudi Arabia. Al… Continue Reading