Saudi Arabia
Saudi wealth fund blocks PwC from advisory work for one year
Saudi Arabia's Public Investment Fund has stopped PwC from securing advisory and consulting contracts until February 2026. This move affects PwC's operations within the region, though auditing services remain unaffected. PwC's work had been crucial to Saudi Arabia’s Vision 2030, suggesting significant implications for ongoing projects and market dynamics.
Saudi Arabia spearheads Arab scramble for alternative to Trump's Gaza plan
Saudi Arabia, Egypt, Jordan, and the UAE are developing a counter-plan to Trump's proposal to clear out Palestinians from Gaza. The new plan involves a National Palestinian Committee to govern Gaza without Hamas and international participation in reconstruction. This plan aims to move towards a two-state solution, with Riyadh taking a leading role.
'Saudi is the best!': Why are TikTok mumfluencers lauding desert megacity?
Expat mumfluencers on TikTok praise Saudi Arabia and the NEOM megacity, showcasing idealistic lifestyles despite rights violation concerns. NEOM's ambitious population goals have been lowered, with influencers propagating positive messages as part of the kingdom's smart PR strategy, amidst ongoing human rights issues.
New rules for 2025 Hajj: No children allowed, preference for first-time pilgrims
Saudi Arabia has introduced new Hajj regulations for the 2025 pilgrimage, including a ban on children to avoid overcrowding risks. First-time pilgrims will receive priority, and installment-based payments are available for domestic pilgrims. Single-entry visas will be issued starting February 1, 2025, to prevent unauthorized pilgrimages. These measures aim to enhance safety and manageability for all pilgrims.
Saudi’s $63 billion ‘City of Earth’ giga project attracts Indian giants including Tata & Oberoi groups
Indian firms are showing strong interest in investing in Saudi Arabia's USD 63 billion Diriyah project. Key participants include the Tata and Oberoi groups. Diriyah aims to enhance economic ties between India and Saudi Arabia, offering vast opportunities in sectors like hospitality, education, and healthcare, positioning it as a significant player in international urban development.
Pakistan signs agreement to defer USD 1.2bn payment for Saudi oil
The Pakistan government has secured a one-year deferral on a USD 1.2 billion payment for oil imports from Saudi Arabia. This agreement is expected to help stabilize Pakistan's economy by ensuring a steady supply of petroleum while easing immediate financial pressures. Additionally, a USD 41 million water supply project was signed.
Saudi Arabia opens foreign property investments in holy cities Makkah and Madinah
Saudi Arabia is now allowing foreigners to invest in publicly-traded companies owning real estate in Makkah and Madinah, aiming to attract overseas investment. Foreign ownership is capped at 49%. The move aligns with Saudi's Vision 2030 goals to boost the capital market and accommodate 30 million worshippers annually by 2030.
Saudi Prince promises Donald Trump $600 billion trade, investment boost
The crown prince, known as MBS, spoke to the American president in a congratulatory phone call on Wednesday, SPA said. During the call, Prince Mohammed said the kingdom was eager to seize partnership and investment opportunities created by the new administration's anticipated reforms, which could achieve "unprecedented economic prosperity."
Saudi Arabia plans further borrowing spree to pay for huge projects as it looks beyond oil
Saudi Arabia will maintain a similar pace of borrowing in 2025 to fund oil-diversification projects, with plans for a three-tranche dollar bond issuance. The kingdom's 2025 funding needs are estimated at 139 billion riyals. Saudi Arabia sold $17 billion of international bonds in 2024, mostly denominated in $.
Saudi Arabia boosts crude oil share in Asia at Russia's expense
In November, Saudi Arabia increased its market share of Asia's crude oil imports while Russia's imports declined. Saudi imports rose to 5.83 million bpd, while Russia's dropped to 3.51 million bpd. Despite a rise in Saudi Aramco's oil prices, Saudi crude remained more price competitive than Russia's Urals, partly due to higher transport costs for Russian crude.
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Moody's upgrades Saudi Arabia's rating on economic diversification efforts
Moody's has upgraded Saudi Arabia's credit rating to "Aa3", acknowledging the nation's progress in diversifying its oil-dependent economy. The upgrade reflects Saudi Arabia's commitment to its Vision 2030 plan, which aims to reduce reliance on oil by fostering growth in sectors like tourism and manufacturing.
UK PM Keir Starmer to visit Saudi Arabia, UAE to boost investments, source says
British Prime Minister Keir Starmer is slated to visit Saudi Arabia and the UAE next month to bolster ties and attract investment in energy projects. The trip will be Starmer's first to the Gulf since his election victory in July, signaling a potential strengthening of relationships.
India, Saudi Arabia share robust, solid partnership: Saudi Foreign Minister
Indian External Affairs Minister S Jaishankar and his Saudi counterpart, Faisal bin Farhan Al Saud, convened in New Delhi for the second India-Saudi Arabia Strategic Partnership Council meeting. The leaders discussed strengthening bilateral ties, including defense, security, trade, and cultural exchanges. They also addressed regional and international issues, emphasizing cooperation in multilateral forums and the ongoing conflict in West Asia.
Saudi Arabia's Q3 GDP grows by estimated 2.8% y/y
Saudi Arabia's economy grew 2.8% in the third quarter year on year, driven by a 4.2% rise in non-oil activities. Despite a 0.3% growth in the oil sector, overall economic growth remains subdued due to lower oil prices and production. Efforts are ongoing to enhance non-oil GDP under Vision 2030 strategy.
India, Saudi to discuss ways to increase cooperation in energy, digital infra, manufacturing
Minister Piyush Goyal will visit Riyadh to enhance cooperation with Saudi Arabia in renewable energy, digital infrastructure, and manufacturing. Goyal will attend the Future Investment Initiative and engage with investors. He will also hold bilateral meetings with key Saudi ministers and co-chair the Economy and Investment Committee meeting under the India-Saudi Strategic Partnership Council.
The Executive Centre (TEC) forays in Saudi Arabia
The Executive Centre has opened its first office in Riyadh's King Abdullah Financial District with a $30 million investment. The new workspace covers 36,500 square feet. This expansion aligns with Saudi Arabia's Vision 2030 and aims to meet the demand for premium office spaces. It is part of TEC's strategy to grow its global presence.
