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Saudis looking to invest big in Tesla before privatization

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While Tesla CEO Elon Musk teased last week about taking the company private, several suitors may have already been courting the electric car giant months ago. Saudi Arabia’s Public Investment Fund, the country’s sovereign wealth fund, is in talks with Tesla about becoming a significant investor as part of the move towards privatization, sources with knowledge of the fund’s plans ... Read More »

King Abdullah Port to support SMME expo

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King Abdullah Port, Saudi Arabia’s first fully privately owned, developed and operated port, has joined the elite list of Gold Sponsors of the premier Seatrade Maritime Middle East (SMME) 2018, to be held in Dubai, UAE. Seatrade Maritime Middle East 2018, a leading maritime exhibition and conference in the region, will be held at the Dubai World Trade Centre from ... Read More »

OPEC oil production climbs as Saudi Arabia pumps more

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Saudi Arabia:Crude oil production from the Organisation of Petroleum Exporting Countries increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met. The kingdom’s oil production grew by 230,000 barrels a day in July to 10.65 million barrels per day. This is just shy of an all-time peak reached ... Read More »

Saudi Arabia invests $2B in Tesla: report

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Saudi Arabia’s sovereign wealth fund has reportedly invested heavily in Tesla, sending shares of the electric automaker higher during Tuesday’s trading session. According to a report by The Financial Times, which cited people with direct knowledge of the matter, the fund – overseen by Saudi crown prince Mohammed bin Salman – has built up a 3% to 5% stake in ... Read More »

Saudi-Iraqi border crossing to boost bilateral trade

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JEDDAH: Northern Borders Gov. Prince Faisal bin Khalid bin Sultan has said that establishing the Saudi-Iraqi Al-Jadidah Arar border crossing will be a big boost to both countries. He received in his office Customs General Authority Gov. Ahmad Al-Hakbani, on Sunday. Al-Hakbani briefed Prince Faisal about the services provided by the Customs sector and reviewed the results of the customs’ ... Read More »

King Abdullah Port enjoys 51% rise in volumes

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King Abdullah Port, located on Saudi Arabia’s west coast adjacent to the Red Sea, has achieved a very strong first half of 2018 with container volumes up by 50.5%. The port handled 1,236,075 teu in the first six months of the year, building on growth of 21% in 2017. Rayan Qutub, CEO of King Abdullah Port said: “Since the launch ... Read More »

Saudi Customs Authority inaugurates Risk Management Center

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RIYADH:Head of the Saudi Customs Authority governor Ahmad bin Abdel Aziz Al-Haqbani inaugurated the Risk Management and Targeting Center. The center would seek to enhance the effectiveness of the customs’ risk management and develop a mechanism for targeting risks and threats through land, sea and air customs ports. In addition, it would work on assessing possible threats and develop an ... Read More »

Saudi ministry welcomes IMF statement on economic reforms

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RIYADH: Saudi Arabia’s Ministry of Finance welcomed the International Monetary Fund (IMF)’s commendation of the progress made in implementing the Vision 2030 reform program and its positive economic impact. The statement was issued after the IMF’s Executive Board concluded discussions on the 2018 Article IV consultation with Saudi Arabia for 2018. There is a “broadly positive outlook” for the Saudi ... Read More »

Saudi Arabia halts oil exports in Red Sea lane after Houthi attacks

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Saudi Arabia:Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea’s Bab al-Mandeb strait, one of the world’s most important tanker routes, after Yemen’s Iran-aligned Houthis attacked two ships in the waterway. Brent futures rose 19 cents to $74.12 a barrel by 1305 GMT, extending their rally into a third day but slipping from a 10-day ... Read More »

Exploring the New Saudi Arabia from the Inside

Saudi women take selfies as they attend a concert by Egyptian pop sensation Tamer Hosny in the western city of Jeddah on March 30, 2018.
Thousands of fans were taken by surprise when tickets for Hosny's first-ever Saudi concert came with the edict that dancing was "strictly prohibited".
/ AFP PHOTO / Amer HILABI

The religious police has been stripped of power, pop concerts are now allowed and women are even permitted to drive cars. Crown Prince Mohammed bin Salman is liberalizing Saudi Arabian society but the system remains authoritarian. Can it work? It’s not true that women can’t go anywhere in Saudi Arabia. You can walk wherever you want, you’ll just never get ... Read More »

Italian woman documents her love for Saudi landscapes, customs

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Saudi Arabia : The sand dunes of the Arabian Peninsula, known as the land of chivalry, are still major attractions for local and international tourists visiting Saudi Arabia. Italian tourist Kiyara and her husband are avid enthusiasts and lovers of natural landscapes as both fell in love with the Saudi Arabia’s desert when they first visited the Kingdom two years ... Read More »

Saudi Aramco aims to buy controlling stake in SABIC

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Saudi Arabia : Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly taking the entire 70 percent stake owned by Saudi Arabia’s sovereign wealth fund, two sources familiar with the matter told Reuters. Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a “strategic stake” in Saudi Basic ... Read More »

Saudi Arabia keeps status quo on oil exports, but supply risks still abound

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Saudi Arabia : The pressure on Saudi Arabia to pump more crude has lessened over the past few weeks. Libya’s eastern ports are back in business after a blockade was lifted last week, allowing its crude production to ramp up by several hundred thousand barrels per day. Russia has said its output has risen some 200,000 b/d this month, while ... Read More »

Saudi Arabia’s Maaden signs MoU with GE to discuss digital cooperation in mining sector

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RIYADH: The Saudi Arabian Mining Company (Maaden) signed a strategic memorandum of understanding (MoU) with General Electric (GE) on Thursday, which focused on exploring possible opportunities to support digital transformation in the industrial sector. The two sides discussed opportunities for cooperation in advanced technical solutions that included the entire chain of Maaden’s mining operations, including activities at gold, copper, aluminum ... Read More »

Saudi efforts to ‘heal Afghan division’ win royal approval

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JEDDAH: Saudi Arabia’s King Salman has expressed his appreciation to scholars who took part in the International Ulema Conference on Peace and Security in Afghanistan in Makkah, saying the Kingdom was making efforts to “heal the divisions and differences among the Afghan people.” Chairing the Cabinet session at Al-Salam Palace in Jeddah on Tuesday, the king said Saudi Arabia was ... Read More »

First Pilgrims Arrive in Saudi Arabia From Bangladesh

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Saudi Arabia : King Abdulaziz International Airport (KAIA) in Jeddah received on Saturday via its Haj Terminal the first Haj flight coming from Bangladesh with 419 pilgrims on board. The flight’s passengers were received by Deputy President of the General Authority for Civil Aviation (GACA) Sulaiman bin Hamad al-Bassam, Director General of KAIA Essam Fouad and a number of officials ... Read More »

Saudi Arabian Airlines in Boeing 777X order talks: sources

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DUBAI:Saudi Arabian Airlines is exploring a potential order for Boeing 777X widebody jets, according to three sources familiar with the matter. It was not immediately clear when Saudi Arabia’s state-owned airline, also known as Saudia, could reach a deal or how many 777X jets it is interested in. Boeing declined to comment. Saudia did not respond to an emailed request ... Read More »

Malaysian, Indonesian Haj pilgrims to benefit from immigration pre-clearance

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JEDDAH : All pilgrims from Malaysia and a section of pilgrims from Indonesia will have immigration pre-clearance facility from their embarkation points for the upcoming Haj. The Proof of Concept (POC) System for pre-clearance at the point of departure to Saudi Arabia is being implemented in coordination with the Saudi, Malaysian and Indonesian authorities. The uniform electronic path service dubbed ... Read More »

Allowing women to drive will create 50,000 jobs in Saudi Arabia

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JEDDAH: A two-day forum targeting 20,000 women and bringing together under one roof all the services related to women driving began on Sunday. Specialists at the forum expect that lifting the ban on women driving will create more than 50,000 jobs after a year. The event, titled “You Take the Lead,” was inaugurated at Leylaty Hall by Prince Khalid bin ... Read More »

Saudi economy grows 1.15% in the first quarter on rising oil prices

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Saudi Arabia : The Saudi Arabian economy bounced back into growth mode in the first quarter of this year, according to National Accounts figures from the General Authority for Statistics. Gross domestic product (GDP) saw a 1.2 percent rise in the three months to the end of March, compared with the same period last year. This improvement follows four consecutive ... Read More »