Economy

Saudi Arabia is not only focused on advancing its economy but also aims to attract global talent, according to the Minister of Economy and Planning, Faisal bin Fadel Al-Ibrahim. Speaking at the Global Labor Market Conference, Al-Ibrahim emphasized the importance of Saudi citizens working alongside the best talent worldwide, learning and making a meaningful impact. He stated that the country...

Saudi Energy Minister Prince Abdulaziz bin Salman has voiced his support for the final deal reached at COP28, which signals consensus among participating countries in transitioning away from fossil fuels to reach net zero. Prince Abdulaziz stated that the agreement would not impact Saudi Arabia's hydrocarbon exports, as it provides alternatives without affecting the country's ability to sell. He expressed...

Saudi Arabia's non-oil activities increased by 3.5 percent in the third quarter of 2023, compared to the same period of the previous year, as the Kingdom steadily diversifies its economy away from oil, according to official data released by the General Authority for Statistics. The report also revealed a 0.4 percent rise in non-oil activities in the third quarter compared...

Saudi Arabia's National Debt Management Center (NDMC) has successfully secured a syndicated loan of $11 billion as part of the government's medium-term debt strategy. The loan is aimed at diversifying the Kingdom's funding sources and is structured for a 10-year term. The funding involved the collaboration of 14 international financial institutions from Asia, the Middle East, Europe, and the US,...

Several major countries have announced their commitment to using carbon "capture" or "storage" technologies as realistic solutions to combat climate change at the UN Climate Change Summit (COP28) in Dubai. Japanese Prime Minister Fumio Kishida has pledged to stop the construction of new coal power plants without emission reduction measures in place. "In line with its pathway to net-zero, Japan...

TOKYO: Japan's imports of Saudi crude oil remained strong in October, reaching 30.37 million barrels, which accounted for 42.4 percent of the country's total, according to Japanese government data. This figure slightly increased from September's imports of around 29 million barrels. The Japanese Ministry of Economy, Trade, and Industry's Agency for Natural Resources and Energy reported that in October, approximately...

Saudi Arabia has made significant investments in its navy in recent years, acquiring advanced warships and demonstrating a growing willingness to participate in maritime task forces. This shift reflects the kingdom's response to increasing threats in the region and its desire to reduce dependence on the US for defense. The Royal Saudi Naval Forces have taken command of two naval...

Several OPEC+ countries have agreed to implement voluntary oil production cuts totaling 2.2 million barrels per day in the first quarter of 2024, according to an announcement made by the oil-producing group. Saudi Arabia, the world's largest exporter of crude oil, will lead these efforts by extending their voluntary production cut of 1 million barrels per day for an additional...

OPEC+ members, including Saudi Arabia, UAE, Kuwait, and Oman, have reached an agreement to voluntarily reduce oil output in the first quarter of 2024. The announcement by OPEC+ oil ministers revealed a total production cut of over 2 million barrels per day during this period. Saudi Arabia and the UAE have both announced additional voluntary production cuts following the meeting....

Saudi Arabia has announced an extension of its oil production cut as previous reductions by the OPEC+ alliance failed to raise prices. The voluntary cut of 1 million barrels per day will continue through the first three months of next year. This decision comes in addition to other cuts made by OPEC+ and individual countries. The ongoing concerns about oversupply...

China has maintained its position as Saudi Arabia's primary trading partner in September, continuing to dominate both imports and exports. According to the General Authority of Statistics, the trade surplus with China reached SR6.67 billion ($1.78 billion), marking a 257 percent surge compared to August. Saudi Arabia experienced a 34 percent growth rate in exports to China during this period,...

Saudi Arabia Raises $11 Billion Through Syndicated Loan to Fund Budget Deficit Saudi Arabia has secured a syndicated loan of $11 billion, making it the largest loan obtained by a government globally this year. The funding will be used to address the country's budget deficit amidst weaker oil revenues. The loan has a margin of 100 basis points above the...

China and Saudi Arabia have signed a currency swap agreement worth approximately $7 billion, signaling another move in the global trend of dedollarization as countries seek to reduce their reliance on the US dollar. The three-year deal allows for a maximum swap of 50 billion yuan or 26 billion riyals. While the agreement may seem relatively small, its significance lies...

Saudi Arabia Urges Businesses to Pay Tax Bills or Face Fines Saudi Arabia has issued a warning to businesses, urging them to pay their tax bills before the end of the month or face fines. The Zakat, Tax and Customs Authority (ZATCA) has specifically called on commercial establishments with annual revenues exceeding SR40m ($10.7m) to submit their value-added tax (VAT)...

Top oil exporters Saudi Arabia and Russia have announced that they will continue with their additional voluntary oil output cuts until the end of the year. This decision comes as concerns over demand and economic growth continue to weigh on crude markets. Both countries have stated that they will review their cuts next month to consider extending, deepening, or increasing...

Growth in non-oil business activity in Saudi Arabia accelerated for a second consecutive month in October, according to a survey. The Riyad Bank Saudi Arabia Purchasing Managers' Index rose to 58.4, the highest reading since June, indicating strong expansion. New orders also surged, supporting the overall growth in activity. This positive trend led to a sharp rise in employment levels,...