New Saudi Minister of Commerce and Industry HE Tawfiq al-Rabiah Active in New Role
Minister al-Rabiah, who was appointed to the position in December of 2011, has been very active in his new role as Saudi Minister of Commerce and Industry, having already led delegations from the Kingdom of Saudi Arabia to India and Geneva. Click Here to Read More...
Saudi Economic Survey: 'A Strategic Partnership between Saudi Arabia and China'
Saudi Arabia and China signed yesterday agreements and cooperation programs between the two countries. They included a memo of understanding between Saudi Sabic and Chinese Sinopec in the presence of the Custodian of the Two Holy Mosques King Abdullah bin AbdulAziz and Won Jiapao the Chinese Prime Minister in the palace of the Custodian of the Tow Holy Mosques in Click Here to Read More...
Will 2012 Be A Year of Opening for Saudi Arabia?
If the last few years in Saudi Arabia will be remembered as years of impressive economic growth, look for 2012 to be a year of “opening” for the Kingdom.
The investment, aviation, and tourism sectors are all set for major changes to the status quo in 2012 after years of anticipation by foreigners to break into these lucrative markets in Saudi Arabia.
Perhaps the most significant and highly anticipated of these openings Click Here to Read More...
Is Saudi Arabia Really ‘Targeting’ $100 Crude?
Saudi Arabia’s oil minister Ali Naimi has set a new target of $100 for Saudi Arabia to break even on its governmental budget, a large increase from previous forecasts, according to reports. The increase is $25 dollars a barrel more than previously established by the Kingdom of Saudi Arabia in Click Here to Read More...
First Government-backed Sukuk Offered in Saudi Arabia – Largest Ever for Kingdom
Saudi Arabia has issued its first government-backed sukuk, or Islamic-bond this week in the Kingdom that amounted to the largest sukuk offering in Saudi’s history, according to reports. The proceeds from the bond will finance the expansion of King Abdulaziz International Airport in Jeddah, which…
EIU Verifies Saudi Claim About Replacing Iranian Oil Exports
The Economist Intelligence Unit said that Saudi Arabia could replace a large share of Iranian exports when embargos against crude from the Islamic Republic take effect, according to this report in BusinessWeek. BW: “Saudi Arabia pumps about 9.8 million barrels a day, including oil from…
U.S. Statement on the Trade Policy Review of Saudi Arabia
The United States is pleased to participate in Saudi Arabia’s first Trade Policy Review (TPR) since it joined the WTO in 2005. As this is the first TPR of the New Year, the United States offers its best wishes to all Members for a year of peace, good health, and prosperity. Saudi Arabia’s accession to this organization and its continued trade liberalization efforts reflect the successful realization of His Majesty King Abdullah’s vision of economic reform and diversification.
- January 26, 2012
Prince Turki Al-Faisal Blames West for Global Financial Crisis, Recession
Former Saudi Intelligence Chief, Ambassador to the United States, and Georgetown Professor HRH Prince Turki Al Faisal said at the Global Competitiveness Forum in Riyadh today that the global financial crisis and ensuing recession was “born in the West, developed in the West yet hit…
- January 24, 2012
- Prince Turki al Faisal
Excellent Summary of Saudi’s Surge in Oil Production from SUSRIS Blog
William Ryan for the SUSRIS Business Blog writes this excellent post regarding the surge in Saudi oil production to a 30-year high. The post serves as an excellent summary of the variety of factors contributing to high Saudi oil production…and high price. Tensions with Iran…
- January 24, 2012
- SUSRIS
Boeing Delivers Two 777-300ERs to Saudi Arabian Airlines
Press Release – Boeing reached a major milestone with Saudi Arabian Airlines when it delivered the airline’s first two 777-300ERs (extended range), marking another step forward in Boeing’s historic and enduring relationship with the Kingdom of Saudi Arabia. At the delivery ceremony, Saudi Arabian Airlines also…
- January 24, 2012
- Boeing
SAGIA’s Sixth Global Competitiveness Forum Opens in Riyadh
[Press Release] – Custodian of the Two Holy Mosques King Abdullah bin Abulaziz Al-Saud has stressed the need to increase investment opportunities in the Kingdom. Inaugurating the Sixth Global Competitiveness Forum (GCF) in Riyadh on Saturday night, King Abdullah described investments as Saudi Arabia’s engine…
EU Will Sanction Iran’s Oil
Iran’s oil and other precious metals will be sanctioned by the EU on Monday, according to reports. CNN Money’s Steve Hargreaves reports that the sanctions “will ban the import of Iranian oil and also restrict Iran’s trade in gold and precious metals, as well as…
China and Saudi to Cooperate on Nuclear Energy
China and Saudi Arabia’s leaders have signaled that they will cooperate on developing nuclear energy projects, according to this report in Green Prophet. Green Prophet believes that Saudi Arabia chose wisely by partnering with China: “The Saudis could not have picked a better partner than…
- January 19, 2012
- Nuclear
Iran to Saudi: Don’t Put Us Out of Oil Business
Iran has warned Saudi Arabia not to deliver additional oil to the market in the wake of sanctions against Iran’s oil industry, according to reports. The comments, though indirect, “marked the first verbal sparring” between Iran and Saudi Arabia over the issue, according to the…
Chinese Prime Minister, Saudi Crown Prince Meet
Via The New York Times: Chinese Prime Minister Wen Jiabao and Saudi Crown Prince met during a Chinese diplomatic tour of the region. Among the tops covered, the issue of Chinese ties to Iran and recent US pressure to encourage a stop of Chinese support…
Arabianomics Photo of the Week – 1/18/12
Prince Saud bin Misha’al bin Abdulaziz announces organizing a competition for Hawks during King Abdulaziz Award for Camels Pageant next year. -SAUDI PRESS AGENCY [SPA]
- January 18, 2012
- Photo of the Week
