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FINANCE & ECONOMY

10,000 housing units to be built in Jeddah
August 20, 2018

Saudi Arabia's Housing Ministry awarded contracts to build 10,000 housing in Jeddah for beneficiaries of Saudi Arabia’s Sakani (My Home) programme.

The Housing Ministry signed two agreements with real estate development companies to authorise construction.

A total of 46 projects have been launched thus"...

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Saudi bankruptcy law to aid struggling businesses
August 20, 2018

Saudi Arabia’s landmark bankruptcy law, which is now being implemented, will strengthen the kingdom’s business environment by helping cash-strapped firms restructure and incentivising more foreign investment.

“The new law will protect companies and allow them to show the reality of their financial situation, ultimately improving business transparency,” Mazen Al Sudairi,"...

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Tesla Shorts Up $1.2 Billion Since Musk ''Going Private'' Tweet As Saudis Plan Investment In Competitor
August 20, 2018

It was less than three weeks ago when we posted 'Tesla Shorts Refuse To Cover Despite Suffering Massive Losses' in which we wrote that 'Tesla shares rocketed higher on August 2, by almost $50, the day after the company reported its second-quarter results' and added that 'despite the stock rising more than 15% immediately after the"...

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Saudi telecoms company offers 1 GB free for users on the days of Tarwiya and Arafat
August 20, 2018

Saudi Telecom Company (STC) has announced it will provide 1GB free for every pilgrim who uses its prepaid services as a gift to pilgrims during this year’s Hajj season.
The gift is aimed at facilitating their experience during Hajj on the day of Tarwiya and Arafat, as part of an initiative organized by the Saudi Ministry of Communications and Information Technology and the Communications and Information Technology Commission.
STC Chairman, Nasser"...

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Zamzam that transformed Makkah’s arid landscape
August 20, 2018

The use of holy water is seen in many religions and ethnicities. Christians and Sikhs often use their versions of holy water to bring luck to the household or protect it against evil.
Muslims, too, have their own very special holy water called “Zamzam.” This is found in a 30-meter-deep well in the basement of the Holy Mosque about 20 meters east of the Kaaba. The water is believed to possess healing qualities and is treated with respect by all Muslims....

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The many benefits of India’s growing ties with Saudi Arabia and UAE
August 20, 2018

When Aramco President and CEO Amin Nasser cut the ceremonial ribbon in New Delhi to inaugurate the state-owned global energy giant’s newest office last year, the event captured only a smattering of headlines. That launch, however, should be seen as a defining moment in a relationship accelerating at dizzying speed, leading one Indian columnist to describe Saudi-India ties as “one"...

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Health Ministry tips for Hajj well-being
August 20, 2018

The Health Ministry is providing awareness-raising instructions and tips for Hajj on its official website.
These instructions cover chronic diseases, such as advising heart and hypertension patients to see a doctor to make sure they can perform Hajj and carry the right medicines, and ensure that the medicines are properly preserved and consumed, especially during Tawaf which requires great physical effort.
The ministry called on pilgrims potentially at"...

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Saudi Electricity Company: Mina Holy Place Registers High Electric load during pilgrims stay in Mina, to prepare for Arafat, with no technical default
August 20, 2018

Saudi Electricity Company (SEC) reported today its highest electric load, amounting to 277 MW, an increase of 8% compaired to last year, produced in Mina, where more than two million pilgrims assemble to prepare for tomorrow ascending to Arafat mount, the peak of Hajj.
The General Supervisor of the operational plan at the western sector of SEC, Eng. Abdulsalam bin Rashid Al-Omari said that the operational plan for SEC in the Hajj is going according to plan"...

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Saudi fund eyes investment in electric car startup Lucid Motors
August 20, 2018

Saudi Arabia's sovereign wealth fund may invest in luxury electric vehicle startup Lucid Motors, according to Reuters, which reports that recent discussions could result in the Saudis eventually investing over $1 billion and obtaining majority ownership. Why it matters: The report comes just days after Tesla CEO Elon Musk claimed the Saudi Public Investment Fund (PIF) was 'eager' to bankroll his plan to take Tesla private. The Reuters piece and Musk's claims, taken together, signal Saudi interest in electric vehicles as one of the tech sectors that can help diversify their oil-dominant economy. However, Reuters' framing of the potential Lucid deal creates even more uncertainty about the Saudis' readiness and ability to invest heavily in Musk's expensive take-private plan.......

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How Canada could use the Saudi quarrel to help the Middle East – and itself
August 20, 2018

The diplomatic row that erupted between Canada and Saudi Arabia is based on a mild criticism of an autocracy’s human rights abuses that normally does not get much response. Yet the Saudi overreaction presents Canada with an opportunity to rethink its Middle East policy. Canada could choose a new path based on universal human rights that would greatly benefit not just Saudi Arabians but those in the broader Middle East and Canadians too. Mild rebuke Canada’s critique was quite mild considering how horrible the Saudi government’s human rights record is. For decades, millions of Saudi citizens and indentured labourers have been forced to live in fear under an extremist form of religious rule that inspired ISIS. This rule is enforced by a repressive religious police and brutal Mabahith......

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