2011 | 12/31/2011
The Jadwa Investment firm in Riyadh released “The Saudi Economy in 2012″ report today. It is an excellent look at trends and prospects to arm you with insight and perspective on the direction and challenges for the domestic situation and the Kingdom’s significant role in the global economy. SUSRIS thanks Jadwa Investment’s Chief Economist, Brad Bourland, and Head of Research, Paul Gamble, for providing this important report for your consideration.
2011 | 12/31/2011
The recently concluded US-Saudi Business Opportunities Forum (Dec 5-7, Atlanta) featured an extremely rich assembly of senior government officials, business people and more. Among those who participated form the Kingdom were three serving ministers in the Government plus the Governor of SAMA, the central bank and dozens of other senior officials — all who provided the most complete and authoritative reviews of their respective areas of responsibility in keynote remarks and panel discussions. The Saudi delegation also included Dr. Tawfiq Rabiah, the Director General for the Saudi Industrial Property Authority, or Modon. He too would hold the title of Minister in the Saudi Arabian Council of Ministers with the announcement a week later that he was named to head the Ministry of Commerce and Industry. Today we provide for your consideration the remarks of Dr. Rabiah, in his capacity as chief of Modon, in which he touched on growth in the economy, the Saudi industrial strategy and the role of Modon. We suggest you open the embedded slides from Dr. Rabiah’s brief to further illuminate these topics as you review his comments. We have also included the video recording of his presentation.
2011 | 12/30/2011
The United States and Saudi Arabia edged closer to delivery of 84 advanced F-15 fighter aircraft and upgrades to 70 F-15s already in the Royal Saudi Air Force (RSAF) inventory, a defense package worth $29.4 billion, with the conclusion of an agreement this week. According to Pentagon officials the letter of offer and acceptance was signed over the weekend between the parties. The total package announced last year is valued at some $60 billion that includes helicopters and upgrades to naval forces in addition to the aircraft sales and upgrades. The announcement comes during a period of heightened tension in the Gulf as Iranian forces exercised in the vicinity of the Strait of Hormuz demonstrating a threat to freedom of navigation in the vital chokepoint and causing oil markets to react with an uptick in prices. Defense policy chief, Dr. James Miller, said the sale demonstrated that, “The United States is firmly committed to the security of the Kingdom of Saudi Arabia, as we have been for nearly seven decades, and that more broadly, the United States and Saudi Arabia have a strong mutual interest in the security and stability of the Gulf.” He added that the “ten-plus years” of support that was part of the agreement showed “sustained commitment between the U.S. and Saudi Governments, and both for Saudi security and U.S.-Saudi relations.”
2011 | 12/28/2011
The Saudi Arabian budget for 2012, released Monday, contains a 19 percent increase over the amount budgeted for 2011 according to Jadwa Investment, as reported by Arab News today. The Jadwa report was a comprehensive review of the budget details and a general economic outlook for 2012. Among the highlights from the 2012 budget report: total expenditure of SR690 billion ($183.9 billion); 24 percent is set for education and the largest sector increases are in transportation, health and social affairs; revenue is forecast to grow by 30 percent (suggesting a less conservative oil price assumption than in the past); the surplus forecast is SR91 billion ($24.2 billion). The report also provided other key performance data, such as: 2011 real GDP rose 6.8 percent up from 4.1 in 2010 (2012 growth is forecast to slip to 2.7 percent); 2011 nonoil private sector growth hit 8.3 percent with manufacturing alone up 15 percent; inflation in the Kingdom averaged 4.9 percent over the first eleven months of 2011; and the current account surplus hit a new all-time high of SR598 billion ($159.4 billion).
2011 | 12/26/2011
The participation by highly competent and professional Saudi women certainly contributed to the success of the “US Saudi Business Opportunities Forum” held in Atlanta.. ..Not many people outside our borders are aware of the existence of exceptional women in Saudi Arabia so the presence of such qualified women was a great surprise to a lot of attendees at the forum.. ..The keynote speech was delivered by Lubna Al-Olayan with great eloquence. In her opening remarks, she brilliantly summarized the geopolitical challenges that the US and Saudi Arabia face today and gave an optimistic view of the future cooperation between the two countries. Lubna Olayan is a highly experienced financial leader and globally known. She is the CEO of Olayan Company, a private multinational enterprise. She was named by Time magazine as one of the 100 most influential people in the world..