Category Archives: Saudi Economy

Collection of Saudi Economy News and Talks

New Saudi Labor’s Regulations (Domains)

Ministry of Labor has introduced a new regulation to “optimize” the foreign labors in Saudi markets. MoL indicates in their official website that the unemployment rate in Saudi has reached up to %15.

Meanwhile, ministry has issued more than 2 million visas during the past two years as indication of unbalance issue in the private sector workforce.

There are about 700K Saudi citizens working in the private sector comparing by 6.5 million foreigners.

The regulation will divide the companies into domains Continue reading


Unemployment Rate in Saudi

No Jobs!

Saudi Arabia swims on top of one of largest proven oil reserved fields in the world and supplies around 15.8% of American foreign oil consumption. Moreover, Saudi’s major customers of US$230 billion worth of exports in 2007 include Japan (17.7% of total exports), South Korea (9.1%), China (7.2%), Taiwan (4.7%) and Singapore (4.5%).

Today’s OPEC basket price hits $85.27 which means that Saudi Arabia will make (85.27 x 9.5M B/day = USD 810,065,000) in a day! However, that should logically decrease the unemployment rate in the country.

Ironically, that did not happen according to a previous article in 2007 by Ghazi Al-Gosibi minister of labor that passed away just recently published by Alarabiya News channel. Al-Gosibi claimed that the unemployment rate has reached Continue reading

Riyadh Rain: Granada Oasis & Mall (Drainage System)

Gandara Mall

Granada Mall & Oasis (Business Park) are located on the north east side of Riyadh, specifically, on the East Ring Road of Riyadh city.

However, that area has three other key projects, two are still under construction, but the mall is on business now.

The 830 Hilton hotel and Granada Oasis are supposed to be finalized sometimes within three years.

The Oasis construction project which is just right next to the mall will cost approximately USD 411,000,000 (SAR 1.5 billion) owned by GOSI (General Organization for Social Insurance).

The capacity of that project is about 131,151 sq. m. of size and contracted by Al Latifia Trading and Contracting.

The exact completion of that project is to be by the end of 2011 & scope of their work will be the as follows:

  • 6 high rise towers (17 to 20 storeys)
  • 4 medium rise office buildings
  • Residential villas
  • A 2 storey conference center
  • Meeting halls.

Continue reading

Global Warming Myth! Threat Of Losing Power?

Global Warming?

On the recent years, the Global Warming has grabbed so much attention by the international media and governments communities excluding our media (their usual controversial concern is whether women in Saudi should drive or not?!).

Reuters has published an article on Sun Jan 24, 2010 about the United Nations climate talks which creates a big threat to Saudi Arabia as the agency indicates.

“It’s one of the biggest threats that we are facing,” said Muhammed al-Sabban, head of the Saudi delegation to U.N. talks on climate change and a senior economic adviser to the Saudi oil ministry.

It looks like the West-driven talks is trying to limit the demand of oil consumption since it gives the exporters more power and cash flow which can impact their control and power over the global economy. On the year of 2008, the oil prices had reached a new historical record by hitting over USD145 bpd.

Suddenly, the rise of attention to the Global Continue reading

How STC makes profits!

STC sucks your blood out!

2 years ago, I ordered a DSL line to enjoy using internet on my home. Pending on the waiting list for weeks then the mercy has came and received a call by STC to arrange the time to install and setup the service.

Eventually, the service is ready now so I started enjoying the internet for exactly three months with some minimal interruption but suddenly the situation has changed.

Two weeks of service interruption and frustration made me called the customers service free toll number to complain about this matter. As usual, the CS employee had advised that the service is up and running and STC is one of the greatest on the telecommunication regime on human kind history as their slogan indicates (Easier Life)!!. No wonder, we are considered as a third world country.

I gave up on that matter and surrendered to the interruptions. I even started reading about NLP to rehabilitate Continue reading

Saudi Banks Slience! Transparency Issue?

Ma'an Al-Sana'a

Ma'an Al-Sana'a

Over six months ago, several creditors (banks) around the world announced their exposure to SAAD group especially to the SICL the financial unit of that group registered on Cayman Islands somewhere on the Caribbean owned by Saudi Billionaire Ma’an Al-San’a. Yet, he dragged his in laws (his wife’s family) al-Gosaibi group into a dirty sum of loans.

Day after day passes by and the Saudi officials at SAMA are denying to comments anything toward this problem.

Besides, All banks in Saudi have not announce or comment any exposure relating to the total debt amounts that are claiming these two family groups. The rumors and turmoil continued increasingly between the investors since SAMA did not want to speak and inform these people about what is exactly going on! Suddenly, SAMA has freeze down all SAAD group assets in Saudi and few Continue reading

Saudi Bank HQs in KAFD (Riyadh)


Samba Top View?

Designed for a leading banking institution located in the heart of the King Abdullah Financial District this new build embraces new ways of working.

The design is born out of a deep understanding of the principles of Islamic mathematics and is respectful of the geometric ideals that underpin the traditional structures of the region. Simply put, the bank is about numbers, Islamic geometry is about numbers; so is the building. The shape of the building is derived from a nested and repeated fractal form within an overall Islamic pattern. By following mathematical rigor to create an interlocking and infinite geometric pattern the design creates a balanced and harmonious Continue reading