Saudi official denies that alcohol ban will be lifted ahead of World Cup
Saudi Arabia has denied reports that it will lift a long-standing ban on alcohol in the Gulf kingdom ahead of the 2034 World Cup.
Several international media outlets reported this week that Saudi authorities were planning to allow alcohol sales in tourist settings.
The report first appeared on a wine blog last week, but did not cite a source.
It had claimed that the 73-year-old ban would be lifted on wine, beer and cider in licensed venues including luxury hotels, five-star resorts and tourist developments.
On Monday, a Saudi official denied the reports to Reuters. An informed source aware of the matter told Arab News: 'These claims lack any official confirmation from relevant authorities and do not reflect existing policies or regulations in Saudi Arabia.'
New MEE newsletter: Jerusalem Dispatch
Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters
While alcohol remains banned, there has been a relaxing of some social norms since Crown Prince Mohammed bin Salman launched the Vision 2030 strategy nine years ago.
The initiative seeks to move the kingdom away from oil reliance and improve its reputation around the world.
Since it began, music festivals, fashion shows and cinemas have been legalised in the country.
Israeli and US officials concerned Trump could push F-35 sale to Saudi Arabia Read More »
A ban on women driving was also lifted in 2017, and there was easing of gender segregation in some public spaces.
Last year, the first alcohol store in Riyadh was opened, to serve non-Muslim diplomats. Prior to that, it was only available through the black market or diplomatic mail.
The source told Arab News that the move was aimed at preventing the unauthorised use of diplomatic shipments, and control the use of alcohol under strict regulatory guidelines.
In December, Saudi Arabia was unveiled as the host of the 2034 World Cup.
Its Gulf neighbour Qatar hosted the tournament in 2022. While it did not allow the sale of alcohol in stadiums during the tournament, it was sold in special fan zones.
Prince Khalid bin Bandar bin Sultan Al Saud, Saudi Arabia's ambassador to the UK, said in February that alcohol wouldn't be available in the stands for the 2034 tournament.
'Rather like our weather, it's a dry country,' he said. 'Everyone has their own culture, and we're happy to accommodate people within the boundaries of ours, but we don't want to change our culture for someone else.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
30 minutes ago
- Arabian Post
Gulf States Shift Investment Focus Away from Saudi Arabia
As top Gulf leaders vied to commit trillions of dollars in investment pledges during President Donald Trump's Middle East tour, a significant shift emerged among financiers and business circles. Saudi Arabia's appeal as the region's primary investment hub is being overshadowed by the United Arab Emirates and Qatar, whose growing economic clout and more flexible policies are attracting greater international interest. Saudi Arabia's challenges stem from structural economic constraints, regulatory hurdles, and a cautious approach to foreign business engagement. The kingdom's Vision 2030 reform programme, while ambitious, has encountered delays and mixed results, limiting investor confidence. In contrast, the UAE, particularly Abu Dhabi and Dubai, has steadily expanded its financial infrastructure, diversified its economy, and cultivated a business-friendly environment that appeals to global capital. Qatar's economic growth, buoyed by its vast natural gas reserves and strategic investments abroad, adds another layer of competition. The country's increasing global visibility through initiatives in sports, technology, and finance has bolstered its reputation as a dynamic investment destination. Moreover, Qatar's emphasis on innovation and relatively streamlined regulatory framework has drawn the attention of venture capital and private equity firms. ADVERTISEMENT While Saudi Arabia remains a heavyweight in energy production and has made efforts to open sectors like tourism and entertainment, persistent issues remain. Restrictions on foreign ownership, bureaucratic red tape, and geopolitical tensions in the region have tempered enthusiasm. Investors are reportedly wary of the kingdom's slower pace in implementing reforms and the uncertain regulatory landscape, factors that influence risk assessments and capital allocation decisions. Bankers and dealmakers indicate that the UAE's stable governance, transparent legal systems, and active promotion of free zones continue to be significant advantages. Abu Dhabi's sovereign wealth funds, alongside Dubai's status as a global trade and logistics hub, offer diversified opportunities not as readily accessible in Saudi Arabia. These factors have shifted deal flow and capital movement towards the Emirates. The dynamics between the Gulf states reflect a broader trend of economic diversification and competition for global investment dollars. Each country aims to leverage its unique strengths: the UAE with its cosmopolitan financial centres, Qatar with its resource-backed innovation drive, and Saudi Arabia with its vast scale and reform ambitions. However, the gulf between rhetoric and on-the-ground realities is increasingly apparent for Saudi Arabia. Some international investors have expressed frustration with the slow bureaucratic processes in Saudi Arabia, citing examples where permits and approvals have taken significantly longer than in neighbouring countries. Additionally, the kingdom's social and cultural restrictions create a less open environment for expatriate professionals and foreign businesses compared to the more liberal UAE. This environment has prompted some multinational corporations and financial institutions to adjust their regional strategies. Investment portfolios are being recalibrated to focus more heavily on opportunities in Abu Dhabi and Doha. The UAE's success in hosting global events and establishing itself as a gateway between East and West reinforces its appeal, while Qatar's expanding sovereign funds and infrastructure projects draw considerable interest. Saudi Arabia's leadership recognises these challenges and has announced efforts to streamline regulations and enhance transparency. New initiatives aim to attract foreign direct investment and improve the ease of doing business. Nevertheless, experts highlight that fundamental changes in governance and market openness are essential for Saudi Arabia to reclaim its position as the primary Gulf investment hub.
Arabian Post
30 minutes ago
- Arabian Post
Why is the dollar falling?
Matein Khalid My macro crystal ball begins to vibrate ominously whenever a perma-bull talking head joins the Squawk Box on CNBC, my spiritual, philosophical and financial lodestar in life and La Dolce Vita of the mercati monetari globali. After all, our beautiful business began as a money lender's bench in Renaissance Florence 600 years ago and if we ever ran out of cash, they ruptured our banco – i.e bankrupted us. The biggest money lenders in Europe were the Medici, whose family bank was the Citicorp of medieval Europe, a family that provided Christendom with a succession of Roman Popes and two Queens of France, both evil murderesses. Sadly, the Banco Medici did not survive the English King Edward IV's sovereign default during the Wars of the Roses. Trump, Modi and Putin have taught us an ancient lesson that we ignore geopolitical risk at our own peril since money is the greatest aphrodisiac in the chancelleries of power as another great Florentine Niccolo Machiavelli taught us in his magnum opus – The Prince. ADVERTISEMENT I have been warning investors in the GCC to protect their purchasing power by bailing out of the US dollar in favour of gold, the Euro and sterling since early January with all the subtlety of a broken record. The DXY was 110 then. Gold traded at 2640 an ounce, the Euro was 1.0260 and the British pound was 1.22. Hopefully you drank the currency kool aid the pied piper of Dubai offered you in successive money rants since gold is now 3377 an ounce, the Euro is 1.1431 and the British pound is 1.3540. So I must pay homage to the values of my real homeland Italia – Mamma, Pasta, Discoteca, which is a lot more fun than unity, faith and discipline, three fronts where I have dismally failed to excel in my life. Viva Italia, il paese più bello del mondo! The Bible says that man does not live by bread alone and I say that the $28 trillion US economy does not live on ChatGPT alone. Housing is the ultimate supersector and US homebuilder stocks are down 30-35% on Wall Street since a 7% 30-year fixed mortgage rate and a 2% real Fed funds rate virtually guarantees a recession that will begin sometime when I am doing my best to forget the world woes on the beaches of Cap d'Antibes and my beloved Villefranche on the exquisite Côte d'Azur in August. Powell is resisting Trump's pressure to cut rates since he is paranoid about tariff-ignited inflation risk at a time when the Bank of England, the Bank of Canada, the RBA, the ECB and Swedish Riksbank have all pivoted to easy money. This means the US dollar should strengthen but exactly the opposite is happening. Why? Because the cognoscenti know that the hard data will turn soft very soon and Powell will be forced to bring the Fed funds rate back to neutral at the September FOMC conclave with a 'shock and awe' 50 basis point rate cut. The money market is insane since it prices in only two rate cuts. To me, a neutral Fed funds rate is 2.5%, so I expect at least 6 or 7 rate cuts till the summer of 2026. This means the US dollar will be leprosy for those poor souls who still believe in Pax Americana, whose only sacred rule is 'In Trump We Trust', all others must pay cash or TrumpCoin! My macro view also takes me to Euro defense stocks, British inflation linked gilts, Swedish banks and South Korean chaebol/securities firms. This is an opportune moment to accumulate long duration treasury notes now that the yield on the 10 year is 4.46% and the TLT tracker trades at 84.50. I want to buy call options on TLT to generate a 20% USD return to compensate me for Trump's foreign exchange goonda tax, which Lord Keynes euphemistically called seigniorage when the apostles of supermoney met all those years ago at Bretton Woods in the morning of creation. ADVERTISEMENT In my valuation paradigm, the S&P 500 index offers a negative risk premium and the equity bulls will be left with as bloodier derriere as those locos who run with the bulls in Pamplona. I have seen the festival of San Fermín and it is a carnival of human insanity run amok as the bulls charge to gore the fleshiest backsides on offer with their razor-sharp horns. There was a reason why the commodities king Marc Rich was known as the matador as he loved to kill every energy bull market he saw. RIP to the King of Oil and King of Zug! Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
Zawya
32 minutes ago
- Zawya
Corporate America is well prepared for the coming storm: McGeever
(The opinions expressed here are those of the author, a columnist for Reuters.) ORLANDO, Florida - Headwinds from tariffs, bond yields and 'stagflation' are gathering force, but corporate America could not be in better shape to face the economic storm that may be building. Data released last week showed that U.S. pre-tax corporate profits fell $118.1 billion, or 2.9%, in the first quarter, the fastest pace since 2020, suggesting companies are feeling the pinch from tariffs even before they've properly started to bite. After-tax profits fell 3.6%. But any sense of alarm should be mitigated by the fact that profits surged $205 billion, or 5.4%, the three months before. The decline in the January-March period was simply normalization on the back of a bumper quarter. And on a year-on-year basis, profits were up more than 5%. True, the next few quarters could get messy. If growth slows or inflation starts to rise, corporate margins could get squeezed, consumers may curb spending and companies could find themselves with limited pricing power. But zoom out, and the bigger picture suggests corporate America has rarely been stronger. Depending on how you slice and dice the figures, corporate profits as a share of national output or income are still extraordinarily high. In some cases, they're close to the highest on record. Consider pre-tax profits with inventory valuation and capital consumption adjustments. These fell slightly to 13.0% of GDP in the first quarter of this year, on a seasonally-adjusted annual basis, but that was from a record 13.5% in the September-December period. After-tax profits dipped to 12% of GDP from 12.2% in the final quarter of last year. Again, that was a small decline, and it leaves after-tax profits still near the all-time peak of 12.8% of GDP recorded in the second quarter of 2021. The average over the past 75 years is less than 7.5% of GDP. To paraphrase former British Prime Minister Harold Macmillan, corporate America has never had it so good. Which is just as well, because headwinds are gathering. DOMESTIC VS 'ROW' One can debate how much any of the number of brewing risks will land on the real economy, but companies could certainly feel some pain if they end up facing the collective punch of tariffs, weakening consumer demand, diminishing pricing power and higher-for-longer interest rates. "An increasingly fragmented environment means diverging trends across economies. It's an environment ... that will constrain profits at home and around the world," says Gregory Daco, chief economist at EY-Parthenon. Tariffs and protectionism will put the squeeze on global supply chains and overall trade. It will be interesting to observe how the divergence between domestically-generated profits and earnings accrued from the rest of the world (RoW) plays out in this environment. Domestic profits account for the majority of total income, of course, but that share has exploded recently. Or looked at the other way, the share of profits from abroad has plunged. If Trump's trade war succeeds in prompting U.S. companies to bring more production back home, the 'RoW' footprint may shrink further. In the fourth quarter of 2019, just before the pandemic, domestically-generated profits were around 75% of the $2.13 trillion total, on a seasonally-adjusted annual basis, and 'RoW' profits accounted for a quarter. In the first three months of this year, domestic profits accounted for 87.5% of the total, and the share of profits from abroad had halved to 12.5%. Corporate profitability is being tested. The aggregate second quarter earnings growth forecast for S&P 500 companies stands at 5.5%, according to LSEG I/B/E/S, down from 10.2% two months ago. The 2025 calendar year earnings growth forecast has shrunk to 8.3% today from 14.0% at the start of the year. The challenges are mounting, but corporate America can face them from a position of strength. (The opinions expressed here are those of the author, a columnist for Reuters) (By Jamie McGeever; Editing by Susan Fenton)
