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OPEC and IEA Agree on Something
The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), two of the leading global energy forecasters, have long disagreed on demand growth. They agree on this however.
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Already a Riyadh Centerpiece, KAFD CEO Gautam Sashittal Discusses Future Plans
Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Company (KAFD DMC), sits with Imogene Lillywhite of Zawya for an extensive interview outlining what is next for the exciting city hub.
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Al-Hilal’s Streak and Saudi Professional League Spending
Saudi Pro League league standings leader, Al-Hilal, just notched it’s 28th straight win to break the world record for most consecutive wins by a top-flight team.
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Ramadan Fasting Projected to Begin March 11, Muslims Worldwide Prepare
Based on the Islamic lunar calendar, the dates for Ramadan move through the year which can result in significantly different daily fasting periods depending on where you live. Since there are 12 lunar months superimposed over 12 solar months, Ramadan “moves back” about 11 days per solar year.
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Riyadh Air Makes Waves at Aviation Festival of Asia 2024
New Saudi airline Riyadh Air is touting its new offering at an industry event in Asia, with the CEO and COO giving public appearances and with it a glimpse into the plans and aspirations of the startup airline.
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Lucid CEO Says Saudi Arabia Views Struggling EV Maker as Strategic Investment for Economic Diversification
Lucid Motors CEO said at the Geneva International Motor Show today that the struggling EV maker and its Saudi backers are “in this together for the long run” and the relationship is like a “marriage,” according to a report in Bloomberg.
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Ahead of LEAP in Saudi Arabia, MCIT’s Abdullah Alshamrani joins The 966 to talk tech, ecosystem development, and more…
Abdullah Alshamrani, General Manager of the Digital Entrepreneurship Center at Saudi Arabia’s MCIT join The 966 to talk ecosystem development in the Kingdom, the entrepreneurship scene, and the Kingdom as a future destination for tech.
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Local content rate seen at 43% in Saudi Arabia with a 20% jump in spending – PIF
The growth rate of local content in Saudi Arabia has now reached 43 percent, a top PIF official noted at the Private Sector Forum in Riyadh yesterday, noting that overall spending on content has increased by 20 percent.
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The Public Investment Fund’s Head of National Development, Jerry Todd, talks PIF investment strategy, localization and more…
Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement. Jerry Todd, who is also on the PIF’s Management […]
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Report: Saudis Resume US Defense Talks After Pause From Israel-Hamas War
Saudi Arabia has resumed talks with the US about forging closer defense ties after a pause following the start of the Israel-Hamas war in early October, according to people familiar with the discussions, Bloomberg reports.
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MUST-READS
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Can Saudi Arabia buy the future? A trillion bet on tech
as the GCC's Sovereign Wealth Funds compete for global dominance, we'll see a significant shift in investment priorities. Energy revenue will flow into new sectors like green hydrogen, AI, smart cities, and tourism. While both Saudi Arabia and the UAE will be aggressive competitors, Saudi Arabia's ambitious Vision 2030 plan positions it as a potential front-runner.
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Metals: Saudi Arabia’s new oil?
Saudi Arabia's economy has historically been dependent on oil exports, but the country is eager to diversify. Mining valuable minerals hidden under its vast deserts could help to reduce its reliance on oil and grow its share in the energy transition. The kingdom is thought to hold significant deposits of key critical and battery metals including copper, nickel, lithium and bauxite. In January, mining CEOs and investors headed to Riyadh to attend the two-day Future Minerals Forum and rub elbows with the kingdom's influential energy minister Prince Abdulaziz bin Salman and multiple ministers from the Ministry of Industry and Mineral Resources.
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Is Saudi Aramco cooling on crude oil? Don’t bet on it
Has Saudi Arabia stopped believing in a bright future for petroleum? That is the question that in recent weeks has hung over Saudi Aramco. The desert kingdom’s national oil goliath has a central position in the world’s oil markets. Its market value of $2trn, five times that of the second-biggest oil firm, ExxonMobil, and its rich valuation relative to profits are predicated in large part on its bountiful reserves of crude and its peerless ability to tap them cheaply and, as oil goes, cleanly (see chart 1). So Saudi Arabia’s energy ministry stunned many industry-watchers in January by suspending the firm’s long-trumpeted and costly plans for expanding oil-production capacity from 12m to 13m barrels per day (b/d). Was it proof that even the kingpin of oil had finally accepted that oil demand would soon peak and then begin to decline?
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Saudi Arabia Is Splurging on Sports. Is It Working?
As Saudi Arabia looks toward a post-oil future, the kingdom is spreading around its largess as never before. The Public Investment Fund, led by the country’s de facto leader, Crown Prince Mohammed bin Salman, is making big bets on global sports including golf and football.
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How Long Do Muslims Fast For Ramadan Around the World?
Ramadan starts on Sunday evening, with the first day of fasting on Monday, March 11 this year. The holy month is based on the Islamic lunar calendar which is 11 days shorter than the Gregorian solar year, and so its start shifts earlier each year. While the number of days of Ramadan are equal for all Muslims observing it around the world, the length of the daily fast is not. During Ramadan, observers vow to abstain from eating, drinking, smoking and sexual activities through daylight hours. This means that those living further north have to fast for much longer than their counterparts living closer to the equator or even to those in the Southern hemisphere, which is currently tilted away from the sun. This chart, based on data from website islamicfinder.com, shows how Muslims fasting for Ramadan in Oslo theoretically will have to do so for 15 hours and 15 minutes, while those living in Jakarta, Indonesia, will only need to fast for approximately 13 hours and 13 minutes. Meanwhile, those living in Melbourne will have just 13 hours and 25 minutes of daylight, depending on the exact day of the Ramadan month.
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Debate: Will Emirati, Saudi accession to BRICS shift their alliances?
The BRICS group of countries could soon include both Saudi Arabia and the United Arab Emirates (UAE). This trajectory partly stems from Gulf Arab aspirations to balance alliances with the west. It also appears driven by a desire for greater influence on the global stage, and bolstered commercial ties with BRICS members—primarily China.
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Who are the favorites as F1 heads to Saudi Arabia for the second race of the season?
Unsurprisingly given he is on a run of eight straight victories, Verstappen is the favourite going into this weekend. But he didn’t win in Saudi Arabia last year, that race one of just three that eluded him in his record-breaking 2023 campaign. Instead Sergio Perez emerged victorious, bringing his very best to this street track – as he so often does when the walls close in.
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A year ago, Beijing brokered an Iran-Saudi deal. How does détente look today?
Given how hostile Iranian-Saudi relations were in the years leading up to the March 2023 agreement, such restoration of diplomatic ties was significant. Until a year ago, there were no diplomatic relations between the two countries since Riyadh severed ties with Tehran in January 2016, in response to attacks on Saudi diplomatic missions in Tehran and Mashhad following the execution of Shia cleric Nimr Baqir al-Nimr. The Saudi state’s killing of this cleric raised sectarian temperatures in the Middle East. It drastically heightened friction in Tehran-Riyadh relations, which had steadily deteriorated against the backdrop of armed conflicts and political crises in Bahrain, Iraq, Lebanon, Syria, and Yemen in the aftermath of the 2011 Arab Spring.
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Will Saudi Arabia scrap SR400 fee imposed on expat dependents?
Saudi Arabia is reconsidering a monthly fee levied on expatriates’ dependents as the kingdom is seeking to attract foreign talents to boost Saudi economy, a government minister has disclosed. “The decision to impose the fees on dependents was necessary because they benefited from the state subsidies on water, electricity, etc,” Saudi Minister of Finance Mohammed Al Jadaan said.
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Is Saudi Arabia’s Gas Megaproject Jafurah Too Good to be True?
According to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman last week, an extra 15 trillion cubic feet (tcf) of gas deposits has been proven at Saudi Aramco’s Jafurah gas field. Saudi Aramco has a long history of suddenly finding new reserves, particularly at times when Saudi Arabia’s geopolitical position in the world looks to be in decline.
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