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Biden’s Oil Boom
Reuters reports that during the Biden administration not only has oil production hit record highs but energy company profits, dividends, drilling permits, jobs and energy exports are all up.
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Saudi Arabia to join Miss Universe for the first time
27-year-old model, influencer, and beauty pageant veteran Rumy AlQahtani announced on Instagram that she will be representing Saudi Arabia in 72nd Miss Universe contest in Mexico later this year.
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Hyundai and Red Sea Global Agree to Test EVs and Air Mobility Systems
Hyundai Motor Group said on Monday it has agreed with Saudi Arabia’s state-sponsored developer Red Sea Global (RSG) to cooperate in the Middle Eastern country’s push for electrification and other eco-friendly future mobility projects.
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FIFA Series 2024 Friendly Matches Kick Off in Jeddah
The FIFA Series: Saudi Arabia A will be held in Jeddah, Saudi Arabia from March 21–26, 2024. The event will feature two groups, including Cambodia, Equatorial Guinea, Guyana, and Cape Verde. The series is designed to help national teams that do not often play teams from other confederations, and FIFA will cover the teams’ travel costs. There will be […]
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U. S. Secretary of State Antony Blinken to Visit Middle East this week Seeking Ceasefire Agreement
U.S. State Department spokesman Matthew Miller said, “The Secretary will discuss efforts to reach an immediate ceasefire agreement that secures the release of all remaining hostages, intensified international efforts to increase humanitarian assistance to Gaza, and coordination on post-conflict planning for Gaza, including ensuring Hamas can no longer govern or repeat the attacks of October 7.”
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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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MUST-READS
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Does US deterrence work against Iran’s allies? Yes and no.
“What really shook them up [the militias and the Iranians] was the targeted killing of the logistics commander in Baghdad,” says Kenneth Katzman, a veteran Middle East analyst and senior fellow at The Soufan Center, a global intelligence and security consultancy in New York. The strike, he says, was proof of exceptionally precise locational intelligence. He adds that it “showed that the U.S. is willing to employ the same strategy it used on Al Qaeda and the Islamic State – a targeted killing strategy that … convinced” the militias and Iran “that Washington is going to use all elements of its intelligence and capabilities to go after them if they continue.”
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Will the Gaza War Derail the India-Middle East-Europe Economic Corridor?
The corridor is envisioned as a maritime and rail trade route connecting India to the Middle East through countries including Saudi Arabia, Jordan, and Israel as well as to various parts of Europe. The project carries significant geopolitical implications: Built on India’s sustained effort to strengthen relations with Arab and European states, the corridor is supported by the United States as an alternative to China’s Belt and Road Initiative that will bolster regional integration.
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Germany Blocked A Eurofighter Sale To Saudi Arabia, Then Lifted It. Will Berlin Do The Same With Turkey?
Turkey wants to buy 40 Eurofighters and was revealed in late 2023 to be in talks on a deal with the United Kingdom and Spain. While London and Madrid would happily sell Ankara Typhoons, they can only do so with German approval since Germany is a member of the consortium that developed and built the Eurofighter. Germany is reluctant to approve any deal given its opposition to numerous Turkish government policies, including Ankara’s condemnation of Israel, attacks against Syrian Kurds, acquisition of advanced Russian missiles, and natural gas drilling in the East Mediterranean.
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What’s in store for regional startups in 2024?
For the first year since MAGNiTT started publishing yearly reports, Saudi Arabia emerged as the region’s most funded ecosystem. Two reasons explain this novelty, and why the Kingdom will likely retain its crown in 2024. First, 2023 saw Saudi host numerous “mega-rounds” (funding rounds over $100M). Due to their disproportionate size, these types of rounds can make or break an ecosystem’s funding performance. In 2023, MENA’s five largest rounds constituted 43% of the region’s total funding. Four of those rounds were led by Saudi-based companies. The remaining one was in Egypt.
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Saudi Arabia’s $2 trillion gamble: Can Oil wealth fund tech revolution?
It was just a few months ago that Saudi Sovereign Wealth Fund, PIF, had $676 billion in assets under management. As of the month of March, Saudi Arabia transferred a $164 billion stake in Aramco to PIF, propelling it to the second-biggest fund in the Middle East for an astonishing $925 billion. This is up from $595.6 billion in 2022 and is now resulting in PIF 16 percent ownership of Aramco.
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On a controversy in Saudi-PGA Tour deal? Xander Schauffele needs 1 word
“My dad told me a long time ago to commit, execute and accept,” he said. “I’m swallowing a heavy dose of acceptance right now, but that’s kind of what I did. I tried to commit, I executed poorly on some shots, and here I am, accepting it.”
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What’s the Happiest Country on Earth?
For the first time in the report’s 12-year history, the U.S. didn’t earn a spot among the top 20 happiest countries in the world. It’s No. 23 -- down from a 15th-place finish the previous year. The report, which ranks countries by age group for the first time, shows the U.S. decline is at least partly attributable to Americans under age 30 feeling worse about their lives. The U.S. still ranks in the top 10 countries for those 60 and older, with a score of 7.258 out of 10. But for those under 30, it ranks 62nd, with a score of 6.392. While the U.S. lost ground, Finland retained its crown as the happiest country in the world for the seventh straight year. But it wasn’t No. 1 for those under 30 or over 60. Lithuania and Denmark, respectively, took those honors.
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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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