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  • Almosafer becomes inaugural travel partner of Riyadh Air, CEO reveals

    Saudi ravel company Almosafer has become the inaugural partner of the Kingdom’s new flag carrier, Riyadh Air, according to a senior executive. Speaking to Arab News on the sidelines of the second Saudi Tourism Forum in Riyadh, the CEO of Almosafer – which is part of Seera Group – Muzzammil Ahussain noted that the companies will work together to merge their technologies. The integration aims to ensure that Riyadh Air’s content will be available for customers on the company’s platform.

  • Saudi news: Aramco’s new VC money, a new Saudi doc on Netflix, Nadal + Saudi tennis, and more

    6 top storylines on Saudi Arabia: •The 54th Annual Meeting of the World Economic Forum (WEF) is taking place in Davos-Klosters, Switzerland, from January 15–19. •Aramco, one of the world’s leading integrated energy and chemicals companies, has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures. •Analysts at real estate firm Savills KSA told Arabian Business that apartment rents in Riyadh surged by as much as 23 percent in northern neighborhoods last year. •Aramco Digital and Intel plans to establish Saudi Arabia’s first Open RAN (radio access network) development center •Konoz, an initiative of the Saudi Ministry of Media’s Center for Government Communication, launched "Horizon", a new documentary documenting the Kingdom’s rich biodiversity and natural resources. •Rafael Nadal's role in helping to grow tennis in the Gulf is set to increase significantly after the Spanish great was appointed ambassador of the Saudi Tennis Federation (STF).

  • Riyadh’s multi-billion EV dream risks crashing into reality

    Riyadh has spent billions to try to turn itself into a hub for electric vehicles and overcome obstacles including a lack of infrastructure, talent and raw materials, as it seeks to catch up in the global race to reap the profits of the new industry. As part of a broader plan by Saudi Crown Prince Mohammed bin Salman to wean the economy off oil and create jobs, the kingdom has invested at least $10 billion in U.S.-based Lucid Motors, set up Ceer, Saudi Arabia's own brand, and built an EV metals plant.

  • World’s Most Ambitious Trade Route Stalls in Middle East Turmoil

    A far-reaching plan to channel Europe-Asia trade through the Middle East is at risk of stalling before it even gets started. The Israel-Hamas war has halted progress on what’s known as the India-Middle East-Europe Economic Corridor — a project touted last year by Washington and key allies that envisages building new rail links across the Arabian peninsula. As Houthi attacks disrupt Red Sea shipping and turmoil spreads across the region, IMEC is effectively on ice. That’s a setback for US strategy, because the plan served multiple purposes – to counter China’s Belt and Road infrastructure program, build influence in the so-called “Global South,” and speed up the hoped-for rapprochement between Israel and Saudi Arabia.

  • Saudi Arabia’s Wealth Fund PIF Joins EM Rush to Tap Dollar Bond Market

    Saudi Arabia’s sovereign wealth fund raised $5 billion of high-grade bonds on Monday, the latest borrower to benefit from investors’ demand for emerging-market debt. The Public Investment Fund sold five-, 10- and 30-year senior unsecured notes in US dollars, according to a person familiar with the matter. Combined order books were above $27 billion, excluding joint lead managers’ interest, said the person, who asked not to be identified because they’re not authorized to speak about it.

  • Saudi’s SABIC gives go-ahead for $6.4 bln China petrochemical plant

    Saudi Basic Industries Corp (SABIC) (2010.SE), opens new tab will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.
    The project, expected to cost around $6.4 billion, will be developed in a joint venture with state-owned Fujian Fuhua Gulei Petrochemical.
    First proposed in 2018, the joint venture marks the latest in a series of tie-ups between Saudi firms and Chinese refiners.

  • Saudi Arabia won’t recognize Israel without a path to a Palestinian state, top diplomat says

    Saudi Arabia’s top diplomat said the kingdom will not normalize relations with Israel or contribute to Gaza’s reconstruction without a credible path to a Palestinian state — a nonstarter for Israel’s government. Prince Faisal bin Farhan’s remarks in an interview with CNN broadcast late Sunday were some of the most direct yet from Saudi officials. Israeli Prime Minister Benjamin Netanyahu — who faces mounting domestic pressure over the plight of Israeli hostages, including an angry protest inside a parliamentary committee meeting on Monday — has rejected Palestinian statehood and described plans for open-ended military control over Gaza.

  • 6 takeaways from the 2024 World Economic Forum in Davos

    The annual meeting of the World Economic Forum in Davos, Switzerland, brought together 3,000 participants from around the globe. That included 1,600 business leaders, 350 heads of state and government ministers, and hundreds of academics, civil society leaders, and entrepreneurs. It was an elite affair as always, with sky-high lodging fees, champagne nightcaps, and chances to see and be seen by people holding some of the most influential jobs on the planet.

  • Libya says production has resumed at its largest oilfield after more than 2-week hiatus

    Libya’s state-owned oil company resumed production at the country’s largest oilfield Sunday, ending a more than two-week hiatus after protesters blocked the facility over fuel shortages.

    The National Oil Corp. said in a terse statement that it lifted the force majeure at the Sharara oil field in the country’s south and resumed full production. It didn’t provide further details. Force majeure is a legal maneuver that releases a company from its contractual obligations because of extraordinary circumstances.

  • U.S., Arab Allies Push Hostage-Release Plan Aimed at Ending Israel-Hamas War

    The U.S., Egypt and Qatar are pushing Israel and Hamas to join a phased diplomatic process that would start with a release of hostages and, eventually, lead to a withdrawal of Israeli forces and an end to the war in Gaza, diplomats involved in mediating the talks said.

    Taher Al-Nono, a media adviser to Hamas, said there was no real progress. After The Wall Street Journal’s report, Israeli Prime Minister Benjamin Netanyahu said on Sunday that he rejected Hamas’s demands because they included an end to the war.