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  • Saudi non-oil economy grew 20% after 2016, outpacing EU and US, says Al Ibrahim

    Faisal Al Ibrahim, Minister of Economy and Planning, said at the World Economic Forum 2024 that Saudi Arabia's non-oil economy has grown by 20% since 2016, surpassing the growth rates of the European Union and the United States, which stood at 10% and 14%, respectively.

    During a panel session titled 'MENA’s Economic Dilemma: Reforms Amid Uncertainty' held on Thursday, Al Ibrahim highlighted the significant strides made by the Kingdom in bolstering its non-oil economy. This growth trajectory positions Saudi Arabia as a leading example of economic resilience and diversification in the Middle East.

  • Saudi Arabia in prime position for green hydrogen in global energy landscape

    “The plan aims to produce 1.2 million tons of green hydrogen and to supply 10% of the global demand for hydrogen by 2030,” they explained. “Furthermore, Saudi Arabia Public Investment Fund (SAPIF) has been investing in several energy projects globally, including a joint venture with Power and Air Products to develop a $5 billion green hydrogen-based ammonia production facility in NEOM, Saudi Arabia. The facility will have a capacity of 1.2 GW and will produce 650 tons of green hydrogen per day.”

  • KAUST unveils blueprint for affordable solar cells to power Saudi Arabia and beyond

    Perovskite/silicon tandem technology combines the strengths of two materials – perovskite's efficient light absorption and silicon's long-term stability – to achieve record-breaking efficiency. In 2023, the De Wolf laboratory reported two world records for power conversion efficiency, with five achieved globally in the same year, showing rapid progress in perovskite/silicon tandem technology.

  • Why are Iran and Pakistan striking each other’s territory – and what does it have to do with the Middle East?

    Pakistan and Iran have both conducted strikes on each other’s territories in an unprecedented escalation of hostilities between the neighbors, at a time when tensions have risen sharply across the Middle East and beyond.

    The two countries share a volatile border, stretching about 900 kilometers (560 miles), with Pakistan’s Balochistan province on one side and Iran’s Sistan and Baluchestan province on the other.

    Both nations have long fought militants in the restive Baloch region along the border. But while the two countries share a common separatist enemy, it is highly unusual for either side to attack militants on each other’s soil.

  • Why escalating violence in the Middle East isn’t pushing up gas prices. Yet

    Not that long ago, the closure of one of the world’s most important trade routes would have pushed households’ energy and fuel bills sharply higher.

    So why, then, in the midst of a crisis in the Red Sea, with tankers of oil and liquefied natural gas (LNG) forced to take much longer routes to their destinations, have energy prices barely reacted — or even declined — over the past few weeks?

    Europe imports most of its natural gas, but the price of the benchmark gas contract has fallen 28% since early December when Iran-backed Houthi militants began ratcheting up attacks on shipping in retaliation for Israel’s war against Hamas.

  • Qatari finance minister says Gaza war to slow Middle East economies

    The war in Gaza will hit economies across the Middle East if it is not resolved and the conflict urgently needs a non-military solution, Qatar's finance minister told Reuters.
    Qatar, whose mediators are involved in talks on the release of Israeli hostages by Hamas, has also helped mediate in several regional conflicts including in Afghanistan.
    "The solution is really to look for a permanent solution for the main issue in the Middle East which is the Palestinian problem ... This cannot be fixed by military actions," Qatar's Finance Minister Ali Al Kuwari said in Davos.

  • Davos 2024: Saudi Arabia to Sell More Eurobonds ‘As Opportunities Arise’

    Saudi Arabia plans to sell more bonds after issuing $12 billion this month, according to its finance minister. “We need to manage our liabilities not only for this year, but for the years to come,” Mohammed Al-Jadaan told Bloomberg Television at the World Economic Forum’s annual meeting in Davos, Switzerland. “We will tap the markets as opportunities arise.”

  • 15,000 empty seats for Supercoppa Italiana game in Saudi Arabia

    Napoli beat Fiorentina 3-0 in front of more than 15,000 empty seats in Saudi Arabia after ticket sales for the first ever Supercoppa Italiana semi-final fell flat. Thursday's game took place at the 25,000-seater King Saud University Stadium, also known as Al-Awwal Park. But the official attendance in Riyadh was just 9,762.

  • The Rig: Saudi Arabia reveals location of oil rig-themed resort and park

    There will be three hotels at The Rig, with a total room count of 800, alongside 11 restaurants, a marina and helipads as well as an extreme sports and adventure park. It will also feature a variety of water activities, a diving centre, an esports centre, as well as a theatre and a multipurpose arena. The project is being developed by the Oil Park Development Company.

  • Defense One Radio, Ep. 142: Trouble on the Red Sea

    We review how the Iran-backed Houthis are disrupting global shipping in the Red Sea, and we look back at similar dynamics near the end of the so-called tanker wars of the late 1980s.