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  • Red Sea attacks force rerouting of vessels, disrupting supply chains

    Attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea are disrupting maritime trade and prompting U.S. efforts to build a coalition to deal with the threat, as freight firms reroute around the Cape of Good Hope to avoid the Suez Canal.

    The Houthi group said it launched a drone attack on two cargo vessels in the area on Monday, the latest in a series of missile and drone strikes on shipping which it says are a response to Israel's assault on the Gaza Strip.

  • Opinion: How Saudi Arabia Could Use Its Leverage in Gaza

    To assume that Saudi Arabia and GCC states would readily agree to pay for the reconstruction of an inherited catastrophe, and then take responsibly for its security, reveals the naïve illusions entertained by many in Israel and the West. Western and Israeli discourses often depict the GCC states as irrational actors that spend first and think later—as if the GCC states’ only function in the world system is to throw money at other states’ problems. This is far from the reality. Nowadays, nothing in Saudi Arabia is spent unless it is deemed to be serving the kingdom’s interest; “Saudi Arabia first” is the principle that Saudi’s foreign policy is based on.

  • Saudi Arabia: Prophet’s Mosque in Medina hosts over 5 million worshippers in a week

    The Prophet’s Mosque in Medina has witnessed an impressive influx of worshippers, with around 5,119,000 individuals visiting between December 8 and 15.
    The General Authority for the Care of the Affairs of the Prophet’s Mosque effectively organised and facilitated the entry of 501,938 visitors to Prophet Mohammad’s (Peace Be Upon Him) tomb, and 235,341 devotees performed prayers at the revered Al Rawdah Al Sharifa.

  • A look back at the developments of Saudi Srabia’s futuristic NEOM project unveiled in 2023

    In 2023, NEOM, Saudi Arabia’s futuristic giga city, sparked global excitement with the revelation of several new destinations. The ambitious project achieved significant progress in the early months of the year, hitting a noteworthy milestone as the CEO announced one-fifth completion by February. With the first wave of tourists expected in 2024, NEOM continues to unveil fresh locations and showcase rapid construction, underscoring the project’s momentum. Beyond the initial mega-cities, Sindalah, Trojena, Oxagon, and the LINE, the latest additions include the sustainable tourist hub named Leyja, the sleek Epicon Towers, the hexagonal-pillar retreat called Siranna, and an events space called Utamo. Furthermore, in 2023, NEOM introduced its own airline, as well as Topian, its food company that promises to reshape global food systems. Keep reading below to uncover all the exciting NEOM developments unveiled throughout 2023.

  • Ancient Hajj routes protection planned by Saudi Arabia, Bahrain, Iraq

    Saudi Arabia, Bahrain and Iraq are developing a plan to protect Hajj routes that have been used over the centuries by pilgrims in the Arabian Peninsula. The initiative is being developed by the Kingdom’s Heritage Commission, the Arab Regional Centre for World Heritage in Bahrain, and the State Board of Antiquities and Heritage in Iraq, the Saudi Press Agency reported on Monday. The plan was mooted at a recent workshop and encompasses the famous Zubaydah route from Iraq to Makkah.

  • Chefaa raises $5.25 million investment to solidify presence in Saudi Arabia

    Chefaa, a patient-centric pharmacy benefits platform, has secured $5.25 million in a strategic leap from new and existing investors. It was co-led by Newtown Partners (South Africa) and Global Brain (Japan), with GMS Capital Partners LLC (US), Verod-Kepple Africa Ventures (Nigeria), and M3, Inc. (Japan). The investment comes after Chefaa's successful launch of operations in KSA, where Chefaa is now operating in 8 Saudi cities. Moreover, this strategic funding will support Chefaa's efforts to scale all models designed to digitise the supply chain and empower industry stakeholders, which inevitably reflect on users’ experiences and boost compliance with treatment. The main mission of Chefaa remains to lead the safe digital transformation of healthcare through a patient-centric, comprehensive approach.

  • Saudi investment funds surpass one million participants milestone in Q3

    According to official data, the number of subscribers in public and private investment funds in Saudi Arabia has surpassed one million for the first time. At the end of the third quarter of 2023, there were over 1.126 million subscribers, marking a significant increase compared to the same period last year when the number stood at 677,400. This represents a remarkable 66 percent growth. The real estate sector, encompassing both public and private funds, accounted for the largest number of subscribers, SPA reported.

  • Visualized: How the Oil and Gas Industry Spends Its Profits

    Unlike previous years, a majority of the oil and gas industry’s 2022 profits were channeled towards enhancing shareholder dividends and reducing debt burdens. This means that capital expenditure for oil and gas production dropped below 50% of total spending for the first time in more than 15 years.

  • US Announces New Task Force to Counter Houthi Red Sea Threat

    Austin said the countries involved in the new task force — dubbed Operation Prosperity Guardian — include the US, the UK, Bahrain, Canada, France, Italy, the Netherlands, Norway, the Seychelles and Spain. It will be run under the umbrella of a pre-existing grouping in the region, the Combined Maritime Forces, and the leadership of its Task Force 153, which focuses on the Red Sea.

  • Liftoff: Airline Industry Returns to Profits in 2023

    Having largely left behind Covid-related turbulences, the global airline industry emerged from the storm in 2023, returning to profitability after three years of deep losses. According to the International Air Transport Association (IATA), commercial airlines are expected to end the year with $23.3 billion in net profit, up from a loss of $3.8 billion in 2022 and significantly higher than previously expected. Back in December of last year, IATA had predicted 2023 profits to be "razor thin", projecting just $4.7 billion in industry-wide net income.