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QUOTED
“Saudi Arabia has been a strong supporter of Lebanon for decades, it’s not new, but we are watching what is happening at the moment. We are talking to the IMF and others. I would like to see a very clear reform plan that is doable, viable, accepted by the IMF and the supporting countries, and we will obviously assess it and stand ready.”
-Mohammed al Jadaan, Minister of Finance of Saudi Arabia, in comments to CNBC’s Hadley Gamble. [CNBC.com]
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TOP STORY
Saudi Aramco plans to invest a whopping $110 billion to develop unconventional gas reserves in Saudi Arabia’s Jafurah field, the state news agency SPA said on Friday. [more]
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MORE TOP STORYLINES
Via Marwa Rashad and Davide Barbuscia in reuters.com : Even as the oil-based economy suffers, economists have said Saudi investments in non-oil infrastructure projects led by the Public Investment Fund will continue to support economic activity this year. Saudi non-oil economic output grew 4.33% in the third quarter of 2019, even though the overall economy contracted by 0.46%, hit by a drop in oil production.
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in spglobal.com: For one, Saudi Arabia is located closer to key diesel import destinations in Europe and Africa, making its outflows more economical than exports from South and East Asia. Saudi Arabia’s domestic refineries also have access to more competitively priced crude feedstocks than other regional exporting countries, which gives its refineries an edge over other exporting countries that rely heavily on imported crude from the Middle East.
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Via Will Mathis and Brian Eckhouse in bloomberg.com : As many of the world’s major governments and corporations move to transition the global power supply away from fossil fuels, developers are transforming swaths of empty desert, agricultural land, and rural lakefront into vast solar energy farms. The mega-sized projects represent a new class of renewable power capacity that’s finally approaching the scale of coal-, oil-, and natural gas-fired plants.
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MORE ON THE KINGDOM AND BEYOND
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The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, discussed the significant growth in investments between Saudi Arabia and Spain....[By Elias Al Helou via economymiddleeast.com]
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Saudi Arabia’s crude oil production reached in February 2024 a seven-month high of 9.01 million barrels per day (bpd), according to data from the...[By Elias Al Helou via economymiddleeast.com]
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GlobalData predicts that, at its current pace, Saudi Arabia’s renewable power capacity could increase at a compound annual growth rate (CAGR) of 40.1% between 2023...[By Patrick Jowett via pv-magazine.com]
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Saudi Arabia’s holdings of US Treasuries reached $130.5 billion in February 2024, down $3.2 million month-on-month, new data released by the US Treasury showed.
Accordingly, the...[via argaam.com]
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The General Department of Traffic (GDT) started today, April 18, reducing the payment of accumulated traffic fines by 50%.
The decision applies traffic violations committed by Saudi nationals,...[via argaam.com]
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Rising Saudi Star Mohammed Elshehri has been announced as master of ceremonies at the 10th edition Saudi...[By Melanie Goodfellow via deadline.com]
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Saudi Venture Capital Company (SVC) released today its recent “Impact Report”, which revealed SVC’s contribution to achieving record growth rates. The report highlighted the impact...[via maaal.com]
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Pakistan’s foreign office said on Friday the South Asian country would continue its “constructive engagement” with the Kingdom of Saudi Arabia to enhance economic and...[via arabnews.com]
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Eng. Mahmoud Abdulhadi, deputy minister of tourism for destination enablement, emphasized that Saudi Arabia is providing promising opportunities for both Saudi and international investors to...[via saudigazette.com]
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The Defense Security Cooperation Agency has approved the sale of C-172 and AC/RC-208 aircraft contractor logistics support and training to Iraq, and multifunctional information distribution...[via defenceconnect.com]
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“I’ve been going to Venice for about 12 years,” AlDowayan tells Arab News. “The first time I showed there, I knew in my heart that...[By Rawaa Talass via arabnews.com]
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The International Monetary Fund (IMF) has further strengthened its positive outlook for the Saudi Arabian economy by revising its 2025 growth forecast upwards for the...[via spa.gov]
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Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 million barrels...[By Grant Smith and Abeer Abu Omar via yahoo.com]
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Italy, South Korea and Iran reported sharp rises in coronavirus infections on Monday, triggering concern from the World Health Organization (WHO), but China relaxed some...[By Ryan Woo and Hyonhee Shin via reuters.com]
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If the reduction in violence holds, U.S. and Taliban negotiators will sign the broader agreement Feb. 29, starting a phased withdrawal of U.S. troops in...[By Rebecca Kheel via thehill.com]
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Iran has seen the lowest turnout in a parliamentary election since the 1979 revolution, with 42.6% of eligible voters casting their ballots.
Officials had banned thousands...[via bbc.com]
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The Financial Action Task Force’s action against Iran was made more permanent by a little-noticed clause that gives the U.S. and its allies the ability...[By Ian Talley and Kristin Broughton via wsj.com]
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The head of Libya’s internationally recognized government has criticized the international community for not supporting the Libyan people and Government of National Accord, who are...[By Lisa Schlein via voanews.com]
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While this spacecraft was assembled on American soil, it will not be exploring the red planet for NASA. Hope is instead an effort by the...[By Kenneth Chang via nytimes.com]
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In a speech Sunday during a visit to the Italian southern port city of Bari to reflect on peace in countries bordering the Mediterranean Sea,...[By Frances D'Emilio via time.com via AP]
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Relentless breeding of stronger rootstocks means U.S. pistachio saplings can grow to fruition in 4 years, rather than 7 to 10. Add to that improvements...[By Marc Champion via bloomberg.com]
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Nine people were killed and buildings collapsed across southeastern Turkey on Sunday when a magnitude 5.7 earthquake struck near the border with Iran, injuring more...[By Irem Koca and Jonathan Spicer via reuters.com]
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