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QUOTED
“There is so much work with everything that’s happening. Finding people to do it – experienced people – that’s the hard bit.” Wassim Elaify, CEO, Indicators, SMEs struggle as skills shortages drive up Saudi salaries [Arabian Gulf Business Insight]
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TOP STORY
Saudi Arabia has officially launched the Saudi Architecture Characters Map, featuring 19 distinct architectural styles inspired by the Kingdom’s diverse geographical and cultural characteristics. [more]
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MORE TOP STORYLINES
Via Matein Khalid in agbi.com: Since 2016 the US has transformed into the world’s largest LNG exporter, eclipsing Australia and Qatar. Donald Trump is now determined to achieve global energy dominance as he exploits the geopolitical leverage conferred by those exports in his relations with Europe, Asia and the GCC. At a time when the US is already the world’s largest oil producer, pumping 13.5 million barrels a day (mbd) against Saudi Arabia’s 9 mbd, Trump’s ambition to increase natural gas production by 60 percent will have a significant impact on the trade flows and geopolitics of the global LNG market over the next five years. The sheer scale of US natural gas production in the past two decades, from reservoirs in North Dakota to Texas’s Permian Basin, has meant that US prices averaged $3.50 per million BTU (British thermal unit), 70 percent below the spot LNG prices prevailing in Europe and Asia.
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Via Alex Kimani in oilprice.com: A Saudi official has denied reports that Riyadh is providing logistical support for the U.S. air strikes targeting Yemen’s Houthis, Reuters reports. Speaking to the Saudi news network Al-Arabiya, the official denied allegations that Riyadh is providing oil supplies for the ongoing military operations in Yemen. U.S. President Donald Trump ordered military operations in Yemen targeting Houthi sites, whom he described as “terrorists”. U.S. officials expect the American strikes to continue for days, or possibly weeks. The Red Sea is one of the world’s most densely packed shipping channels and the most significant waterway connecting Europe to Asia and East Africa. About 12% of global trade, including 30% of global container traffic, passes through the Red Sea, meaning that delays there can potentially affect fuel prices as well as the availability of various commodities and electronics.
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Via Ed Dixon in sportspro.com: Saudi Arabia’s SURJ Sports Investment is backing a new global Twenty20 cricket league and is prepared to pump US$500 million into the project, according to the Sydney Morning Herald (SMH). The upstart competition would reportedly consist of eight teams and be modelled on tennis and its Grand Slams, with teams to assemble and play matches in four different locations during the year. Discussions are purportedly underway with the International Cricket Council (ICC) and the concept is the brainchild of Neil Maxwell, a former first-class cricketer who manages Australian captain Pat Cummins. The SMH adds that the new league has been developed in partnership with the Australian Cricketers’ Association (ACA), which represents current and former players. SURJ, which is a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), would be the largest backer in a consortium of investors.
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MORE ON THE KINGDOM AND BEYOND
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In an environment of rising protectionism and persistent geopolitical tensions, the GCC region will remain resilient and is expected to register a GDP growth of...[By Yara Abi Farraj via economymiddleeast.com]
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S&P Global Ratings has upgraded Saudi Arabia’s rating to “A+” from “A” with a stable outlook, citing socioeconomic and capital market...[By Pramod Kumar via agbi.com]
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Standard & Poor's upgraded Saudi Arabia's credit rating to “A+” from “A”, with a “Stable” outlook. The three global rating agencies (Moody's, Standard & Poor's...[via argaam.com]
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U.S. forces are continuing strikes on Houthi sites in Yemen that began over the weekend, Pentagon officials told reporters on Monday, and the strikes will...[By Meghann Myers via defenseone.com]
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At last week’s CERAWeek conference of energy leaders in Houston, he caused a stir at one panel session by suggesting that...[By Frank Kane via agbi.com]
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Lebanon and the Gulf Cooperation Council (GCC) states have a rich history of mutually beneficial ties. Since the 1950s, highly skilled and educated Lebanese professionals...[By Barbara Slavin via stimson.org]
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Saudi Arabia aims to solidify its position as the world’s top oil supplier, with Aramco planning to boost production. The state-owned giant will increase output...[By Oshionameh Ajayi via theelectricityhub.com]
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Saudi Arabia‘s non-oil economy is expanding at more than four times the rate of the oil sector, with the capital enjoying...[By Edmund Bower via agbi.com]
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The Ministry of Industry and Mineral Resources announced that the number of valid mining licenses in Saudi Arabia reached 2,401 by the end of 2024....[via spa.gov]
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Five years have passed since the Tadawul All-Share Index (TASI) reached the bottom in March 2020. The benchmark hit its lowest level since 2016, falling...[via argaam.com]
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Saudi Arabia has carried out dozens of arrests in connection with sex work, street begging and human trafficking, days after a new unit was...[via middleeasteye.net]
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Saudi Re has reported net profit after zakat (a religious obligation for all Muslims who meet the necessary wealth criteria) of SAR 475 million for...[By Saumya Jain via reinsurancene.ws]
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Crystal Palace have confirmed that Dougie Freedman has left his role as sporting director, with the former Scotland forward expected to join a club...[By Ed Aarons via theguardian.com]
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Saudi’s national tourism brand, ‘Saudi, Welcome to Arabia’, is announcing “Ramadan Lights” – the next phase of its global tourism campaign “This Land is...[via biztoday.news]
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Dar Global, the international development arm of Saudi-listed Dar Al Arkan, has purchased two land plots in Jeddah and Riyadh for $390...[By Pramod Kumar via agbi.com]
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At least 274 Kenyan workers, most of whom are women, have died in Saudi Arabia over the past five years despite being a young workforce...[via middleeasteye.net]
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Israeli airstrikes pounded Gaza, killing more than 400 people, Palestinian...[By James Mackenzie, Nidal Al-Mughrabi and Alexander Cornwell via reuters.com]
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The US is escalating its military campaign against Yemen’s Ansarullah movement, also known as the Houthis. In parallel, President Donald Trump has suggested that Washington...[via amwaj.media]
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Lebanon's Defence Minister Michel Menassa and his Syrian counterpart Murhaf Abu Qasra agreed on a ceasefire, the...[By Maya Gebeily and Laila Bassam via reuters.com]
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Emirati state-owned investment firm MGX announced a $2 billion investment into Binance, in what marks the cryptocurrency exchange’s first institutional investment and the “single largest investment” ever...[By Dylan Butts via cnbc.com]
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