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  • Saudi Arabia’s trillion-dollar economy gains momentum, fueled by Vision 2030

    Newly-released figures from the General Authority for Statistics (GASTAT) show Saudi Arabia’s non-oil activities grew 4.9 percent year-on-year in the second quarter of 2024, fueled by strong performance in the financial and insurance sectors, while wholesale and retail trade, alongside restaurants and hotels, grew by 6.8 percent. Government consumption expenditure rose by 10.9 percent year-on-year, with a 4.3 percent increase quarter-on-quarter.

  • Bahrain Offloads Stake in Key Saudi Oil Pipeline to BlackRock

    Bapco Energies, which manages the nation’s energy infrastructure including the pipeline, sold a minority ownership stake in the Saudi Bahrain Pipeline Company to a fund managed by BlackRock’s diversified infrastructure team, according to a statement, which didn’t include terms. The pipeline can transport as much as 350,000 barrels of oil per day and connects Saudi oil processing facilities at Abqaiq with the Bapco refinery in Bahrain.

  • Sources of Saudi Tourism: Who’s Traveling, Who’s Spending?

    Saudis are exploring their own country in bigger numbers and foreigners are bringing the cash. That’s the takeaway from a report by the International Monetary Fund (IMF) on the state of the Saudi economy. “The surge of visitors has been mostly domestic-driven while the surge in visitors’ spending was mostly inbound-driven (i.e., international arrivals),” said the IMF report. Saudi reported 109 million visitors in 2023, beating its initial target of 100 million visitors by 2030 – a goal it has since lifted to 150 million.

  • US closer to greenlighting Nvidia chips for Saudi Arabia, Semafor reports

    The U.S. government is considering allowing Nvidia (NVDA.O), opens new tab to export advanced chips to Saudi Arabia, which would help the country train and run the most powerful AI models, Semafor reported on Wednesday, citing people familiar with the matter. The sales of the chips were a main but unofficial topic at GAIN, Saudi Arabia's global AI summit, the report said. Attendees of the summit, including some who work for the Saudi Data and AI Authority, told Semafor that the country is making efforts to comply with U.S. security requirements to expedite the acquisition of the chips.

  • US closer to green lighting Nvidia chips for Saudi Arabia

    The US government is considering allowing Nvidia to export advanced chips to Saudi Arabia, people familiar with the matter said, which would help the country train and run the most powerful AI models. The fate of those sales was a major, unofficial topic at Saudi Arabia’s global AI summit, known as GAIN, on Thursday. Representatives from AI hardware firm Groq, Google, and Qualcomm, along with Saudi government officials, mingled and spoke at the event.

  • Riyadh Season goes on tour as Saudi Arabia shapes future of boxing

    But on August 3, at the BMO Stadium in Los Angeles, the Riyadh Season brand went on tour for the first time as pound-for-pound great Terence Crawford headlined a stacked card described stateside as the best in a generation. The next stop is London for another Saudi roadshow on September 21, when Anthony Joshua takes on Daniel Dubois at the top of another card so deep that Wembley may appear unusually full long before the sun recedes behind those vast red stands.

  • China’s Li, Saudi crown prince discuss cooperation in Riyadh meeting

    Chinese Premier Li Qiang and Saudi Crown Prince Mohammed Bin Salman discussed cooperation in several sectors including energy, investment and trade in a meeting in Riyadh on Wednesday, the Saudi state news agency SPA reported. Earlier, Li had urged Beijing and the Gulf Cooperation Council (GCC), which includes Saudi Arabia and the United Arab Emirates, to accelerate free trade negotiations. Li made his remarks in a meeting in Riyadh with GCC Secretary General Jasem al-Budaiwi, Chinese state news agency Xinhua said.

  • Saudi Schools Launch Mandarin Classes For Young Students!

    Saudi Arabia has started offering Chinese-language classes in schools to provide young Saudis with new language skills and promote cultural understanding. The initiative, which began this year, is part of an education agreement between Saudi Arabia and China signed in the previous year.

  • Will a Turkey-Iraq Security Agreement Diminish Iran’s Hold Over Iraq?

    The MoU, which followed a historic visit to Iraq in April by Turkish President Recep Tayyip Erdogan, is a significant maneuver intended to solidify Turkey’s influence in Iraq. By labeling the Kurdish Kurdistan Workers Party or PKK a “banned organization,” Turkey seeks to legitimize its cross-border operations and strengthen its foothold in Iraqi politics and security.

  • Oil hasn’t been this cheap for years. You can thank China

    Oil futures were trading below $70 a barrel on Wednesday, the lowest levels they’ve seen since 2022. One of the factors hitting prices is the wrong kind of OPEC cut: The cartel said in its monthly oil report Tuesday that it is now forecasting global oil demand to increase by just 2 million barrels per day this year, down from the 2.1 million barrels it mentioned last month.