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  • Saudi PMI rises to 56.3 points in September

    The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, rose to 56.3 points in September 2024. This was the highest reading since May and signaled a further acceleration in non-oil private sector growth. On a monthly basis, the rise was attributed to a sharper expansion in output and new orders, in addition to a tightening of supply conditions. Growth was robust overall and widespread across the monitored segments of the non-oil economy.

  • 2-state solution the only viable path to lasting peace in Middle East, says Saudi foreign minister

    Now is the time to embark on an irreversible path to resolving the conflict between Israelis and Palestinians that culminates in the establishment of two independent states in which the peoples can live side by side in peace, Saudi Arabia’s foreign minister said. In an op-ed published in the Financial Times on Wednesday, Prince Faisal bin Farhan wrote that a two-state solution is the only viable way to ensure the long-term security of Palestine, Israel and the wider region.

  • Putin’s war economy faces pain if Saudis sink global oil prices

    Mikhail Krutikhin, a Russian energy analyst based in Norway, said Saudi Arabia's possible move posed "an enormous risk" for Moscow's state budget, because of its overwhelming dependency on oil revenues. And it's just one of several unpredictable factors on the horizon, including the U.S. presidential election. "So we have to sit back now and wait — stock up on the popcorn," he said. Saudi Arabia "understands perfectly well that Russian companies do not comply with the demand to reduce production, so they are making their own plans," Krutikhin added.

  • Saudi FM, Iranian president hold meeting in Doha

    Iran’s President Masoud Pezeshkian received on Wednesday in the Qatari capital Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan, the Saudi Press Agency said. The pair discussed the latest regional and international developments. Senior Saudi and Iranian officials attended the meeting.

  • Saudi Arabia’s Quantum raises investment from HearstLab

    Quantum, Saudi Arabia’s leading adtech and data platform that connects advertisers with publishers, announced today that it has secured funding as part of its $7 million Pre-Series-A round from HearstLab, the investment arm of Hearst Corporation dedicated to scaling early-stage, women-led tech startups. This marks HearstLab’s inaugural investment in the Middle East and underscores the rapid growth of Saudi Arabia’s tech ecosystem.

  • Palestinians See U.S. Response to Gaza as Failure

    In surveys conducted in July and August, Palestinians living in the West Bank and East Jerusalem were asked to what extent they agree that “the U.S. has made acceptable efforts to push for the safeguarding of civilians in Gaza.” Seven in 10 Palestinians surveyed (69%) strongly disagree, while 76% disagree overall. About one in 10 (11%) agree that the U.S. has done enough to protect civilians.

  • Diversions, disruptions: aviation grapples with Middle East escalation

    Rising tensions in the Middle East have created air travel chaos, with global airlines diverting or cancelling flights on Wednesday and regional airports, including Lebanon, Israel and Kuwait, showing long delays, according to FlightRadar24 data. Concern over travel disruption as the conflict intensifies also knocked shares in the travel and airline sectors. Iran launched its largest missile attack against Israel on Tuesday in retaliation for Israel's campaign against Iran-backed Hezbollah in Lebanon, prompting a threat from Israel of a "painful response".

  • Middle East again on edge after largest aerial attack ever launched against Israel

    Iran called these strikes a — quote — "legal, rational and legitimate response" to last week's strike that a U.S. senator said he used 2,000-pound American bombs to kill Hezbollah leader Hassan Nasrallah. Last night, Israel followed his death with its first conventional ground incursion into Lebanon in nearly 20 years. It also acknowledged hundreds of raids into Lebanon since last November, the country's largest special forces operation in history. Today, the military showed off the Hezbollah weapons that it captured that had threatened Israeli towns along the border.

  • Israel plans massive Iran payback with Middle East on edge

    Israeli officials staring down all-out regional war tell Axios Israel will launch a "significant retaliation" to Tuesday's massive missile attack within days that could target oil production facilities inside Iran and other strategic sites.Many Israeli officials point to Iran's oil facilities as a likely target, but some say targeted assassinations and taking out Iran's air defense systems are also possibilities.

  • Oil prices jump more than 3% as Middle East tensions escalate

    Oil prices climbed more than 3% on Wednesday on rising concerns that Middle East tensions could escalate, potentially disrupting crude output from the region, following Iran's biggest ever military blow against Israel. Brent futures reached their highest in a month, leaping $2.42, or 3.3%, to $75.98 a barrel. U.S. West Texas Intermediate (WTI) crude spiked $2.47, or 3.5%, to $72.30 at 1050 GMT. Both crude benchmarks on Tuesday surged more than 5% before closing around 2.5% higher.