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  • Saudi Arabia may cut December oil prices for Asia, sources say

    Top oil exporter Saudi Arabia may cut prices for most of the crude grades it sells to Asia in December, tracking weakness in Middle East benchmark Dubai, trade sources said. Price cuts for Saudi oil would signal weak demand and provide more evidence for the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, and its allies including Russia, a group known as OPEC+, to potentially delay plans to increase production from December.

  • Saudi Arabia and India agree to study feasibility of establishing power grid

    The second Ministerial Meeting of the Economy and Investment Committee under the Saudi-India Strategic Partnership Council was held in Riyadh. The meeting was co-chaired by Saudi Minister of Energy Prince Abdulaziz bin Salman and India's Minister of Commerce and Industry Piyush Goyal. During the meeting, Prince Abdulaziz and Goyal witnessed the signing of an agreement between the Saudi National Electricity Transmission Company and the Central Transmission Utility of India to study the feasibility of electrical interconnection between the two countries. The minutes of the Economy and Investment Committee of the Saudi-Indian Strategic Partnership Council was also signed on the occasion.

  • Singapore’s Olam receives buyout offer for agri unit amid IPO delays

    Singapore-based Olam Group (OLAG.SI), opens new tab said on Friday that Saudi Agricultural and Livestock Investment (SALIC) had made an offer to buy its remaining stake in Olam Agri (IPO-OLAA.SI). The offer comes almost two years after the group completed the sale of a 35.43% stake in Olam Agri to SALIC for $1.24 billion in December 2022. The transaction had given Olam Agri an equity valuation of $3.5 billion. Olam Group currently holds a stake of 64.57% in Olam Agri.

  • AI Leaders Gather in Saudi Arabia to Talk Energy

    Schwarzman of Blackstone, which is building a $25 billion data center empire, estimated that the AI boom could potentially propel electricity use to soar 40% in the next decade. He warned that could slow the development of the technologies, quite aside from its disruption to global economies. “In four years, giant economies, at the rate that expansion is going to happen, are going to stock out of electricity unless there’s either efficiencies in semiconductors and other types of things or you’re going to have to slow down the growth or have a giant expansion,” he said.

  • Riyadh hosts first meeting of ‘international alliance’ pushing for Palestinian state

    The Riyadh meeting was expected to focus on humanitarian access, the embattled UN agency for Palestinian refugees and measures to advance a two-state solution, diplomats said. The European Union was set to be represented by Sven Koopmans, the special representative for the Middle East peace process, diplomats said. The United States, Israel's top military backer, sent Hady Amr, the State Department's special representative for Palestinian affairs.

  • 4,000-year-old fortified town found in Saudi Arabian oasis

    The remains of the town, dubbed al-Natah, were long concealed by the walled oasis of Khaybar, a green and fertile speck surrounded by desert in the northwest of the Arabian Peninsula. Then an ancient 14.5 kilometre-long wall was discovered at the site, according to research led by French archaeologist Guillaume Charloux published earlier this year. The large town, which was home to up to 500 residents, was built around 2,400 B.C. during the early Bronze Age, the researchers said. It was abandoned around a thousand years later. "No one knows why," Charloux said.

  • Saudi Arabia’s labour law amendments: What they mean for employers and employees

    Set to take effect on February 18, 2025, these changes align with the kingdom’s Vision 2030 goals, aiming for a balanced labour market that encourages fair treatment, Saudisation and improved work conditions. The new amendments also expand leave entitlements, granting 12 weeks of maternity leave (six of which are mandatory post-birth), three days of paternity leave, and an additional three days of bereavement leave for the death of a sibling. These changes reflect a progressive shift towards global labour standards, focusing on work-life balance and family support.

  • Deputy Secretary Campbell’s Meeting with Saudi NSA al-Aiban and Minister al-Swaha

    Deputy Secretary of State Kurt M. Campbell met today with Saudi Arabia’s National Security Advisor Musaid al-Aiban and Saudi Minister of Communications and Information Technology Abdullah al-Swaha. They discussed a range of efforts to expand U.S.-Saudi cooperation in artificial intelligence (AI) and other areas of science and technology. Deputy Secretary Campbell affirmed the United States’ commitment to partnering with Saudi Arabia to build advanced tech ecosystems and unlock the potential of safe, secure, and trustworthy and responsible AI. They also discussed continued efforts to de-escalate tensions and work toward lasting peace and security in the region.

  • PIF partners with Google Cloud to create AI hub in Saudi Arabia

    The partnership will provide AI training for millions of Saudi students and professionals, supporting the national objective of expanding the information and communication technology sector by 50 percent. Through Google Cloud’s technology, industries will have enhanced access to AI applications, enabling growth and capacity building. The agreement, subject to regulatory approvals, also includes joint research on Arabic language models and Saudi-specific AI applications.

  • Can Saudi Arabia build a thriving fintech hub by 2030?

    Let’s say an international fintech is looking to come to Saudi Arabia. First, Fintech Saudi will have a consultation with the company to understand its business model and determine if it needs to be regulated by the major financial bodies. If so, it brings in subject matter experts, law firms as well as other companies in the industry to give the relevant guidance, while involving the main regulators throughout the entire process. Next, Fintech Saudi will connect the company with the Ministry of Investment, which can provide support with setting up an entity in Saudi Arabia.8 Finally, Fintech Saudi can give the company links to private service providers in the country–such as office space or software businesses–that can help it get up and running quickly.