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Russia, Saudi Arabia and OPEC Reach Deal for Historic Production Cuts
Russia, Saudi Arabia and OPEC reached a historic deal on oil production cuts over the weekend, agreeing to cut almost 10 percent of global supply with Russia and Saudi Arabia bearing the brunt of the cuts.
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Saudi Arabia’s PIF Bulks Up Energy Holdings with $1 Billion in Four Major European Oil Companies
Saudi Arabia’s Public Investment Fund has “amassed stakes worth roughly $1 billion in four major European oil companies,” the WSJ reports, as the deep-pocketed sovereign wealth fund goes on a buying spree of assets on the cheap amidst a global economic downturn.
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King Salman bin Abdulaziz Al Saud Chairs ‘Extraordinary’ G20 Virtual Summit to address the COVID19 crisis
Saudi Arabia’s King Salman chaired a virtual G20 summit via video teleconference with world leaders to address the COVID19 crisis under the G20 Saudi Arabia Presidency. World leaders, including Chinese President Xi Jinping, India’s Prime Minister Narendra Modi, and President Donald Trump and others joined the summit. Mexico’s President told the summit that there is urgency for the United Nations […]
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Saudi Arabia reports first death from COVID-19, 205 new cases
Saudi Arabia on Tuesday reported its first death from the coronavirus, and 205 new cases, bringing the total number of confirmed cases to 767, according to reports.
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Saudi Arabia Expands Preventative COVID-19 Travel Restrictions as Some Analysts Praise Kingdom’s Response
Saudi Arabia continued to expand rules and regulations to prevent the spread of COVID-19 in the Kingdom and King Salman gave a rare speech to address the Saudi public on Friday, as the world seeks to stop the spread of the deadly virus and calm global markets.
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Saudi-Russia Still in Communication on Oil Policy; Former Minister Al-Falih Speaks with Russia’s Novak
Saudi Arabia and Russia dug in on the potential for an oil price war on Tuesday, with each indicating they are willing and able to open the spigots after the two sides failed to reach an agreement on supply curbs which sent global markets to major losses, according to reports. On Tuesday, the Kingdom’s state-run Saudi Arabian […]
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Saudi Arabia takes cautious approach on Coronavirus as Kingdom suspends entry for Umrah pilgrimage, tourism
Saudi Arabia has temporarily suspended arrivals by foreigners for the Umrah pilgrimage and tourists from two dozen countries where the new coronavirus has spread, according to a report in Reuters, in hopes that the Kingdom might stay head of the looming threat of a pandemic.
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New Saudi Ministers of Investment, Sports and Tourism Sworn In by King Salman
The new Saudi ministers of sports, tourism and investment were sworn in on Wednesday before Custodian of the Two Holy Mosques King Salman bin Abdulaziz.
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Saudi Aramco Plans to Invest $110 Billion to Develop Unconventional Gas Reserves in Saudi Arabia’s Jafurah field
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.
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On Third Day of Saudi Trip, Pompeo Tours Saudi Airbase, Meets with Crown Prince Mohammed bin Salman
Secretary of State Michael Pompeo met with Crown Prince Mohammed bin Salman and separately with Prince Khalid Bin Salman in Saudi Arabia on his third and final day of a visit to the Kingdom, according to reports, before taking a tour of a key Saudi Arabian air base where the U.S. has deployed defense capabilities.
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MUST-READS
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Meet Ali from Saudi Arabia, a Nursing Student at the University of South Carolina
Ali from Saudi Arabia has been passionate about pursuing a career in nursing since middle school. He completed one year of his undergraduate education in Australia, then transferred through the International Accelerator Program (IAP) to the University of South Carolina (USC) to explore opportunities in the US.“The total nursing program is two years lower division [pre-nursing] and two years upper division,” Ali said. Lower division students take core general education classes including English, history, math, and basic sciences. The curriculum also includes courses in nursing that focus on health and wellness, the history of nursing, pathophysiology, and more. Once students complete the prescribed number of lower division courses, they can then apply to the upper division level.
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Iranians debate leak of US docs on Israeli attack plans
A fringe pro-Iranian channel on the messaging app Telegram has published highly classified US intelligence documents detailing how Israel is preparing for an attack on Iran. US media have confirmed the authenticity of the documents, but the source of the leak and the possible motives remain unclear. The reaction in Tehran has been muted. However, some speculate that the leak is deliberate and meant to delay or reduce the scale of Israel’s pledged response to Iran’s Oct. 1 missile barrage.
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Syria: Iran and Hezbollah’s Savior and Achilles’ Heel
As the Netanyahu government engages in wars throughout the Middle East to degrade Iran and its allied militias, Biden administration officials are reportedly calling these military victories a “history-defining moment.” But is this moment history-defining in the way that White House officials seem to hope it is? Without a political solution that accommodates the millions yearning for peace and justice in the Middle East including Palestinians, Lebanese, and Syrians, it’s likely not. Israel’s tactical victories and Iran’s losses will be ephemeral.
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In Photos: Novak Djokovic embraces Saudi culture during 6 Kings Slam exhibition in Riyadh
The Serbian tennis star donned the traditional Saudi attire and was seen sitting on a carpet alongside sand dunes and mountains captured in the background in pictures posted on his Instagram page. Djokovic posted a series of images from his time in Riyadh with captions such as “Sand slam” and “Kingdom style.”
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Construction starts on world’s largest building in Saudi Arabia
Construction has begun on the 400-metre-high, cube-shaped Mukaab supertall skyscraper in Riyadh designed by AtkinsRéalis, which will be the world's largest building when it completes. Designed as the centrepiece of the 19-square-kilometre New Murabba development in northwest Riyadh, Mukaab is now officially under construction with excavations underway, according to its development company. The developer, named New Murabba Development Company and funded by Saudi Arabia's central Public Investment Fund (PIF), said groundworks at the site are now 86 per cent complete.
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Cabinet hails inclusion of 11 states in Middle East Green Initiative
The Cabinet, chaired by Crown Prince Mohammed bin Salman, praised the inclusion of 11 new countries in the Middle East Green Initiative during its session in Riyadh today, Oct. 22, the Saudi Press Agency reported. The Cabinet expressed hope that more nations would join the initiative launched by the Crown Prince as a global model to achieve its ambitious environmental goal of combating climate change.
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Is Saudi Arabia a Brics member or not? A curious case of invitation, acceptance and a delay
The original Brics members —Brazil, Russia, India, China, South Africa— approved the joining of Saudi Arabia and four other nations at the Brics Summit 2023 in South Africa. The Saudi membership was set to start in February 2024 but the monarchy said at the last minute that it is not yet joining the group." Saudi Arabia has not yet responded to the invitation to join BRICS. It is still under consideration,” the Saudi official source said in a statement to Reuters.
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Saudi Banks’ Credit Quality May Weaken Due to External Funding Reliance
The Saudi banking sector’s increasing reliance on external funding and resulting decline in net foreign assets (NFAs) could lead to lower funding and liquidity scores for some banks, Fitch Ratings says. A one-notch reduction in a bank’s funding and liquidity score would be unlikely, on its own, to directly affect the bank’s Viability Rating (VR) as the score’s weight is only 10%. However, weaker liquidity could eventually undermine other VR factors.
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Saudi Arabia offers 7 mineral exploration licenses
Saudi Arabia’s Ministry of Industry and Mineral Resources announced today, Oct. 22, opening bidding to local and international investors for seven new mineral exploration licenses in Makkah and Riyadh on an area of nearly 1,070 km2, the state-owned SPA reported. The offered exploration sites include quality mineral resources and precious metals, including base metals, such as gold, copper, zinc, lead and silver across several sites. Four sites are situated in Makkah.
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Women footballers call on FIFA to end partnership with Saudi Aramco
A group of over 100 professional women's soccer players on Monday sent an open letter to FIFA urging the world governing body to end its partnership with oil and gas conglomerate Saudi Aramco. In April, FIFA signed a four-year deal which will see Aramco become a worldwide partner, including in major tournaments such as the 2026 World Cup and the Women's World Cup the following year. Saudi Arabia has invested heavily in sports like soccer, Formula One and golf in the last few years while critics, including women's rights groups and members of the LGBTQ community, accuse the kingdom of using its Public Investment Fund (PIF) to "sportswash" its human rights record.
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