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  • Distressed companies on rise in Saudi Arabia and UAE, study says

    The number of distressed companies in the UAE and Saudi Arabia has increased by almost 9 percent in the past year, with the sectors most at risk including chemicals, commodities and specialised retail. Concerns also surround the consumer-facing food and beverage industry in both countries, according to a report from consultancy Alvarez & Marsal. A&M defines distressed companies as those that have “significant” deficits in terms of both their financial and earnings situation.

  • Surviving Scarcity: Water and the Future of the Middle East

    Decades of poor water management, exploding populations, and rising temperatures have degraded the region’s land and sapped its limited water supplies. The region’s famous waterways are disappearing before our very eyes. Once-roaring rivers have been reduced to trickles that can easily be crossed on foot.

  • Saudi Cabinet approves fundraising law

    Minister of State, Member of the Cabinet and Acting Minister of Media Dr. Essam bin Saad bin Saeed said in a statement to the Saudi Press Agency that the Cabinet discussed cooperation and joint work with various countries and organizations, carried out to enhance the Kingdom's position, and its regional and international role, as well as to serve common interests, and support stability and prosperity in the region and beyond.

  • Saudi Aramco ‘confident’ in its oil demand growth forecasts

    Saudi Aramco maintained its medium- and long-term demand forecasts on Aug. 6, with 52% of crude oil production output used in refining and other downstream operations in the second quarter of 2024.

  • Saudi Arabia announces key Labor Law amendments to improve work environment

    The Ministry of Human Resources and Social Development stated that the new amendments encompass 38 articles, deleting seven articles, and adding two new articles to the Labor Law. These amendments are in line with the Saudi employment market strategy as well as international agreements ratified by the Kingdom. The ministry said that the new amendments will be effective after 180 days from the date of their publication in the official Gazette.

  • British police brace for anti-Muslim riots and counter protests

    British police braced for further anti-Muslim riots on Wednesday as far-right groups planned to target asylum centres and immigration law firms across the country, prompting anti-fascist protesters to organise counter demonstrations. Britain has been gripped by an escalating wave of violence that erupted early last week when three young girls were killed in a knife attack in northwest England, triggering a wave of false messaging online that wrongly identified the suspected killer as an Islamist migrant.

  • Hamas names Oct 7 mastermind Sinwar as leader after Haniyeh assassination

     Hamas named its Gaza leader Yahya Sinwar as successor to former political chief Ismail Haniyeh, who was assassinated in Tehran last week, the group said on Tuesday, in a move that reinforces the radical path pursued since the Oct. 7 attack on Israel. Sinwar, the architect of the most devastating attack on Israel in decades, has been in hiding in Gaza, defying Israeli attempts to kill him since the start of the war.

  • Aramco to become majority shareholder in Petro Rabigh, an integrated refining and petrochemical complex in Saudi Arabia

    Aramco, one of the world’s leading integrated energy and chemicals companies, has signed a definitive agreement to acquire an additional stake of approximately 22.5% in Rabigh Refining and Petrochemical Co. (“Petro Rabigh”), the refining and petrochemical complex located on the Kingdom of Saudi Arabia’s west coast, from Sumitomo Chemical for $702 million.

  • Saudi delivery drivers bake in ‘deadly’ summer heat

    Gulping a bottle of cold water as the mercury neared 50 degrees Celsius (122 degrees Fahrenheit), the motorcycle driver said he was well aware the Gulf kingdom's harsh summer heat could be fatal. Yet only by pushing through and filling the daily blitz of food orders will he earn enough money to send something back home, his main reason for coming to Saudi Arabia in the first place.

  • Saudi Aramco’s Production Policy Is Weighing on Its Stock Price

    The report noted, however, that Aramco is a very different company from either Exxon or Shell because it is still majority-owned by the Saudi state, which can direct corporate strategy and is indeed doing just that. It’s worth noting that from a certain perspective, Aramco’s production cuts helped keep prices above a certain level, helping Exxon, Shell, and the rest of Big Oil keep posting higher results.