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  • Saudi Arabia Crown Prince’s Transformation Stress-tests Economy and Stretches Petrowealth

    With the budget in deficit for six straight quarters, Saudi Arabia has become the biggest issuer of international debt in emerging markets. And its decision to cut oil production with other OPEC+ members in 2023 has failed to raise export revenues substantially. The Gulf country’s oil earnings have dropped around one-third from 2022 levels, when Brent crude averaged nearly $100 a barrel thanks to Russia’s invasion of Ukraine. That’s weighing on the kingdom’s overall economic stability as it keeps spending on Prince Mohammed’s huge projects, which include everything from the new city of Neom to tourist resorts, football leagues and AI investments.

  • Opinion: Secret meetings prove Israel, Saudi Arabia still want normalization amid war

    Journalist Barak Ravid revealed last month that under the umbrella of the US Central Command (CENTCOM,) IDF Chief of Staff Herzi Halevi met secretly in Bahrain in mid-June with senior figures in the armed forces of Egypt, Jordan, the United Arab Emirates (UAE,) Bahrain, and Saudi Arabia.  CENTCOM is a unified combatant command of the US military responsible for operations in the Middle East, North Africa, and Central Asia, and plays a crucial role in coordinating military and security efforts among US allies. Such a meeting, particularly with the participation of a Saudi representative, is also a form of normalization. So what exactly is going on?

  • Iran-backed militants threaten Saudi Arabia despite thaw in Tehran-Riyadh ties

    The Iranian-backed Iraqi militant group Kataib Hezbollah issued threats against Saudi Arabia, despite the recent détente in Tehran-Riyadh relations. After years of severed diplomatic relations, Iran and Saudi Arabia agreed to resume their diplomatic relations by signing a China-brokered renormalization deal in March 2023. Kataib Hezbollah, an Iraqi Shia group closely aligned with Iran's Islamic Revolutionary Guard Corps (IRGC), warned Saudi Arabia, which it termed the "Kingdom of Evil," of consequences for its perceived role in the Israel-Gaza conflict.

  • Pakistan to ban Imran Khan’s party, file treason case against ex-PM

    Pakistan is planning to ban former Prime Minister Imran Khan's political party and move the country's top court to press treason charges against him, the information minister said on Monday. The move to ban Pakistan Tehreek-e-Insaf (PTI) was based on the proven charge of the party receiving foreign funds from sources that are illegal in Pakistan, as well as rioting by the supporters last year that targeted military installations, Minister Attaullah Tarar said.

  • Hamas says it has not left ceasefire talks after Israeli attacks

    A senior Hamas official said on Sunday that the Islamist group has not withdrawn from ceasefire talks with Israel after this weekend's deadly attacks in Gaza that Israel said had targeted the group's military leader Mohammed Deif. But Izzat El-Reshiq, a member of the political office of Hamas, accused Israel of trying to derail efforts by Arab mediators and the United States to reach a ceasefire deal by stepping up its attacks in the enclave.

  • Green Hydrogen: Air travel could go renewable as future fuel investment skyrockets in UAE, Saudi Arabia

    With massive intent and investment, Middle Eastern countries, led by the UAE and Saudi Arabia, are in pole position to reap the benefits as green hydrogen inches closer to becoming the preferred fuel of the future. Last week, a study undertaken by Sweden’s Chalmers University of Technology, said that almost all air travel within a 1200-kilometre radius could be made with hydrogen-powered aircraft by 2045. The Chalmers project is also working on a heat exchanger, which will enhance this range even further.

  • Saudi wealth fund picks JPMorgan, Morgan Stanley for Nupco IPO

    SAUDI Arabia’s sovereign wealth fund has picked banks for the planned initial public offering of the kingdom’s largest medical procurement firm, as it hunts for cash to finance the crown prince’s ambitious economic agenda. JPMorgan Chase, Morgan Stanley and SNB Capital have been hired to work on Nupco’s IPO, according to people familiar with the matter. The deal could come as soon as this year, the people said, asking not to be identified as the information is not public.

  • The Next Big Things in Retail Summit will explore how the Middle East’s retail industry is being transformed

    The Middle East is on the cusp of a retail revolution. Driven by ambitious economic diversification plans and a growing young population, the region offers a dynamic opportunity for retailers and innovators. As consumer expectations evolve and reshape the industry, Fast Company Middle East’s Next Big Things in Retail summit, scheduled for 12th November in Riyadh, will serve as a crucial platform to explore and shape the future of retail in the region with a deeper focus on Saudi Arabia.

  • Food and beverage sector dominates Saudi POS spending

    According to a report by the Saudi Central Bank, restaurants and cafes in the Kingdom have spearheaded a notable increase in point-of-sale (POS) transactions from June 30 to July 06. The food and beverage sector held the largest share of POS spending, with an 8.8 percent increase to SR2.05 billion, up from SR1.88 billion the previous week. This was followed by the restaurant and cafe sector, which saw a 9 percent rise in spending, reaching SR1.96 billion. This highlighted a resilient economic recovery.

  • Saudi Arabia to host inaugural Olympics Esports Games in 2025, says IOC

    The decision will be ratified at the IOC Session to be held on the eve of the Olympic Games in Paris, after which work will begin on selecting a host city for the inaugural edition. “We are very fortunate to be able to work with the Saudi NOC on the Olympic Esports Games, because it has great – if not unique – expertise in the field of esports with all its stakeholders,” IOC president Thomas Bach said in a statement.