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  • GCC debt capital market grows 7 percent to $940 billion in Q1 2024: Fitch

    The Gulf Cooperation Council’s (GCC) debt capital market (DCM) saw a 7 percent increase to $940 billion by the end of Q1 2024, reported Fitch Ratings in its latest statement. The company forecasts the market to maintain growth this year and the next as it steadily approaches $1 trillion. However, it expects growth to be slower in the quarters following Q1.

  • Saudi Arabia Eyes Full Partnership On Future Fighter

    The kingdom aims to be “an equal partner” in any sixth-generation fighter program, Maj. Gen. Hamed Alamri, director of Joint Chiefs of Staff and chairman of the Committee on Future Capabilities of the Armed Forces for the Saudi Air Force, said May 21. “Saudi Arabia seeks to become a global innovator, not just a customer,” he told an event at the Royal Aeronautical Society here.

  • Saudi delegation heads to China without Crown Prince due to king’s illness – sources

    Two other people briefed on the visit said that Crown Prince Mohammed Bin Salman, the kingdom's prime minister and de facto day-to-day ruler, had been expected to lead the delegation to China after the Japan visit. He will, however, stay in Riyadh after his elderly father, the king, underwent medical treatment in Saudi Arabia for lung inflammation, which already made the crown prince postpone the May 20-23 Japan trip.

  • Behind scenes of Israel-Saudi deal, Pentagon works Arab air defense shield

    The department’s top Middle East policy chief, Dan Shapiro, along with officials from CENTCOM and the Joint Staff, are leading the discussions with military representatives from all five Gulf Cooperation Council countries for the second annual round of defense working group meetings in the Saudi capital.

    Read more: https://www.al-monitor.com/originals/2024/05/behind-scenes-israel-saudi-deal-pentagon-works-arab-air-defense-shield#ixzz8b3XkAeuS

  • Saudi woos electric flying taxi company Archer as Gulf rivals vie to be aviation hub

    The competition between the countries to become the top hub in the region is leading to big spending, benefiting new companies like Archers. Last month, Archer signed a pact with the Abu Dhabi Investment Office for multi-million dollar investments to speed up planned commercial air taxi operations in the UAE. "Since we made our first several announcements in the UAE that has piqued interest" across the region and especially in Saudi Arabia, said Nikhil Goel, chief commercial officer for Archer.

  • Local firm to co-develop Saudi wind IPPs

    Local firm Ajlan & Bros will co-develop, along with consortium leader Japan's Marubeni Corporation, the Al Ghat and Waad Al Shamal wind independent power projects (IPPs) in Saudi Arabia. The projects, along with a third one in Yanbu, are procured under the fourth round of Saudi Arabia's National Renewable Energy Programme (NREP). Saudi Arabia’s principal buyer, Saudi Power Procurement Company (SPPC), signed the power-purchase agreements (PPA) with the consortium for the 600MW Al Ghat and 500MW Waad Al Shamal wind farms on 21 May.

  • Saudi Arabia welcomes Palestinian state recognition by three European countries

    “The Kingdom appreciates this decision issued by these countries, which confirms the international consensus on the inherent right of the Palestinian people to self-determination,” the ministry said in the statement. The expected decision by Norway, Ireland and Spain was announced Wednesday morning with the formal recognition being made on May 28, infuriating Israel.

  • Saudi Arabia bans imports from 20 automakers

    The Saudi Standards, Metrology and Quality Organization and the Saudi Ports Authority also known as Mawani banned 20 automakers’ products. The decision was made after the automakers failed to submit their supply plan for the current year 2024 within the allotted time. Until these automakers submit their supply plan for 2024—which they can submit no later than the end of this year—Saudi car agents will be temporarily prohibited from importing new light vehicles, weighing no more than 3.5 tons, from these manufacturers.

  • Commentary: A fateful road not taken – Netanyahu seems set to spurn Saudi normalization

    As the Biden administration makes clear it is closing in on a wide-ranging agreement with Saudi Arabia, the fear is that this may be a “road not taken” moment for Israel and that a fateful opportunity for normalization with Riyadh will be missed. The Israel-Saudi element of a deal, the US has conveyed to Israel, requires an Israeli commitment — not to a Palestinian state at this stage, but to a credible “pathway” to Palestinian independence. Prime Minister Benjamin Netanyahu is apparently refusing to promise any such thing.

  • Saudi Arabia prepares to welcome thousands of gamers for Esports World Cup

    Saudi Arabia is getting set to put its stamp on the global gaming market this summer when it hosts the Esports World Cup over eight weeks in July and August. Boulevard Riyadh City will be the venue for the competition’s debut from July 4 to Aug. 25. More than 2,500 players are expected to compete for a $60 million prize pool, the largest in esports history.