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  • Saudi Arabia Raises €3b in first bond denominated in European currency
     

    Saudi Arabia has raised 3 billion euros from over 14.5 billion worth of orders for its first bond denominated in European currency, according to reports. With this deal, the Saudis have sold over $60 billion in international bonds since their debut as a global borrower in late 2016, making the kingdom one of the biggest […]

     
  • Saudi-led Coalition in Yemen Announces Capture of Islamic State Leader in Yemen
     

    Saudi special forces, with assistance from the United States, have captured the leader of the Yemeni branch of the Islamic State militant group, according to the Saudi-led military coalition fighting in Yemen and reported in Reuters. The leader, Abu Osama al-Muhajer, as well as other members of the organization including its chief financial officer, were […]

     
  • U.S. Special Representative for Iran, Saudi Arabian Deputy Defense Minister Prince Khalid bin Salman Meet in Jeddah
     

    U.S. Special Representative for Iran Brian Hook met with Saudi Arabian Deputy Defence Minister Prince Khalid bin Salman in Jeddah on Friday, the minister said in a tweet. Hook and Prince Khalid discussed recent attacks in the region. “Pleased to meet with United States Special Representative for Iran Mr. Brian Hook to explore the latest efforts to […]

     
  • Saudi Arabia’s Saudia Airlines Spends Big at Paris Airshow
     

    Saudi Arabian flag-carrier Saudia announced at the Paris Airshow that it is expanding its existing order of Airbus A320neo family of plans from the current number of 35 “to as many as 100, including 35 options,” according to reports. The airline disclosed three years ago that it was taking 35 A320neo-family jets, including A321neos. The “neo” at the […]

     
  • U.S. Senators Preparing Legislation Seeking to Block Trump’s Plan to Sell $8b in Weapons to Saudi Arabia, UAE and Jordan
     

    Members from both parties in Congress are preparing legislation seeking to block President Trump’s plan for $8.1 billion in weapons sales to Saudi Arabia, the UAE and Jordan, according to reports. Last month, The Trump administration declared an emergency to bypass Congress and expedite billions of dollars in arms sales to several countries, citing the need to deter what it […]

     
  • Leaders Arrive in Saudi Arabia for Two Summits as Tensions Run High Over Iran
     

    Saudi Arabia began hosting Arab leaders for two emergency summits starting today after attacks this month on oil assets has heightened tensions with Iran, according to reports. Riyadh hopes the meetings will deliver a strong message to Iran that regional powers will defend their interests against any threat after this months attacks, Reuters reports. Saudi Arabia’s Minister of […]

     
  • Economy Update: Prices cool down after a year of reforms
     

    The latest official government figures on inflation for Saudi Arabia show a decline in prices after a year of reforms, according a recently released report by Jadwa Investment. Over the last year, Saudi Arabia has introduced a number of reform measures, including the introduction of a VAT, utility price reform, and other changes. The latest General […]

     
  • Saudi Arabia’s SALIC invests in crop analytics firm Hummingbird Technologies
     

    The Saudi Agricultural and Livestock Investment Company (SALIC) announced it was leading a £7m ($8.8m) funding round of investments into artificial intelligence startup Hummingbird Technologies, according to the company. Hummingbird, which was set up in 2016, uses drone and artificial intelligence to provide advanced crop analytics to farmers. Hummingbird, using imagery and data analytics from satellite, drone, plane […]

     
  • Oil Soars as Two Saudi Oil Tankers Among Four Attacked off UAE Coast
     

    Saudi Arabia said on Monday that two of its oil tankers were among those attacked off the coast of the United Arab Emirates, Reuters reports, with a total of four vessels being impacted by an attack. The UAE said on Sunday that four commercial vessels were “sabotaged” just outside the Strait of Hormuz. It did […]

     
  • Saudi Government Revenue Surges Nearly 50% in Q1
     

    Government revenue surged to SR245 billion ($65 billion) the first quarter of this year, an increase of 48 percent year-on-year, according to recent data revealed by Jadwa Investment. Both oil and non-oil revenue saw sizable rises. Government oil revenue rose by 48 percent, to SR169 billion ($45 billion), and was boosted by a SR124 billion ($33 billion) dividend […]

     

MUST-READS

  • Sports Powerhouse IMG Forges Broadcast Production Partnership With Saudi Soccer Entities

    Starting from the 2024-25 season, IMG will take on the role of broadcast producer on top of being distributor outside the Middle East and North Africa (MENA) region for the Roshn Saudi League, King’s Cup and Saudi Super Cup in tandem with their partners.

  • Saudi Arabia Building New City of ‘Smart Homes’ for 120,000 People

    Potential buyers can choose from six types of villas ranging from 216 to 413 sq meters. There are also plans to build four apartment blocks with one- to three-bedroom units. According to specialized news outlet Construction Briefing, the foundation for the project was laid in May. Saudi news outlet Asharq Al-Awsat reported that on July 9 the Talaat Moustafa Group told the Egyptian stock exchange that Banan City had achieved unprecedented sales and surpassed its year one target in just two months.

  • Can Saudi Arabia become a “new playground” for energy storage?

    For photovoltaic giants, shifting production capacity to the Middle East is an act of necessity. On June 7, 2024, the US International Trade Commission passed preliminary rulings on the anti-dumping and countervailing duty investigations of photovoltaic products from Cambodia, Malaysia, Thailand, and Vietnam. This signifies the end of the duty-free policy for some photovoltaic products imported from these four Southeast Asian countries, which began in June 2022, as of June 6 this year. Subsequently, Chinese photovoltaic manufacturers exporting to the US from Southeast Asia will face tariffs.

  • FedEx Appoints Abdulrahman Al-Mubarak as Managing Director Operations of Saudi Arabia

    Federal Express Corporation, the world’s largest express transportation company, has appointed Abdulrahman Al-Mubarak as its new Managing Director Operations of Saudi Arabia. Based in Riyadh, Abdulrahman holds a regional role in the Middle East and is responsible for the company’s strategic direction and operations for Saudi Arabia, Egypt, and Jordan.

  • Saudi focuses on global economy at G20 development meeting

    Saudi Arabia’s Economy and Planning Minister Faisal bin Fadel Alibrahim has been holding talks with officials from several nations on the state of the global economy at the G20 Development Ministerial Meeting in Brazil. On the sidelines of the G20 meeting, which began on Monday and ends on July 24, Alibrahim held discussions with Brazil’s Foreign Affairs Minister Mauro Vieira on the latter’s agenda while holding the presidency of the G20.

  • Over 2,000 Local Factories Linked to Saudi Mega Projects

    Saudi Arabia’s Ministry of Industry and Mineral Resources has added over 200 products to the national mandatory list and localized the production of vaccines and biological drugs for around 214 priority treatments. Additionally, more than 2,000 local factories are now linked to major projects like NEOM, ROSHN, and the Diriyah Gate Development Authority. A recent report reviewed by Asharq Al-Awsat reveals that the industrial sector saw substantial growth last year, with over 1,300 new licenses issued, attracting more than 81 billion riyals ($21.6 billion) in investments.

  • Opinion: Biden’s Legacy and Netanyahu’s Missed Moment?

    While there is already much to discuss regarding Biden’s presidential legacy in the Mideast, an interesting question emerges. If Biden no longer needs to focus on the campaign, can he do something to enhance his legacy before the end of his term? Moreover, could this intersect with Netanyahu’s visit?

  • Saudi Arabia’s Wealth Fund Taps Insider to Run Investment Strategy

    Fahad Al Saif will start in his new role immediately, according to a statement from the $925 billion Public Investment Fund on Tuesday. He will continue to lead the PIF’s global capital finance unit, overseeing government asset transfers and fundraising.

  • Saudi Arabia eyes $100bn bet on shale gas revolution at home

    Saudi Arabia, the world's largest crude oil exporter, plans to invest more than $100 billion to become the world's third-largest shale gas producer after the U.S. and Russia as its economy braces for a decarbonized society. Crucial to Riyadh's plans is the Jafurah gas field in the country's east. It is the largest shale gas field in the Middle East with confirmed reserves of 229 trillion cubic feet, equivalent to about 70 years of Japan's liquid natural gas imports. Shale gas is natural gas extracted from shale rock formations.

  • Foreign investments in Saudi Arabia rise to SAR 2.55T in Q1 2024

    Foreign investments in Saudi Arabia stood at SAR 2.55 trillion by the end of Q1 2024, up 6% from Q4 2023, according to data from the Saudi Central Bank (SAMA).