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  • Saudi holdings of US Treasuries fall to $130.5B in February

    Saudi Arabia’s holdings of US Treasuries reached $130.5 billion in February 2024, down $3.2 million month-on-month, new data released by the US Treasury showed.   Accordingly, the Kingdom maintained its 17th place among the largest holders of US treasury securities for the month.   Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $105.7 billion, representing 81% of the total, and short-term bonds worth $24.8 billion, accounting for 19%.

  • Saudi Arabia could hit 130 GW of renewables by 2030, says GlobalData

    GlobalData predicts that, at its current pace, Saudi Arabia’s renewable power capacity could increase at a compound annual growth rate (CAGR) of 40.1% between 2023 and 2030, to reach 31.5 GW by 2030 and 63.1 GW by 2035. It adds that Saudi Arabia’s renewable power projects under construction exceeded 8 GW at the end of last year, primarily due to several projects being awarded through auctions in the past eighteen months.

  • Saudi Arabia’s crude oil production reaches seven-month high in February

    Saudi Arabia’s crude oil production reached in February 2024 a seven-month high of 9.01 million barrels per day (bpd), according to data from the Joint Organizations Data Initiative (JODI). This represented a rise of 55,000 bpd or 0.61 percent compared to the previous month.

    Additionally, the data showed that Saudi Arabia’s crude oil exports increased to 6.32 million bpd, reflecting a monthly increase of 0.32 percent.

  • Saudi Arabia’s minister highlights $3 billion in Spanish real estate investments, announces upcoming development agreement

    The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, discussed the significant growth in investments between Saudi Arabia and Spain. He stated that Spain’s investment in Saudi Arabia has exceeded $3 billion over the past 10 years, with 40 percent of these investments in the real estate sector.

  • Saudi Arabia nears $1bn deal for stake in Barrick’s Reko Diq

    Barrick chief executive Mark Bristow has said in recent interviews that he doesn’t want to “dilute” the company’s stake in the project, but “would not mind” if Saudi Arabia’s Public Investment Fund (PIF) wants to buy out the equity of the Pakistan government. Pakistan has not publicly stated whether it is considering selling its part in the project. Barrick, the world’s No.2 gold producer, believes that the proposed mine is one of the world’s largest underdeveloped copper-gold prospects.

  • IMF Boosts Saudi Economy Growth Forecast to 6% by 2025

    The International Monetary Fund (IMF) has revised its expectations for Saudi Arabia’s economic growth, projecting a robust expansion of 6% by the year 2025. This represents an upward revision from the earlier forecast of 5.5% made earlier in the year. However, the IMF also noted a slight adjustment in its outlook for 2024, with the Kingdom’s output now expected to grow by 2.6%, down 0.1% compared to the previous projection. In its latest report, the IMF highlighted the broader economic landscape of the Middle East and Central Asian region, projecting growth rates of 2.8% and 4.2% for the years 2024 and 2025, respectively.

  • Marriott Releases Lawrence of Arabia-Inspired Campaign in Saudi

    Marriott International has dressed one of its top general managers as Lawrence of Arabia to promote its new resort along the Red Sea. Nujuma, A Ritz-Carlton Reserve is expected to be the most expensive hotel ever operated in Saudi Arabia – commanding rates of more than $3,400 a night when it opens on May 26. In a new promotional video, multi-property general manager Tony Coveney is seen crossing the desert and collapsing on the beach with a “newfound identity as a sheikh” to the main theme of Lawrence of Arabia – a historic epic based on the life of Thomas Edward Lawrence, which was once banned across Arab countries.

  • Scenario-mapping: Iranian conservative media think out Israel’s next steps

    Amid anticipation of Israeli reprisals for Iran’s Apr. 14 attack on military sites in Israel, Iranian media is rife with speculations about possible scenarios ahead. Speaking to pro-reform Sharq daily, controversial pundit and retired professor Sadeq Zibakalam said it would be unwise not to get prepared for the worst-case scenario, referring to all-out war. Reviled by hardliners, Zibakalam has come under sharp criticism from conservatives in recent days over his warnings about major threats ahead.

  • Amid threat of war, Iran faces public backlash over hijab crackdown

    Iran has renewed a push to impose the mandatory Islamic dress code. The move follows a call by Supreme Leader Ayatollah Ali Khamenei for hijab regulations to be respected. In the aftermath of nationwide anti-establishment protests in 2022, a rising number of women have abandoned headscarves. The current crackdown has prompted strong criticism on Iranian social media, reviving the battle of wills between the state and much of society over obligatory hijab.

  • Saudi Arabia Seeks Data Law Balance: Streamlining Business While Upholding International Standards

    Saudi Arabia's Proposed amendments to its Data Protection Law (DPL) could significantly impact international companies operating in the region. These changes focus on streamlining the process of transferring personal data outside the country, potentially offering greater flexibility and cost savings for businesses.