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  • Breakthrough Ceasefire Agreements Reached over Yemen Ports as U.S. Senate Rebukes Trump
     

    The internationally recognized Yemeni government and the Iranian-aligned Houthi movement agreed to a ceasefire around the city of Hodeidah and to remove troops from the area in a potential major turning point for the three year old conflict, according to reports. The agreement was reached at U.N.-brokered talks in Sweden. The port, which is currently under Houthi control, […]

     
  • In Dhahran, Energy Secretary Perry, Al-Falih Discuss Oil Markets, Nuclear Possibilities
     

    U.S. Energy Secretary Rick Perry held a round of talks with Saudi Minister of Energy Khalid Al-Falih and Aramco CEO Amin Nasser as well other energy industry figures in Dhahran, Saudi Arabia, according to reports. The top energy officials from the U.S. and Saudi Arabia discussed oil markets and nuclear power possibilities. Saudi Arabia’s energy minister Khalid al-Falih […]

     
  • Saudi Arabia to Host G20 Summit Meetings in 2020
     

    The final communiqué of the G20 summit, which concluded this weekend in Buenos Aires, Argentina, confirmed that Saudi Arabia will host the summit in 2020. Hosting the major event involving the world’s largest economies is an opportunity for the Kingdom to showcase Saudi’s standing as a key player in the G20 and a force for economic stability. Saudi […]

     
  • Senate Set to Vote On Measure to End U.S. Support Saudi Arabia in Yemen as Pompeo Pens Op-Ed Touting ‘Vital Partnership’
     

    The U.S. Senate is expected to vote on legislation as early as Wednesday that would end U.S. involvement in the Saudi Arabia-backed war in Yemen, as the Trump Administration continues to publicly express support for the U.S.-Saudi relationship. Politico reports that the bill introduced by Sens. Mike Lee (R-Utah) and Bernie Sanders (I-Vt.) “has gained support since […]

     
  • Crown Prince Mohammed bin Salman Launches Project for First Nuclear Plant in Saudi Arabia
     

    Saudi’s crown prince on Monday launched a project to build the first nuclear research reactor in the kingdom, Reuters reports, citing the Saudi Press Agency. The project is one of seven “cutting edge ventures” in the fields of renewable energy, atomic energy, water desalination, genetic medicine and aircraft design that were inaugurated by the crown […]

     
  • Saudi Arabia’s Budget Deficit Shrinks a Whopping 60%
     

    Saudi Arabia reduced its budget deficit by 60 percent to SR49 billion ($13 billion) in the first nine months of the year, official figures published Wednesday show. The reduction — greater than anticipated in earlier budget forecasts — was the result of a significant growth in both oil and non-oil revenues, the Ministry of Finance […]

     
  • Blackstone Establishes Energy Investment Vehicle for MENA Region
     

    Blackstone, the world’s largest buyout group with over $15 billion of equity globally with the energy industry has established Zarou, a company designed to develop, finance, construct and operate energy-related projects in the MENA region. According to the Financial Times, Blackstone will team with Sameh Shenouda, former head of infrastructure equity investments at the UK’s development finance […]

     
  • Bloomberg Lands Another Wide-Ranging Sit-Down Interview with Crown Prince Mohammed bin Salman
     

    Bloomberg‘s reporting team in Saudi Arabia landed another wide-ranging sit down interview with Saudi Arabia’s Crown Prince Mohammed bin Salman, revealing the powerful leader’s thinking on many issues from Vision 2030 to the Saudi Aramco IPO and others. Bloomberg’s Senior Executive Editor for Economics, Stephanie Flanders, and five other Bloomberg journalists sat down with the […]

     
  • PIF Says WSJ Report that Kingdom Has Shelved Solar Projects is ‘Completely Inaccurate’
     

    A spokesperson for Saudi Arabia’s Public Investment Fund (PIF) said via the Kingdom’s state-run news agency, the Saudi Press Agency, that media articles claiming that work has been shelved with respect to SoftBank and Solar Projects are “completely inaccurate.” The unnamed spokesperson said that the PIF “continues to work with the SoftBank Vision Fund, and other parties, on a number of large-scale, […]

     
  • PIF-Backed Red Sea Tourism Company Names High-Powered Advisory Board
     

    Saudi Arabia’s Public Investment Fund (PIF) has appointed an international advisory board of business, tourism and environmental figures for its Red Sea tourism development. The announcement follows the selection of a former director of London’s Canary Wharf business zone, John Pagano, as chief executive of the project, which will see resorts developed on 50 islands […]

     

MUST-READS

  • UAE Power and Water Firm Taqa Seeks to Slash Emissions by 2030

    The United Arab Emirates’ largest water and power provider aims to cut carbon emissions 25% by 2030 from 2019 levels as part of the oil-producing nation’s plan to be net zero mid-way through this century. Abu Dhabi National Energy Co., known as Taqa, plans to build more solar plants and close power plants running on natural gas, Chief Executive Officer Jasim Husain Thabet said in an interview. The company, which has a $77 billion market valuation, will build about 9 gigawatts of solar power and phase out roughly 7 GW of conventional gas plants in this decade, Thabet said.

  • Commentary: Saudi power transition continues as MbS becomes PM

    Saudi King Salman bin Abdulaziz Al Saud has appointed Crown Prince Mohammed bin Salman Al Saud (MbS) as prime minister, a post historically held by the ruling monarch. The move, which comes as part of a wider cabinet reshuffle, confirms the growing power of MbS amid the transfer of further responsibilities from the King to his son.

  • Nuclear Power Is Declining in the West and Growing in Developing Countries

    By 2035, the share of nuclear generation in the EU and the U.S. is expected to reduce to 15% from close to 20%, according to S&P Global Commodity Insights. Conversely, China plans to ramp up its next generation over the next decade, aiming to double the share of nuclear power in its power mix to almost 10% by 2035 — even though its power demand continues to grow faster than in the U.S. and Europe. As such, over the next two decades, it is likely that the current 60/40 split of nuclear generation between developed and developing countries will reverse.

  • Iranian Efforts to Tout Arbaeen Pilgrimage – and Compete With Saudi Religious Soft Power

    While some version of Arbaeen has been celebrated for centuries, its most recent, post-Saddam Hussein incarnation, is largely the brainchild of Iran. In recent years, the Iranian leadership has been hyping publicity and making large investments to incorporate the Arbaeen pilgrimage into the country’s religious tradition and political discourse, to swell the numbers of pilgrims. This is in part an effort by Iran to project its soft power in the Arab world by marshaling millions of people to undertake the long spiritual journey.

  • Saudi Arabia’s ACWA Power’s investment exceeds $67bn: CFO

    Saudi Arabia’s utility developer ACWA Power currently holds over a $67 billion investment portfolio, revealed its chief financial offier. The company, which builds power and desalinated water plants, currently has 60 percent of its projects in progress and 40 percent in development stages.

  • Saudi Arabia’s Acwa Power targets 120 gigawatts of power capacity in next 10 years

    The Riyadh-listed company is active in 13 countries with a power generation capacity of about 43 gigawatts, with 37 per cent of the total capacity being renewables. The company aims to take the total renewable capacity to 70 per cent in the next decade, with the rest consisting of the gas portfolio, according to its chief financial officer.

  • Saudi Arabia’s Acwa Power targets 120 gigawatts of power capacity in next 10 years

    Saudi Arabia’s Acwa Power is targeting about 120 gigawatts of power-generating capacity in the next 10 years with a presence in 20 countries, and it plans to raise more money through the issuance of a bond at the end of this year or early next year to fund its growth plans. The Riyadh-listed company is active in 13 countries with a power generation capacity of about 43 gigawatts, with 37 per cent of the total capacity being renewables. The company aims to take the total renewable capacity to 70 per cent in the next decade, with the rest consisting of the gas portfolio, according to its chief financial officer.

  • Saudi women reap fruits of empowerment under Vision 2030

    Saudi Arabia is celebrating its 92nd National Day at a time when Saudi women are making giant strides in all walks of life and reaping the fruits of the Kingdom’s Vision 2030, launched by Crown Prince Mohammed bin Salman. The empowerment of women is at the heart of the Vision 2030 reform program, ever since its launching in 2016, with bringing about far-reaching social and economic transformation where women have an equal role and share along with their male counterparts.

  • In parts of Mideast, power generators spew toxic fumes 24/7

    The reliance on generators results from state failure. In Lebanon, Iraq, Yemen and elsewhere, governments can’t maintain a functioning central power network, whether because of war, conflict or mismanagement and corruption. Lebanon, for example, has not built a new power plant in decades. Multiple plans for new ones have run aground on politicians’ factionalism and conflicting patronage interests. The country’s few aging, heavy-fuel oil plants long ago became unable to meet demand.

  • Power distribution audit of the Middle East

    A comparison of the GDP growth of seven Middle Eastern countries that have various levels of significance for the global security, between 1980 and 2021, reveals an interesting finding.