MUST-READS

• Gulf states wedge AI efforts between superpowers: podcast
  The United Arab Emirates and Saudi Arabia are building home-grown silicon smarts and forging links with the likes of Microsoft. In this Viewsroom podcast, Breakingviews columnists discuss how the region is muscling its way into a technology arms race between China and the US.

• Aramco, Rongsheng Petrochemical Ink Deal to Progress Saudi Refinery Project
  Saudi Arabian Oil Co. (Aramco) and Rongsheng Petrochemical Co. Ltd. signed an agreement Tuesday that brings them closer to greenlighting a planned expansion project at a refinery in the kingdom’s port city of Jubail. Earlier this year the Saudi oil giant and the Hangzhou, China-based company penned deals toward a potential joint venture within Aramco affiliate Saudi Aramco Jubail Refinery Co. (SASREF), which operates the 305,000-barrel-per-day (bpd) refinery. On Tuesday in Beijing, Aramco, SASREF and Rongsheng Petrochemical inked an agreement that “outlines the cooperation mechanism and planning relating to the design and development of the project, which aims to expand SASREF’s refining and petrochemical capabilities while fostering international collaboration”, Aramco said in a statement online.

• GASTAT: Saudi cow farms produced 2.8 billion liters of raw milk in 2023

  The number of dairy cows at specialized agricultural cow farms in Saudi Arabia reached 234,000 and these cow farms produced a total of 2.8 billion liters of raw milk during the year 2023, according to the statistical figures released on Wednesday by the General Authority for Statistics (GASTAT). Riyadh ranked first in terms of raw milk production, with 1.6 billion liters, followed by the Eastern Province with 1 billion liters. Across the Kingdom, there are 22 million heads of sheep, of which 19.3 percent are rams and 80.7 percent ewes, and 2.2 million heads of camels, of which 32 percent are aged less than four years and 68 percent are four and older.

• US vetoes another UN Security Council resolution seeking Gaza ceasefire

  The United States on Wednesday vetoed a UN Security Council resolution aimed at calling for a ceasefire in Gaza, marking the fourth time that Washington has used its veto power to block a ceasefire resolution at the international body since Israel's war on Gaza began in October 2023. The draft resolution was aimed at calling for an "immediate, unconditional, and permanent ceasefire" in Gaza and the release of all hostages held by Palestinian groups in the enclave. The measure received 14 votes in favour, with the US the sole member to reject it. However, because the US is a permanent member of the council, it has the ability to veto any resolution brought forward.

• Japan’s exports rebound, the Middle East market topping the list

  Japan’s recent export performance offers a glimmer of hope amid broader economic uncertainties. In October 2024, Japan’s exports rose by 3.1% compared with the same month a year earlier, marking a significant rebound after the sharp 1.7% fall in September that had set a 43-month low. This unexpected increase exceeded economists’ expectations of a 2.2% rise, suggesting that Japan’s export-driven economy is on a recovery path.

• Aramco to Borrow More and Focus on Dividend Growth, CFO Says

  Distributions by the state-owned company are a key element of the kingdom’s finances, which have wobbled this year as Crown Prince Mohammed Bin Salman pushes his ambitious economic transformation plan. The company has strained its balance sheet in 2024, flipping to a net-debt position for the first time in two years, as it pays out a massive dividend. “You’ll see us do a couple of things. One is just take on more debt compared to use of equity,” Chief Financial Officer Ziad Al-Murshed said in an interview in Boston. “It’s nothing to do with the dividend, it is optimizing our capital structure so that we end up with a lower weighted average cost of capital.”

• PwC Middle East to acquire Saudi consultancy Emkan Education to further invest in the region’s education and skills transformation

  PwC Middle East to acquire Emkan Education, the largest specialist education consultancy in the region, renowned for its expertise in upskilling talent across industries. This acquisition will unite the two leading education and skills practices in the region. “Education and upskilling is the cornerstone of sustainable development, driving progress across all sectors. At PwC, we are deeply committed to supporting the Kingdom’s Vision 2030 goals. This acquisition strengthens our ability to help clients deliver world-class education while fostering the local talent and expertise that will be critical to the future success of Saudi Arabia’s knowledge economy.”

• Spike Lee to Head Jury of Saudi Arabia’s Red Sea Film Festival

  Spike Lee will preside over the jury of the fourth edition of Saudi Arabia‘s Red Sea Film Festival. “Looking towards our fourth edition, we’re honored to welcome the legendary Spike Lee as our president of jury for the festival this year,” said Jomana Al Rashid, chairwoman of the Red Sea Film Foundation, in an announcement on Thursday. “Spike is a pioneering director whose iconic work has made a lasting impact on both film as a medium and culture at large,” she continued. “His energy, incisiveness and genuine championing of creativity and new voices makes him an ideal fit to lead our jury for this year — we look forward to him engaging with the burgeoning talent in our competition lineup.”

• Indonesia shock Saudi Arabia in World Cup qualifier

  Indonesia have shocked Saudi Arabia with a 2-0 win in Jakarta in Group C of the Asian qualifiers for the FIFA 2026 World Cup. A goal in each half from Marselino Ferdinan, who plays for Oxford United in England’s second tier, nailed down a victory on Tuesday for the Southeast Asian nation, which last appeared at the World Cup in 1938 as the Dutch East Indies. "Indonesia deserved to win this game,” Saudi coach Herve Renard said. “We have four games left, and it will be tough, but it will be tough for everybody.”

• Here’s how Saudi travelers are picking where to go in 2025

  First, we heard from flight comparison website Skyscanner, revealing that the Kingdom's citizens and residents have their sights set on a wide range of destinations in 2025 including the Italian capital of Rome, Poland's Krakow, Montreal in Canada and Gan in the Maldives. The company also revealed that two Saudi destinations have ranked among the world's top places to go next year, with the UNESCO World Heritage site of AlUla in Saudi's northwest and the capital city of Riyadh recording surging search interest. When travelling with children, nearly three in four Saudis pick destinations that they wanted to visit in their own early years, while places to build lasting memories remain high on the travel agenda, along with those that offer out authentic local experiences.

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