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  • Jadwa: Inflation Report, April 2012
     

    Year-on-year inflation dipped to 5.3 percent in April from 5.4 percent in March. Lower food price inflation was the main reason for the decline. Rental inflation picked up.

     
  • Not a Drop to Drink: The Global Water Crisis
     

    In the next twenty years, global demand for fresh water will vastly outstrip reliable supply in many parts of the world. Thanks to population growth and agricultural intensification, humanity is drawing more heavily than ever on shared river basins and underground aquifers. Meanwhile, global warming is projected to exacerbate shortages in already water-stressed regions, even […]

     
  • Petchem projects lead Saudi industrialization drive
     

    The Saudi project market continues to thrive. Latest data from Meed put the value of projects “planned or underway” at $745 billion in mid-April, around 13 percent higher than a year earlier. These figures need to be treated with some caution: The topline number is some 30 percent larger than the nominal size of the […]

     
  • Journey of a lifetime
     

    To say that I was excited to be in the presence of such history would be an understatement. I had been looking forward to this trip for months and was absolutely beside myself. My purpose was to travel with my mother to Saudi Arabia to perform the Umrah, a mini version of the annual Hajj […]

     
  • Al-Qaida’s wretched utopia and the battle for hearts and minds
     

    Driving east out of Aden, we were just a few hundred metres past the last army checkpoint when we saw the black al-Qaida flag. It flew from the top of a concrete building that had been part-demolished by shelling. From here into the interior, all signs of control by the government of Yemen disappeared. This […]

     
  • Positive Steps: Interview with Saudi Minister of Finance Al Assaf
     

    The industrial sector is the real excitement for us, which is growing at a rate of 15 per­cent, which is not a joke. The other one is service sector, like the financial services or the restaurant and hotels or other services in the economy. A particular sector that we are excited about is the mineral […]

     
  • “Milestone” oil manipulation case unsettles traders
     

    U.S. regulators’ $14 million settlement with high-frequency trading firm Optiver over oil price manipulation in 2007 is a “milestone” victory in their toughening stance on market malfeasance which is being closely watched by traders. In its first major case against an algorithmic trader, the Commodity Futures Trading Commission said late on Thursday that a court […]

     
  • Home boom aids Saudi Telecom profit surge
     

    Soaring demand for broadband helped Saudi Telecom Co (STC) post a 60 percent increase in first-quarter profit on Wednesday, with the former monopoly reporting rising revenues in its mobile, fixed line, corporate and wholesale units. The former monopoly, which will pay a quarterly dividend of 0.5 riyals per share, made a profit of 2.52 billion […]

     
  • Saudi tops in job creation in GCC
     

    The Gulf region continued to create jobs despite the impact of Arab Spring in 2011 with the regional powerhouse Saudi Arabia topping the list followed by Qatar and Oman, according to a new survey. The oil and gas industry, healthcare and retail sectors enjoyed the largest headcount expansion in 2011, while banking and construction fared the […]

     
  • Chart of the Day: A Short History of 200 Years of Global Energy Use
     

    If you want to tell the story of worldwide energy consumption over the past 200 years, you need three chapters. Chapter 1: The Coal Age. Chapter 2: The Oil Age. Chapter 3: The China Age. In the early days of industrialization, the use of biofuels such as wood declined as the West learned to live […]

     

MUST-READS

  • How Fury-Usyk Saudi Arabia fight set up a future for boxing

    According to sources, Usyk-Fury generated upward of $50 million in pay-per-view revenue with 1.5-million-plus PPV buys (the vast majority from the U.K., where Fury is a megastar). The event also made $40 million in sponsorship and another $3 million-plus in ticket sales. All in -- production, fighter purses, entertainment, travel, etc. -- the event cost in the neighborhood of $120 million.

  • Saudi Arabia condemns storming of Al-Aqsa Mosque by Israeli officials, and extremist settlers

    Saudi Arabia on Wednesday condemned the storming of the Al-Aqsa Mosque in Jerusalem by a number of Israeli government officials, members of the Knesset, and extremist settlers. The Ministry of Foreign Affairs also condemned a move by Israeli authorities to allow extremists to organize a provocative march in the city of Jerusalem with the protection of the Israeli defense forces.

  • Will buyback scheme convince Iraqis to offload AK-47s, RPGs?

    In a bid to stem widespread armed violence, Iraq’s Ministry of Interior is pushing ahead with a program to encourage Iraqis to register or sell privately-owned weapons. In the latest phase of the four-year program, the government is now offering a buyback mechanism for arms such as rocket-propelled grenades (RPGs) and mortars.

  • Saudi Arabia plans to boost oil production capacity to 12.3 million bpd by 2028

    Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, announced the Kingdom's ambitious plan to increase its oil production capacity to 12.3 million barrels per day by 2028. This significant expansion aligns with the Kingdom's strategic goals amidst evolving global energy markets. The announcement came during a special panel discussion at the St. Petersburg International Economic Forum in Russia. The forum, themed "The Future of the Oil and Gas Market: Global Demand Outlook and Producers' Plans," was attended by several OPEC and non-OPEC ministers. Prince Abdulaziz, who also serves as the chairman of the OPEC+ ministerial meetings, underscored the robust decisions made during the 37th OPEC and non-OPEC ministerial meeting held on June 2 in Riyadh.

  • PGA, Saudi-backed LIV in ‘active discussions’ one year after announcing proposed deal that rocked the golf world

    The PGA Tour and the Saudi-backed LIV Golf have been in active discussions, according to a person familiar with the matter, one year after the two entities stunned the world and announced on CNBC that they had agreed in principle to join forces. The talks between the tour and the Saudi Public Investment Fund, which backs LIV Golf, are “extremely active,” the person said.

  • Saudi says OPEC+ can pause or reverse oil output boost, criticises Goldman Sachs

    OPEC+ can pause or reverse oil production increases if the market weakens, the Saudi energy minister said on Thursday, adding he disagreed with the bearish view of U.S. bank Goldman Sachs of OPEC+'s deal on Sunday.
    Goldman Sachs declined to comment.
    Some OPEC+ members, including Russia, agreed on Sunday to phase out voluntary cuts of 2.2 million barrels per day over a year beginning from October. OPEC+ also agreed to maintain other cuts amounting to 3.66 million bpd until end-2025.

  • Saudi Arabia campaign aims to attract chipmakers

    Saudi Arabia has launched a National Semiconductor Hub in a bid to attract international chipmakers. The kingdom is targeting at least 50 semiconductor design companies to set up business by 2030, aiming to cut its reliance on imported computer chips. The global semiconductor industry, once plagued by shortages, is now showing signs of recovery and this trend is expected to continue.

  • Saudi Arabia announces start dates for Hajj and Eid Al Adha

    The annual Hajj pilgrimage will begin on June 14 with Eid Al Adha falling two days later, Saudi Arabia confirmed on Thursday evening.

    The announcement by the Saudi Supreme Court came after the crescent moon, which heralds the start of Dhu Al Hijjah, the 12th and final month in the Islamic calendar, was sighted on Thursday evening.

    It means Dhu Al Hijjah will begin on Friday, allowing for the start dates of both Hajj – which falls on the eighth day of the month – and Eid Al Adha, which commences on its tenth day, to be determined

  • As ties thaw with Saudi Arabia, thousands of Syrians fly there for haj

    For the first time in more than a decade, thousands of Syrians are travelling directly from government-held parts of Syria to Saudi Arabia for the Haj rituals, a signal of Syrian President Bashar al-Assad's gradual reintegration into the Arab fold.
    After Syria's conflict erupted in 2011, Saudi Arabia cut ties with Assad and backed figures opposed to him - including by granting Syria's opposition thousands of visas to be distributed among Syrian pilgrims in Lebanon, Jordan, Egypt and Turkey.

  • Sinopec awarded $1.37 Billion Contract from Saudi Aramco

    Sinopec International Petroleum Services Corporation, a wholly-owned subsidiary of Sinopec Oilfield Service Corporation and Saudi Arabian Oil Company (Saudi Aramco) entered into a turn-key fixed-price contract for the in-country procurement and construction of Packages 6 and 7 of the Phase 3 Pipeline Project Clusters of the Master Gas System (“MGS”),