MUST-READS

• Wind energy is powering America more than coal for the first time ever

  American energy generation has gotten just a little bit cleaner this year. Data from the Energy Information Administration suggests that wind power is a bigger source of electricity than coal for the first time ever. Data from the agency says that wind was responsible for 47.7 million megawatthours of energy in April, vs. coal’s 37.2 million megawatthours.

• Saudi Oil Market Share in China Set for Rebound

  Saudi crude oil exports to China have been on the decline for four consecutive months, the report noted, adding some traders expected this to change in August, with imports from the kingdom rising for the first time since May. In July, Saudi oil exports to China totaled 36 million barrels, which comes in at a little over 1 million bpd, Reuters also reported, citing shipping data from Kpler. For August, however, some traders expect a total of at least 44 million barrels, Reuters said.

• Saudi Team ‘Falcons’ Achieves First Title in Esports World Cup

  The Saudi Team 'Falcons' won the first title during the Esports World Cup, the most prestigious gaming event globally. In the popular game "Call of Duty: Warzone," the Falcons emerged as champions, earning 1,000 points and securing the top position in the Esports World Cup rankings. The grand final took place at the SEF Arena in Riyadh, with an enthusiastic crowd in attendance. The Falcons delivered an outstanding performance, accumulating 227.9 points to claim the championship title. The Fnatic team secured second place with 217.9 points, while the team of Twisted Minds achieved third place with 179.3 points.

• Saudi Aramco seeks at least US$3 billion from first bond sale in three years

  Saudi Aramco is looking to raise at least US$3 billion from its first bond sale in three years, according to sources familiar with the plan. The world’s biggest oil exporter is offering debt with 10-, 30- and 40-year maturities, according to a source with knowledge of the matter. Meetings with fixed income investors are expected to start on Tuesday (Jul 9), the source said.

• Saudi’s latest drug bust: thousands of narcotics tablets, 760 pounds of qat

  Saudi Arabia is a major destination for the amphetamine Captagon, though seizures have decreased recently due to more enforcement in transit countries like Jordan, according to a recent report.

• PIF to invest near SAR 500 mn in Saudi Re’s capital increase

  PIF closer to a significant minority stake in Saudi Re: The Public Investment Fund (PIF) is set to acquire a 23.1% stake in local ins. player Saudi Re after signing a binding agreement that will see it fully subscribe to a capital increase, according to a disclosure to Tadawul. The signing of the binding agreement follows multiple extensions of an MoU signed between the two parties last October

• Meet the ​Music ​Entertainment Company Making Saudi Arabia the World’s Most Pioneering New Live Music Destination

  Born out of a burning desire to foster a homegrown music and live events scene, and in turn, nurturing ventures like MDLBEAST Records and world-class events such as the Soundstorm music festival and XP Music Futures conference, MDLBEAST is transforming Saudi Arabia into the elite music destination of the future. Now, the group has turned its attention to the Kingdom’s venues and infrastructure, embarking on a history-making project shaping the country’s live music scene with a slew of new venues and creative spaces for collaboration.

• New research shows life in ancient Saudi Arabia was complex and thriving
  A team of researchers led by Jane McMahon from the Discipline of Archaeology find new evidence that shifts the perception of how people lived in north-western Saudi Arabia during the Neolithic period. To date, little has been known about people living in north-western Saudi Arabia during the Neolithic – the period traditionally defined by the shift to humans controlling food production and settling into communities with agriculture and domesticated animals.

• Saudi Aramco begins issuing US dollar-denominated bonds

  Energy giant Saudi Aramco has started issuing US dollar-denominated international bonds under its Global Medium Term Note Program. In a statement on Tadawul, Aramco disclosed that the bonds have a minimum subscription of $200,000, with the offering price and value determined based on market conditions. The offering began on July 9 and is set to conclude on July 17. This marks the state oil firm’s return to the debt market after a three-year hiatus. The last time it tapped the global debt markets was in 2021, raising $6 billion from a three-tranche sukuk, or Islamic bond. In February, it indicated plans to issue another bond this year.

• Inside Saudi Arabia’s royal palaces being transformed into luxury tourism hotspots

  PIF-owned hospitality company, the Boutique Group, is working to develop significant cultural and historical palaces across Saudi Arabia, to transform them into ultra-luxury boutique hotels. Royal palaces across Saudi Arabia – including the former residence of King Saud bin Abdulaziz and ones that have hosted international figures like former US President Richard Nixon and the late Princess Diana – are undergoing a renovation and restoration project to preserve the historical sites and transform them into luxury tourism destinations.

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