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  • Opinion: Saudi Aramco Is Burning Cash – It Needs to Stop

    Year-to-date, Aramco has paid dividends of $93.2 billion, financed by taking on debt as its free cashflow amounted to just $63.7 billion during the same period. Put simply, Aramco has burned through more than $100 million a day – a day – to finance its distribution to shareholders. Even the fortress-like balance sheet of the Saudi company cannot sustain that for ever. Year-to-date, Aramco has paid dividends of $93.2 billion, financed by taking on debt as its free cashflow amounted to just $63.7 billion during the same period. Put simply, Aramco has burned through more than $100 million a day – a day – to finance its distribution to shareholders. Even the fortress-like balance sheet of the Saudi company cannot sustain that for ever.

  • Desert Technologies to build 5GW solar cells and modules plant in Saudi Arabia

    The plant will have an annual nameplate capacity of 5GW, of which 3GW for solar cell capacity and 2GW for PV modules. However, the company did not disclose what technology will be used for the solar cells. PV Tech has reached out to Desert Technologies about it. The project will be located in Jeddah’s Third Industrial City and will leverage “advanced manufacturing technologies that adhere to the latest global quality standards”, according to the company. It added that the capacity produced at the plant will cater to the local market, while boosting the country’s exporting capacity.

  • Saudi cabinet calls for Arab-Islamic summit, urgent political solutions amid regional crises

    The Saudi cabinet discussed the Kingdom’s call for an Arab-Islamic summit to address ongoing Israeli aggression in Palestinian territories and Lebanon, in a session chaired by Crown Prince Mohammed bin Salman on Tuesday. The cabinet also stressed the urgent need for a political resolution to the crisis in Sudan, urging all parties to honor the commitments outlined in the "Jeddah Declaration" of May 2023. It emphasized the importance of an immediate ceasefire in Sudan, a cessation of hostilities, and the unobstructed delivery of humanitarian aid to those in need.

  • Contraband Whiskey and a Secret Royal Dinner: Wall Street Goes to Riyadh

    Even a small “check,” or investment from a Saudi company or family, might be $100 million, earmarked for artificial intelligence initiatives or energy infrastructure, attendees said. On the higher end, there were groups such as the government’s official sovereign wealth fund, called the Public Investment Fund and led by the magnate Yasir Al-Rumayyan, willing to write multibillion-dollar checks.

  • Saudi Arabia and Iraq sign MoU on military cooperation

    Saudi Defense Minister Prince Khalid bin Salman and his Iraqi counterpart Thabet Al-Abbasi signed a memorandum of understanding on Monday aimed at strengthening cooperation in the military field. The agreement, signed during a high-level meeting in Riyadh, represents a significant step forward in defense collaboration between the Kingdom and Iraq, Saudi Press Agency reported. The MoU establishes a framework for increased collaboration on military matters, allowing Saudi Arabia and Iraq to address shared security challenges more effectively and pursue mutual goals in defense, SPA added.

  • Exploring the growing Extra Low Voltage industry in Saudi Arabia

    The ELV market in Saudi Arabia is segmented by end-users, with the commercial construction sector being the largest consumer, accounting for about 32% of the total demand in 2022. This segment includes office buildings, shopping malls, hotels, and other commercial establishments that require sophisticated ELV solutions for security, communication, and automation purposes. The education sector is another significant segment, representing 14% of the market. Schools, colleges, and universities are increasingly adopting ELV systems to enhance security, improve communication, and integrate advanced technological solutions into their infrastructure. The healthcare sector follows closely, contributing 12% to the market demand. Hospitals and medical facilities require robust ELV systems for security, communication, and life safety systems.

  • Alat’s Bold Moves at FII8: Driving Partnerships, Resilient Supply Chains, and Sustainability

    Alat is excited to announce our official collaboration with the FII Institute – to focus on launching transformative initiatives aimed at addressing critical challenges in various sectors, from AI to clean energy – reinforcing our dedication to innovation and sustainability. By working alongside world leaders and visionaries, Alat will play a pivotal role in driving global progress through innovative technologies and sustainable solutions, with this particular collaboration solidifying our position as a leader in both advanced manufacturing and forward-thinking practices that benefit industries and economies worldwide.

  • Commentary: Gulf States Choose Diplomacy Facing Region on Fire

    For officials in the Gulf states, such heavy investment in diplomatic initiatives reflects (and supports) the focus on economic growth, rather than political confrontation, and an emphasis on “de-risking” regional dynamics that might jeopardize the major projects underway across the region. This is especially the case in Saudi Arabia, where several of the gigaprojects so closely associated with Vision 2030 move into delivery phases, but also in Qatar, where the search for a post-2022 World Cup bounce continues, and other states, such as the United Arab Emirates and Oman, as they begin to navigate global energy transitions. There is no appetite for a renewed standoff with Iran amid a pragmatic management of the threat posed by regional affiliates of the “axis of resistance,” as evidenced by the Gulf states’ careful avoidance of any role in the airstrikes led by the United States and United Kingdom against Houthi positions in Yemen that began in January.

  • Israel’s strikes on Iran spark interest in air-launched ballistic missiles

    Israel's effective use of air-launched ballistic missiles in its airstrikes against Iran is expected to pique interest elsewhere in acquiring the weapons, which most major powers have avoided in favour of cruise missiles and glide bombs. The Israel Defense Forces said its Oct. 26 raid knocked out Iranian missile factories and air defences in three waves of strikes. Researchers said that based on satellite imagery, targets included buildings once used in Iran's nuclear programme.

  • Saudi Arabia and 7 other OPEC+ countries extend additional voluntary cuts of 2.2 million bpd until end of December

    The OPEC Secretariat said in a statement that the eight OPEC+ countries, such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, have agreed to extend the voluntary adjustments announced in November 2023 of 2.2 million bpd for one month. All these countries previously announced additional voluntary production adjustments in April and November 2023.