MUST-READS

• The Middle East’s Oil Giants Have Entered the Critical Minerals Race

  “This is not about replacing the bedrock of their economic engine away from oil to minerals,” said Ahmed Mehdi, managing director at Renaissance Energy and a visiting fellow at the Columbia University Center on Global Energy Policy. “This is more about making sure that they have a seat at the table in the energy transition, especially given how geopolitically charged this industry is.”

• Saudi Arabia is not abandoning upstream investment

  The 13 million bpd capacity expansion plan would have cost Aramco $40 billion. A big focus area that was stressed by Aramco’s management this year is increasing gas production by 60 percent by the year 2030. The gas will mainly come from the Jaffoura basin and will help Aramco displace around 1 million bpd of liquids that are currently being burnt for power generation in the Kingdom.

• Opinion: Iran-Saudi ties prove an unlikely Middle East safety valve

  By October 11, Iran’s president Ebrahim Raisi had initiated a phone call with Saudi Arabia’s Crown Prince Mohammed bin Salman, the first ever between them and the first conversation at this level between the two countries since before the 2016 breakdown in relations. A week later, Iran’s foreign minister Hossein Amir-Abdollahian travelled to Jeddah for a meeting of the Organisation of Islamic Cooperation. Iran’s message was understated but clear: we don’t want war. Absent this channel, the risk of misreading intentions of the different players in the region would have been considerable.

• Saudi Arabia’s $2 trillion gamble: Can Oil wealth fund tech revolution?

  It was just a few months ago that Saudi Sovereign Wealth Fund, PIF, had $676 billion in assets under management. As of the month of March, Saudi Arabia transferred a $164 billion stake in Aramco to PIF, propelling it to the second-biggest fund in the Middle East for an astonishing $925 billion. This is up from $595.6 billion in 2022 and is now resulting in PIF 16 percent ownership of Aramco.

• Toyota’s comedic Ramadan ad taps into the unwavering Saudi hospitality

  A new Ramadan campaign from Serviceplan Arabia and Abdul Latif Jameel Motors – Toyota takes a different approach to the Holy Month. Set in against the corniche of Saudi-city Khobar, the ad takes a more comedic approach while maintaining the spirit of Ramadan and generosity.

• Saudi Arabia to launch stratosphere space tourism by 2026

  In a move poised to revolutionize the global tourism industry, Saudi Arabia is set to become a hub for space tourism, providing adventurers the chance to venture into the stratosphere by 2026. This groundbreaking initiative, offered at a cost of $164,000 per person, is being facilitated by Halo Space, a Madrid-based pioneer in the field of space tourism founded in 2021. The company has chosen Saudi Arabia as one of its prime departure points, with a scheduled test flight in June marking a significant milestone ahead of commercial operations. This test flight, which has received conditional approval from Saudi Arabia’s Communications, Space & Technology Commission, will be Halo Space’s sixth, reaching an altitude of 32km above the Earth.

• Republicans Delay Democrats’ Attempt To Investigate Jared Kushner

  Republicans on Wednesday delayed Democrats' efforts to subpoena Jared Kushner over a $2 billion investment his private equity firm received from Saudi Arabia's sovereign wealth fund shortly after his father-in-law Donald Trump left office in 2021—here's what we know about the payment.

• Saudi Arabia’s NEOM unveils massive lagoon resort ‘Treyam’

  Saudi Arabia’s $500 billion futuristic mega-project NEOM has announced its latest tourism development - a massive luxury lagoon resort named Treyam. The resort will be located on the southern end of the Gulf of Aqaba and is being touted as a “gateway” for active and adventurous travelers.

• Saudia Set to Move Out of Riyadh Airport to Make Room For New Airline

  Saudi Arabia’s flag carrier will gradually move out of Riyadh’s airport to make room for the kingdom’s newest airline, allowing it to focus on its primary hub in Jeddah. Saudia, which currently operates from both cities, will hand over slots to brand-new Riyadh Air that is due to begin operations in 2025, General Authority of Civil Aviation’s Vice President of Strategy Mohammed Alkhuraisi said.

• Saudi Developer Roshn, Key to Nation’s Economic Rejig, Loses CEO

  The head of one of Saudi Arabia’s largest developers, seen as an important driver of Crown Prince Mohammed bin Salman’s trillion-dollar economic transformation program, has left the firm. Roshn Real Estate Co. Chief Executive Officer David Grover departed earlier this month, people familiar with the matter said, asking not to be identified as the matter is private. He had been in the role for just under four years. A spokesperson for Roshn declined to comment. Grover couldn’t be reached for comment.

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