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  • Multi-Billion Gulf Power Play Focuses on Egypt as Mideast War Rages

    In barely 10 days, Egypt has gone from the brink of economic disaster to unlocking more than $40 billion of investments and loans from the United Arab Emirates and International Monetary Fund, with the likelihood of more to come from Saudi Arabia and others. On Wednesday, as part of that, it delivered its biggest-ever interest-rate hike and allowed its currency to weaken more than 38% through a long-awaited flotation. It also announced an existing IMF rescue package would be more than doubled to $8 billion.

  • Saudi Arabia Moves $164 Billion Aramco Stake to Wealth Fund

    The 8% stake transfer will cut the government’s direct ownership in the world’s largest oil company to 82%, the Saudi Press Agency said. The move will have no impact on Aramco’s dividend, which the oil giant kept at $29 billion for the third quarter despite a drop in production and weaker oil prices.

  • Ramadan 2024 in Saudi Arabia: Prayer Time, Start Date and More

    The Saudi Ministry of Islamic Affairs is yet to confirm the official date following the sighting of the crescent moon on Sunday. If the moon is observed with the naked eye on Sunday, Ramadan begins on March 11. If Shaaban, the eighth month in the Islamic calendar comples 30 days, the first day of the holy month will be on March 12.

  • Al-Durra Field: Another Front for Regional Tensions with Iran

    The Al-Durra gas field, or Arash field as Tehran prefers to call it, is located in the Arabian Gulf and has been a source of ongoing geopolitical tensions between Iran, the Kingdom of Saudi Arabia (KSA), and Kuwait. Despite that the dispute over the field dates back to the 1960s, these tensions have been intensifying over the past few months due to various political and economic factors. The field is believed to hold proven reserves of up to 20 trillion cubic feet of gas and up to 300 million barrels of oil, placing it among the world’s top energy fields.

  • NAVANTIA Delivers Fifth Avante 2200 Corvette To Saudi Arabia

    The corvette HMS UNAYZAH has a length of 104 meters, a beam of 14 and seating for a total of 102 people between crew and passengers. The contract for the construction of five corvettes entered into force in November 2018 and, since the launch of the first unit (July 2020), Navantia has already launched the five units with a period of four months between each one of them, which means achieving this milestone in a record time of three years. Deliveries are taking place after just over three years from the cutting of the first plate of each ship.

  • Lionel Messi’s Visit Saudi campaign reaches 747 million people

    A recent campaign for Saudi Tourism using footballing superstar Lionel Messi reached 747 million across 92 countries in 20 languages, according to a report by CARMA. In total, the “Go Beyond What You Think” campaign garnered engagement of 84.3 million. The campaign is anchored on the common misconceptions about Saudi Arabia, and invites audiences to experience the vibrant cultural transformation taking place across the country.

  • Saudi Arabia’s crown prince transfers another 8% of Aramco shares to sovereign wealth fund

    Saudi Arabia's crown prince transferred another 8% of shares in the kingdom's oil giant Saudi Aramco to the country's prominent sovereign wealth fund on Thursday. The shares are worth some $160 billion. Crown Prince Mohammed bin Salman's decision comes as the kingdom is trying to build a series of megaprojects and invest in sports and other fields aggressively abroad to wean the country off of relying solely on oil.

  • New Delhi’s Balancing Act In A Chaotic Middle East

    India’s outreach to West Asian countries began shortly after Independence in 1947. India’s anti-colonial socialist leaders frowned upon Israel (a country built on religious nationalism just like Pakistan), fully supported the Palestinian cause, and, cognisant of India’s large Muslim population, tried to make common cause with Islamic nations. However, other than Israel, which was keen to court India but with whom India did not agree to establish diplomatic relations until 1992, few of the West Asian countries particularly responded to India’s overtures and indeed regularly gave Pakistan both political and military support. Today the tide has turned. Arab nations and Israel are both enthusiastic about building ties with India and Modi’s BJP government has responded in kind.

  • Attack on ship in the Middle East causes first fatalities in assaults on commercial freighters

    A suspected attack by Yemen’s Houthi rebels on a commercial ship in the Gulf of Aden caused “fatalities” and forced the crew to abandon the vessel on Wednesday, authorities said, the first fatal strike in a campaign of assaults by the group over Israel’s war on Hamas in the Gaza Strip.

  • Israeli tank in ‘likely scenario’ fired machine gun at reporters after deadly shelling, report finds

    An Israeli tank crew killed a Reuters reporter in Lebanon in October by firing two shells at a clearly identified group of journalists and then "likely" opened fire on them with a heavy machine gun in an attack that lasted 1 minute and 45 seconds, according to a report into the incident published on Thursday. The report, opens new tab by the Netherlands Organisation for Applied Scientific Research (TNO) - which was contracted by Reuters to analyse evidence from the Oct. 13 attack that killed visuals journalist Issam Abdallah - found that a tank 1.34 km away in Israel fired two 120 mm rounds at the reporters.