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  • Saudi to acquire stake in copper, gold mining project in Pakistan

    Al-Falih further explained that the Saudi company, a joint venture between the Saudi Arabian Mining Company (Ma’aden) and the Saudi Public Investment Fund (PIF), is expected to invest at least $1 billion in the mining project located in the southwestern Pakistani province of Balochistan. The Reko Diq project, situated near the borders of Afghanistan and Iran, is scheduled to begin production in 2028. Barrick owns 50 per cent of the project, while the Pakistani federal government holds a 25 per cent stake, and the remaining share is owned by the Balochistan provincial government. Saudi is set to buy part of the government stake in the project.

  • Saudi Film Confex 2024: catalyzing the growth of Saudi Arabia’s cinema economy

    The four-day confex brings together an array of producers, filmmakers, and specialists from Saudi Arabia and around the world. Discussions during the event revolve around the cultural significance of cinema, its economic impact, and the role of financing in the sector. The confex also underscores the integration of the film industry with other development sectors, which is seen as crucial for achieving growth and leadership in the region.

  • Cruise Saudi to Develop Red Sea Private Island

    Barbara Buczek, Cruise Saudi’s chief destination experiences officer, said: “The creation of this new cruise destination in the Red Sea marks an exciting step in the development of Saudi’s cruise industry. We look forward to welcoming cruise lines and their passengers to experience authentic Saudi hospitality, culture and activities in the heart of the Red Sea.”

  • Iraq set to pay high price for bumper wheat harvest

    A bumper harvest and a hefty grain surplus in Iraq, typically one of the Middle East's biggest wheat importers, has left the government with the prospect of a net loss of nearly half a billion dollars, according to Reuters calculations. The 1.5 million metric ton wheat surplus, helped by better than expected rains but above all by government subsidies, is excellent news for farmers. For the government, however, which pays them more than double the global market price to encourage cultivation of the food staple in often arid conditions, the price is high.

  • Saudi National Day Evolves

    Today, seven years on, Mohammed bin Salman’s reign has become more settled and predictable. The kingdom’s 94th National Day still catered to young people and families but presented more of an establishment feel, complete with military parades and fireworks. Official imagery and national songs extolled the extensive Saudi urban and industrial projects. If the earliest days of this most nationalist of eras promised festivities, now it’s time to get down to work. 

  • Saudi Civil Defense warns of heavy rains, flash floods

    The General Directorate of Civil Defense urged the public to stay cautious and in safe areas during thunderstorms affecting parts of the Kingdom from Wednesday to Sunday. It advised avoiding valleys, flood-prone areas and swimming in valley streams, the Saudi Press Agency reported.

  • Israel-Iran: Netanyahu and Biden talk for the first time since August; Israel warns Lebanon of destruction like Gaza’s

    Israeli Prime Minister Benjamin Netanyahu spoke with President Joe Biden today ahead of an Israeli Cabinet vote on the response to Iran's missile attack and after Israeli Defense Minister Yoav Gallant's trip to the U.S. was called off, Israeli and U.S. officials told NBC News.

  • Experts React: Energy Implications of Escalating Middle East Conflict

    Even in an age of generative artificial intelligence, oil price estimates remain far from an exact science, and the impacts of supply disruptions can depend significantly on scope and duration. Back-of-the-envelope estimates by ClearView Energy Partners, LLC, gauged broad new sanctions (or strict enforcement of existing ones) at up to a roughly $7/bbl impact; attacks on Iran’s principal export facility at Kharg Island at up to around $13/bbl; and a three-to-seven-day retaliatory Iranian blockade of the Strait of Hormuz between $13/bbl and $28/bbl.

  • More airlines fly over Afghanistan in last week as Middle East tensions rise

    Airlines have diverted more flights over Afghanistan over the past week to avoid Iranian airspace, data shows, adding to journey times and fuel costs in the latest disruption for routes between Asia and Europe as tensions in the Middle East escalate. Flights over Afghanistan were already growing in recent months, but expectations of an Israeli response to an Iranian ballistic missile attack on Israel last week have furthered that trend, data from flight tracker FlightRadar24 shows.

  • Oil falls as swelling US supply counters Middle East and hurricane risks

    Oil prices fell on Wednesday after U.S. data showed rising crude inventories, but losses were limited by the risk of Iranian supply disruptions caused by the Middle East conflict and Hurricane Milton in the U.S. Brent crude futures settled at $76.58 a barrel, falling 60 cents, or 0.8%. U.S. West Texas Intermediate (WTI) futures settled down 33 cents or 0.5%, at $73.24 a barrel. Crude inventories jumped by 5.8 million barrels to 422.7 million barrels last week, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 2 million-barrel rise.