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Report: Saudi Arabia Pushing for a ‘Major, Short-Term Oil Production Cut’
OPEC and its allies are “considering cutting their oil output by a further 500,000 barrels per day (bpd)” with eyes on mitigating the impact on oil demand from the coronavirus, Reuters and the WSJ report.
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Oil Demand Growth Forecasted to Trend Higher in 2020
Oil demand growth is set to trend higher this year compared with 2019, a recent report from Jadwa Investment finds, citing OPEC forecasts and other global economic factors.
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Saudi Aramco Energy Ventures Prepares New $500m Fund, Opens Office in China
Saudi Aramco Energy Ventures (SAEV), a unit of the kingdom’s energy company, is preparing to start a new $500 million fund this year after completing $500m in investments, Bloomberg reports.
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Riyadh’s Night Skies Light Up with New Years Fireworks for the First Time
The night sky over Riyadh was illuminated with fireworks and light shows to celebrate the beginning of the new decade last night.
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Unemployment declines in Saudi Arabia, further gains seen in 2020 – Jadwa Investment
Unemployment in Saudi Arabia declined in the 3q 2019 and is likely to continue to improve as a pick-up in the non-oil private sector growth should translate to more jobs, according to a recent report from Jadwa Investment.
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Pensacola Shooting Puts U.S.-Saudi Relations in Spotlight; Trump Speaks with King Salman and Crown Prince
A Saudi soldier in training in the United States opened fire on a naval base in Pensacola, Florida on Friday, killing three and wounding 12. Second Lt. Mohammed Saeed Alshamrani was then killed by a sheriff’s deputy who responded to the attack. The attack shocked Saudis and Americans alike.
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Saudi Economy: Consistent Growth in Non-Oil Activity, Modest Overall Growth Forecasted for 2020 — Jadwa Investment
Jadwa Investment has revised downward its forecast for economic growth in Saudi Arabia this year from 1.6% to 0.2% based on recent data, the Riyadh-based firm said in a recently-released report.
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China’s Imports of Saudi Oil Soar 76% in October as Demand Increases
China’s crude oil imports from Saudi Arabia rose over 75% in October as demand from new refiners was met by the Kingdom, according to Reuters data. The 76.3% rise in October was boosted by demand particularly from from two new integrated refineries, the Hengli Petrochemical Co. in the north, and Zhejiang Petrochemical in the south, Reuters reports. […]
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Aramco Quickly Met Global Demand After Attacks, Saudi Arabia’s King Salman Says in Annual Address
Saudi Arabia’s King Salman said in his annual address to the Shoura Council on Wednesday that the ability of Saudi Aramco to quickly restore oil production capacity after attacks on its facilities in September “had proven the kingdom’s ability to meet global demand during any shortage,” Reuters reports. The King pointed a finger at Iran […]
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Saudi Arabia’s PIF Reportedly Invests $400m in Disruptive Food Startup Founded by Travis Kalanick
Saudi Arabia’s Public Investment Fund has invested $400 million into Uber founder Travis Kalanick’s new company CloudKitchens, according to the Wall Street Journal. CloudKitchens is a food and real estate startup that buys cheap properties across the U.S. and in India, China, the U.K. and elsewhere. “The hope is that their proximity to densely populated areas will make them […]
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Saudi Aramco Sponsorship of HackHarvard Sparks Criticism
“It’s very ironic that Aramco is sponsoring and one of the tracks is sustainability. Come on HackHarvard. Do a better job,” said Sami Nourji, a junior at Brown University. Aramco recruiter Kira Worysz, who spoke at the opening ceremony, defended Aramco’s involvement in the event in an interview. “We’re in the business of getting oil out of the ground and bringing it to the world, but at its root, we’re a technology company,” Worysz said.
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Ericsson and KACST Partner to Launch Advanced 5G Gaming Lab in Saudi Arabia
Ericsson and King Abdulaziz City for Science and Technology (KACST) in Riyadh, Kingdom of Saudi Arabia announce their partnership to establish a joint advanced connectivity lab for gaming and beyond at KACST’s premises, named as “Blink Lab”. The lab will feature a private 5G network and serve as a testbed for training, research, product development and commercialization of innovative gaming solutions from from global and local ecosystems.
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Saudi Civil Defense warns of thunderstorms until Friday
The General Directorate of Civil Defense has issued a warning that there will be thunderstorms in several regions of Saudi Arabia until Friday. The Makkah region is expected to experience moderate to heavy rainfall, accompanied by flash floods, hail and strong winds, the Saudi Press Agency reported on Monday. Taif, Maysan, Adham and Al-Ardiyat are particularly at risk, while Turabah may have light rainfall.
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Saudi Arabia to appoint private operators to manage 4 airports soon, says Al-Falih
“The government is moving away from direct business involvement. Empowering and enabling the private sector is essential,” Al-Falih stated. He highlighted that the Madinah airport, the Kingdom’s most efficient, is managed by a private operator under a long-term concession, while King Abdullah Port, built with no government capital expenditure, is also privately operated.
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Saudi Arabia to invest $267bn in logistics to become global hub by 2030: minister
Speaking at the inaugural Global Logistics Forum 2024, which began on Oct. 13 in Riyadh, Saudi Minister of Transport and Logistics Services Saleh bin Nasser Al-Jasser said SR200 billion of the total amount has already been deployed. “These investments have translated into leapfrogs in the Saudi logistics sector, leading us to rise in global rankings, jumping 17 ranks in the Logistics Performance Index issued by the World Bank and 14 places in the Global Connectivity Index of the International Air Transport Association,” he said.
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Saudi Arabia Participates in G7 Ministerial Meeting in Italy on Global Health Issues
The Kingdom of Saudi Arabia has participated in the G7 Health Ministers' Meeting held in Ancona, Italy, following an invitation from the Group of Seven (G7). The meeting focused on several pressing global health issues, including antimicrobial resistance (AMR), the impact of climate change on health, and efforts to prolong human life, all aimed at strengthening international collaboration to tackle these critical challenges.
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Foreign investors eye Saudi transport, logistics sector: Al-Falih
He emphasized the sector’s importance due to its influence on other industries like manufacturing, agriculture, travel, tourism, and IT. Investors, especially those with large capital, are particularly keen on the transport and logistics sector. The Saudi government is stepping back from business operations, Al-Falih pointed out, highlighting the necessity of transferring sectors to the private sector. The most efficient airports and ports are run by private operators. The privatization process, including four airports, will continue in the coming months, the minister concluded
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Saudi Arabia Reveals New Plans For Budget Tourism Development
The 1,800-kilometer Saudi Red Sea coast is split into three areas by authorities: the north side for luxury; the center for culture and entertainment at a variety of prices; and the south for mid-market and budget choices. But most of the attention has been on luxury mega projects in the north – the center and south haven’t announced much large-scale development. A new report from the Ministry of Investment and the Saudi Red Sea Authority (SRSA) reveals new details about tourism development for mid-market and budget stays.
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Saudi air freight sector sees 53% growth in 2024: GACA President
President of the General Authority of Civil Aviation (GACA) Abdulaziz Al-Duailej stressed that the Kingdom witnessed a 53% surge in the air freight sector during 2024, compared to 2023, Saudi Press Agency reported. He also noted that the Kingdom's airports are on track to exceed one million tons of air freight for the first time, with expectations to reach 1.2 million tons by the end of 2024.
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ADES says Saudi Aramco renews two onshore rigs for 10 years
The $252 million renewals are for rigs ADES 13 and ADES 14, and the contract extension will "commence immediately upon expiry of the rigs' current firm tenor," the company said. The two rigs have been operating in Saudi Arabia since 2019, the company said in a statement. ADES has recently struck deals in Southeast Asia and Kuwait. In Southeast Asia, ADES acquired two jackup rigs worth $190 million from Vantage Drilling International, marking the Saudi energy service company's entrance into the Malaysia-Thailand joint development area, the company said Sept. 9.
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