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  • Saudi Arabia’s fiscal breakeven oil price is rising fast. What will the kingdom do about it?

    In May of 2023 the International Monetary Fund forecast the kingdom’s breakeven oil price at $80.90 per barrel, which moved it back into a fiscal deficit following its first surplus in nearly a decade. To be sure, the fiscal breakeven isn’t the price at which Saudi Arabia makes a profit on crude but the average oil price it needs to balance the books. The IMF’s latest forecast, in April, put that breakeven figure at $96.20 for 2024; a roughly 19% increase on the year before, and about 32% higher than the current price of a barrel of Brent crude, which is trading at around $73 as of Wednesday afternoon.

  • Iran gave Russia missiles but no launchers, sources say

    Iran did not include mobile launchers with the close-range ballistic missiles that Washington last week accused Tehran of delivering to Russia for use against Ukraine, according to three sources with knowledge of the matter. The sources - a European diplomat, a European intelligence official and a U.S. official - said it was not clear why Iran did not supply launchers with the Fath-360 missiles, raising questions about when and if the weapons will be operational.

  • Riyadh to host second edition of Saudi Film Confex in October

    Riyadh is preparing to host the second edition of the Saudi Film Confex from October 9 to 12, aimed at advancing the Kingdom’s film industry and fostering investment and partnership opportunities, following the success of the inaugural event. The event will feature 30 panel discussions and workshops, addressing critical topics such as film financing and production planning, according to a report by Saudi Broadcasting Authority.

  • Art, music, fireworks shows on for Saudi National Day celebrations

    The General Entertainment Authority has announced there will be fireworks displays across Saudi Arabia. On Sept. 22, Umm Ajlan Park in the capital is hosting, for free, the nation’s biggest fireworks display, a drone show, and a folklore event, starting at 9 p.m. There will also be fireworks displays at Jeddah Promenade from Friday to Monday starting at 6 p.m. On the same day, as a part of the festivities, there will be an air show at Jeddah’s North Corniche with planes flying in formation and leaving green smoke trails across the sky.

  • Soundstorm is Soaring as Saudi Focuses Spotlight on Local Artists

    As Saudi gears up for National Day on September 23, a cultural movement is building steam for local artists through Soundstorm. While this day honors the Kingdom’s rich past, SOUNDSTORM, the Riyadh music festival is powering the nation’s bold future. Happening on Dec 12-14, it’s more than a music festival. Soundstorm sets sights in transforming Saudi Arabia and it’s local artists into a global cultural powerhouse.

  • Russia signals upcoming signing of strategic partnership accord with Iran

    Russia’s president has authorized the signing of a Comprehensive Strategic Partnership Agreement with Iran. This follows a Tehran visit by the secretary of the Russian Security Council, preceded by a trip to St. Petersburg by the Iranian national security advisor. The intensified engagement suggests that the two sides wish to move past a row over Moscow’s support for a contentious transit corridor in the South Caucasus, especially amid western pressure over alleged Iranian missile deliveries to Russia.

  • UAE to focus on business and tech in US state visit

    While acknowledging security concerns are a constant in the region, the UAE is fully focused on an “economy-first, prosperity-first” agenda, Dr. Anwar Gargash, diplomatic adviser to UAE President Sheikh Mohamed bin Zayed, told reporters during a briefing in Dubai on Thursday.

  • Red Sea insurance costs soar as Houthi shipping threats loom, sources say

    The cost of insuring a ship through the Red Sea has more than doubled since the start of September and some underwriters are pausing cover as the risk of attack from Yemen's Houthis on commercial vessels increases, industry sources said. The Iran-backed Houthis first launched aerial drone and missile strikes on the waterway in November. They say they are acting in solidarity with Palestinians under assault in Israel's war on Gaza. In more than 70 attacks, the Houthis have sunk two vessels, seized another and killed at least three seafarers.

  • Saudi Arabia Ranks 2nd among G20 Countries in UN Telecommunication Infrastructure Index

    Saudi Arabia secured the second position among Group of Twenty (G20) countries in the United Nations Telecommunication Infrastructure Index (TII), showcasing notable advancements in the Kingdom's digital infrastructure and the efficacy of governmental efforts to bolster e-government. The TII assesses the progress of digital telecommunications infrastructure development globally and serves as a key component of the E-Government Development Index (EGDI).

  • Saudi FIFA World Cup 2034 bid chief spotlights Kingdom’s hosting credentials

    The head of the Saudi Arabian Football Federation’s FIFA World Cup 2034 bid unit, Hammad Albalawi, insists the Kingdom is primed to deliver the biggest single-host nation event in the tournament’s history a decade from now. The Saudi bid was officially unveiled last month, with 15 stadiums across five host cities - Riyadh, Jeddah, Abha, Al Khobar and NEOM - set to welcome fans when the quadrennial festival of football is, as expected, awarded to the Kingdom.