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  • Oil prices hold at 14-month low as demand worries offset big US storage withdrawal

    Oil prices held at a 14-month low on Thursday as worries about demand in the U.S. and China and a likely rise in supplies out of Libya offset a big withdrawal from U.S. inventories and a delay to output increases by OPEC+ producers. Brent futures were down 1 cent to settle at $72.69 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 5 cents, or 0.1%, to settle at $69.15. That was the lowest close for Brent since June 2023 for a second day in a row and the lowest close for WTI since December 2023 for a third day in a row.

  • Saudi Arabia’s tech sector poised for $4 billion profit boost with GenAI by 2028

    By adopting and leveraging generative artificial intelligence (GenAI), Saudi Arabia’s technology sector could see an increase in operating profit of $4 billion by 2028. This projection comes from global consulting firm, Strategy& Middle East, which indicates that a 15% margin growth is achievable if technology companies develop and commercialize new GenAI applications and meet the demand for advanced hardware and infrastructure.

  • Saudi Arabia’s economy chalks up ‘robust’ growth despite Gaza tensions

    Saudi Arabia’s economy has powered ahead despite Israel’s war on Gaza and Houthi attacks in the Red Sea, suggesting that the kingdom’s efforts to distance itself from regional tensions are paying off, literally. “Geopolitical events in the Middle East have not had any major impact on the Saudi economy so far,” the International Monetary Fund (IMF) said in its latest report published on the kingdom’s economy. The report says that Saudi oil exports are not dependent on the Red Sea, where Iran-backed Houthis have targeted commercial ships, in what they say is in solidarity with Palestinians in Gaza. Likewise, Saudi Arabia’s tourism numbers “remain strong”.

  • Saudi Arabia held to surprise draw by Indonesia in World Cup qualifier

    Saudi Arabia were held to a 1-1 draw by Indonesia in Jeddah on Thursday on a day of surprises in Asia as the third round of World Cup qualification began. It was very much a case of two points dropped against the lowest-ranked team in Group C, especially as Salem Al-Dawsari saw a penalty saved with 11 minutes remaining.

  • Blinken says Israel-Saudi normalization possible before Biden steps down in January

    US Secretary of State Antony Blinken said Thursday he still hoped to seal a normalization deal between Israel and Saudi Arabia before President Joe Biden steps down in January. “I think if we can get a ceasefire Gaza, there remains an opportunity through the balance of this administration to move forward on normalization,” he told a news conference in Haiti.

  • Iran Puts Pakistan on Notice

    Iran recently told the Pakistani government that it plans to take Islamabad to an arbitration court in Paris this month for failing to uphold an agreement to construct its part of a cross-border natural gas pipeline, according to Pakistani reports. The project has been delayed for more than 10 years, mainly because of Pakistan’s fears about potential U.S. sanctions. The ill-fated project, which emerged from an initial 2009 agreement, has become emblematic of Pakistan’s geopolitical and economic struggles and shows how they get in the way of the country’s national interests.

  • Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman extend voluntary cuts

    The OPEC+ countries, which previously announced additional voluntary cuts in April and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on September 5th, 2024, during which the eight member countries emphasized their collective resolve to ensure full compliance with the voluntary production adjustments. The group includes Iraq and Kazakhstan, who have overproduced since January 2024, but have strongly reaffirmed their commitment to the agreement and to their compensation schedules submitted to the OPEC Secretariat as agreed under the 53rd meeting of the JMMC on April 3rd 2024.

  • Hakbah Supports Increased Savings Rates and Financial Inclusion in Saudi With Tawuniya Partnership

    Hakbah, the Saudi-based fintech savings platform, is addressing a gap in the insurance market as it partners with Tawuniya, the national insurance company in Saudi Arabia.

  • Crown Prince performs funeral prayer for late Princess Latifa

    Crown Prince Mohammed bin Salman performed the funeral prayer for Princess Latifa bint Abdulaziz Al Saud on Wednesday. The late princess was laid to rest at Al Oud Cemetery in Riyadh. The funeral prayer took place at the Imam Turki bin Abdullah Mosque in Riyadh.

  • IMF: Financial and Regulatory Reform Agenda Contributed to Accelerating Saudi Economy’s Growth

    The IMF Article IV Consultation report commended the macroeconomic policies and transformational changes implemented by the Kingdom, which contributed to enhancing the growth of non-oil activities. The report also noted that Saudi reforms led to rising employment, which now exceeds pre-Covid figures, and that the rate of women's participation in the labor market rose to more than 35%, exceeding the Saudi Vision 2030 target of 30%.