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  • Saudi Aramco targets zero flaring by 2030
     

    Saudi Aramco said on Wednesday it was joining the World Bank’s initiative to reduce gas flaring to zero by 2030, and said its flaring was already less than 1% of its total raw gas production in the first half of 2019, Reuters reports. The announcement comes as the company began this week the process of floating shares […]

     
  • Saudi Arabia Names Prince Faisal bin Farhan as New Foreign Minister
     

    Saudi Arabia appointed Prince Faisal bin Farhan Al-Saud as the Kingdom’s new foreign minister as part of a larger reshuffling of the cabinet. Prince Faisal bin Farhan is the third foreign minister in three years. He replaces Ibrahim Al-Assaf, who was relieved of his post and appointed minister of state and a member of the Saudi Council of […]

     
  • Saudi Aramco delays planned IPO until after earnings update, seeks local listing
     

    Saudi Aramco has delayed the planned launch of its initial public offering “in hopes that pending third-quarter results will bolster investor confidence in the world’s largest oil firm,” Reuters reports, citing two sources familiar with the matter. The slight delay allows Saudi Aramco to reassure investors by first presenting results covering the period in which two […]

     
  • U.S., Saudi Officials Discuss Regional Security and Military Cooperation
     

    Saudi Arabia’s deputy defense minister said on Thursday he discussed “regional security and military cooperation” with senior U.S. government officials, Reuters reports. Deputy Defense Minister Khalid bin Salman, who previously served as Saudi Arabia’s Ambassador to the United States, met separately with U.S. Secretary of State Mike Pompeo and Secretary of Defense Mark Esper. Deputy […]

     
  • Full Transcript: Crown Prince Mohammed bin Salman’s Interview with CBS’ 60 Minutes
     

    Below is the full transcript from the CBS 60 Minutes interview with Saudi Arabia’s Crown Prince Mohammed bin Salman. *** Norah O’Donnell: Did you order the murder of Jamal Khashoggi? Crown Prince Mohammad bin Salman: Absolutely not. This was a heinous crime. But I take full responsibility as a leader in Saudi Arabia, especially since it […]

     
  • Saudis Around the World Celebrate 89th National Day
     

    Saudis around the world are celebrating Saudi National day today, the Kingdom’s biggest national holiday dedicated to the history of the Kingdom as a unified state. The holiday commemorates the announcement of the Saudi Kingdom’s unification on September 23rd, 1932 by King Abdulaziz Al-Saud, who united and renamed the Kingdoms of Nejd and Hejaz to Saudi Arabia by […]

     
  • Pompeo Calls Strikes an ‘Act of War’ as he Visits Saudi Arabia, Meets with Crown Prince
     

    Secretary of State Mike Pompeo has called the recent attacks against Saudi oil facilities an “act of war” by Iran, and met Wednesday with Saudi Crown Prince Mohammed bin Salman in Jeddah. The recent attacks “didn’t come from the Houthis,” Pompeo said Wednesday in remarks to reporters. “This was an Iranian attack…we’re blessed that there were no Americans killed […]

     
  • Positive Trends Seen in Latest Data on Saudi Tourism Sector
     

    Recent data released by the Tourism Information Research Center for the Saudi Commission for Tourism & National Heritage finds encouraging data for Saudi officials hoping to attract tourism spending from abroad and entice Saudis to spend vacation locally in the Kingdom. Tourism spending in Saudi Arabia amounted to $9.6 billion during July and August of 2019 […]

     
  • Snapchat-funded Study Finds More Saudis Watching Video on Mobile Devices
     

    More Saudis watch short online videos than traditional TV, with more than 85 percent of Saudis viewing videos lasting less than 10 minutes at least once a day, according to a new Snapchat-commissioned study. The survey of 869 Saudis found that mobile devices are beginning to outpace traditional TV sets in the Kingdom. 80 percent of Saudis view […]

     
  • Oil Continues Slide as Recession Fears Mount
     

    Oil fell 2% toward $58 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession in the United States and and a surprise boost in U.S. crude inventories, Reuters reports. Last week, oil prices rallied in response to indications from Saudi Arabia and the so-called OPEC+ group that it would work […]

     

MUST-READS

  • Neom Beach Games 2024 brings sport to Saudi’s gigaproject

    The tournament kicks off with a triathlon on 3 November, 3×3 basketball from 7 to 9 November, beach soccer from 13 to 16 November and mountain biking from 18 to 22 November. A new addition to this year’s NEOM Beach Games is the World Aquatics Open Water Swimming World Cup NEOM. The event will bring together the world’s top open-water swimmers and serve as the grand finale of the NEOM Beach Games, taking place in the Red Sea.

  • Saudi Arabia’s cultural renaissance under spotlight at Riyadh forum

    A five-day cultural forum organized by Fenaa Alawwal in Riyadh’s Diplomatic Quarter, and co-curated by Afikra, is exploring the theme “Introspection: the role of contemporary art practices in a time of change.” The inaugural Muntada Forum of Contemporary Art Practices opened on Sunday night and will have five panel discussions during its run until Sept. 19. There are 24 creatives exploring a diverse range of topics, which includes the role of Saudi Arabia’s artists in shaping the Kingdom’s global image.

  • Aramco’s New Deals With China Signal A Further Deepening Of Sino-Saudi Relations

    The genesis of the broader and deeper relationship between Saudi Arabia and China was not the establishment of diplomatic relations between the two countries on 21 July 1990. Rather, it was more likely the offer made by China to buy the entire 5 percent in a private placement of Saudi Aramco that was being touted for sale in an initial public offering (IPO) from late-2016/early-2017, according to several industry sources.

  • Saudi Red Sea Authority’s first regulations for Saudi yachts

    In line with SRSA's mandate to promote coastal tourism, the regulation specifies the criteria for obtaining technical licenses for leisure tourism, as well as requirements for yacht owners and authorised tourism maritime agents. Yacht chartering licenses are another critical element, with stipulations that a licensed maritime agent or yacht management company must oversee charters, alongside strict guidelines on safety, contracts, and marina access.

  • SMEs account for 90% of Saudi industrial sector: Minister

    The industrial base in most countries consists of small and medium-sized enterprises (SMEs), Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said during an interview at Monsha'at Support Council in Riyadh. He added that SMEs dominate 90% of the industrial sector in Saudi Arabia.

  • Chip Startup Groq Backs Saudi AI Ambitions With Aramco Deal

    Artificial intelligence startup Groq Inc. has partnered with oil producer Aramco to build a giant data center in Saudi Arabia that it hopes will become a hub for companies running AI systems across the Middle East, Africa and India. The data center will be up and running by the end of this year, and could later expand to include a total of 200,000 language processing units, Ross said

  • Goldman Sachs, Citigroup cut China’s 2024 growth forecast to 4.7%

    Goldman Sachs and Citigroup have lowered their full-year projections for China's economic growth to 4.7%, after the world's second-largest economy's industrial output slowed to a five-month low in August. Weak economic activity in August has ramped up attention on China's slow economic recovery and highlighted the need for further stimulus measures to shore up demand. The faltering growth has prompted global brokerages to scale back their 2024 projections to below government's target of around 5%.

  • 3-month midday outdoor work ban comes to an end in Saudi Arabia

    The rate of compliance of establishments with the decision to ban work under direct sunlight this year reached 94.6 percent, according to the ministry sources. During the implementation period, the ministry, in coordination with the National Council for Occupational Safety and Health, instructed employers to organize working hours and adhere to the provisions of the decision to reduce occupational injuries and diseases.

  • Alcoa to Get $1.1 Billion for Stakes in Saudi Aluminum Plants

    Alcoa Corp. will receive $1.1 billion in cash and stock in Saudi Arabian Mining Co. as part of a deal that will involve the Pittsburgh-based firm selling its stake in two metals plants in northern Saudi Arabia.  Maaden, as the Saudi firm is known, signed a deal with Alcoa to purchase its holdings in a bauxite facility and an aluminum smelter for 563 million riyals ($150 million) in cash and 3.6 billion riyals of stock in the Riyadh-based miner, according to a statement Sunday.

  • Saudi Arabia’s inflation rate inches up to 1.6% in August

    Saudi Arabia's annual inflation rate inched up to 1.6% in August, from 1.5% in July, government data showed on Sunday, driven by an increase in housing rents and food prices. Housing rents rose by 10.7% in August, weighing on the overall rise in prices of housing, water, electricity, gas, and other fuels by 8.9%, according to the General Authority for Statistics. The inflation rate had held steady at 1.5% in June and July, underpinned mostly by apartment rents.