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  • Saudi Arabia, UAE and Norway Say ‘State Actor’ Likely Attacked Oil Tankers
     

    Saudi Arabia, the UAE, and Norway have told the UN Security Council that the recent attack on four oil tankers off the UAE coast was a “sophisticated and coordinated” operation most likely conducted by a “state actor,” according to reports. The three countries presented their initial findings to the U.N. Security Council in an informal meeting […]

     
  • Gulf Arab states support right of Saudi Arabia and UAE to defend interests
     

    Gulf Arab states voiced support for Saudi Arabia and the United Arab Emirates to take any action required to defend their security following recent attacks on their oil assets, Reuters reports. A statement published by Saudi state news agency SPA said the six nations had discussed at an emergency meeting in the kingdom a joint […]

     
  • Saudi Stocks Surge for Largest Single-Day Gain in 6 Months as Investors Prepare for MSCI Inclusion
     

    Shares in the Tadawul, the Saudi stock market, surged 2% on Tuesday with much of the gains happening before the session closed as MSCI Inc. prepares to include the Kingdom into its developing country benchmark, according to a report in Bloomberg. MSCI Inc., which is a Global provider of equity, fixed income, hedge fund stock market indexes, […]

     
  • Reports: Saudi Arabia Places Huge Bet on U.S. Natural Gas
     

    Saudi Aramco announced a preliminary agreement on Wednesday to buy 5 million tons of liquefied natural gas per year in a deal with U.S.-based Sempra LNG, according to reports. The move is a “new strategy” for Aramco and highlights “the growing importance of the United States as an energy exporter,” the New York Times reports. The deal, if completed, […]

     
  • Arabian Centres IPO Postponed Two Days, But will Still Make History
     

    Saudi Arabia’s largest share offering in four years for Arabian Centres shopping malls has been postponed for two days amid rising geopolitical tensions and a looming trade war between the U.S. and China, but when trading begins, it will still be a historic moment for Saudi Arabia’s markets. In addition to being the biggest IPO in four years, the […]

     
  • Saudi Arabia’s Shura Council Approves Green Card-Style Residence Program
     

    Saudi Arabia’s Shura Council has approved a plan for introducing a “Green Card-style residence system for foreigners aimed at attracting investors,” according to reports which cited Saudi media. The “privileged iqama” system will be offered for specific fees and have both permanent and temporary versions. The new system is designed to ensure eligible residents “a set of advantages […]

     
  • New ‘Economics in Society’ Report Examines Role of Misperceptions on Women Employment Rates in Saudi Arabia
     

    A new research report published by the UBS International Center of Economics in Society examines how social norms may affect employment rates for women in Saudi Arabia, providing evidence “that most Saudi men privately believe that women should be allowed to work, but that they underestimate the extent to which other men share their views.” […]

     
  • Saudi Economy to Grow at 2% This Year, Government Posts Large 1Q Surplus
     

    Saudi Arabia’s central bank governor, Ahmed Al-Kholifey, told Reuters in an interview that he expects economic growth to be “no less than 2 percent” in 2019. The comments from Al-Kholifey comes as a separate quarterly Reuters poll of economists found lowered expectations for growth in Arab Gulf economies this year. Gross domestic product in Saudi Arabia, […]

     
  • Al-Falih Expects Strong Demand for Aramco’s First-Ever Bond Issue
     

    Saudi Arabia expects strong demand for Saudi Aramco’s first-ever bond issue, which is expected to close on Wednesday. Demand for the bonds could surpass $30 billion, Energy Minister Khalid Al-Falih said while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh on Monday. Others estimate it could top $40 billion, more than four […]

     
  • Saudi Arabia plans 2.6 GW solar park near Mecca
     

    Saudi Arabia is set to issue tenders for 2.6 GW Mecca solar project in 2019, according to reports. The Faisaliah Solar Power Project is planned to be developed in several stages by the Saudi Ministry of Energy, Industry and Mineral Resources and the Development Authority of Mecca. Construction work on the project will begin this year, […]

     

MUST-READS

  • Saudi Arabia, Netherlands Explore Cooperation in Football

    President of the Saudi Arabian Football Federation (SAFF) Yasser bin Hassan Al-Misehal received Dutch Ambassador to the Kingdom of Saudi Arabia Hans Peter van der Woude today at the federation's headquarters in Riyadh. During the meeting, the two officials discussed aspects of cooperation in the field of football. They also reviewed the latest developments in collaboration between the Saudi and Dutch federations in areas such as youth development, women's football, and technological solutions related to modern football.

  • At least nine Palestinians killed as Israel mounts major West Bank operation

    At least nine Palestinians were killed on Wednesday, Palestinian authorities said, as Israeli forces raided the flashpoint cities of Jenin and Tulkarm as well as other areas in the occupied West Bank in a major operation involving helicopters and drones. The assault, one of the largest seen in the West Bank for months, followed a series of smaller raids in the area over recent weeks as Israeli forces sought to crush groups of fighters from Palestinian militant groups.

  • AI’s race for US energy butts up against bitcoin mining

    U.S. technology companies are pursuing energy assets held by bitcoin miners as they race to secure a shrinking supply of electricity for their rapidly expanding artificial intelligence and cloud computing data centers. Those data centers are driving the fastest U.S. power demand growth since the start of the millennium, outpacing grid expansions and leaving giant technology companies, like Amazon (AMZN.O) and Microsoft (MSFT.O) to scavenge for vast amounts of electricity.

  • Lego to replace oil in its bricks with pricier renewable plastic

    Toymaker Lego said on Wednesday it was on track to replace the fossil fuels used in making its signature bricks with more expensive renewable and recycled plastic by 2032 after signing deals with producers to secure long-term supply. Lego, which sells billions of plastic bricks annually, has tested over 600 different materials to develop a new material that would completely replace its oil-based brick by 2030, but with limited success.

  • Saudi Arabia Signals Ambition to Host Olympic Games

    “We as a country are setting up for doing more and more, and I think the Olympics is a logical step,” said Prince Faisal bin Bandar bin Sultan Al Saud, chairman of the Saudi Esports Federation. “But, when we are ready.” The prince spoke on the sidelines of the closing ceremony for the first ever Esports World Cup, which was held in Riyadh and featured a record prize pot for the industry, at $60 million.

  • Perspective: Saudi Official Views of Hamas

    Saudi disapproval of the October 7 atrocities began immediately after the massacre. When Hamas leader Khaled Meshaal appeared on the Saudi state-owned Al-Arabiya, an anchor asked him, “Would you apologize for what was done to Israeli civilians on October 7?” When he refused to give a clear answer, the anchor pressed him: “You say this is legitimate resistance in your view, but what the people saw on Western TV screens were transgressions by Hamas against civilians.”

  • Saudi Arabia condemns militant attacks in Pakistan’s Balochistan

    Saudi Arabia condemned on Tuesday attacks by separatist militants in Pakistan’s southwestern province of Balochistan that started late on Sunday. At least 73 people were killed in Pakistan’s province of Balochistan when separatist militants attacked police stations, railway lines, and highways. The Kingdom confirmed its rejection of all forms of violence, extremism, and the targeting of civilians.

  • Saudi crown prince discusses situation in Gaza with Palestinian president

    The Crown Prince stressed that the Kingdom will continue its efforts to communicate with all international and regional parties to stop the escalation in the war-torn territory. He also reiterated Saudi Arabia’s contentious support for the Palestinian people to achieve their legitimate rights to a decent life, fulfill their hopes and aspirations, and achieve just and lasting peace.

  • The Saudi Sherpa Office Holds Second Workshop to Coordinate with Saudi Government Entities Participating in 2024 G20

    The Saudi Sherpa Office at the Ministry of Finance held today, August 27, 2024, the second G20 workshop to coordinate with Saudi government entities participating in the 2024 G20 under the Brazilian presidency. The workshop was chaired by His Excellency the Saudi Vice Minister of Finance, Saudi Sherpa, Mr. Abdulmuhsen Alkhalaf, and attended by the Kingdom's representatives in the G20 working and engagement groups.

  • Hezbollah strike on Israel revives focus on Iranian pledges of retaliation

    Comments by Iran’s supreme leader on the nature of war have renewed focus on pledges that Israel will pay for the assassination of a Palestinian leader in Tehran. Ayatollah Ali Khamenei’s intervention notably follows Hezbollah’s launch of a drone and rocket attack on Israel in retaliation for Tel Aviv’s killing of the Lebanese group’s top military commander. Meanwhile, insisting that Iran does “not seek” escalation, Iran’s new chief diplomat has warned of a “definitive” reaction against Israel that will be “measured” and “well calculated.”