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  • Saudi security forces arrest 20,124 illegals in a week

    Those who were arrested included 11,607 violators of the Residency Law, 5,285 violators of the Border Security Law, and 3,232 violators of the Labor Law, the Ministry of Interior announced on Saturday. The total number of people who were arrested while trying to cross the border into the Kingdom accounted for 1,401, of whom 39 percent were Yemeni nationals, 60 percent Ethiopian nationals, and one percent belonged to other nationalities while 98 people were arrested while attempting to leave the Kingdom illegally.

  • Trump’s oil and gas friendly energy secretary pick seen as ‘fantastic’ in Middle East

    US President-elect Donald Trump's selection of oil industry veteran Chris Wright as energy secretary will likely be welcome in the Middle East where hydrocarbons dominate its economies, with one Saudi government official describing the nomination to S&P Global Commodity Insights on condition of anonymity as "fantastic." Wright, whose nomination to head the Department of Energy was widely reported Nov. 16 in the midst of the COP29 UN climate change summit, is CEO of oilfield services firm Liberty Energy, which has extensive operations in hydraulic fracturing. He is a climate change skeptic who has called net-zero plans "sinister."

  • Donald Trump’s Saudi Opportunity

    It is impossible to know the full extent of Saudi public opinion since only a couple of organizations are able to conduct surveys in the kingdom and only under very limited conditions.  However, Saudi nationals are voracious users of social media, and even if they occasionally self-censor politics, debate can be extraordinarily open and opinionated on social and cultural issues.

  • The $4 Trillion Gulf Funds and the Power Brokers Who Run Them

    For a sense of scale: Sovereign funds from Abu Dhabi, Saudi Arabia and Qatar made up 40% of the value of all deals done by global state-backed investors during the the first nine months of 2024, according to data from Global SWF. In all, regional entities oversee close to $4 trillion of assets, making them key players in global dealmaking. That means some of these moves, and any changes to investment strategies, could reverberate across the financial ecosystem.

  • IEA Says Global Oil Market Faces a Million-Barrel Glut Next Year

    Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, cushioning prices against turmoil in the Middle East and beyond, the International Energy Agency said. Oil consumption in China — the powerhouse of world markets for the past two decades — has contracted for six straight months through September and will grow this year at just 10% of the rate seen in 2023, the IEA said in a monthly report on Thursday. The global glut would be even bigger if OPEC+ decides to press on with plans to revive halted production when it gathers next month, according to the agency.

  • World faces oil surplus in 2025 on weak demand, IEA says

    Global oil supply will exceed demand in 2025 even if OPEC+ cuts remain in place, the International Energy Agency (IEA) said on Thursday, as rising production from the United States and other outside producers outpaces sluggish demand. The prospect of a more than 1 million barrels per day (bpd) excess supply - equal to over 1% of world output - is a headwind for OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia - in its plan to start raising output. Oil demand growth has been weaker than expected this year in large part because of China. After driving rises in oil consumption for years, economic challenges and a shift towards electric vehicles are tempering oil growth prospects in the world's second-largest consumer.

  • Kuwait to Replace Head of Its $1 Trillion Sovereign Wealth Fund

    The managing director of Kuwait’s $1 trillion wealth fund is departing after three years, capping a turbulent tenure at the global investor that’s been overshadowed by regional peers who’ve done flashier deals in recent years. Ghanem Al-Ghenaiman was notified on Thursday his tenure was being cut short and he completed a smooth handover, people familiar with the matter said, declining to be identified discussing confidential information. Al-Ghenaiman, who is 65 and at retirement age according to the law, was appointed to the Kuwait Investment Authority in 2021 for a four-year term.

  • The Women Behind adidas’ first Women’s Concept Store in Saudi Arabia 

    This project was led by 22 adidas women across different functions and locations, representing 11 nationalities, who all brought a diversity of thought and perspective to the project team.  “As an adidas employee and proud Saudi woman, working on this project was very meaningful. It was an opportunity to tell our own story and shape the narrative on what it means to be a Saudi woman. We’re multifaceted, and this store represents that. Whether you’re a football player or a fashionista, whether you prefer a modest clothing design or not, the product collection found in this store meets all those needs.” Said Nojoud Radwan, Senior Brand Director for Saudi Arabia and Women’s Concept Store Project Team member.

  • Saudi Arabia’s inflation rate hits 1.9% in October, the highest in 14 months

    Saudi Arabia’s annual inflation rate rose to 1.9 percent in October 2024, according to the data released by the General Authority for Statistics (GASTAT) on Thursday. The inflation records the highest rate in 14 months, driven mainly by an 11.7 percent rise in housing prices, the highest pace since 2013. However, this rate is among the lowest in the G20 countries.

  • France dreamed of €800M Saudi pledge to fund cultural projects.

    But a source in the French Ministry of Culture familiar with the talks said the French estimates were always “fanciful amounts” that were never validated by the Saudis. “Our predecessors showed their naiveté,” the source said. “With the current price of a barrel of oil, even the Saudis, wealthy as they are, can no longer afford this.” Former Culture Minister Franck Riester, however, argued that just because a deal has not been finalized doesn’t mean the project has failed. “It’s a long-term project, with interlocutors who are sometimes less mobilized and reactive,” he said. “That’s not, however, a sign of poorer performance.”