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  • MEPCO to commence $91.94mln project backed by PIF

    The board of Middle East Paper Company (MEPCO) approved the investment in the Tissue Paper Production Line 6 project (TM6), which is estimated at SAR 345 million. The project aims to boost the production capacity of the Juthor factory located in King Abdullah Economic City (KAEC) by 60,000 tonnes, according to a bourse disclosure.

  • Ivanhoe Electric’s Saudi JV begins drilling first target

    Ivanhoe Electric (NYSE American: IE) (TSX: IE) said on Monday its joint venture in Saudi Arabia has started drill testing the first of two chargeability anomalies identified near the Al Amar gold-copper-zinc mine, which is owned by Ma’aden, the state-owned mining company and Ivanhoe’s 50/50 partner. In November 2023, the JV kicked off its exploration campaign on 48,500 km2 of land on the Arabian Shield, initially targeting the areas surrounding Al Amar that are considered highly prospective for volcanic massive sulphide (VMS) and epithermal deposit types.

  • Saudi Wealth Fund’s Returns Boosted by Global Markets Rally

    The Public Investment Fund’s annualized returns since 2017 rose to 8.7%, compared with 8% a year earlier, according to an annual report published Monday. Performance was boosted by last year’s rally in global markets, with the S&P 500 Index returning 24% in 2023.

  • Incoming RIBA president defends work on Neom

    Weston Williamson + Partners co-founder Williamson will officially become RIBA president-elect next month after winning an election in July. According to the Architects' Journal, his studio is believed to have worked on the high-speed railway that will run under the 170-kilometre-long The Line mega city. The Line is the centre piece of the controversial Neom project in northwestern Saudi Arabia, which has been criticised on environmental and human rights grounds, particularly following reports that three men among communities evicted from the site have been sentenced to death. Saudi Arabia's government has claimed the men are convicted terrorists.

  • Charted: Investment Needed to Meet Battery Demand by 2040

    Battery demand is projected to increase ninefold by 2040. As a result, the battery industry’s total capex is expected to nearly triple, rising from $567 billion in 2030 to $1.6 trillion in 2040. Upstream, companies will focus mainly on lithium, nickel, copper, and recycling at the extraction stage.

  • Israeli military retrieves bodies of six hostages held in Gaza

    Israel retrieved the bodies of six hostages from the Khan Younis area in southern Gaza overnight, according to statements from the military and the prime minister's office on Tuesday. The families of Yagev Buchshtab, Alexander Dancyg, Avraham Munder, Yoram Metzger, Nadav Popplewell, and Chaim Perry have been informed, the statements added. The Hostages Families Forum, an organisation that represents most hostage families, welcomed the news but renewed its call on the government to conclude a hostage release deal with the Gaza-based Palestinian militant group Hamas.

  • Blinken says Israel accepts Gaza proposal, urges Hamas to do same

    U.S. Secretary of State Antony Blinken said on Monday Israeli Prime Minister Benjamin Netanyahu had accepted a "bridging proposal" presented by Washington to tackle disagreements blocking a ceasefire deal in Gaza, and urged Hamas to do the same. Blinken spoke to journalists after a day of meetings with Israeli officials, including a 2-1/2-hour meeting with Netanyahu. The top U.S. diplomat had said earlier that this push was probably the best and possibly last opportunity for a deal.

  • The Rise of Eating Disorders in Saudi Arabia

    While eating disorders used to be considered a Western phenomenon, they have now become a global health crisis. Many experts link the rise of eating disorders in other parts of the world to a spread in Western values and a ‘thin’ beauty ideal, underpinning body satisfaction and other core elements of eating disorder pathology. Equally, eating disorders in other cultures sometimes take different forms from those seen in the West, causing them to be missed or overlooked.

  • Saudi’s Bahri signs almost $1 billion deal for nine oil tankers

    The National Shipping Company of Saudi Arabia (Bahri) (4030.SE), opens new tab has signed a purchase agreement to acquire nine Very Large Crude Carriers (VLCCs) from Capital Maritime and Trading Corporation for approximately 3.75 billion Saudi riyal ($999 million), the company announced on Tuesday.
    The purchase is part of a modernisation drive and will enable the company to start phasing out older vessels, Bahri said in a statement issued via Saudi Arabia's stock exchange.

  • Saudi Fund Said to Eye Boeing, Airbus Jets for New Cargo Airline

    The cargo-hauling operation would serve flag-carrier Saudia and startup Riyadh Air, according to people familiar with the matter, who asked not to be identified as the talks are private. The Public Investment Fund is in discussions with both planemakers and lessors to acquire Boeing 777 and Airbus A350 freighters, the people said. The talks are at an early stage. No final decisions have been made and the fund may ultimately decide to delay or scrap the plans.