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As Oil Dips Below $70, American Producers Wonder Where the Bottom Is and Eye an End to Export Ban
The second half of 2014 has been a lively period for the U.S. shale industry. Fueled by new technologies and a soaring oil price, everyone from upstart producers to big oil were taking advantage of new production opportunities in United States in shale deposits. Over the last year, the U.S. alone accounted for 82% of non-OPEC production growth, […]
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With Houthi Gains in Yemen, Saudi Reportedly Pulls Aid
Saudi Arabia has suspended most of its financial aid to Yemen in “clear indication of its dissatisfaction with the growing political power of Shi’ite Houthi fighters friendly with Riyadh’s regional rival, Iran,” according to a Reuters report. “Soon after Houthi fighters took over the capital Sanaa in September, Saudi Arabia promptly suspended much of that […]
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Saudi Arabia Sees Oil Prices Stabilizing ‘Around $60 a Barrel’
Saudi Arabia now believes oil prices could stabilize at around $60 a barrel, a level both it and other Gulf producers believe they could withstand, according to people familiar with the situation citied in a UPI report. “Saudi Arabia seeks to maintain its long-term market share, even if the price of oil stays temporarily low, its […]
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Smartphone Generation: The Overnight Mobile Internet Revolution in the MENA Region
What is the single indicator related to the online market opportunity in the United Arab Emirates and Saudi Arabia that beats all other developed and developing countries? Just take a look at people in coffee shops, malls, or even at family gatherings, you’ll notice immediately that everyone has a smartphone. To be specific, 74% of […]
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Legalized Drifting: 4-Round Saudi Car Drift to Begin Al-Ahsa
At long last, one Saudi will be able to claim to be the best drifter in the Kingdom. The Saudi Star Drift Championship kicks off this month for the first time, and will be supervised by the Saudi Arabian Motor Federation. The series will take an otherwise illegal but popular hobby in Saudi Arabia and make it […]
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#FocusKSA: Saudi Student Turned Entrepreneur Walid Abdulwahab On His Experiences Running a Successful Business in the U.S.
In the latest FocusKSA discussion, Saudi-US Trade Group President, Richard Wilson, spoke with Walid Abdulwahab, a recent graduate of the University of Southern California and Founder and CEO of Desert Farms, which produces, markets and sells camel milk and camel milk products to a growing list of U.S. retail outlets. Walid discusses his background, academic experience […]
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SUSRIS: Saudi Oil Production “Crucial” to EIA 2015 Forecast
“Changes in the forecast of Saudi Arabian oil production are crucial to the revised outlook and a major source of uncertainty in the year ahead. Saudi Arabia has indicated interest in preserving market share rather than unilaterally carrying the burden of cutting production to balance the global oil market. In addition to numerous statements by […]
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#SaudiTBT: King Faisal Bin Abdulaziz al-Saud on the Tarmac of Le Bourget Airport in Paris, 1939
Returning in March 1939 from the London Conference (St. James Palace Conference) which attempted to negotiate an agreement between Jews and Arabs in Palestine, Faisal Bin Abdulaziz Al-Saud stands on the tarmac of Le Bourget Airport in Paris, France with members of his delegation. Among other issues, the London Conference was unable to resolve the matter of […]
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Jadwa Investment’s November 2014 Saudi Chartbook finds Bank Lending to Private Sector Year-on-Year Highs
Jadwa’s November 2014 Chartbook shows bank lending to the private sector recorded its highest year-on-year growth at 13.2 percent and noted that economic data was positive for September. “Bank lending to the private sector recorded its highest year-on-year growth at 13.2 percent, the highest since November 2013,” Jadwa Investment said, noting that generally “economic data was […]
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Khoja Out as Information Minister, Replacement Named
Saudi Arabia’s King Abdullah relieved Culture and Information Minister Abdul Aziz Khoja of his post by royal decree and replaced him with Bandar bin Mohammed Asaad Hajjar, an economist and Saudi Arabia’s Hajj Minister. Although an Arab News headline said that Culture and Information Minister Abdul Aziz Khoja “quit,” media outlets are speculating that the Khoja was actually […]
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Real’s Vinicius open to one billion euro Saudi offer, sources say
Real Madrid and Brazil forward Vinicius Jr is open to an offer of more than one billion euros from Saudi Arabia, sources close to the player told Reuters on Monday. Vinicius, 24, was approached by Saudi Public Investment Fund (PIF) officials to inquire about his interest of moving to the Saudi Pro League (SPL) on a five-year contract worth around 200 million euros per season fixed, plus bonuses. The package would also include a separate 10-year contract to become an ambassador for the 2034 World Cup, which is set to be held in the country, but those terms and financial numbers are yet to be discussed.
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Saudi Super Cup 2024 Preview: Quartet set for season curtain-raiser
Exactly 67 days after Al Hilal’s King’s Cup final victory over Al Nassr put the exclamation point on an enthralling 2023-24 Saudi football season, a new campaign begins in the Kingdom on Tuesday with the 11th edition of the Saudi Super Cup. Between 2013 and 2022, the Saudi Super Cup was a one-off match, but this will be the third time in a row it has been run as a four-team tournament, which Al Hilal most recently won just four months ago when the competition was hosted in Abu Dhabi. The 2024 Saudi Super Cup returns to its position as season curtain-raiser in August for the first time since 2018, when Al Hilal beat Al Ittihad.
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US to resume sales of offensive weapons to Saudi Arabia
More than three years after imposing limits on human rights grounds over Saudi strikes in Yemen, the state department said it would return to weapons sales “in regular order, with appropriate congressional notification and consultation”. “Saudi Arabia has remained a close strategic partner of the United States, and we look forward to enhancing that partnership,” the state department spokesperson, Vedant Patel, told reporters.
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Saudi Arabia’s Athir raises new investment round
Athir, a Saudi-based health tech company, has announced the successful closure of its first investment funding round. The round saw participation from Wa’ed Ventures, SHARE Investment Co., and RZM Investment. The “Athir HIS” system is the first fully integrated Saudi system for healthcare facilities, applied in both public and private sectors. This system integrates with various platforms like Absher, Sehhaty, Wasfaty, in addition to hospital healthcare systems and medical insurance management systems.
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Defense secretary orders submarine to Middle East
US Defense Secretary Lloyd Austin ordered a guided-missile submarine to the Middle East and accelerated the arrival of a carrier strike group to the region ahead of an anticipated Iranian attack against Israel, the Pentagon said in a statement Sunday evening. The USS Georgia, a nuclear-powered submarine armed with cruise missiles, was operating in the Mediterranean Sea in recent days, according to the Navy, having just completed training near Italy.
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Chinese Firms Deliver Massive Offshore Oil, Gas Rig to Saudi Aramco
A ultra-large offshore oil and gas collection and transportation platform, which is the biggest of its kind built by Chinese companies for a foreign client, was successfully handed over to Saudi Arabian oil major Saudi Aramco today, marking a new chapter for the country’s giant offshore oil and gas platform construction industry.
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Israel keeps up strikes in Gaza as fears of wider war grow
Israeli forces pressed on with operations near the southern Gaza city of Khan Younis on Monday amid an international push for a deal to halt fighting in Gaza and prevent a slide into a wider regional conflict with Iran and its proxies. Palestinian medics said Israeli military strikes on Khan Younis on Monday killed at least 18 people and wounded several. Meanwhile more families and displaced persons streamed out of areas threatened by new evacuation orders telling people to clear the area.
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Sudan peace talks moving forward, says US envoy
Talks to end Sudan's 16-month war between the army and the paramilitary Rapid Support Forces (RSF) will move forward this week, the U.S.'s special envoy said, despite little sign from either party that they seek a peaceful resolution. The Sudanese army has all but rejected the invitation, while the RSF has continued its costly offensives in parts of the country, despite welcoming the U.S. and Saudi initiative.
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Schindler wins The Avenues – Riyadh project, Saudi Arabia
Schindler Olayan will provide a total of 293 elevators, escalators, and moving walks to the new multi-purpose project The Avenues – Riyadh in the Saudi Arabian capital, which will cover an area of over 1.8 million square meters. Situated in a prime location in the north of Riyadh, The Avenues – Riyadh will, once completed, be home to the largest commercial mall in the Middle East – which alone will cover an area of 388,000 square meters – and comprise five multi-purpose towers that will house hotels, residential apartments, and offices.
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Saudi Crown Prince, South African President Discuss Bilateral Ties
Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud held a phone call on Monday with South African President Cyril Ramaphosa to congratulate him for being re-elected, the Saudi Press Agency reported. The two sides also discussed relations and ways to strengthen and develop them in various fields, SPA said. They also reviewed a number of topics of mutual interest, it added.
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