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  • India and Iran Move Forward on Long-Delayed Chabahar Port Project

    On May 13, India signed a 10-year agreement with Iran to develop and operate the Shahid Beheshti terminal of Iran’s strategic Chabahar port. The new agreement follows a previously promised Indian investment in 2016 of a potential $500 million. It comes after multiple failures to fully implement a previous deal concluded in May 2016 to develop two terminals and five berths at Chabahar port to transport goods and gas from Central Asia to India and handle other international cargo.

  • Saudi Arabia urges its citizens to leave Lebanon immediately

    Saudi Arabia urged its citizens to leave Lebanon immediately, Saudi Press Agency (SPA) reported on Saturday. The call from the Saudi embassy in Lebanon comes following “ the developments of the current events in southern Lebanon, and confirms its previous call to all Saudi citizens to abide by the travel ban to Lebanon,” a statement on SPA said.

  • U.S. Special Envoy for Yemen Lenderking’s Travel to Saudi Arabia and Oman

    U.S. Special Envoy for Yemen Tim Lenderking is traveling to Saudi Arabia and Oman this week to continue discussions with partners regarding recent Houthi detentions of UN, diplomatic, and international NGO staff and efforts to secure an immediate end to reckless Houthi attacks in the Red Sea and surrounding waterways.  Houthi detentions and attacks threaten progress toward achieving a durable resolution to the conflict in Yemen and obstruct the delivery of humanitarian assistance to Yemenis and people in need across the region.

  • Saudi Aramco Awards $25 Billion in Contracts For Gas Expansion

    Saudi Arabia has some of the biggest gas reserves in the world. Development of the Jafurah field, estimated to hold 200 trillion cubic feet of gas, is expected to cost $100 billion and boost the firm’s gas production more than 60% by 2030.

  • Saudi Aramco finalizes deal for phase 2 of Jafurah gas field scheme

    Saudi Aramco has finalized agreements for the second phase of its Jafurah gas field development and the third stage of the expansion of its master gas system, awarding contracts exceeding $25 billion. The company has granted 16 agreements for phase two development at Jafurah, worth a combined total of around $12.4 billion. An additional 15 one-time complete contracts, worth around $8.8 billion, have been awarded to commence the phase three expansion of the master gas system, which delivers natural gas to customers across Saudi Arabia.

  • Saudi Aramco Awards $25 Billion in Contracts For Gas Expansion

    Saudi Aramco has awarded construction contracts worth $25 billion for the development of its Jafurah gas project, as it looks to boost production of the fuel considered a key part of plans to reduce plant-warming emissions. The contracts awarded include $12.4 billion for increasing gas output at Jafurah, plus $8.8 billion for expanding the so-called master gas system, which delivers natural gas to customers around the country, according to a statement. Aramco also awarded $2.4 billion in contracts for gas rigs.

  • Saudi Power Procurement Company signs deals for three solar projects

    Saudi Power Procurement Company (SPPC) has signed power purchase agreements for three new solar photovoltaic projects with total capacity of 5.5 gigawatts (GW), the Saudi energy ministry said on Wednesday. In a statement through the Saudi stock exchange on Thursday, ACWA Power said the agreements are worth 12.3 billion riyals ($3.28 billion) in total.
    The agreements are with Saudi renewable energy utility ACWA Power Company, the Water & Electricity Holding Company (Badeel) and Aramco Power. Badeel is wholly owned by Saudi Arabia's Public Investment Fund.

  • Saudi Arabia’s Contribution to Humanitarian Relief Reaches $130 Billion

    The Kingdom can trace back its record in relief aid to the mid-20th century. In 1950 and under the directives of the founder King Abdulaziz, it sprang to offer humanitarian aid to the victims of floods in Punjab that claimed around 2,900 lives. The following year, Saudi Arabia set up a major school in Jerusalem where 500 students received comprehensive care and education. King Abdulaziz dedicated 100,000 dollars to the school every year.

  • Saudi Tadawul Group Invests in Dubai Exchange

    The acquisition sees Saudi Tadawul Group Holding Company become the joint largest shareholder in DME Holdings Limited, the parent company of Dubai Mercantile Exchange (DME), alongside CME Group, through the acquisition of a mix of new and existing shares. DME will be rebranded as the Gulf Mercantile Exchange (GME) to reflect its position as the key regional commodities exchange in the Middle East.

  • DJIBOUTI: New Logistics Zone to be Established by Saudi Arabia

    The Federation of Saudi Chambers signed a contract with the Djibouti Ports and Free Zones Authority on 4 June 2024 to establish the Saudi Logistics City in Djibouti’s port free zone. The 92‑year contract marks an important milestone in Saudi‑Djibouti economic relations. In its inaugural phase, the Saudi logistics city will cover an area of 120,000 sqm. It will house a permanent exhibition; a platform for Saudi industries; and a commercial exchange area including warehouses and other facilities. The logistics free zone will also serve as a link for commerce and innovation and is expected to boost Saudi Arabia’s economic presence in the African continent.