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  • Visualizing Saudi Aramco’s Massive Oil Reserves

    Saudi Aramco controls 259 billion barrels worth of oil and gas reserves, which is unmatched by any other company globally. This is a key factor in the company’s massive $1.8 trillion valuation. Behind Saudi Aramco, American company ExxonMobil comes in second with 17.7 billion barrels of oil equivalent, followed by another American company, Chevron, with 11.2 billion barrels of oil equivalent.

  • Saudi Arabia made huge strides in electronic chips, semiconductor development: Official

    The semiconductor industry is considered the world's fourth commodity in terms of market value, behind crude oil, auto, and petrochemicals industries, with a value of up to $500 billion. Its size is expected to exceed $1 trillion in 2030, he highlighted.

  • The Ratification of a Saudi-U.S. Deal Looks Increasingly Unlikely

    However, a U.S. defense treaty requires ratification from two-thirds of the Senate. On October 4, 2023, a group of twenty Democratic senators—enough to possibly jeopardize the vote—voiced their opposition to such a treaty. Their concerns included Saudi Arabia’s human rights record and the possibility that a peaceful nuclear energy program might eventually be converted into a military one, to produce a nuclear weapon. More recently, they have indicated that the only path forward is if the agreement includes a robust provision for ending the Gaza war and resolving the Palestine-Israel conflict through a two-state solution.

  • Siemens Energy confirms $1.5bn Saudi power deal

    Germany's Siemens Energy has confirmed an order, worth a total of $1.5bn, to supply its HL-class gas turbines along with a 25-year maintenance contract for two upcoming power plants in Saudi Arabia. China Energy International Group, the lead engineering, procurement and contracting (EPC) contractor for the Taiba 2 and Qassim 2 independent power producer (IPP) projects in Saudi Arabia, awarded the contract to Siemens Energy.

  • Nvidia to launch in Middle East amid U.S. curbs on AI exports to region, Ooredoo CEO says

    Nvidia has signed a deal to deploy its artificial intelligence technology at data centres owned by Qatari telecoms group Ooredoo in five Middle Eastern countries, Ooredoo's CEO told Reuters. The agreement marks Nvidia's first large-scale launch in a region to which Washington has curbed the export of sophisticated U.S. chips to stop Chinese firms from using Middle Eastern countries as a back door to access the newest AI technology.

  • Aerial drone likely launched by Yemen’s Houthi rebels hits Red Sea ship

    The attack comes as the U.S. has sent the USS Dwight D. Eisenhower back home after an eight-month deployment that saw it lead the American response to the Houthi assaults. Those attacks have seen shipping drastically drop through the route crucial to Asian, Middle East and European markets in a campaign the Houthis say will continue as long as the Israel-Hamas war in the Gaza Strip rages on.

  • China lures US$2.3 billion of Middle East sovereign money in 2023

    The number was up from about US$100 million in 2022, external executive director of HKMA Hui said, citing data from Global SWF. Multiple financial institutions and regulators have made trips to the gulf region to engage with the market, which traditionally was served by Europe before, he added.

  • USS Dwight D. Eisenhower Carrier Strike Group leaves the Middle East

    The aircraft carrier and the three ships that make its carrier strike group are now set to head into the European theater before eventually sailing back to the United States, U.S. Central Command confirmed in a statement on X (the Department of Defense also put out a similar statement).

  • ‘Hamster’ crypto craze has taken Iran. It highlights economic malaise ahead of presidential election

    Even as presidential candidates make promises about restoring the country’s economy, Iranians, who have been hearing for years about bitcoin, are now piling into this app out of sheer hope it might one day pay off — without knowing much about who is behind it.

  • America Is Running Out of Options in the Gaza War

    When war erupted in Gaza last year, the Biden administration hoped to keep the conflict short, stay closely aligned with Israel and stem the war’s spread to Lebanon and other parts of the Middle East. Eight months later, achieving those goals is proving increasingly difficult for the White House, highlighting a political vulnerability for President Biden ahead of his face-to-face debate against the presumed Republican nominee, Donald Trump, on Thursday