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ACWA Sets IPO Price at Top End of Range; Mulls Green Bond Options in 2022
Saudi Arabia’s ACWA Power International, one of the Kingdom’s main vehicles for building renewable energy projects, has set the offer price for its IPO at the top of a range, Bloomberg reports. According to that report, ACWA Power International will sell shares at 56 riyals ($14.93) apiece after the institutional part of the offering ended, and will raise $1.2 billion for […]
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After U.S. Withdrawal of Patriot Missiles, Greece Delivers System to Saudi
After the U.S. withdrawal of most of its advanced missile defense systems and Patriot batteries from Saudi Arabia in recent weeks, the Kingdom has turned to Greece to supply a Patriot battery and manpower to operate it, according to reports.
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Saudi Arabia Ranks 2nd in G20 in Digital Competitiveness — Report
Saudi Arabia has been ranked second among the G20 countries in the Digital Competitiveness Report for the year 2021, a publication issued by the European Center for Digital Competitiveness, according to a report. The reports findings are based on data provided by the Global Competitiveness Index issued by the World Economic Forum, and supporting data […]
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Saudi Arabia’s Non-Oil Exports Rise 52 Percent in Q2 2021, Data Show
Saudi Arabia’s non-oil exports rose a whopping 52 percent during the second quarter of this year as evidence the kingdom’s economy continues to recover from the pandemic continues to mount. The total value of exports for the three-month period to the end of June increased to 238.6 billion Saudi riyals ($63.62bn), the Saudi Press Agency […]
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Saudi Arabia Expands Available Covid Vaccines as Kingdom Sees Steady Decline in New Cases
Saudi Arabia on Tuesday approved two more COVID-19 vaccines for use by its citizens and residents as the Kingdom continues to see progress in battling the spread of the virus within its borders.
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Saudi Arabia Sees a Boom in the Kingdom’s Freelancer Workforce
The number of freelance workers in Saudi Arabia is growing quickly as the Kingdom’s economy continues to recover from the pandemic, according to fresh data from the Ministry of Human Resources and Social Development.
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Kingdom’s Sights Remain on Renewables as Energy Ministry Allocates Land Plots for Solar
Saudi Arabia’s Ministry of Energy is building two renewable energy plants on land plots with a total area of 12 million square meters (4.6 square miles) to generate 600mw of energy, according to Zawya via the Saudi Press Agency. The two announced plans fit into the Kingdom’s ongoing solar and renewable power ambitions. Saudi Arabia […]
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Cementing End of Rift, Qatar Appoints Ambassador to Saudi Arabia
Qatar’s Emir Sheikh Tamim bin Hamad al-Thani on Wednesday named an ambassador to Saudi Arabia, just weeks after the Kingdom named Prince Mansour bin Khalid bin Farhan to serve as the Saudi ambassador to Qatar.
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Fintech Saudi Releases National Fintech Adoption Survey Results in 5 Areas
Fintech Saudi, an initiative launched by the Saudi Central Bank (SAMA) in partnership with the Capital Market Authority (CMA), has announced the results of the National Fintech Adoption Survey, a first of its kind measurement in Saudi Arabia of the people’s interest in adopting fintech solutions.
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Saudi Aramco Posts Nearly 300% Jump in 2Q Profit on Soaring Energy Demand Recovery
Saudi Aramco generated a net income of $25.5 billion in the second quarter of 2021, beating expectations and boosting the company’s earnings to nearly quadruple its earnings from the same quarter last year. The income was a 288% increase in net income for the second quarter, and the company maintained its dividend of $18.8 billion.
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Day One Problems: Yemen
On January 20, 2025, either Vice President Kamala Harris or former President Donald J. Trump will be sworn in as the next president of the United States. Whoever takes the oath of office that day will face a host of national security challenges, from the war in Ukraine and China’s growing belligerency to the Israel-Hamas conflict, Iran, and a metastasizing terrorist threat. Somewhere on that list will also be the Houthis, the Iranian-backed militia that controls northern Yemen and, for much of the past year, has been attacking commercial shipping in and around the Red Sea.
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US warns Israel to stop blocking aid to Gaza
After Israel sharply cut aid to Gaza in September and brought it to a total halt the first two weeks of October, the United States has formally warned Israel that it has 30 days to rapidly surge the amount of humanitarian aid allowed into Gaza, or risk being deemed in violation of US laws making it eligible to receive US military assistance.
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Saudi crown prince to attend first EU–Gulf Cooperation Summit in Brussels
Saudi Crown Prince Mohammad bin Salman and other Gulf leaders will be in Brussels for the first EU–Gulf Cooperation Summit, focusing on trade, security, and Middle East peace. Saudi Crown Prince Mohammad bin Salman will be in Brussels on Wednesday for the first EU–Gulf Cooperation Summit, Euronews can reveal. The de facto Saudi leader is discussing a range of issues, including global security, the Middle East, trade and global warming. It's his second official visit to Brussels, having previously attended in 2015 for the Global Coalition against ISIS. On the Middle East, the EU hopes the summit can strengthen support for the Palestinian Authority as a step towards resuscitating a two-state solution.
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Saudi Arabia 2034 World Cup Stadiums
Saudi Arabia is gearing up to host the 2034 FIFA World Cup with an impressive lineup of 15 stadiums spread across five host cities: Riyadh, Jeddah, Al Khobar, Abha, and NEOM. Each venue is designed to reflect local culture and architecture while incorporating modern amenities to ensure a fantastic experience for fans and players.
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Saudi Arabia’s Fitness Movement: GymNation to Accelerate Expansion Following Opening of 20th Location
The Saudi Arabia fitness scene is booming and it’s a market that we’ve had an ambition to enter for a number of years. The government has a huge focus on improving fitness penetration levels across the population and are actively encouraging the citizens of Saudi Arabia to engage in health, fitness, and wellness. We want to play our part by helping to break down the affordability barrier and make fitness more accessible and welcoming for everyone across the Kingdom.
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Middle East supply disruption potential could send oil above $100/bbl, Citi says
Citi Research on Monday raised its bull case scenario for oil prices for this quarter and the next one, citing heightened potential of the market to fear or realize supply losses during these months due to growing Middle East conflict. The bank upgraded its bull case for the fourth quarter of 2024 and first quarter of 2025 to $120 per barrel (bbl) from $80/bbl. However, "we maintain our baseline forecast for $74/bbl Brent in 4Q'24 and $65/bbl during 1Q'25, owing to weak underlying oil market fundamentals," Citi added.
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Saudi Arabia has a big plan for oil that could hammer Russia’s war machine, economists warn
Cooper pointed out that because Saudi Arabia's and Iran’s oil wells are closer to the surface, they are cheaper to extract. Russia, on the other hand, has to spend more on production costs to extract its deep oil wells, reducing its margins. “The simplest explanation is the right one: Russia’s GDP growth stems from a massive boost in spending on defense,” Hedlund wrote in Geopolitical Intelligence Services.
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Saudi Arabia stops granting new licenses for delivery bikes
Saudi Arabia witnessed massive expansion and flourishing of delivery services via electronic platforms following the outbreak of coronavirus pandemic. This provided vast opportunities for making investments and expanding businesses apart from generating job opportunities in this thriving sector. Al-Zuwayed revealed earlier that the growth of the light freight transport activity in Saudi Arabia was accompanied by an increase in the number of motorcycles that provided their services to the activity, indicating that the growth of the light freight transport activity in the first quarter of this year amounted to 38 percent compared to the first quarter of 2023.
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Caves in Saudi Arabia’s northern region are windows to history, gates to adventure
At least 542 caves and sinkholes discovered in Saudi Arabia’s Northern Borders region offer more destinations for the increasing number of tourists, adventurers and researchers interested in these structures, the Saudi Press Agency reported on Sunday. Of varying shapes, these structures offer a glimpse into the past with their unique geological formations, said the report, quoting Burjas Al-Falih, a speleologist and a member of the Afaq Society for Astronomy.
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Israel kills at least 50 in Gaza, tanks deepen raid in the north
Israeli military strikes killed at least 50 Palestinians across the Gaza Strip as Israeli forces tightened their squeeze around Jabalia in the north of the enclave on Tuesday, amid fierce battles with Hamas-led fighters. Palestinian health officials said at least 17 people were killed by Israeli fire near Al-Falouja in Jabalia, the largest of Gaza's eight historic refugee camps, while 10 others were killed in Bani Suhaila in eastern Khan Younis in the south when an Israeli missile struck a house.
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