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  • Saudi Arabia leads global innovation with tech investments: Honeywell CEO

    Saudi Arabia’s proactive leadership and investments in advanced tech solutions have positioned it as a global innovation leader, according to a top official. During the LEAP 2024, Anant Maheshwari, president and CEO of Honeywell’s Global High Growth Regions portfolio, told Arab News that Saudi Arabia was a “crucial market” for the company, being one of only “three countries globally that is led as an independent market.”

  • ENOWA showcases its green hydrogen offering at Saudi season opener

    ENOWA, Extreme E’s official Green Hydrogen Partner, continued to showcase its green hydrogen offering at the Desert X Prix hosted in Jeddah, Saudi Arabia (17-18 February) which was the launch of the 2024 season. Since partnering with Extreme E in 2022, ENOWA has been pivotal in steering a multi-year collaboration, advocating for sustainable solutions in the world of motorsport. This collaboration has prominently highlighted green hydrogen as a transformative energy source, amplifying its potential on a global scale.

  • Saudi Arabia waives customs duties on certain goods to boost industrial sector

    Customs duties on certain manufacturing products will be waived from April 1 as the Saudi government seeks to stimulate the industrial sector. The decision, made by the Ministry of Industry and Mineral Resources, will help businesses with valid import licenses reduce their financial burden and costs associated with importing specific products and improve their competitiveness and profitability. It will also allow them to invest more in their operations, expand their production capacities, and ultimately contribute to the growth and development of the industrial sector in Saudi Arabia, according to the Saudi Press Agency.

  • Multi-Billion Gulf Power Play Focuses on Egypt as Mideast War Rages

    In barely 10 days, Egypt has gone from the brink of economic disaster to unlocking more than $40 billion of investments and loans from the United Arab Emirates and International Monetary Fund, with the likelihood of more to come from Saudi Arabia and others. On Wednesday, as part of that, it delivered its biggest-ever interest-rate hike and allowed its currency to weaken more than 38% through a long-awaited flotation. It also announced an existing IMF rescue package would be more than doubled to $8 billion.

  • Saudi Arabia Moves $164 Billion Aramco Stake to Wealth Fund

    The 8% stake transfer will cut the government’s direct ownership in the world’s largest oil company to 82%, the Saudi Press Agency said. The move will have no impact on Aramco’s dividend, which the oil giant kept at $29 billion for the third quarter despite a drop in production and weaker oil prices.

  • Ramadan 2024 in Saudi Arabia: Prayer Time, Start Date and More

    The Saudi Ministry of Islamic Affairs is yet to confirm the official date following the sighting of the crescent moon on Sunday. If the moon is observed with the naked eye on Sunday, Ramadan begins on March 11. If Shaaban, the eighth month in the Islamic calendar comples 30 days, the first day of the holy month will be on March 12.

  • Al-Durra Field: Another Front for Regional Tensions with Iran

    The Al-Durra gas field, or Arash field as Tehran prefers to call it, is located in the Arabian Gulf and has been a source of ongoing geopolitical tensions between Iran, the Kingdom of Saudi Arabia (KSA), and Kuwait. Despite that the dispute over the field dates back to the 1960s, these tensions have been intensifying over the past few months due to various political and economic factors. The field is believed to hold proven reserves of up to 20 trillion cubic feet of gas and up to 300 million barrels of oil, placing it among the world’s top energy fields.

  • NAVANTIA Delivers Fifth Avante 2200 Corvette To Saudi Arabia

    The corvette HMS UNAYZAH has a length of 104 meters, a beam of 14 and seating for a total of 102 people between crew and passengers. The contract for the construction of five corvettes entered into force in November 2018 and, since the launch of the first unit (July 2020), Navantia has already launched the five units with a period of four months between each one of them, which means achieving this milestone in a record time of three years. Deliveries are taking place after just over three years from the cutting of the first plate of each ship.

  • Lionel Messi’s Visit Saudi campaign reaches 747 million people

    A recent campaign for Saudi Tourism using footballing superstar Lionel Messi reached 747 million across 92 countries in 20 languages, according to a report by CARMA. In total, the “Go Beyond What You Think” campaign garnered engagement of 84.3 million. The campaign is anchored on the common misconceptions about Saudi Arabia, and invites audiences to experience the vibrant cultural transformation taking place across the country.

  • Saudi Arabia’s crown prince transfers another 8% of Aramco shares to sovereign wealth fund

    Saudi Arabia's crown prince transferred another 8% of shares in the kingdom's oil giant Saudi Aramco to the country's prominent sovereign wealth fund on Thursday. The shares are worth some $160 billion. Crown Prince Mohammed bin Salman's decision comes as the kingdom is trying to build a series of megaprojects and invest in sports and other fields aggressively abroad to wean the country off of relying solely on oil.