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  • Saudi real estate: Grade A offices hit 98% occupancy as global firms rush in

    Riyadh’s premium office space has reached near-full occupancy at 98 per cent amid an influx of international companies, driving rental values up by 19 per cent year-on-year as Saudi Arabia’s capital cements its position as a regional business hub, according to Savills. More than 120 foreign companies, including Goldman Sachs and Frost & Sullivan, have relocated their regional headquarters to Riyadh this year, fuelling a surge in demand for high-end office space, the property consultant said in its Q3 2024 market report. Technology, media and telecommunications firms led the leasing activity, accounting for 40 per cent of new occupancies, followed by consulting and consumer goods companies at 20 per cent each, the report showed.

  • Israeli strikes kill scores in Gaza with many trapped beneath the rubble

    The Israeli military bombed at least five crowded homes in northern Gaza early on Thursday with many casualties buried beneath the rubble, Palestinian health officials said, as troops deepened an incursion along the territory's northern edge. Rescue operations were under way in the northern Gaza town of Beit Lahiya, medics said. Hamas media put the number of fatalities at 66, most of whom it said had not been recovered.

  • Climate funding divisions laid bare as COP29 deadline looms

    Division and discontent spilled into the open on Thursday at a U.N. climate summit in Baku, sparked by a proposal for a new global finance deal which offered two vastly different options and left no one happy as the closing deadline neared. The key goal of COP29 is to agree how much money richer developed countries should provide poorer developing ones to help them fight climate change, a critical plank in efforts to limit the damage caused by rising global temperatures.

  • Gulf states wedge AI efforts between superpowers: podcast

    The United Arab Emirates and Saudi Arabia are building home-grown silicon smarts and forging links with the likes of Microsoft. In this Viewsroom podcast, Breakingviews columnists discuss how the region is muscling its way into a technology arms race between China and the US.

  • Aramco, Rongsheng Petrochemical Ink Deal to Progress Saudi Refinery Project

    Saudi Arabian Oil Co. (Aramco) and Rongsheng Petrochemical Co. Ltd. signed an agreement Tuesday that brings them closer to greenlighting a planned expansion project at a refinery in the kingdom’s port city of Jubail. Earlier this year the Saudi oil giant and the Hangzhou, China-based company penned deals toward a potential joint venture within Aramco affiliate Saudi Aramco Jubail Refinery Co. (SASREF), which operates the 305,000-barrel-per-day (bpd) refinery. On Tuesday in Beijing, Aramco, SASREF and Rongsheng Petrochemical inked an agreement that “outlines the cooperation mechanism and planning relating to the design and development of the project, which aims to expand SASREF’s refining and petrochemical capabilities while fostering international collaboration”, Aramco said in a statement online.

  • GASTAT: Saudi cow farms produced 2.8 billion liters of raw milk in 2023

    The number of dairy cows at specialized agricultural cow farms in Saudi Arabia reached 234,000 and these cow farms produced a total of 2.8 billion liters of raw milk during the year 2023, according to the statistical figures released on Wednesday by the General Authority for Statistics (GASTAT). Riyadh ranked first in terms of raw milk production, with 1.6 billion liters, followed by the Eastern Province with 1 billion liters. Across the Kingdom, there are 22 million heads of sheep, of which 19.3 percent are rams and 80.7 percent ewes, and 2.2 million heads of camels, of which 32 percent are aged less than four years and 68 percent are four and older.

  • US vetoes another UN Security Council resolution seeking Gaza ceasefire

    The United States on Wednesday vetoed a UN Security Council resolution aimed at calling for a ceasefire in Gaza, marking the fourth time that Washington has used its veto power to block a ceasefire resolution at the international body since Israel's war on Gaza began in October 2023. The draft resolution was aimed at calling for an "immediate, unconditional, and permanent ceasefire" in Gaza and the release of all hostages held by Palestinian groups in the enclave. The measure received 14 votes in favour, with the US the sole member to reject it. However, because the US is a permanent member of the council, it has the ability to veto any resolution brought forward.

  • Japan’s exports rebound, the Middle East market topping the list

    Japan’s recent export performance offers a glimmer of hope amid broader economic uncertainties. In October 2024, Japan’s exports rose by 3.1% compared with the same month a year earlier, marking a significant rebound after the sharp 1.7% fall in September that had set a 43-month low. This unexpected increase exceeded economists’ expectations of a 2.2% rise, suggesting that Japan’s export-driven economy is on a recovery path.

  • Aramco to Borrow More and Focus on Dividend Growth, CFO Says

    Distributions by the state-owned company are a key element of the kingdom’s finances, which have wobbled this year as Crown Prince Mohammed Bin Salman pushes his ambitious economic transformation plan. The company has strained its balance sheet in 2024, flipping to a net-debt position for the first time in two years, as it pays out a massive dividend. “You’ll see us do a couple of things. One is just take on more debt compared to use of equity,” Chief Financial Officer Ziad Al-Murshed said in an interview in Boston. “It’s nothing to do with the dividend, it is optimizing our capital structure so that we end up with a lower weighted average cost of capital.”

  • PwC Middle East to acquire Saudi consultancy Emkan Education to further invest in the region’s education and skills transformation

    PwC Middle East to acquire Emkan Education, the largest specialist education consultancy in the region, renowned for its expertise in upskilling talent across industries. This acquisition will unite the two leading education and skills practices in the region. “Education and upskilling is the cornerstone of sustainable development, driving progress across all sectors. At PwC, we are deeply committed to supporting the Kingdom’s Vision 2030 goals. This acquisition strengthens our ability to help clients deliver world-class education while fostering the local talent and expertise that will be critical to the future success of Saudi Arabia’s knowledge economy.”