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List of World’s Top Golfers Competing at Third Saudi International Grows as Kevin Na Commits
The field of competitors for next month’s Saudi International powered by Softbank Investment Advisers is growing as another top golfer in the world has joined some of the sports biggest names confirmed to compete in Saudi Arabia. Five-time PGA Tour winner Kevin Na, who won the PGA Tour’s Sony Open in Hawaii on Sunday, is […]
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$5 Billion Hydrogen Project JV Planned for NEOM Hires Financial Advisor – Report
A three-organization joint venture hydrogen project between Air Products, NEOM, and ACWA Power has hired financial firm Lazard to advise on a planned $5 billion hydrogen project in the NEOM high-tech business zone in Saudi Arabia, according to a Reuters report, citing sources.
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Gulf Rift Ends after 42 Months; Qatari Emir Heads to GCC Summit as Skies, Borders Re-Open
Saudi Arabia and other GCC nations effectively ended their 42 month-long rift with neighboring Qatar on Monday, signaling a new era in Gulf political and economic relations and bringing to a close a long dispute begun in June 2017.
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Saudi Arabia’s PIF Makes Two Moves in Security, Defense Space
Saudi Arabia’s Public Investment Fund (PIF) and its defense subsidiary SAMI announced separate moves in the defense and security space this week, according to reports. The PIF said Tuesday it had established a company to develop and expand the private security sector in the Kingdom, creating the National Security Services Co. (SAFE). SAFE will focus on […]
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Saudi Arabia’s Tourism Minister: Kingdom Needs to Inject $200 Billion into Industry — Report
Saudi Arabia’s tourism minister Ahmed Al-Khateeb dismissed naysayers of the Kingdom’s ambitious tourism plans, telling Arab News‘ Frank Kane in an exclusive interview that the Kingdom’s target of obtaining 100 million visits by 2030 is not overambitious with big investments in the industry.
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Houston-Based Baker Hughes, Saudi Aramco to Develop Oil, Gas Products Using Nonmetallic Resources
Saudi Aramco and Houston-based Baker Hughes have announced the formation of Novel, a 50/50 Joint Venture (JV) to develop and commercialize a broad range of non-metallic products for multiple applications in the energy sector, the companies said in a press release.
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Saudi Economy More Resilient than Expected in Q2, Q3 2020; Recovery Possible Next Year – Jadwa Investment
Saudi Arabia’s economy proved to be more resilient than expectations in the face of dual crises of the Coronavirus pandemic and a drop in oil prices in 2020, Jadwa Investment writes in an economic update.
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Road to the G20: Saudi Arabia Set to Host Main Leaders’ Summit this Weekend
Saudi Arabia is set to host the G20 Leaders Summit this weekend, the main event involving the heads of the 20 nations chaired virtually by the Kingdom due to the Coronavirus pandemic.
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Saudi Economy Contracts 4.2% in 3Q, Improves from 2Q; Fitch Affirms Credit Rating at ‘A’
Saudi Arabia’s economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, but the contraction was smaller than the second quarter when the economy was reeling from coronavirus-linked lockdowns, Reuters reports. The economy expanded by 1.2% on a seasonally-adjusted quarter-on-quarter basis in the third quarter from a contraction of 4.9% […]
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As Saudi Non-Oil Revenue Soars, Uncertainty Looms Over Oil Market
Saudi Arabia saw a significant boost in non-oil revenue in the third quarter of this year, with an increase of 63% year-on-year to SR123 billion ($32.8 billion), new data shows, an encouraging trend for policymakers as the market for oil continues on an uncertain path in the face of a global pandemic and global economic slowdown.
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MUST-READS
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Aster’s Gulf Unit Eyes $250 Million Health-Care Deals for Saudi Expansion
Aster DM Healthcare Ltd.’s newly-hived off Gulf entity is considering acquiring assets worth as much as $250 million in a bid to expand its footprint in Saudi Arabia. The deals are likely to be for medical centers and hospitals and completed in the next three to five years, said Alisha Moopen, managing director and group chief executive officer of Aster’s Gulf Cooperation Council unit.
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Who were the 7 high-ranking Hezbollah officials killed over the past week?
Lebanon’s most powerful military and political force now finds itself trying to recuperate from severe blows, having lost key members who have been part of Hezbollah since its establishment in the early 1980s. Chief among them was Nasrallah, who was killed in a series of airstrikes that leveled several buildings in southern Beirut. Others were lesser-known in the outside world, but still key to Hezbollah’s operations.
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‘It’s an Earthquake’
Nasrallah was more than a political leader. After 32 years in power, he had become synonymous with Hezbollah, the most well-armed nonstate actor in the world and the linchpin of Iran’s tentacular “Axis of Resistance” to Israel and the United States. Nasrallah was such a central figure for so long—the most powerful man in Lebanon and Israel’s greatest foe; loved, hated, and imitated by anti-Western insurgent leaders across the Middle East—that his absence left many Lebanese feeling profoundly rudderless. There were occasional bursts of gunfire throughout the day. Whether it came from mourners or celebrators was impossible to say.
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Iran After the Lebanon Debacle: Suppress Domestic Dissent and Dash for the Bomb?
Iran’s recent debacle in Lebanon bears some resemblance to the Argentine military junta’s defeat in the 1982 Falklands War between Argentina and Britian over the Falkland Islands. In an appeal to Argentine nationalism, the junta “reclaimed” the islands, was defeated by Britain after 74 days, and relinquished power in 1983. In similar fashion, the Islamic Republic of Iran dedicated considerable time and effort to forge the much-heralded “axis of resistance,” with Lebanese Hezbollah at its core, to encircle Israel and deter Israeli bombardment of Iran’s nuclear infrastructure. However, since September 17, Israel has seemingly managed to neutralize hundreds of Hezbollah fighters and operatives and assassinated the top military and political leadership of the Lebanese militia.
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Saudi giga-project Diriyah agrees deals worth $1 bln with European firms
Diriyah, one of Saudi Arabia's so-called giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said. The $63 billion project is one of the Public Investment Fund's giant construction efforts aimed at boosting economic growth and diversifying the oil-reliant kingdom's economy. Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.
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Saudi Arabia Signals Oil Policy Shift
The revised plan, according to the unnamed sources, is for the kingdom to increase incrementally its monthly production from December, adding a total of 1 million barrels per day (bpd) by December 2025. Even as this will weaken prices, the impact on Saudi Arabia may be limited, with the report making clear that the kingdom has other funding options for its infrastructure plans—namely, its foreign exchange reserves and the issuance of sovereign debt.
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Saudi Arabia to expand cloud seeding program
Riyadh has assembled a team of domestic and international researchers and learned vast amounts from its early efforts at cloud-seeding, Osama Ibrahim Faqeeha said, speaking in New York on the sidelines of the UN General Assembly and Climate Week. The country now aims to roll it out elsewhere within its borders and to lead broader regional research into the practice.
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How NEOM Green Hydrogen Company is championing Saudi Arabia’s clean energy transition
“For the future, the keyword is reinforcement,” he said. “We build our policy, procedures and framework around starting the operations and continuing the operations to be environmentally friendly.” NGHC’s ambitions extend far beyond the borders of Saudi Arabia. The project aims to position the Kingdom as a global leader in hydrogen production, while also creating thousands of new jobs and stimulating local economies.
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Saudi FM urges Security Council to act to contain Mideast crisis
Speaking at a Security Council meeting in New York, Saudi Arabia’s top diplomat lamented that despite the successive resolutions passed by the General Assembly, there is no end in sight to the “catastrophic humanitarian situation” the people of Gaza are facing. Prince Faisal made the plea as fighting between Israel and the Hezbollah continued to escalate, with Israel expanding its air strikes to the southern suburbs of the Lebanese capital, Beirut, while Hezbollah targeting key Israeli facilities with missiles.
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Inside the Lebanese Valley Where Israel Is Bombarding Hezbollah
The bombardments across the Bekaa Valley are part of the more than 1,000 airstrikes that Israel has launched against Lebanon since Monday in an attempt to weaken Hezbollah, the Iran-backed Lebanese military group. The campaign is one of the most intense in contemporary warfare, experts say, and led to the deadliest day in Lebanon in decades.
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