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  • Saudi Arabia launches 3 GW solar tender

    SPPC has launched the sixth round of the Saudi Arabian government's National Renewable Energy Program (NREP). It has issued an RFQ in relation to 3 GW of solar capacity across four projects. One facility will have a capacity of 1.4 GW (AC) near Hima in Najran province, in addition to a second 600 MW (AC) plant near Ad Darb, Jizan province. SPPC is also seeking to assign a 600 MW (AC) project planned in Jazan and a 400 MW (AC) project near Al Sufun, Hail province.

  • Hezbollah’s tunnels and flexible command weather Israel’s deadly blows

    Hezbollah's flexible chain of command, together with its extensive tunnel network and a vast arsenal of missiles and weapons it has bolstered over the past year, is helping it weather unprecedented Israeli strikes, three sources familiar with the Lebanese militant group's operations said. Israel's assault on Hezbollah over the past week, including the targeting of senior commanders and the detonation of booby-trapped pagers and walkie-talkies, has left the powerful Lebanese Shiite militant group and political party reeling.

  • Climate change doubles chance of floods like those in Central Europe, report says

    Climate change has made downpours like the one that caused devastating floods in central Europe this month twice as likely to occur, a report said on Wednesday, as its scientific authors urged policymakers to act to stop global warming. The worst flooding to hit central Europe in at least two decades has left 24 people dead, with towns strewn with mud and debris, buildings damaged, bridges collapsed and authorities left with a bill for repairs that runs into billions of dollars.

  • Chinese esports firm launches multi-title tournament in Asia with Saudi Arabia backing

    The Esports Asian Champions League (ACL) will kick off next year, with tens of thousands of professional players set to compete across the continent in a six-month season each year, VSPO announced on Tuesday. The Tencent Holdings-backed company is the biggest esports operator in Asia.

  • Saudi Aramco begins issuing dollar-denominated sukuk

    Saudi Aramco has started on Tuesday issuing US dollar-denominated international sukuk or Islamic bonds. The sukuk offering, which is part of the Trust Certificate Issuance Program of the SA Global Sukuk Limited, will run through until October 2. The value of the offering will be determined according to market conditions and investor demand at the time of the offering, Aramco said in a filing on the Saudi Stock Exchange (Tadawul). The minimum subscription will be $200,000 with integrated multiples of $1,000 in excess of that amount, subject to market conditions.

  • PwC report finds that youth in Saudi Arabia are prepared to drive sustainable development in the region

    The report indicates that youth across the Middle East are showing higher awareness and engagement with SDGs than their global peers. Around 91% of youth respondents in Saudi are familiar with the SDGs. The findings present a valuable opportunity to bolster youth involvement within relevant programmes and policy making, especially within Saudi Arabia.

  • UAE’s Masdar to acquire renewables firm Saeta from Brookfield for $1.2bln

    UAE's renewable energy company Masdar is set to acquire Saeta Yield, a renewable power company, from Brookfield for an implied enterprise value of $1.4 billion as Abu Dhabi’s clean energy pioneer looks to add to its European portfolio. The transaction consists of a portfolio of 745 megawatts (MW) of predominantly wind assets - 538MW of wind assets in Spain, 144MW of wind assets in Portugal and 63MW solar PV assets in Spain - and includes a 1.6 gigawatt (GW) development pipeline.

  • OPEC is highly bullish on long-term oil demand growth. Not everyone agrees

    The oil producer group’s 2024 World Oil Outlook report, released Tuesday, predicts strong energy demand growth of 24% globally between now and 2050. It also forecasts “robust medium-term growth” in oil demand reaching 112.3 million barrels per day in 2029, an increase of 10.1 million barrels per day compared to 2023.

  • OPEC boosts long-term oil demand outlook, driven by developing world growth

    OPEC raised its forecasts for world oil demand for the medium and long term in an annual outlook, citing growth led by India, Africa and the Middle East and a slower shift to electric vehicles and cleaner fuels. The Organization of the Petroleum Exporting Countries, in its 2024 World Oil Outlook published on Tuesday, sees demand growing for a longer period than other forecasters like BP (BP.L), opens new tab and the International Energy Agency, which expect oil use to peak this decade.

  • The shifting foundations of Gulf-US ties

    For context, let us remember that in 2008, US oil production was below 4 million barrels a day while imports from Saudi Arabia hovered above 1.5 million barrels. The US now produces 13 million barrels a day — 4 million more than Saudi — and imports less than 500,000 barrels from the kingdom. Saudi Arabia and the UAE’s biggest oil markets are now based in the East, with China and India leading the way.