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  • Nearly 10 Billion SAR Spent By Visitors In Saudi During First Half of 2024

    The Ministry of Tourism announced a massive 8.2% jump in spending by foreign visitors in the first half of 2024 compared to last year. Plus, there’s a travel account surplus of SR41.6 billion! This surge in spending is just part of the Kingdom’s exciting tourism boom. Saudi Arabia even topped the G20 list for growth in international visitors and tourism revenue during the first seven months of 2024, beating 2019 levels, according to the UN World Tourism Organization.

  • Saudi Arabia Raises Asia Oil Price as Volatility Grips Market

    State producer Saudi Aramco increased the official selling price of its main Arab Light crude grade by 90 cents to a premium of $2.20 a barrel against the regional benchmark for buyers in Asia, according to a price list seen by Bloomberg. The company was expected to boost the premium by 65 cents a barrel, according to a survey of traders and refiners.

  • New $100 Million Saudi Film Fund Chief Talks Need for Investments in Production and Infrastructure

    Saudi Arabia in September launched a $100 million film fund aimed at attracting investments from global film studios to help fuel the kingdom’s rapidly growing local film industry. The Saudi Film Fund – as the fund is known – sees Saudi’s Cultural Development Fund making a 40% investment in collaboration with investment bank MEFIC Capital and specialized holding company Roaa Media Ventures, which is its technical partner.

  • Countdown to Middle East war? How the region can step back from the brink

    With Israel poised to attack Iran, having already blindsided friends and foes alike with its blitz against Lebanon's Hezbollah movement, all the talk is of an inexorable slide towards a new, pan-Middle Eastern war. Yet brakes remain to halt a regional fall into a wider conflagration that would lock Israel and Tehran into escalating conflict and suck in other nations, according to several people with experience in intelligence and military decision-making.

  • Saudi Arabia launches insurance for expat dues

    Saudi Arabia’s Ministry of Human Resources and Social Development (HRSD), in cooperation with the Insurance Authority (AI), launched an insurance product to cover the dues of expatriate workers employed in private sector firms facing financial difficulties. The initiative aims to protect workers and mitigate the impact of not receiving their financial rights in the event that companies are unable to meet payroll obligations for a specified period.

  • Secretary Blinken’s Call with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud

    Secretary of State Antony J. Blinken spoke today with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud.  The Secretary and the Foreign Minister discussed the need for full implementation of UN Security Council Resolution 1701 to allow for the return of civilians on both sides of the Israel-Lebanon border to their homes.  They noted ongoing efforts to fund and support the Lebanese Armed Forces and the importance of international support for UNIFIL.  They also discussed the urgent humanitarian situation in Lebanon and response efforts, including the recent U.S. announcement of nearly $157 million in assistance.

  • Saudi Arabia’s Almarai reports 17% jump in Q3 profit on revenue boost

    Saudi Arabia’s Almarai, the Middle East’s largest dairy company, reported a 17 per cent annual rise in its third-quarter net income, as revenue grew on the back of higher sales of food and dairy products. Net profit for the three months to the end of September climbed to 570.5 million Saudi riyals ($152 million), the company said in a bourse filing on Sunday to the Saudi stock exchange Tadawul, where its shares are traded.

  • Saudi Arabia Releases Next Round of Tenders For Wind And Solar Projects

    Through the NREP, Saudi Arabia is pursuing a structured plan to diversify local energy sources. Since the start of the program, projects with a total capacity of 19 GW (19,000 MW) have been awarded so far. Further tenders, such as the tender for new wind and solar parks announced in September, are intended to give the expansion an additional boost. The aim is to generate 50 percent of electricity from renewable energies by 2030.

  • Hill International secures PMC contract for key Saudi airports

    Hill International has been awarded a major contract by Dammam Airports Company (DACO) to provide project management consultancy services for multiple improvement projects at its key projects - King Fahd International, Al Ahsa International and Al Qaisumah International (AQI) airports. Announcing the key contract, Hill International said the majority of its PMC work will support operations at King Fahd International Airport.

  • Saudi Arabia stresses balance between economic growth, energy security, and climate action

    Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman, stressed the importance of achieving a balance between economic growth, energy security, and climate change mitigation. He made his remarks during his participation in the Energy Transitions Working Group meetings, the 15th Clean Energy Ministerial, and the 9th Mission Innovation Ministerial, held on October 3 and 4 in Foz do Iguaçu, Brazil. The minister highlighted Saudi Arabia's leadership in Carbon Capture, Utilization, and Storage (CCUS) technologies, reiterating the Kingdom's commitment to leading global efforts through its adoption of circular carbon economy technologies.