QUOTED

Quoted

“Seafarers who over the centuries fell victim to the crosscurrents, unpredictable winds, reefs and shoals in this stretch of water at the entrance to the Red Sea named it the Bab el-Mandeb—Arabic for the “Gate of Tears.” The Six Choke Points That Can Upend Global Trade [Bloomberg]

TOP STORY

National Center for Wildlife Releases 66 Endangered Species at King Khalid Royal Reserve

National Center for Wildlife, oryx

Saudi Arabia’s National Center for Wildlife has released 66 endangered species into the King Khalid Royal Reserve. [more]

 

MORE TOP STORYLINES

Saudi football gets its own Netflix documentary

Via Mohammed Sergie in semafor.com: Over six episodes, Saudi Pro League: Kickoff chronicles the 2023-24 season, highlighting the impact of Cristiano Ronaldo’s move to Al-Nassr in 2022. His arrival in Riyadh — and a $200-million-a-year contract — inspired global stars, including Brazil’s Neymar and French striker Karim Benzema, to move to Saudi, elevating the league’s market value and global reach, with matches broadcast in 180 countries. The series examines football’s deep cultural roots in Saudi Arabia, and provides insight into the lives of the newcomers to the country.

End of ‘blank cheque’ culture for Saudi consultancy

Via Gavin Gibbon in agbi.com: Saudi Arabia remains a boom town for the global consultancy industry, but experts have warned it is no longer the land of milk and honey for international operators and there is now a tighter hold being placed on budgets. The Saudi consultancy market, the largest in the GCC, expanded by 18.2 percent in 2023 with revenues reaching a record $3.2 billion. Opportunities remain, but Saudi Arabia is scaling back its trillion-dollar Vision 2030 giga-projects, and Dane Albertelli, a London-based senior research analyst focused on the industry at Source Global Research, says consultants are now having to “prove their worth”. “I think the days of the blank cheque consulting projects are over in Saudi,” he tells AGBI. “I’d say consultants need to rein in what they think and their expectations. There’s no longer an infinite money tree.”

For the OPEC+ Oil Producers, a Year of Caution Paid Off

Via Kate Dourian in agsiw.org: With all the uncertainty clouding the picture, OPEC+ adopted a cautious approach throughout 2024, maintaining production levels without change in efforts to balance the market and prop up prices that were weighed down by tepid Chinese demand and higher non-OPEC+ output, mainly from the United States. It was largely successful in preventing what some analysts expected would be a slide below $70 per barrel. Benchmark Brent crude oil averaged $80.91/bbl as of December with prices trading within a tight range between $71/bbl and $74/bbl in the final trading days of the year. The U.S. Energy Information Administration has forecast that Brent crude oil prices will end the year at an average $80.49/bbl, falling to an average $73.58/bbl in 2025.

 

MORE ON THE KINGDOM AND BEYOND

Saudi Arabia completes arrangement to secure $2.5 bln credit facility

Saudi Arabia has finalised an arrangement for securing a shariah-compliant revolving credit facility worth $2.5 billion, the...[By Enas Alashray and Ahmed Tolba via reuters.com]

 

Dakar Rally competitors react to grueling Stage 2 in Saudi Arabia: Video

Dakar Rally drivers and riders recount Stage 2 of the event, where competitors took two days to traverse nearly 1000 km....[via youtube.com]

 

Saudi Arabia’s PIF raises $7bn from first murabaha facility as it seeks to boost investments

Saudi Arabia's Public Investment Fund plans to raise $7 billion from its first murabaha credit facility, as the fund diversifies its funding...[By Aarti Nagraj via thenationalnews.com]

 

Saudi Arabia sells $12 billion 3-part bond amid strong demand

 Saudi Arabia raised $12 billion from global debt markets in a three-part bond sale, attracting strong investor...[By Rachna Uppal and Enas Alashray via reuters.com]

 

Saudi Interior Ministry confirms ban on transferring or publishing security surveillance camera recordings

Saudi Arabia’s Interior Ministry confirmed that the provisions of the “Use of Security Surveillance Cameras” law prohibit the transfer or publication of security surveillance camera...[via arabnews.com]

 

Taste of 2034 World Cup as Saudi Asian Cup stadiums named

Among the venues announced Tuesday for the 24-team regional competition were the 70,000-capacity King Fahd Sports City Stadium and King Saud University Stadium, both in...[via france24.com]

 

Mideast Wealth Funds Spend $82 Billion to Ramp Up Bets on Post-Oil Future

That the Gulf’s various sovereign wealth funds have become some of the most dominant players in global dealmaking has rarely been in...[By Matthew Martin via bloomberg.com]

 

Saudi Arabia boosts desalinated water supply to 50% in Vision 2030 push

Saudi Arabia’s water sector witnessed significant shifts in 2023, with a 31 percent increase in desalinated seawater production, now comprising 50 percent of the country’s...[via azernews.az]

 

Saudi Arabia estimates 2025 budget funding at $37bn

Saudi Arabia will need estimated funding of SAR139 billion ($37.02 billion) in 2025 to cover the potential budget deficit. Finance minister Mohammed Al Jadaan has approved...[By Pramod Kumar via agbi.com]

 

Saudi Coffee Company and Alliance for Coffee Excellence launch Sip of Excellence Competition

Saudi Coffee Company has launched its second annual Saudi Sip of Excellence Competition in partnership with the global nonprofit Alliance for Coffee Excellence. Designed...[By April Hawksworth via gcrmag.com]

 

Saudi Arabia Plans Further Borrowing Spree to Pay for Huge Projects

Saudi Arabia, one of the largest bond issuers in emerging markets last year, has started 2025 with a funding spree as the country fuels its...[By Abeer Abu Omar and Matthew Martin via yahoo.com]

 

Leading Saudi Arabian airports hit passenger traffic highs in 2024

Jeddah King Abdulaziz International Airport and Riyadh King Khalid International Airport each posted record passenger traffic in 2024, reflecting the continuing strong performance of aviation...[By Dermot Davitt via moodiedavittreport.com]

 

Saudi Arabia Hikes Its Oil Prices to Asia as Supply Tightens

The world’s top crude oil exporter, Saudi Arabia, has raised the price of its crude loading for Asia in February by more than expected...[By Tsvetana Paraskova via oilprice.com]

 

Saudi Arabia Mandates USB Type-C Charging Ports for Mobile Devices

The Communications, Space and Technology Commission (CST) and the Saudi Standards, Metrology and Quality Organization (SASO) have announced that the first mandatory phase of the...[By Aayushya Ranjan via techafricanews.com]

 

Can Saudi’s New Milaf Cola Compete with Coca-Cola and Pepsi?: Video

In a move that has both bemused and intrigued the global beverage industry, Saudi Arabia has launched Milaf Cola, a fizzy drink made from dates....[via youtube.com]

 

Saudi Arabia to host Royal Rumble in 2026

WWE, in partnership with The General Entertainment Authority (GEA), on behalf of HE Turki Alalshikh, announced that the 39th annual Royal Rumble will be held in January...[via wwe.com]

 

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 reaffirmed U.S. support for...[via state.gov]

 

Commentary: The balance of power is shifting in the Middle East – and it is Turkey’s ‘full moon’ on the rise

Turkey played a pivotal role in the rebels’ surprising triumph. The operation unfolded with an extraordinary lack of the kind of violent destruction that...[By Hassan Hassan via theguardian.com]

 
 

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