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QUOTED
“This camel festival, held in honour of Saudi Arabia’s Crown Prince Mohammed bin Salman, is now in its sixth year and is on par with the richest horse races worldwide. It has come to be recognised as a serious international sport and a great tourist attraction in several Middle Eastern countries. This year, some 21,000 camels are taking part.” Women camel jockeys race in Saudi Arabia, breaking a social barrier [South China Morning Post]
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TOP STORY
Solar PV and wind additions are forecast to more than double by 2028 compared with 2022, continuously breaking records over the forecast period to reach almost 710 GW. [more]
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MORE TOP STORYLINES
Via Hadeel Al Sayegh and Rachna Uppal in reuters.com: Global financiers are poised to flock to Saudi Arabias annual flagship investment conference next week as a tightening of the kingdoms purse strings and a deepening of regional conflict cloud the outlook. Among those expected to descend on the Future Investment Initiative (FII) in Riyadh are top CEOs, including Goldman Sachs David Solomon, BlackRocks Larry Fink, Citigroups Jane Fraser and the London Stock Exchanges Julia Hoggett.
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Via Charles Kennedy in oilprice.com: Lower crude oil prices dragged Saudi Arabia’s oil export revenues to the lowest level in more than three years in August, amid underwhelming oil demand and continued supply constraints from the world’s top crude exporter. The value of Saudi Arabia’s oil exports in August 2024 stood at $17.4 billion (65.3 billion Saudi riyals), down by 15.5% from $20.6 billion (77.3 billion riyals) in August 2023, data from the Kingdom’s General Authority for Statistics showed on Thursday.
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Via Tim Callen in agsiw.org: Given its central role in the global economy, what happens in the United States is of great importance to the rest of the world. Saudi Arabia is no exception given its close ties to the United States, central role in the global oil market, and long-standing exchange rate peg (along with the other Gulf Cooperation Council countries except Kuwait) to the U.S. dollar, which allows it to benefit from the credibility of U.S. monetary policy. Economic studies have highlighted that the health of the U.S. economy is an important determinant of Saudi economic growth.
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MORE ON THE KINGDOM AND BEYOND
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The study mapped 910 sponsorships in different sports and 1,412 positions in 207 Saudi entities, noting that the kingdom has significantly expanded its web of...[By Ed Dixon via sportspro.com]
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TotalEnergies will build an 0.3 gigawatt (GW) solar park in Saudi Arabia, while EDF Renewables will build...[By America Hernandez via reuters.com]
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The MoU outlines a roadmap to assess the deployment of new DAC systems in the Kingdom, focusing on availability of natural resources including subsurface CO₂...[via climeworks.com]
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The World Bank Group–Saudi Arabia Knowledge Hub (K-Hub) will serve as a platform for knowledge generation and exchange to drive greater development impact for countries....[via worldbank.org]
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Saudi Arabia today is synonymous with megaprojects. Since the launch of the Vision 2030 reform agenda, the Kingdom has rolled out a range of major...[By Zeina Zbibo via arabnews.com]
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Saudi Arabia unveiled five new initiatives, valued at $60 million (SR 225 million), reinforcing the Kingdom's leading role on climate and environment efforts. The initiatives were...[via saudigazette.com]
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A separate power purchase agreement for the Kingdom’s Al Masa’a solar power plant project was signed between the Saudi Power Procurement Company (SPPC), French state-owned...[via alarabiya.net]
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Crown Prince and Prime Minister Mohammed bin Salman inaugurated the “One Water Summit” in Riyadh on Tuesday evening in the presence of several presidents and...[via argaam.com]
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As FIFA approaches its December 11 vote to appoint the 2034 World Cup host, the football association is once again under fire for allegedly...[By Dario Sabaghi via law.com]
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Efforts to integrate carbon capture and utilisation (CCU) technologies into construction in Saudi Arabia’s futuristic Neom city have taken a major step forward as CarbonCure...[By Anthony Wright via gasworld.com]
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Saudi Arabia accounts for nearly 75 percent of Middle East investment in climate technology start-ups worldwide, according to a 2023 report by auditor PwC. But its...[via phys.org]
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Saudi Arabia’s Neo Space Group (NSG) is making an acquisition in the Earth observation space, acquiring UP42 from Airbus Defence and Space. Terms of the deal were not disclosed in...[By Rachel Jewett via satellitetoday.com]
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The development of electric vehicle (EV) infrastructure presents a promising pathway to reduce transportation emissions, particularly when integrated with low-carbon...[By Ryan Alyamani and Thomas Gertin via kapsarc.org]
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In October 2023, FIFA made a surprising move that effectively set the stage for Saudi Arabia’s bid to host a future FIFA World Cup...[via playthegame.org]
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Saudi Aramco is not only the largest oil producer globally but also the most profitable business, surpassing tech giants like Apple and...[By John Calabrese via agsiw.org]
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An Israeli strike killed three journalists in south Lebanon on Friday, Lebanon's health ministry said, and the ...[By Maya Gebeily, Amina Ismail, James Mackenzie and Humeyra Pamuk via reuters.com]
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“What we have learned this year is that everything is in...[By Ishaan Tharoor via washingtonpost.com]
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The region remains on edge as Israel contemplates its planned retaliatory strike against Iran, while its wars in Gaza and Lebanon against the Iranian-backed groups...[By Michael K. Nagata, Katie Crombe, Kevin Donegan, Robert S. Ford, Brian Katulis, Ross Harrison via mei.edu]
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Chinese energy companies emerged as dominant players in the Iraqi Oil Ministry’s May licensing rounds to auction 29 oil and gas blocks, securing 10 out of 13...[By Yerevan Saeed and Sardar Aziz via agsiw.org]
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The building at 180 Brompton Road is one of the main outposts for Ocean...[By Ben Bartenstein via bloomberg.com]
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