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QUOTED
“Year-to-date, Aramco has paid dividends of $93.2 billion, financed by taking on debt as its free cashflow amounted to just $63.7 billion during the same period. Put simply, Aramco has burned through more than $100 million a day – a day – to finance its distribution to shareholders. Even the fortress-like balance sheet of the Saudi company cannot sustain that for ever.” Javier Blas, Opinion: Saudi Aramco Is Burning Cash – It Needs to Stop [Bloomberg]
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TOP STORY
Jeddah-based manufacturer Desert Technologies has agreed to develop the facilities in partnership with Modon, the Saudi Authority for Industrial Cities and Technological Zones. [more]
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MORE TOP STORYLINES
Via Nick Vivarelli in variety.com: Films from Saudi Arabia form the core of the Red Sea International Film Festival’s Arab Spectacular five-picture strand, which features world premieres of a trio of new Saudi titles exploring societal changes in the kingdom. One case in point is “Hobal,” the new allegorical drama by Saudi director Abdulaziz Alshlahei (“The Tambour of Retribution”). The film follows a Bedouin family whose members are forced by its patriarch to live in isolation in the desert due to fear of an infectious disease during the 1990s when Saudi was starting to open up to the outside world.
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Via Anthony Di Paola in yahoo.com: The test for how long the payout can be maintained will likely come early next year, when a special component that amounts to about $10 billion a quarter is scheduled to start shrinking. Aramco is already paying out more than it’s earning as Saudi Arabia’s ambitious economic transformation plans widen the government’s budget deficit. It’s pushed the company into a net debt position for the first time in two years.
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Via Steve Holland, Nandita Bose, Stephanie Kelly and Joseph Ax in reuters.com: Donald Trump was elected president, capping a remarkable comeback four years after he was voted out of the White House and ushering in a new American leadership likely to test democratic institutions at home and relations abroad. Trump, 78, recaptured the White House on Wednesday by securing more than the 270 Electoral College votes needed to win the presidency, Edison Research projected, following a campaign of dark rhetoric that deepened the polarization in the country.
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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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Israeli Prime Minister Benjamin Netanyahu fired Defence Minister Yoav Gallant on Tuesday, citing a “crisis of trust”,...[By Steven Scheer and Nidal Al-Mughrabi via reuters.com]
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