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QUOTED
“The International Energy Agency estimates that OPEC’s total spare capacity is 5.3 million bpd, of which 3.1 million bpd is held by Saudi Arabia, 1.1 million bpd by the UAE, 600,000 bpd by Iraq and 400,000 bpd by Kuwait. The total is equal to about 5.1% of world oil demand, expected by the IEA to average almost 104 million bpd in 2025.” OPEC and Saudi spare oil production capacity [ Reuters]
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TOP STORY
Crown Prince Mohammed bin Salman named the automotive manufacturing hub within King Abdullah Economic City the “King Salman Automotive Cluster” with the intent that it become an automotive industry center. [more]
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MORE TOP STORYLINES
Via Mirna Hamdan in waya.media: Healthcare is one of the main sectors that contribute to the market profits. SNB Capital suggests that healthcare profits will rise by 23% in 2025, compared to an 11% increase in 2024. This development is linked to a 20% revenue increase due to new expansions easing pressure on profit margins. Currently, some government initiatives aim to privatize parts of the healthcare system, and they play a significant role. The Saudi government hopes that the private sector will represent 45% of healthcare spending by 2030. The tourism and construction sectors are increasingly influential in reshaping Saudi Arabia’s economy. In 2023, the tourism sector contributed $118.4 billion to the country’s GDP, accounting for 11.5% of the total economy.
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Via John Duerden in theguardian.com: It was striking that in a month when Neymar left Saudi Arabia after costing Al-Hilal hundreds of millions of pounds and playing only seven games in return, the Saudi Pro League’s clubs turned more and more to youth. The transfer window closed on Friday with a couple of big deals but there was activity before; it just happened to be quieter and less headline-grabbing. “Many players dream of playing alongside Cristiano Ronaldo and I have now fulfilled that dream,” Jhon Durán said on Monday after making his Al-Nassr debut, perhaps inadvertently emphasising the age gap between them. At 21, the Colombian is very much a football generation or two removed from the five-time Ballon d’Or winner. The reported £71m the Riyadh club paid to Aston Villa for Durán is the second biggest in the league’s history, second only to Neymar’s deal. And as that Brazilian left Al-Hilal in came another, Kaio César joining from Portugal’s Vitória de Guimarães. The winger, who scored on his debut, is only 20.
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Via Jeff Mason, Matt Spetalnick, Steve Holland and Nidal Al-Mughrabi in reuters.com: Barely two weeks in the job, Trump shattered decades of U.S. policy on Tuesday with a vaguely worded announcement saying he envisioned transforming Gaza into the Riviera of the Middle East where international communities could coexist after nearly 16 months of Israeli bombardment devastated the coastal strip and killed more than 47,000 people, according to Palestinian tallies. At a White House briefing on Wednesday, press secretary Karoline Leavitt hailed his Gaza proposal as historic outside of the box thinking but stressed that the president had not committed to putting boots on the ground in the territory. She declined, however, to rule out the use of U.S. troops there. At the same time, Leavitt walked back Trumps earlier assertion that Gazans needed to be permanently resettled in neighboring countries, saying instead that they should be temporarily relocated for the rebuilding process. U.S. Secretary of State Marco Rubio also said the idea was for Gazans to leave the territory for an interim period of reconstruction and debris-clearing.
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MORE ON THE KINGDOM AND BEYOND
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Saudi Arabia‘s Red Sea Global’s newest ultra-luxury offering, Desert Rock Resort, has quickly established itself as a global draw since...[By Tala Michel Issa via arabianbusiness.com]
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The report sheds light on financial performance during the fourth quarter of last year, including revenues, expenditures, and public debt indicators. It highlighted a 21...[via com.sa]
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Unlike Abu Dhabi-backed Manchester City, which has dominated English soccer over the past decade, and Qatari-backed Paris Saint-Germain, which has done likewise in France, it...[By James Robson via apnews.com]
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Trump’s renewal of the maximum pressure campaign could lead to rising tensions in the Gulf after a brief period of relative stability. The Saudis remember...[By Sultan al-Amer via newlinesinstitute.org]
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Saudi Arabia's Crown Prince Mohammed bin Salman congratulated Mark Carney on Friday, on the occasion of the formation of the new government headed by him...[via arabnews.com]
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Saudi Arabia has arrested more than 50 people, including 11 women on prostitution charges, in a new crackdown on “immoral acts” amid ongoing social and...[via middleeastmonitor.com]
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Saudi Arabia and Indonesia are set to sign a memorandum of understanding (MoU) to facilitate the recruitment of domestic workers from Indonesia to Saudi...[via argaam.com]
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The Ministry of Interior conducted inspection campaigns across Saudi Arabia between March 6 and March 12 to ensure compliance with residency, labor, and border security...[via saudigazette.com]
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Saudi Arabia is set to launch a groundbreaking global Twenty20 league, backed by its $1 trillion sovereign wealth fund. Spearheaded by Australian cricket figure Neil Maxwell,...[via geosuper.tv]
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The Saudi Architecture Characters Map highlights 19 architectural styles inspired by geographical, natural and cultural characteristics, derived...[via saudigazette.com]
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Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley witnessed on Sunday the signing of an agreement between the Environment Fund and the Small and...[via saudigazette.com]
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Developer Diriyah Company — backed by Public Investment Fund — secured $1.6 billion in financing to develop the Wadi Safar project, an upscale residential...[By Kelsey Warner via semafor.com]
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The United States will keep attacking Yemen's Houthis until they end...[By Phil Stewart, Mohammed Ghobari and Gabriella Borter via reuters.com]
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Improvements in the availability and quality of digital infrastructure and services have yet to impact productivity growth in the Gulf economies...[By Valentina Pasquali via agbi.com]
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A large majority of Palestinians in Gaza are classified as refugees dating back generations. The suggestion that they could again be uprooted, with no guarantee...[By Greg Myre via npr.org]
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There are two ways to view President Trump's epic, historic, shockingly unexpected ...[By Jim VandeHei , Mike Allen via axios.com]
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U.S. President Donald Trump said on Thursday that Israel would hand over Gaza to the United States...[By James Mackenzie and Jana Choukeir via reuters.com]
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But even if his plan is a nonstarter, which it almost certainly is, it’s not because that was the intent all along. Rather, it is...[By Jonathan Panikoff via atlanticcouncil.org]
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Trump presented his territorial expansion and ethnic cleansing proposal as a humanitarian gesture of kindness toward the Palestinians, noting that they live in intolerable...[By Hussein Ibish via msnbc.com]
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There has been much debate over whether Trump's threat of high tariffs on some of his closest trade partners was a negotiating tactic. The events...[By Eugenia Perozo via investmentmonitor.ai]
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As of November 2024, GlobalData’s jobs analytics database found that there were more than 55,000 active AI-related job listings worldwide. While the market has...[via verdict.co]
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With the United Arab Emirates’ Hussain Sajwani investing $20 billion in US data centers, CNN examines how US policies impact tech industries...[via cnn.com]
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