MUST-READS

• Fourth Saudi Airlift Plane Arrives in Syria

  The third relief plane of the Saudi airlift, operated by the King Salman Humanitarian Aid and Relief Center (KSrelief), arrived today at Damascus International Airport in Syria, carrying food, shelter, and medical supplies. This assistance is an extension of Saudi Arabia's continuous humanitarian and relief efforts through the Kingdom’s humanitarian arm, KSrelief, to support those in need worldwide during times of crisis.

• Saudi discusses backing Syria’s transitional political process
  Saudi Defence Minister Prince Khalid Bin Salman yesterday announced that he had held a “productive meeting” with senior officials from Syria’s new administration, including the foreign minister, defence minister and head of general intelligence. In a post on X, Prince Khalid announced that he held discussions with Foreign Minister Assad Al-Shaibani, Defence Minister Murhaf Abu Qasra and Intelligence Chief Anas Khattab regarding the latest developments in Syria. The talks focused on supporting the transitional political process to fulfil the aspirations of the Syrian people while safeguarding Syria’s security, stability and territorial integrity, as reported by Asharq News channel.

• HR Ministry: 45% increase in wages of Saudis working in private sector

  The Ministry of Human Resources and Social Development noted that the wages of Saudis working in the private sector increased by 45 percent during the year 2024. Efforts to empower women had a significant impact on enhancing their economic participation, as their participation rate in the labor market increased to 35.8 percent, exceeding the targets of Vision 2030, and the percentage of women in middle and senior management positions increased to 43 percent. There has been an increase in the number of Saudis working in the private sector reaching 2.4 million male and female employees. This include 361,000 Saudis entering the labor market for the first time. The private sector contributed 50.5 percent to the employment of citizens.

• Saudi Arabia announces prequalified bidders for 2 GW/8 GWh battery storage tender

  The Saudi Power Procurement Company (SPPC) has released a list of 33 prequalified bidders for its 2 GW/8 GWh battery energy storage system (BESS) tender. The tender, structured as a build-own-operate model, attracted major international players including Masdar, ACWA Power, EDF, TotalEnergies, Jinko Power and more. Prominent companies from China, South Korea, and Japan also feature, including Samsung, the China Energy Overseas Investment Company, China Power Engineering Consulting Group International Engineering, and China Southern Power Grid International.

• Saudi Arabia further extends tax amnesty initiative until 30 June 2025

  On 29 December 2024, Saudi Arabia's Zakat, Tax and Customs Authority (ZATCA) announced the Minister of Finance's decision to extend the Cancellation of Fines and Exemption of Financial Penalties Initiative for taxpayers subject to all tax laws for six months until 30 June 2025. The initiative, previously extended from 1 January 2024 through 30 June 2024, and until 31 December 2024, has been further extended for another six months to continue to provide relief to taxpayers and businesses who meet the qualifying requirements. The ZATCA has published a Simplified Guide — Cancellation of Fines and Exemption of Financial Penalties to help taxpayers understand the details of the initiative.

• Something old, something new: GCC energy trends in 2025

  The oil price is currently a bit lower than the GCC countries would like it, set to end the year at around $74 per barrel for Brent crude. At this price, Saudi Arabia and Kuwait run moderate budget deficits, while the UAE, Qatar and Oman will record decent surpluses. Revenues are high enough to avoid a crisis and provide ample funds for growth; low enough to encourage reform and ward off complacency. So GCC energy policies in 2025 have the following recipe: maximise oil and gas revenues, continue development and reform of the traditional petroleum sector, and expand into new energy and related businesses, both at home and abroad. Opec+ has not enjoyed a successful year. Despite continuing its production restraint, including extension of the voluntary cuts by some members throughout 2024, oil prices ended in virtually the same place as they began. They have slipped steadily since briefly topping $91 per barrel in April.

• China-US tech tensions threaten GCC telecom strategy

  Gulf countries risk being dragged into the great power “rivalry” between China and the United States when it comes to advanced technology, forcing them to pick a side. As high-tech restrictions are rolled out by Beijing and Washington, the days of buying state-of-the-art semiconductors from the US while installing China’s 5G networks might be over, according to industry insiders. Mohammed Soliman, director for strategic technologies and cybersecurity at the Middle East Institute, says GCC countries have so far managed to strike a balance between exploiting Chinese technology and maintaining strong ties with the US. “However, the intensifying US-China rivalry will make accessing both tech ecosystems increasingly difficult, impacting supply chains, intellectual property and talent flows,” Soliman warns.

• Assad’s fall spurs calls to revive Iraq-Syria oil pipeline

  The overthrow of the former Syrian president, Bashar Al-Assad, has brought calls for the revival of the now-defunct pipeline that once carried crude oil from Iraq to a Syrian port on the Mediterranean. Several Iraqi experts have urged their government to consider rebuilding the facility as an outlet for the Opec member’s oil exports to Europe.  An adviser to Iraq’s prime minister Mohammed Al-Sudani said there was a need for negotiations between the two Arab neighbours to set the groundwork for the pipeline’s resurrection. But other analysts disagreed with these calls, on the grounds that the situation in Syria is uncertain and Iraq’s oil exports to Europe have been falling in favour of Asian markets.

• Saudi Arabia Records SAR 20.769 Billion Trade Surplus in October 2024 with 30% Growth

  Saudi Arabia’s trade balance recorded a 30% monthly growth, achieving a surplus of SAR 20.769 billion in October 2024, according to the Kingdom’s recently released global trade bulletin. This marks an increase of over SAR 4 billion from SAR 15.999 billion in September. The Kingdom's total international trade volume reached SAR 164.794 billion in October, reflecting a 2% growth (SAR 2.594 billion) compared to SAR 162.200 billion in September. Merchandise exports contributed SAR 92.782 billion to the total trade volume, while imports accounted for SAR 72.012 billion. Non-oil exports in October totaled approximately SAR 19.413 billion, representing 21% of total exports. Meanwhile, oil exports amounted to SAR 67.399 billion, constituting 72.6% of total exports, and re-exports totaled SAR 5.968 billion, making up 6.4%.

• Gulf-UK trade deal has a sporting chance, minister says

  A finalised free trade agreement between the UK and Gulf Co-operation Council states could be on the home stretch, and the growing trade in sports equipment with the Gulf illustrates the need for it, a British trade minister has said. Trade policy minister Douglas Alexander highlighted the sports industry as “a great example of British expertise” and said “a trade deal with the GCC would build on our already strong trading relationship, make it easier and quicker for UK companies to export, and create exciting opportunities for UK businesses in the region”. The UK and the six-country Gulf bloc are thought to be closing to sealing an FTA, which could boost trade between the two sides by 16 per cent, potentially adding an extra £8.6 billion a year to the trade relationship in the long run.

• 10 of 63018 results<< 1 … 116 117 118 … 6,302 >>