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  • ACWA Power commissions 700-MW solar park in Saudi Arabia; First of four planned for 2024
     

    Co-owner ACWA Power has commissioned The 700-MW Ar Rass solar photovoltaic project located in Qassim province, north of Riyadh. The electricity from Ar Rass will go to the national grid under a 25-year offtake agreement with the Saudi Power Procurement Company (SPPC).

     
  • Saudi’s Public Investment Fund issues 2023 Annual Report
    • August 20,2024
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    PIF governor Yasir Al Rumayyan noted that the fund has increased its global reach, unveiled giga-projects, launched portfolio companies and delivered “ahead of financial return targets – in line with the goals of its Vision Realisation Programme  2021-2025”.

     
  • KSA and it’s summer power surge challenge
     

    In terms of oil consumption used for its electricity sector Saudi Arabia matches the entire oil consumption of Italy, Spain or Turkey. The kingdom’s oil for power use spikes over 1 million barrels per day in summer to generate power and water. 

     
  • Saudi Arabia’s Capex Super Cycle – Goldman Sachs
     

    In its informative August 14, 2024 Briefing Insight entitled “Only a quarter of Saudi Arabia’s $1 trillion capex plan will go into oil” Goldman Sachs’ analyst team examines the Kingdom’s projected capital expense spending to 2030.

     
  • Saudi Arabia leads GCC IPO momentum in Q2 2024
     

    In Q2 2024, the GCC witnessed a significant uptick in IPO activity, with 13 listings raising a combined $2.64 billion. This surge in capital was primarily focused on the healthcare, education, and technology sectors.

     
  • Calligraffiti – Saudi Artist Ahmed Al-Sulaimani
     

    Saudi artist Ahmed Al-Sulaimani is making a name for himself blending Arabic calligraphy and graffiti-inspired techniques and was recently featured in an Arab News report.

     
  • Saudi Arabia Updates Investment Law
     

    Building on previously announced reforms under Vision 2030 and the National Investment Strategy, the Cabinet has approved an updated investment law for Saudi Arabia. The updated law brings together several existing freedoms and rights and expressly applies them to investors under one unified framework, providing investors with greater transparency, flexibility and confidence.

     
  • Prince Mohammed bin Salman Royal Reserve
    • August 9,2024
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    Covering 24,500 KM2, the Prince Mohammed Bin Salman Royal Reserve is located south of Neom in northwestern Saudi Arabia. It covers 1% of Saudi Arabia’s terrestrial area and 1.8% of its marine area, it is home to over 50% of the Kingdom’s marine and terrestrial species.

     
  • Halo Space Preparing For Saudi Arabian Stratospheric Test Flight
     

    Spanish company HALO Space is developing a new form of space travel called stratospheric ballooning. This involves using a large helium-filled balloon to carry a pressurized capsule carrying passengers up to the stratosphere, which is about 35 kilometers 922 miles) above the Earth’s surface.

     
  • Saudi Arabia announces Labor Law amendments to improve work environment
     

    The Ministry of Human Resources and Social Development said the new amendments encompass 38 articles, deleting seven articles, and adding two new articles to the Labor Law. The new amendments will be effective after 180 days from the date of their publication in the official Gazette.

     

MUST-READS

  • Saudi Arabia offers to buy part of Sharm El Sheikh from Egypt

    Ras Ghamila, which lies at the northern end of Sharm El Sheikh, is one of the resort town’s more upmarket locations, around 15km north of the central district surrounding Na’ama Bay. The local reefs are considered some of the most beautiful of Sharm’s fringing coral reef, and recently made headlines as the site of a Libyan-flagged LPG tanker stranding.

  • Unemployment rate in Saudi Arabia’s labor market at 8.6 percent, women’s participation reaches 34.2 percent

    The unemployment rate dropped from 12.8 percent in 2017 to 8.6 percent in the third quarter of 2023

  • Saudi Arabia condemns attack on UNRWA headquarters in Jerusalem

    The Ministry of Foreign Affairs of Saudi Arabia has condemned the recent attack by Israeli settlers on the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) headquarters in occupied Jerusalem. The attack occurred under the watch of Israeli occupation police. In a statement released on Thursday, the ministry held the Israeli occupation accountable for the recurrent crimes against daefenseless civilians and workers in humanitarian and relief organizations. The statement emphasized the Kingdom's call for the international community to intensify efforts to stop all legal and humanitarian violations and to ensure that the Israeli occupation faces consequences for its continued offenses, which flout international laws and norms.

  • Saudi Arabia’s $100 Billion AI Fund Says US Is No. 1 ‘Partner’

    “The US is the number one partner for us and the number one market for AI, chips and semiconductor industry.” Amit Midha, the head of Saudi Arabia’s new investment fund for semiconductor and artificial intelligence technology Alat, discusses his strategy. He speaks with Bloomberg on the sidelines of the Milken Institute Global Conference in California.  (Source: Bloomberg)

  • How La Liga is building bridges with Saudi Arabia and regional partners

    At the start of March, the La Liga FC Futures U14 tournament was held at the Mahd Sports Academy in Riyadh and won by Spanish club Villarreal. The competition had been organized in partnership with the Kingdom’s Ministry of Sports and saw 12 teams taking part, including eight EA Sports La Liga teams — Barcelona, Cadiz, Atletico Madrid, Sevilla, Villarreal, Real Betis and Osasuna — as well AS Roma from Italy, Portugal’s SL Benfica, Olympique de Marseille ofFrance and Saudi Arabia’s own Mahd Academy.

  • Who’s Who: Abdullah Al-Ajmi, space business development director for Lockheed Martin in Saudi Arabia

    Abdullah Al-Ajmi is the space business development director for Lockheed Martin in Saudi Arabia. He is responsible for coordinating and bolstering the Kingdom’s space efforts. In addition to fostering strategic cooperation between government and commercial enterprises, Al-Ajmi oversees the facilitation of scientific experiments and international research collaborations, as well as the administration of future space-related missions. A retired brigadier general of the Royal Saudi Air Force and Ministry of Defense, he has a wealth of expertise and experience in remote sensing and intelligence, surveillance, and reconnaissance and space systems.

  • US ‘very close’ to bilateral deal with Saudi Arabia as part of Israel normalization

    The US said on Thursday that it was “very close” to reaching an agreement on the bilateral piece of a potential package deal with Saudi Arabia, which would need to include normalization with Israel.

    “The Secretary did meet with the Crown Prince of Saudi Arabia this week when he was in Riyadh… and we are very close to reaching an agreement on the bilateral pieces of a normalization agreement,” State Department Spokesman Matt Miller said after the top US diplomat’s weekend trip to Saudi Arabia.

  • State Department OKs Saudi Arabia’s $250M Blanket Order Training Support FMS Request

    Under the proposed transaction, the U.S. Navy will also provide professional military education support for Saudi Arabia’s naval forces, which will not require the deployment of any additional U.S. government and contractor personnel to the Middle Eastern country.

  • ‘Let’s help Yemen regain ability to chart its own future,’ US envoy Tim Lenderking tells Arab News

    “The onus (is) on the Houthis to stop the Red Sea attacks,” he said. “That can prompt us all to begin to dial back, to de-escalate, to return the situation in Yemen to where it was on Oct. 6, which had considerably more promise and possibility than what exists now, and that’s where we want to return the focus.”

  • Updates On Saudi Arabia’s Regional Headquarters Program

    The multinational company must start RHQ operations within six (6) months after its RHQ license is granted and it must establish three (3) optional activities chosen in the first year of the license operation.