MUST-READS

• Saudi Arabia’s $1.5B Solar Thermal Project Powers Green Manufacturing

  Saudi Arabia is making a bold move toward decarbonization and industrial sustainability with the launch of the $1.5 billion Ma'aden I initiative. Spearheaded by GlassPoint in collaboration with Saudi Arabia's Ministry of Investment (MISA) and Ma'aden, this project represents the world’s largest industrial solar thermal endeavor, aiming to transform the aluminum supply chain while bolstering Saudi Vision 2030. The initiative begins with the GlassPoint Ma'aden Technology Showcase (GMTS), introducing groundbreaking advancements in solar-to-heat technology. Key innovations include anticlastic polymer membranes and high-performance Niobium mirrors, which have significantly reduced solar field costs by 30% and thermal storage expenses by 50%. These developments are crucial to achieving cost-effective decarbonization in industrial processes.

• ‏Saudi Electricity Company Signs a Landmark $3.6 Billion International Financing Agreement

  The Saudi Electricity Company (SEC) announced today, the signing of a $3.6 billion international syndicated financing agreement (equivalent to 13.5 billion SAR) with leading global and regional banks. The participating financial institutions include Industrial and Commercial Bank of China (ICBC), Bank of China, Agricultural Bank of China, Bank of Communications, China Construction Bank, KFW IPEX-Bank, State Bank of India, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Boubyan Bank, Dubai Islamic Bank, and Saudi Investment Bank.

• Saudi Arabia announces the establishment of a new international water research center

  Saudi Arabia has announced the establishment of a new international water research center. The center was established in a partnership between the Ministry of Environment, Water and Agriculture and King Abdullah University of Science and Technology (KAUST), under the patronage of the Minister of Environment, Water and Agriculture, Eng. Abdulrahman Al-Fadley. The announcement was made during the high-level dialogue session "Sustainable water management in arid and semi-arid regions for drought and land resilience," as part of the activities of the Sustainability Innovation Week during the 16th session of the Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD Cop16). The center will be a leading global platform for applied research in the field of water research, including water economics, water security, water pollution, advanced technologies, and digital monitoring.

• Saudi Arabia will host the 2034 World Cup. But when exactly?

  Saudi Arabia proposes 15 stadiums — eight still on paper — in five cities: Eight in the capital Riyadh, four in the Red Sea port city Jeddah, and one each in Abha, Al Khobar and Neom, the planned futuristic mega-project. Each would have at least 40,000 seats for World Cup games. The opening game and final are set for a 92,000-seat venue planned in Riyadh. Some designs are vivid. In Neom, the stadium is planned 350 meters (yards) above street level and one near Riyadh is designed to be atop a 200-meter cliff with a retractable wall of LED screens. Saudi Arabia aims to host all 104 games, though there has been speculation that some games could be played in neighboring or nearby countries.

• Saudi Arabia lights up after being named as host for FIFA World Cup 2034

  Fireworks illuminated the skies of Riyadh, Jeddah, Alkhobar, Abha, NEOM, Al-Qassim, and Jubail at 8:34 p.m. on Wednesday, after the official announcement from an online ceremony that was broadcast at a Riyadh event attended by Sports Minister Prince Abdulaziz bin Turki Al-Faisal and other officials. The dazzling displays reflected the spirit of unity and excitement surrounding the country’s historic achievement. In celebration,  dynamic drone shows are to captivate audiences in Riyadh, Jeddah, Alkhobar, and Abha. The football-themed festivities, which run until Dec. 14, invite citizens and residents to showcase their national pride by wearing football jerseys and sharing their moments on social media using the hashtag #Saudi2034.

• Saudi Oil Supply to China Set for Three-Month High in January

  Saudi Arabia is expected to ship in January the highest crude oil volumes to China in three months, after the world’s top crude exporter cut its prices for Asia for next month, trade sources told Reuters on Thursday. Saudi Arabia plans to ship a total of 46 million barrels of crude oil to the world’s largest crude importer in January, the highest volume since October. January deliveries will be significantly higher than the 36.5 million barrels expected to be shipped from Saudi Arabia to China in December. This month will see a second consecutive month of lower Saudi deliveries to China.

• Assad’s final hours in Syria: Deception, despair and flight
  Bashar al-Assad confided in almost no one about his plans to flee Syria as his reign collapsed. Instead, aides, officials and even relatives were deceived or kept in the dark, more than a dozen people with knowledge of the events told Reuters. Hours before he escaped for Moscow, Assad assured a meeting of about 30 army and security chiefs at the defence ministry on Saturday that Russian military support was on its way and urged ground forces to hold out, according to a commander who was present and requested anonymity to speak about the briefing.

• Blinken says he discussed Gaza ceasefire agreement with Turkish top officials
  U.S. Secretary of State Antony Blinken said on Friday that he discussed the imperative of Palestinian militant group Hamas' saying 'yes' to the Gaza ceasefire agreement in his talks with Turkey's President and Foreign Minister. "In my discussions with President Erdogan and with Minister Fidan we talked about the imperative of Hamas saying yes to the (Gaza) agreement that's possible to finally help bring this to an end," Blinken said, following his meeting with Turkish foreign minister Hakan Fidan in Ankara.

• Guggenheim considers Saudi headquarters

  US-based Guggenheim Partners Investment Management — which manages $335 billion in assets — is considering establishing a regional headquarters in Saudi Arabia, Anne Walsh, the firm’s Chief Investment Officer, told Semafor. Guggenheim has an office in Dubai, and Walsh said the firm is looking to expand in the Gulf. While Guggenheim primarily invests in the US, it is eyeing infrastructure opportunities in the region, she said.

• Goldman Sachs Names Alzaim Saudi CEO as US Bank Boosts Presence

  Alzaim will also continue in his role as head of investment banking for Saudi Arabia, according to an internal memo seen by Bloomberg. He joined Goldman in 2021 as an executive director and was named managing director in 2023. Prior to that, he served as an associate director in the investment banking advisory team at HSBC Saudi Arabia. He succeeds Khalid Albdah, who left Goldman after nearly a decade in October. Albdah has since been named as the head of the Middle East, North Africa and New Markets business of Neuberger Berman.

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