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  • Saudi Arabia Signals a Shift in Oil Strategy

    Saudi Arabia's dilemma is faced by many oil exporters who may want to consider whether setting oil production to full throttle might cause a decline in production flows much sooner than anticipated due to depletion. These exporters in many cases also have growing populations that will demand a greater share of oil crimping exports. This has already caused exports to decline, sometimes rapidly, in a number of oil producing nations. Dallas petroleum geologist Jeffrey Brown outlined this problem long ago in his Export Land Model which has been confirmed over time.

  • Secretary Blinken’s Meeting with Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud in Riyadh

    Secretary of State Antony J. Blinken met today with Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman Al Saud in Riyadh. The Secretary underscored the importance of addressing humanitarian needs in Gaza and preventing further spread of the conflict. The Secretary and Crown Prince continued discussions on regional coordination to achieve an enduring end to the crisis in Gaza that provides lasting peace and security for Israelis and Palestinians alike. They discussed the importance of building a more integrated and prosperous region and reaffirmed the strategic partnership between the United States and Saudi Arabia. The Secretary and Crown Prince also discussed the urgent need to reduce regional tensions, including a cessation of Houthi attacks undermining both freedom of navigation in the Red Sea and progress on the Yemen peace process.

  • McDonald’s says Middle East turmoil is hurting its business

    The burger chain, reporting growing overall sales and earnings for fourth quarter, noted that the overseas tensions were weighing on the region’s sales, and the company is monitoring the evolving situation. The Middle East doesn’t make up a huge part of its overall business. McDonald’s for the most part licenses its brand to independent companies in the region, and McDonald’s said it provided some financial assistance in the form of royalty relief or deferred cash collection.

  • Many Israelis Want Netanyahu Out. But There Is No Simple Path to Do It.

    Prime Minister Benjamin Netanyahu of Israel is on his last legs, it is widely believed, and will be forced to relinquish his post once the war against Hamas in Gaza ends. He is historically unpopular in the opinion polls and blamed for the governmental and security failures that led to the Oct. 7 attack by Hamas, the killings of an estimated 1,200 Israelis and the difficult war that has followed. He faces a long-running trial on a variety of corruption charges.

  • Saudi Arabia’s NEOM opens New York office

    Saudi Arabia’s NEOM has opened its first US office in New York City, which will serve as a base for its business across the US. The announcement comes months after it launched its London office in November to serve as a base for its UK and European business. Nadhmi Al-Nasr, CEO of NEOM, stated the New York office will work towards exploring ‘new partnerships and sources of investment from the US’, a release stated.

  • AlUla Arts Festival turns Saudi Arabia’s ancient city into open-air, living museum

    The AlUla Arts Festival will transform Saudi Arabia’s ancient city into a place of creative inspiration and cultural exchange, turning it into an open-air living museum, AlUla Moments announced. Running from February 9 to 24, the multi-form arts festival returns for the third time with a program that features flagship events, immersive exhibitions, and creative initiatives for a city-wide celebration of all things art.

  • Alstom Wins $540M Contract for Saudi Battery-Power Tramway

    Alstom has won a $540 million contract to construct the world's longest battery-powered tramway in Saudi Arabia. The catenary-free, 22.4-km project will feature 20 Citadis B battery trams manufactured by the French rolling stock manufacturer, and 17 new stations.  Alstom’s contract includes designing a comprehensive system for the tram project as well as integrating, installing, testing and commissioning its battery-powered system. The firm will deliver power supply, signaling, communication and depot equipment as well as providing full tram maintenance for at least 10 years.

  • Saudi Arabia’s grim 2023 growth shows why oil’s price is so important

    One look at Saudi Arabia's latest growth figures explains why the Gulf giant has struggled mightily to boost global crude prices. Driving the news: With oil prices capped despite widespread geopolitical turmoil, Saudi Arabia's growth turned grim in 2023, with gross domestic product tumbling by -0.9 percent, compared with 8.7 percent in 2022. Why it matters: A core member of OPEC, the kingdom is one of the world's largest producers of crude, which plays a crucial role in its revenue picture. Oil accounts for 40 percent of Saudi's GDP, which saw a steep decline in oil activities.

  • Saudi Arabia launches second edition of The PIF Private Sector Forum in Riyadh

    Saudi Arabia on Tuesday launched its second edition of the “PIF Private Sector Forum,” the Kingdom’s premier event of its kind, alongside an exhibition at the King Abdulaziz International Convention Center in Riyadh. Spanning two days, February 6-7, 2024, the forum aims to foster enhanced partnerships and cooperation with the private sector. The initiative aligns with the Public Investment Fund’s strategic goal to boost the contribution of its projects and portfolio companies to the local content (PIF Projects) to 60 percent by the end of 2025, as stated in the Fund’s announcement on Monday.

  • Saudi Arabia joint venture heralds big sea farming expansion

    The aquaculture industry in Saudi Arabia is set for significant growth following the announcement of a new joint venture between NEOM, Saudi Arabia’s development organisation, and fish farming business Tabuk Fisheries Company. Trading as Topian Aquaculture, the new venture will include a hatchery that is expected to become the largest in the MENA (Middle East and North Africa) region by the end of 2024. The hatchery has a planned capacity of 42 million fingerlings and marine-pen production facilities, with production of finfish in the pens projected to reach 20,000 tonnes per year. The strategic agreement was unveiled at the Saudi International Marine Exhibition (SIMEC) in Riyadh.