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  • ‘Wild, beautiful, untrodden:’ The epic hiking trails emerging in Saudi Arabia

    Hoffler has spent 15 years developing trails in Egypt’s Sinai Peninsula and Jordan and is now working with local guides, including Bedouin scouts, to develop Saudi’s ancient ways for local and international hikers.

    And he insists the notion of Saudi Arabia as just sand, desert and heat is just a mirage.

  • Saudi Arabia Eyes Reviving Multibillion Dollar Aramco Share Sale

    The kingdom is working with a group of advisers and is seeking to potentially raise at least 40 billion riyals ($10 billion) from the share sale on the Saudi stock exchange, the people said, asking not to be identified because the information is private. A successful deal would bring in funds for Crown Prince Mohammed bin Salman’s ambitious push to diversify the economy.

    Plans for the new sale comes four years after Saudi Arabia raised about $30 billion in Aramco’s initial public offering, which was the world’s largest ever stock sale. MBS, as the crown prince is called, has increased his spending ambitions since as he pumps huge amounts of money into the new development Neom, tourism, sports and other projects.

  • Weather warnings in Saudi Arabia amid forecasts of snow and freezing temperatures

    Authorities in Saudi Arabia warned on Tuesday that adverse weather conditions are expected to continue in most parts of the country until Friday, with snow and freezing temperatures forecast in some areas. The National Center of Meteorology also warned of light-to-moderate rainfalls, dusty surface winds, and high waves amid the falling temperatures, the Saudi Press Agency reported.

  • Pentagon not taking Iran-backed militia pause declaration seriously

    A message from an Iran-backed militia to its fighters to suspend attacks on U.S. troops in Iraq and Syria hasn’t changed the Pentagon’s calculus for retaliatory strikes following Sunday’s deadly attack on U.S. troops in Jordan, a spokesman told reporters Tuesday.

    The statement from Kataib Hezbollah, first reported by Reuters, came within hours of President Joe Biden telling reporters Tuesday that he had decided on a response to the fatal drone attack that killed three U.S. soldiers, one the Defense Department said “has the footprints” of a Kataib Hezbollah operation.

  • Israel pounds Gaza, regional tensions high as Hamas studies ceasefire proposal

    Israeli forces pounded areas in northern and southern Gaza on Wednesday after Hamas said it had received and was studying a new proposal for a ceasefire and release of hostages held in the Palestinian enclave.
    The proposal, presented to the Palestinian militant group by mediators after talks with Israel, appeared to be the most serious peace initiative for months in the Israel-Hamas war.
    World powers hope to prevent a wider conflict, but tensions in the Middle East remained high after Yemen's Iran-aligned Houthi rebels said they would keep attacking U.S. and British warships in the Red Sea in solidarity with Palestinians.

  • Opinion: The World Is Transitioning to American Oil From Saudi Crude

    The cancellation, only months before the first of a series of oil field expansions was due to come on stream, was at the behest of the Saudi government, which by law sets what’s known as the maximum sustainable capacity, or MSC. The financial details of the cancellation are unclear, although it’s likely to save Aramco somewhere between $20 billion and $40 billion in capital expenditures over the next five years.

  • Neom to tender $8bn community housing PPP deal

    Saudi Arabia’s Neom is preparing to issue the request for proposals (RFP) for a contract to develop the second wave of its public-private partnership (PPP) housing deals for worker accommodation. According to a source familiar with the project, the second-wave community village scheme will include up to 20 villages, each comprising about 10,000 accommodation units. MEED understands the budget for each village could be $400m-$450m, which means the overall project could be worth over $8bn. Each village has a built-up area of 240,000 square metres.

  • Saudi Arabia’s capacity U-turn was months in the making

    Saudi Arabia's surprise reversal of its oil expansion plan was at least six months in the making and spurred by uncertainty over the market's need for additional spare capacity, an industry source told Reuters on Wednesday. State oil giant Aramco (2222.SE), opens new tab was ordered by the Saudi energy ministry on Tuesday to halt plans to boost its maximum sustainable capacity to 13 million barrels per day (bpd), returning to the previous 12 million bpd target. "I think price management is the priority for 2024 and 2025," said a second person familiar with the matter.

  • Neom to tender $8bn community housing PPP deal

    Saudi Arabia’s Neom is preparing to issue the request for proposals (RFP) for a contract to develop the second wave of its public-private partnership (PPP) housing deals for worker accommodation. According to a source familiar with the project, the second-wave community village scheme will include up to 20 villages, each comprising about 10,000 accommodation units. MEED understands the budget for each village could be $400m-$450m, which means the overall project could be worth over $8bn. Each village has a built-up area of 240,000 square metres.

  • 2023 sees new record for US government-to-government arms exports, boosted by Ukraine aid

    Sales of arms and defense gear by the U.S. government to other governments reached $80.9 billion in fiscal 2023, jumping nearly 56% from the previous year to set a new record, the State Department said Monday. The three-year rolling average for Foreign Military Sales exports rose to $55.9 billion for fiscal years 2021 to 2023, up 21.9% from last year’s mark. Notable examples of government-to-government FMS sales notified to Congress in fiscal 2023 include deals with Poland, Germany, Australia, Canada, and others.