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  • Houthi Attacks Upend Beijing’s Regional Strategy

    Even though the Houthis have attacked no China-owned ships, leaders in Beijing have become increasingly concerned about the economic costs of the Iran-endorsed Houthi attack campaign. China’s companies depend on the free flow of goods between China and Europe. The Houthi attacks have caused the cost to ship a standard 40-foot container from China to northern Europe to jump from $1,500 to $4,000, according to the Kiel Institute for the World Economy in Germany.

  • CEO for Saudi defense heavyweight SAMI talks Alsalam purchase, Turkish drones, global ambition

    Both indoors and out, it’s nearly impossible to miss the presence of Saudi Arabian Military Industries (SAMI) at this year’s World Defense Show in Riyadh, where the organization is displaying a host of defense platforms, some still under development, that have come under its umbrella over the past years. The displays match the ambition that SAMI CEO Walid Abukhaled says he has for the organization, namely to become one of the top 25 defense contractors in the world — by partnering with international firms, localizing as much production as possible in the Kingdom and snatching up valuable assets, like what Abukhaled said was a virtually finished purchase of the Saudi firm Alsalam Aerospace Industries.

  • Boeing latest to apply for Saudi HQ under government’s new rules

    Boeing Co. applied for a license to establish its Middle Eastern headquarters in Riyadh as the Saudi government increasingly pressures businesses to boost their local presence. The US commercial aircraft manufacturer lodged its formal application “a few days ago” and is working with the Ministry of Investment for approval, Asaad Aljomoai, president of Boeing Saudi Arabia, said at the World Defense Show in Riyadh.

  • Saudi Arabia taps ex-Dell executive as CEO for new PIF manufacturing company

    Global CEO Amit Midha will lead the ambitious plans for the new manufacturing hub in the kingdom. Chaired by Saudi Crown Prince Mohammed bin Salman, Alat is targeting the creation of 39,000 direct jobs in Saudi Arabia and a $9.3 billion contribution to GDP by 2030. The company is launching with more than 30 product categories including robotics, computing and digital entertainment, as well as advanced heavy machinery.  Alat, which will officially open for business on Feb. 20, also has a sustainability component and plans to work with global companies to reduce their emissions and move towards zero-carbon manufacturing.

  • Red Sea attacks increase shipping times and freight rates

    Ships transiting between Europe and Asia via the Suez Canal must pass through the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden. The Bab el-Mandeb Strait is an important oil and natural gas chokepoint, accounting for 12% of seaborne oil trade and 8% of liquefied natural gas (LNG) trade in the first half of 2023. Major oil and natural gas companies that are avoiding the Red Sea include Equinor, which operates mostly natural gas carriers, and bp, which operates both oil and natural gas carriers. As of January 23, 2024, other major energy companies pausing Red Sea transits include Euronav, QatarEnergy, Torm, Shell, and Reliance.

  • McKinsey and BCG warn staff face jail if they reveal Saudi work

    The heads of consulting giants McKinsey and BCG told US lawmakers on Tuesday that their employees in Saudi Arabia could face jail if the firms handed over details of their work for the country’s sovereign wealth fund without approval from the kingdom. Bob Sternfels of McKinsey and Rich Lesser of BCG had been summoned to appear before Congress, along with the chief executive of smaller consultancy Teneo and the dealmaker Michael Klein, after the four firms failed to comply with a subpoena demanding information about their work for the $700bn Public Investment Fund. A Senate committee is investigating how Saudi Arabia is using “soft power” such as sports investments to extend its influence in the US, and lawmakers assailed the consulting groups for their work in the kingdom at a hearing on Tuesday.

  • Saudi Arabia achieves historic reduction in dust and sand storms in January 2024

    Saudi Arabia has witnessed the most significant reduction in dust and sand storms in January 2024, marking the highest decrease in 21 years. The reduction, which stands at an impressive 94%, is a direct result of the concerted efforts by the Ministry of Environment, Water and Agriculture (MEWA), alongside the initiatives under the Kingdom's Vision 2030. The Sand and Dust Storm Warning Regional Center highlighted in its latest report remarkable reductions across various regions. Riyadh experienced a complete cessation of dust and sand storms, recording a 100% decrease. Similarly, Dammam also achieved a 100% reduction in such environmental phenomena during the same period. Meanwhile, Wadi Al-Dawasir Province and Al-Ahsa Province saw significant decreases of 81% and 83%, respectively

  • Expat remittances in Saudi Arabia at all-time low in a decade

    Remittances of foreigners working in Saudi Arabia showed a downward trend in 2023 for the second year in a row, standing at SR124.9 billion, their lowest in more than a decade, according to a Saudi report. In 2022, the remittances reached SR143.2 billion against SR153.5 billion the previous year. Their highest level was recorded in 2015 when they surged to SR156.9 billion, Al Eqtisadia reported, citing data from the Saudi Central Bank. Last year’s figure was the lowest since 2011.

  • 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.

  • What Israeli Soldiers’ Videos Reveal: Cheering Destruction and Mocking Gazans

    Since Israel’s invasion in October, soldiers have shared videos from Gaza on social media, offering a rare, unsanctioned look at operations on the ground. Some have been viewed by small circles of people; others have reached tens of thousands. The New York Times reviewed hundreds of these videos. Some show unremarkable parts of a soldier’s life — eating, hanging out or sending messages to loved ones back home.