MUST-READS

• Saudi Arabia’s non-oil business activity slows to 2-year low in Jan-PMI

  Non-oil business activity in Saudi Arabia grew at its weakest rate in two years last month, a survey showed on Monday, as a sharp slowdown in new order growth indicated weakening demand. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 55.4 in January, down from 57.5 in December, and the lowest reading since January 2022. The subindex for Output dropped to 58.1 last month, from 61.0 in December, and remained firmly in growth mode, but the pace of expansion in new orders dropped to 60.5 last month, from December's 68.3 reading, signalling a weakness in demand momentum.

• Saudi GAMI Signs 11 Agreements with Global Military Defense Industry Companies

  Minister of Investment Eng. Khalid Bin Abdulaziz Al-Falih and Governor of the General Authority for Military Industries (GAMI) Eng. Ahmad Abdulaziz Al-Ohali witnessed on Monday the signing ceremonies of 11 cooperation agreements and several joint memoranda of understanding with various international companies specialized in military and defense industries. The ceremonies took place on the sidelines of the World Defense Show, which is being held in Riyadh from February 4 to 8. The agreements focus on building the capacity of vital fields. They entail, among others, transfer and localization of technology, establishment of local production lines, and training and developing national talent in these fields. These agreements and MoUs contribute to the strategic objectives of the Kingdom's military industries, such as localizing defense manufacturing, improving military readiness, enhancing industrial participation, and creating investment opportunities that support the Vision 2030 goal of localizing 50% of military equipment and services spending by 2030.

• What are the implications of Saudi Aramco’s pause in expansion?

  It’s like the entire oil industry of Oman or Angola was turned on and then off again. Saudi Aramco, the state oil giant, said on Wednesday that the Ministry of Energy had told it to cancel plans to expand its maximum sustainable capacity (MSC) from 12 to 13 million barrels per day by 2027. Speculations on motivation have abounded. Is this an attempt to drive up longer-dated future oil prices, a recognition that future demand will be weaker, or an acknowledgement of unexpectedly strong expansion from competitors? Is it to save cash? Is there a political angle? The higher target had originally been announced in March 2020, as the Covid-19 pandemic hit, with Saudi Arabia locked in a battle for market share. So perhaps it’s not surprising that four years later and with much water under the bridge, it’s time for a rethink.

• Prince Khalid bin Salman launches locally assembled new Hawk jet

  On the occasion of the rolling out of the latest jet Hawk aircraft assembled in Saudi Arabia, the minister said on his X account: “I was pleased to inaugurate the latest advanced jet aircraft, the Hawk T-165, which was assembled totally in the Kingdom by the Saudi hands, and to honor those working on it. This achievement reflects the extension of the successes of the vision of Crown Prince and Prime Minister Mohammed bin Salman in transferring and localizing technology in the military industries sector.”

• Big Oil’s Optimism Faces Reality Check in Tech-Obsessed Stock Market

  Exxon Mobil Corp. and Chevron Corp. are generating returns not seen since their heyday over a decade ago, with $58.7 billion handed to shareholders last year and more to come in 2024, even if crude prices drop. And yet, they’re struggling to compete in a stock market beholden to Silicon Valley. Chevron hit record production in 2023 while buying back 5% of its stock and forecasts oil and gas growth of as much as 7% this year, led by low-cost barrels from the Permian Basin. It was rewarded with a 3% bump in its shares Friday, slightly better than Shell Plc’s gain a day earlier. Exxon, which is gushing cash from the fast-growing oil discovery in Guyana, fell 0.4%.

• Land Routes Via UAE, Saudi Arabia Tested to Bypass Houthi-Menaced Red Sea

  An Israeli software startup and one of the world’s biggest shipping lines are among companies that for the first time are opening up commercial trade routes running through the heart of the Middle East to bypass the Houthi-menaced Red Sea.

• Saudi defense minister inaugurates World Defense Show 2024

  The defense minister toured the exhibition, which features participation from over 773 exhibitors representing more than 75 countries, alongside numerous government entities and leading local and international companies in the defense and security sector. He also viewed the aerial displays, static aircraft exhibitions, and ground equipment in the display area. Speaking on the occasion, GAMI Gov. Ahmad Al-Ohali, said that the Kingdom has begun to reap the benefits of the huge support extended by the country’s leadership, with localization rates in the defense sector increasing from 4 percent to 13.6 percent at the end of 2022.

• Huge draw for Saudi made Lucid EV, equipped with drone and AI, at Riyadh World Defense Show

  The first ever Saudi made Lucid electric vehicle, equipped with drone and artificial intelligence technologies, is on display at the World Defense Show, which kicked off in Riyadh on Sunday. Large number of people are visiting this smart patrol vehicle, which is a major attraction at the pavilion of the Ministry of Interior in the show. The electric vehicle which will start being used within the fleet of security patrol vehicles in Saudi Arabia, would have several security features, supported by AI technologies, in the Saudi security forces’ drive in accomplishing their mission.

• Saudi business conditions slowed to 2-year lows in January – PMI

  Business activities in Saudi Arabia have slowed to two-year lows, with increased cost pressures and softening demand affecting growth in the kingdom’s non-oil private sector, according to January’s Purchasing Managers’ Index (PMI). The Riyad Bank Saudi Arabia PMI for January dipped to 55.4 from December’s 57.5, signalling a weak improvement in the health of the country’s non-oil economy. Even though business activity levels expanded at their slowest pace since 2022, it continued to increase across sectors due to a rise in new business intakes. The rate of sales growth eased to a five-month low.

• View of historic and cultural district of Al-Balad in western coastal city of Jeddah, Saudi Arabia

  This photo taken on Feb. 3, 2024 shows a view of the historic and cultural district of Al-Balad in the western coastal city of Jeddah, Saudi Arabia. Al-Balad is famous for its colorful architecture.

• 10 of 57786 results<< 1 … 179 180 181 … 5,779 >>