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  • Oil Erases All Gains That Followed Saudi-Led Production Cut

    West Texas Intermediate dipped below $71 a barrel on Tuesday, down by about $1 from Friday’s close. The drop comes after Monday’s short-lived surge following the tense OPEC+ meeting and Saudi announcement. The kingdom also raised its crude prices for July. Saudi Arabia pledged to do “whatever is necessary” to stabilize the market with concerns over the demand outlook, especially from China, weighing on prices in recent weeks. Oil tumbled 11% last month, in part due to resilient Russian output, despite the OPEC+ producer saying earlier this year it would reduce supply.

  • Lucid Motors – futuristic carmaker with long-range, high-end EVs raises more cash from Saudi PIF

    Lucid, like most EV startups, is struggling with rising input costs as it works to ramp production...The EV startup produced 2,314 Lucid Air models in the first three months of the year while delivering 1,406, up nearly 300% YOY. According to the company’s first-quarter results, Lucid generated $149.4 million in revenue while ending the quarter with just over $3.4 billion in cash and around $700 million in credit for $4.1 billion in total liquidity.

  • OpenAI mulling Israel investment opportunities, Microsoft says

    OpenAI is considering investment opportunities in Israel, Microsoft Israel R&D center quoted the company's CEO, Sam Altman, as saying during a visit to the country on Monday. Microsoft, an OpenAI backer, hosted Altman at its Israel headquarters.

  • Saudi Arabia’s $650mln Jubail 3A desalination plant commences full operation

    Saudi Arabia’s 600,000 cubic metres/day (m3/day) Jubail 3A independent water plant (IWP) plant has commenced full operations after receiving the commercial operation certificate from state-run Saudi Water Partnership Company (SWPC), ACWA Power said in a statement. The $650 million greenfield project , also known as Jazlah Water Desalination Company, was delivered by a consortium comprising ACWA Power (40.2 percent), Gulf Investment Corporation (40 percent), and AlBawani Water & Power Company (19.8 percent). The consortium had bid a record low tariff of $0.41/m3 to win the desalination project, which will deliver potable water to three million people in Riyadh and Qassim regions.

  • Saudi Green Initiative steps up its drive against plastic pollution

    As the world is getting choked by plastic pollution, the planet is set to ring in another Environment Day on June 5, focused on ending the nondegradable waste’s disastrous effects. According to the UN Environment Programme, the world produces around 400 million tons of plastic annually, and just 9 percent of it gets recycled. What is worse? Almost 130,000 tons of plastic waste end up in the ocean every year. Within three years of its launch, the Saudi Green Initiative is playing a crucial role regionally in protecting the environment and reducing the use of plastic.

  • Saudi Arabia’s Riyadh Air Reveals Livery, And It’s Stunning

    Saudi Arabia-based startup Riyadh Air has unveiled the first of two striking liveries on its first Boeing 787 Dreamliner. The aircraft, which is not yet in passenger service, is the start of the airline's mission to leverage Saudi Arabia's strategic location as a hub connecting Asia, Africa, and Europe.

  • How Turkey’s president Erdogan has maintained a tight grip on power in the country

    Turkish President Recep Tayyip Erdogan, a populist with increasingly authoritarian tendencies, is scheduled to take the oath of office and start his third presidential term Saturday following his latest election win. Erdogan, who has led Turkey as prime minister or president for 20 years, prevailed in a runoff race last weekend despite the country's ongoing economic crisis and his government's criticized response to a February earthquake that killed more than 50,000 people. Known as “reis,” or “the chief,” among his fans, the 69-year-old Erdogan already is the longest-serving leader in the Turkish republic’s history. His reelection to a five-year term that runs until 2028 extends his rule into a third decade, and he could possibly serve longer with the help of a friendly parliament.

  • Saudi fitness instructor Manahel al-Otaibi targeted in crackdown on dissent in kingdom

    Al-Otaibi has been detained since November 2022. Her case has become prominently known in recent days as activists decided to go public. She faces trial in Saudi Arabia's Specialized Criminal Court, which was established to hear terror cases but now also weighs charges against activists.

  • Lucid To Raise $3 Billion, Mostly From Saudi Majority Stockholder

    According to its most recent financial report released on May 9, Lucid had about $3.4 billion in cash and about $700 million in available credit lines as of March 31. Lucid CFO Sherry House said that was enough to fund the company at least into the second quarter of 2024. The $3 billion raised are critical for Lucid, which struggles with increasing losses and dwindling cash reserves amid recession fears and a price war sparked by Tesla.

  • Saudi Arabian Lessor AviLease Buys 13 Aircraft From Avolon

    While Avolon is one of the largest aircraft owners in the world, AviLease is a newcomer to the market. Joining in July 2022, the firm set itself a target of owning 300 aircraft by the end of the 2020s, per The National News. The quickest way to do so is by purchasing planes from existing owners.