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  • Netanyahu sacks defence minister, jolting Israeli politics as war grinds on

    Israeli Prime Minister Benjamin Netanyahu fired Defence Minister Yoav Gallant on Tuesday, citing a “crisis of trust”, and replaced him with close ally Israel Katz to lead the country’s war in Gaza and Lebanon. Netanyahu’s critics accused him of putting politics ahead of national security at a time when Israel is bracing for Iranian retaliation to its Oct. 26 airstrikes on the Islamic Republic.
    After Gallant was fired, protesters in Israel blocked highways and lit bonfires on roads, police said.

  • Saudi hits back at claim of 21,000 deaths due to safety violations

    In response, the National Council for Occupational Safety and Health published a statement to the Saudi Press Agency (SPA) refuting the claims. The council deemed the documentary a “misinformation campaign” involving “unfounded statistics lacking credible sources”, and reiterated Saudi’s commitment to workplace safety.  Also, the council emphasised that comprehensive health insurance, preventive care and safety protocols are mandated by Saudi labour laws to protect workers. Regulations also prohibit outdoor work during peak summer hours to prevent heat-related health incidents. According to Saudi officials, the nation’s work-related fatality rate is among the lowest in the world, at 1.12 fatalities per 100,000 workers.

  • Understanding Saudi Arabia’s Civil Transactions Law: A Cornerstone of Vision 2030 Reforms

    In a significant development, Saudi Arabia introduced the Civil Transactions Law (CTL or KSA Civil Code) on June 19, 2023, which came into effect December 16, 2023. This law, established by Royal Decree M/191, reflects a bold commitment to codifying Shari’ah principles, addressing commercial challenges, and aligning the nation’s legal framework with international standards. The CTL is an essential component of Vision 2030, Saudi Arabia’s roadmap for economic diversification and transformation. This reform is poised to improve legal certainty and create a predictable business environment, making Saudi Arabia a more attractive destination for local and foreign investments.

  • Saudi Arabia launches tender for 8 GWh of battery storage in world’s largest deal

    The Saudi Power Procurement Company (SPPC) has begun qualifying bidders for an enormous undertaking of four grid-scale battery projects totaling 8 GWh of storage capacity across the Kingdom. The projects mark the first phase of Saudi Arabia’s battery storage program, designed to support its goal of 50% renewable energy by 2030. Each 500 MW facility will operate for four hours, providing 2,000 MWh of total power capacity, said the Saudi Power Procurement Company (SPPC).

  • Strengthening Civil Aviation Partnership Between the United States and Saudi Arabia

    U.S. Deputy Assistant Secretary of State for Transportation Affairs Heidi Gómez and Saudi Executive Vice President of Air Transport and International Cooperation Ali bin Mohammed Rajab signed on October 22 a record of discussions finalizing negotiations on a Protocol of Amendment to further expand the U.S.-Saudi Arabia Air Transport Agreement of 2013.  The signing took place during the International Civil Aviation Organization (ICAO) Air Services Negotiation Event (ICAN2024) in Kuala Lumpur, Malaysia.  Once signed and entered into force, the Amendment will add seventh-freedom traffic rights for all-cargo operations to the bilateral Air Transport Agreement.

  • Saudi Aramco Keeps World’s Biggest Dividend as Debt Jumps

    The test for how long the payout can be maintained will likely come early next year, when a special component that amounts to about $10 billion a quarter is scheduled to start shrinking. Aramco is already paying out more than it’s earning as Saudi Arabia’s ambitious economic transformation plans widen the government’s budget deficit. It’s pushed the company into a net debt position for the first time in two years.

  • Saudi Arabia water crisis: how do they handle sustainable agriculture and water management?

    Dutch technology and expertise are central to these efficiency improvements. "There’s a strong awareness in the region that the current situation is unsustainable," according to Landhuis. "Over recent years, particularly in the UAE and Saudi Arabia, we’ve seen the construction of large-scale closed greenhouse systems and a growing interest in vertical farming. To give you an idea, the water used for producing one kilogram of tomatoes in a high-tech greenhouse is about 5 liters, compared to over 200 liters in many traditional systems. Much of this technology and knowledge comes from the Netherlands, particularly from Wageningen University & Research (WUR).”

  • Saudi megafund’s success rests on fuzzy local bets

    Saudi Arabia’s main mission is to diversify its heavily oil-dependent economy. But that “Vision 2030” project is undergoing a transition of its own. The kingdom’s $950 billion Public Investment Fund (PIF), tasked by Crown Prince Mohammed bin Salman (MbS) with delivery, is increasingly focused on a collection of relatively young domestic firms. While this segment’s value now exceeds $250 billion and is growing rapidly, the PIF’s dual mandate of boosting profits and jobs looks tough.

  • Opinion: Saudi Aramco Is Burning Cash – It Needs to Stop

    Year-to-date, Aramco has paid dividends of $93.2 billion, financed by taking on debt as its free cashflow amounted to just $63.7 billion during the same period. Put simply, Aramco has burned through more than $100 million a day – a day – to finance its distribution to shareholders. Even the fortress-like balance sheet of the Saudi company cannot sustain that for ever. Year-to-date, Aramco has paid dividends of $93.2 billion, financed by taking on debt as its free cashflow amounted to just $63.7 billion during the same period. Put simply, Aramco has burned through more than $100 million a day – a day – to finance its distribution to shareholders. Even the fortress-like balance sheet of the Saudi company cannot sustain that for ever.

  • Desert Technologies to build 5GW solar cells and modules plant in Saudi Arabia

    The plant will have an annual nameplate capacity of 5GW, of which 3GW for solar cell capacity and 2GW for PV modules. However, the company did not disclose what technology will be used for the solar cells. PV Tech has reached out to Desert Technologies about it. The project will be located in Jeddah’s Third Industrial City and will leverage “advanced manufacturing technologies that adhere to the latest global quality standards”, according to the company. It added that the capacity produced at the plant will cater to the local market, while boosting the country’s exporting capacity.