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  • Egypt leads 2022 gains, Saudi marks first annual loss in 7 years

    According to Wael Makarem, senior market strategist – MENA at Exness, stock markets have witnessed a difficult period in 2022 as inflation, rising interest rates and the war in Ukraine strongly impacted investor sentiment.

  • Saudi Arabia announces re-tendering of Taiba (3.6GW) and Qassim (3.6GW) IPP Projects

    In alignment with KSA’s Saudi Green Initiative, and its stated greenhouse gases (GHGs) net-zero ambition by 2060 through deployment of technologies for circular carbon economy approach in addition to the energy sector’s objectives to ensuring security of supply, diversity of market participation, fair competition, and transparency, the Saudi Power Procurement Company will be re-tendering Taiba and Qassim projects into four (4) smaller combined cycle power projects of 1800MW capacity each with provision for Carbon Capture and Sequestration (CCS) readiness.

  • Saudi, Russian FMs Discuss Ukraine Crisis 

    Prince Faisal underscored to Lavrov Saudi Arabia’s efforts with all involved parties, adding that the Kingdom supports international efforts to resolve the crisis through political means. The FMs discussed bilateral relations between Riyadh and Moscow and ways to bolster them in all fields. They exchanged views on regional and international developments and efforts exerted towards them.

  • Saudi Arabia raises electricity output by 3.35% in 2021

    Saudi Arabia’s total production of electricity jumped to 358,637 gigawatts per hour by the end of 2021. This marked an increase of 11,609 gigawatts, equivalent to 3.35 percent, compared to 2020, when production was about 347,028 gigawatts, according to recent figures released by the General Authority for Statistics (GaStat). The total residential consumption of electricity accounted for about 142,484 gigawatts per hour, and this figure marked an increase of 3.5 percent, equivalent to 4825 gigawatts per hour, compared to the previous year.

  • Container shipping’s ‘big unwind’: Spot rates near pre-COVID levels

    The Freightos Baltic Daily Index (FBX) assessed China-West Coast rates at $1,378 per forty-foot equivalent unit on Monday. The index has been relatively unchanged since Nov. 23 and is down 93% from its all-time high in September 2021. It has now done a full round trip since the beginning of the COVID-induced consumer boom — it’s back where it was at this time of year in 2019.

  • Saudi Arabia, Bahrain launch bilateral naval exercise

    The “Bridge 23” drill includes forces from the Royal Saudi Navy, represented by the Eastern Fleet, and the Royal Bahraini Navy. It was launched in the presence of Royal Bahraini Navy Cmdr. Rear Adm. Mohammed Al-Assam and military attache at the Saudi Embassy to Bahrain Brig. Gen. Fahad Al-Thunayan, as well as a number of senior officers taking part in the exercise.

  • Uproar over Qatar’s gift of Arab cloak to Messi sparks ‘racism’ claims

    According to Arab tradition, placing a bisht on someone’s shoulders denotes respect, appreciation, and celebrates achievements.

  • Saudi insurance sector remains robust; posts 27% growth in Q3

    KPMG in Saudi Arabia said in its latest “Insurance Pulse”, that most categories reported growth, with motor and medical segments topping the list with the biggest contributions of 78% and 66% to GWPs and net underwriting income, respectively, for the nine-month period ending September 30, 2022. A similar trend is expected for the entire year of 2022, KPMG said.

  • Snow blankets Saudi Arabia’s northern mountains

    It’s snow season now in Saudi Arabia. The mountains of Al-Lawz area in Tabuk region were covered in snow from early Tuesday morning, the Saudi Press Agency (SPA) reported. Areas covered with snow became a tourist attraction for Tabuk residents and visitors who arrived from various regions to enjoy the snow and the beauty of that area that witnessed snow.

  • A Saudi Arabian Dairy Giant in Siphoning Off Arizona’s Groundwater

    Many more agricultural operations are drawing down the state’s underground water reserves for free. And most of them are U.S.-owned. Minnesota’s Riverview Dairy company, for example, has a farm near Sunizona, Ariz., that has drained so much of the aquifer that local residents have seen their wells dry up. Meanwhile, some California-based farms, facing tougher groundwater regulations at home, are looking to relocate to neighboring Arizona for cheap water. These companies and other megafarms can afford to drill deep wells, chasing the rapidly sinking water table.