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  • ‘Saudi Arabia’s first Direct Air Capture Plant is in design stage’

    Saudi Arabia is designing its first Direct Air Capture plant and has set 8 pilot projects in motion to test the use of hydrogen in the mobility sector, a senior official from the Kingdom’s Ministry of Energy said. Zeid Al Ghareeb, Director of Circular Carbon Economy National Programme said the Kingdom’s first Direct Air Capture plant, which will capture carbon dioxide (CO2) from the atmosphere, is currently in the design phase. He did not disclose details about capacity or development timeframe but said the Kingdom plans to accelerate the deployment of this technology.

  • Barclays weighs Saudi re-entry amid capital markets boom – sources

    Barclays (BARC.L) is exploring a return to Saudi Arabia in a bid to capture a slice of the country's burgeoning capital markets, two people close to the matter told Reuters. The British bank is looking at securing a license in the kingdom to be able to manage deals including initial public offerings (IPOs), the people said, speaking on the condition of anonymity. They added the deliberations were at an early stage and no final decision has been made.

  • How NEOM is preserving and enhancing Saudi Arabia’s natural capital

    It was clear during COP27 that only through strong leadership and new technologies can we combat climate change, house an additional population of 3.2bn people by 2100, all while preserving our natural capital. Natural capital is our greatest resource, a wealth that resides not just in the environment, but also in social and economic benefits. This is a realisation NEOM has had for years.

  • EU meets to try to break gas price cap impasse

    European Union energy ministers are meeting in Brussels on Tuesday to try to agree a bloc-wide cap on gas prices after months of deadlock over whether the measure can ease Europe's energy crisis. After weeks of infighting between countries, the European Commission proposed a price cap last month - the latest EU response to a crisis caused by Russia cutting gas deliveries to Europe this year, leading to energy price spikes.

  • Saudi energy minister sees no clear results yet from Russia price cap

    "What is happening now in terms of sanctions and price caps imposed and all of it really did not bring clear results, including measures implemented on Dec. 5, we see a state of uncertainty in implementation," Prince Abdulaziz told a forum held following the country's 2023 budget announcements.

  • How will the G7 implement the $60 Russian oil cap?

    The group of the world’s most developed economies established the price cap “to prevent Russia from profiting from its war of aggression against Ukraine, to support stability in global energy markets, and to minimize negative economic spillovers of Russia’s war of aggression,” according to a joint statement. The new price on Russian-origin crude oil is meant to enter into force starting Dec. 5. For petroleum products from the region, the timeline is Feb. 5, 2023. Two prices for Russia’s petroleum—one for high-value and another for low-value refined products—are yet to be announced.

  • Saudi Arabia clears 725 industrial projects worth $265bn in 9 months to build domestic capacity 

    Saudi Arabia has issued permits for 725 industrial projects worth an accumulated SR1.37 trillion ($265 billion) in the first nine months of 2022, according to data from the Ministry of Industry and Mineral Resources. This comes as the Kingdom is pushing to develop domestic industrial and manufacturing sectors as part of its strategy to diversify away from the oil-based economy. In September alone, the ministry issued permits for 79 industrial projects estimated to be SR3.1 billion with up to 1,882 licensed workers, the data revealed.

  • Saudi Arabia clears 725 industrial projects worth $265bn in 9 months to build domestic capacity 

    Saudi Arabia has issued permits for 725 industrial projects worth an accumulated SR1.37 trillion ($265 billion) in the first nine months of 2022, according to data from the Ministry of Industry and Mineral Resources. This comes as the Kingdom is pushing to develop domestic industrial and manufacturing sectors as part of its strategy to diversify away from the oil-based economy. In September alone, the ministry issued permits for 79 industrial projects estimated to be SR3.1 billion with up to 1,882 licensed workers, the data revealed.

  • Oil prices rise as cap on Russian crude kicks in

    Oil prices have risen amid concerns that a new cap on the price of Russian crude could disrupt global supplies in the coming months. A separate decision by major oil-producing countries to keep cutting how much they produce to prop up prices has also fuelled the rise. The price of Brent crude oil rose by almost 2% on Monday to $87.25 a barrel. But this is still well below the highs seen after Russia invaded Ukraine.

  • No OPEC+ oil shakeup as Russian price cap stirs uncertainty

    The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia’s oil earnings in response to its invasion of Ukraine. Those are: a European Union boycott of most Russian oil and a price cap of $60 per barrel on Russian exports imposed by the EU and the Group of Seven democracies.