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  • US passes message to Iran not to escalate at ‘critical moment’ for Middle East

    The United States has been urging other countries through diplomatic channels to tell Iran that escalation in the Middle East is not in their interest, a State Department spokesperson said on Monday, at what Secretary of State Antony Blinken called a "critical moment" for the region. Blinken said Washington was "engaged in intense diplomacy, pretty much around the clock" to help calm tensions amid fears Iran is preparing a retaliatory strike against Israel.

  • Saudi Arabia’s Aramco reports lower half-year profits as economic worries dampen energy prices

    Saudi oil giant Aramco reported half-year profits Tuesday of $56.3 billion, down from the year before amid worries about a slowing global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was $220.7 billion, up from $218.6 billion the year before. Profits in 2023 were $61.9 billion, nearly $5 billion higher.

  • Saudi’s small crude price hike for Asia shows bigger concerns

    Asia's beleaguered oil refiners have received welcome relief on two fronts as crude prices slide and top supplier Saudi Arabia offered some relief. Saudi Aramco , the kingdom's state-controlled producer and the world's largest oil exporter, raised its official selling prices (OSPs) for September-loading cargoes for Asian customers by less than expected. The benchmark Arab Light grade saw an increase of 20 cents a barrel to a premium of $2 barrel above the Oman/Dubai average, Aramco said in a statement on Monday.

  • Saudi Arabia’s World Cup Playbook

    In many ways, the tournament will be the culmination of Saudi Arabia’s ambitions in the sport. Three years ago, the country’s powerful wealth fund bought Premier League club Newcastle United. Cristiano Ronaldo, one of the biggest names in the sport, joined local club Al Nassr for an estimated $200 million annual salary. Efforts to recruit Lionel Messi for $400 million a year didn’t pan out, but Brazilian Neymar and French striker Karim Benzema now play in the Saudi league.

  • U.S. to send more warships, fighter jets to Middle East to bolster defenses

    The U.S. military will deploy additional fighter jets and Navy warships to the Middle East, the Pentagon said on Friday, as Washington seeks to bolster defenses following threats from Iran and its allies Hamas and Hezbollah. The U.S. is bracing for Iran to make good on its vow to respond to the killing of Hamas leader Ismail Haniyeh two days ago in Tehran - one in a series of killings of senior figures in the Palestinian militant group as the war between Israel and Hamas in Gaza rages.

  • Visit Saudi: The Impact of Tourism on the Saudi Economy

    The growth of tourism in the kingdom has been rapid. Spending by nonresidents visiting Saudi Arabia was four times higher in 2023 than in 2018. Meanwhile, spending by Saudi residents overseas is still below the peak of a decade ago. As a result, the net balance in the travel account of the balance of payments swung from a deficit of $3 billion in 2018 to a substantial surplus of $13 billion in 2023.

  • ‘Axis of Resistance’ girds for response to Israel’s ‘big mistake’

    While there is little dispute that Israel’s Mossad spy agency was behind the killing of Hamas political bureau chief Ismail Haniyeh in Tehran, there is contention over the way in which he was assassinated. Meanwhile, Arab states caught between Iran and Israel are scrambling—together with their US ally—to constrain the eruption of an all-out war that may redefine the region.

  • Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector

    Canadian company AtkinsRéalis is the lead design consultancy for the project, and the firm’s Global Director of Creative, Theming and Show Design Bradley Caruk set out his vision for Qiddiya to  Arab News. “Having worked in the global entertainment industry for the past 25 years, I have learnt we are all the same. Everyone wants to have fun. With major innovative parks like Six Flags Qiddiya City, we have the unexpected – a fully immersive story-driven theme park experience,” he said.

  • Report: Netanyahu decides not to seek normalization with Saudis before US election

    According to a report Sunday on Channel 12 news, Netanyahu made the decision because of the fast-moving US political developments, with the consideration that it might be worth waiting to see whether Republican nominee and former president Donald Trump is returned to the White House in the upcoming vote.

  • Saudi Arabia to raise stake in Binladin Group to boost construction sector

    Binladin’s history has been intertwined with the kingdom since the country was founded in 1932, according to a Bloomberg report. The construction firm has played a vital role in modernising the country by building highways, airports and economic freezones, and is also known for its work in the Islamic holy cities of Mecca and Medina. Meanwhile, the Public Investment Fund (PIF) is working with Morgan Stanley on a potential deal to buy into Binladin, said Bloomberg.  The $925bn fund is considering acquiring part or all of the 36 per cent stake owned by the ministry of finance.