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  • Saudi Aramco Hikes Oil Prices for First Time in Months

    Saudi Aramco raised the official selling prices of its light crude for Asian clients for the first time in three months, with the September price for flagship Arab Light up by $0.20 per barrel for September delivery. Aramco kept Arab Medium and Arab Heavy crude prices unchanged for Asian buyers. With the hike, Arab Light will cost $2 per barrel over the Oman/Dubai average next month for Asian buyers, although the increase was smaller than the amount analysts expected, which was 50%. The September price for the flagship blend will be the highest in two months.

  • Airlines avoid some Mideast airspace, cancel Israel flights as tensions mount

    Airlines are avoiding Iranian and Lebanese airspace and cancelling flights to Israel and Lebanon, as concerns grow over a possible conflict in the region after the killing of senior members of militant groups Hamas and Hezbollah this week. Singapore Airlines (SIAL.SI), opens new tab stopped flying through Iranian airspace from early Friday morning and is using alternative routes, saying safety is its top priority, it told Reuters in a statement.

  • Saudi Fund’s Multibillion-Dollar Bank Deals Deepen China Pivot

    Saudi Arabia’s wealth fund signed preliminary agreements worth as much as $50 billion with six Chinese financial institutions, in the latest example of the kingdom’s deepening ties with Beijing. The deals were done to boost two-way capital flows through both debt and equity, according to a statement from the $925 billion Public Investment Fund. The memoranda of understanding were signed with the Agricultural Bank of China, Bank of China, China Construction Bank, China Export & Credit Insurance Corp., Export-Import Bank of China and the Industrial and Commercial Bank of China.

  • Saudi: Real estate price index shows 1.7% increase in Q2

    The General Authority for Statistics (GASTAT) disclosed on Thursday that the real estate price index has shown a 1.7% increase in the second quarter of 2024 compared to the same quarter of the previous year. This rise is attributed to a 2.8% increase in residential real estate prices.

  • Saudi Arabia’s PIF to enhance investments in Egypt

    Saudi Arabia’s sovereign wealth fund is set to significantly increase its financing in Egypt, with plans to convert its deposits into direct investments following a key meeting between officials from both countries. The discussions, held in New Alamein City, Egypt, focused on strengthening economic ties and expanding joint investment initiatives.

  • Secretary Blinken’s Call with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud

    Secretary of State Antony J. Blinken spoke today with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud about ongoing tensions and developments in the Middle East. The Secretary emphasized the importance of reaching a ceasefire in Gaza that secures the release of hostages and reiterated the importance of preventing the escalation or spread of the conflict. Secretary Blinken commended Saudi Arabia’s efforts to facilitate aid to Gaza.

  • Saudi Arabia’s 2034 FIFA World Cup Bid Conference Highlights Key Aspects of the Landmark Event

    Saudi Football Federation (SAFF) president Yasser Al-Misehal stressed on Wednesday that Saudi Arabia's bid to host the FIFA World Cup 2034 has received unprecedented historical support from over 140 countries, reflecting the significant confidence of the international community to host the World Cup.

  • Saudi Arabia is among top 20 vehicle import markets in the world

    The automotive sector in Saudi Arabia is one of the most important commercial activities in the country and is a main pillar of the national economy as the sector contributes greatly to economic growth. The size of the new and used car market exceeds 700,000 cars of varying types per year. According to the General Authority for Statistics (GASTAT), the total number of new and used vehicles and carriages imported into Saudi Arabia in 15 months (2023 and quarter 1 of 2024) from more than 51 countries exceeded one million vehicles with an estimated value of more than SR83 billion.

  • Saudi Arabia’s World Cup Bid Reveals New Plans for Hotels, Stadiums, Airports

    The bid book reveals how many hotels Saudi Arabia is building, when they are opening, and how many are luxury. Saudi says it already has “over 45,000 hotel rooms in alignment with FIFA requirements across the host cities,” with more than 185,000 additional rooms” opening by 2034.

  • Saudi Arabia reveals Fifa World Cup 2034 venue plans

    The showpiece venue for the tournament will be the newly announced King Salman Stadium, which will be located in north Riyadh, next to King Abdulaziz Park. The stadium will cover an area of about 660,000 square metres (sq m) and have a seating capacity of over 92,000 spectators. The 46,000-seat stadium in Neom is “designed to stand out among the world’s most iconic landmarks”, according to the bid book. It is planned to be built 350 metres above ground level within The Line project at Neom.