MUST-READS

• Expat remittances from Saudi rise 12% to $3.4bn

  Expat remittance from Saudi Arabia jumped by 12 percent year on year to SAR12.6 billion ($3.4 billion) in May, according to the Saudi Central Bank (Sama). Remittances rose 11 percent month on month, or SAR1.3 billion, in May, the central bank said. Globally, remittances to low- and middle-income countries grew by an estimated 3.8 percent in 2023, reaching $669 billion, the World Bank said in its December 2023 report. It is forecasting a global increase of 2 percent for 2024.

• Critical Metals, Obeikan partner to build lithium hydroxide processing plant in Saudi Arabia
  The 50/50 JV will be geared towards developing, constructing and operating the plant for the conversion of lithium spodumene concentrate from Critical Metals’ Wolfsberg project in Austria, which, according to Critical Metals CEO Tony Sage, is set to become the EU’s only battery-grade lithium mine by 2027.

• Saudi law graduates to benefit from specialist skills program

  Outstanding Saudi law graduates will be receive intensive practical training from a team of specialist advisers as part of a second Future Adviser Program announced on Tuesday by the Center of Legal Studies and Research. The 12-month program aims to qualify young legal talents, and develop their skills in legal and regulatory consultation, as well as legislative drafting. Applicants for the program must be Saudi nationals, recent graduates from the years 2023-2024, and hold a bachelor’s degree in law with an academic GPA of no less than 3.75/5 or 2.75/4 or its equivalent.

• As Boeing struggles, Airbus inks 4-aircraft deal with Saudi Arabia

  Saudi Arabia signed a deal with Airbus for an additional four of its A330 Multi Role Tanker Transport (MRTT) on Wednesday in a sign that the French aerospace giant is gaining ground in the Gulf as its US rival, Boeing, struggles. The kingdom ordered four more of Airbus’ A330 Multi Role Tanker Transport aircraft for the Royal Saudi Air Force. The aircraft is used for air-to-air refueling, as well as transport purposes. The aircraft will enter into service in 2027, Airbus said in a statement. The official Saudi Press Agency reported that the order constitutes the kingdom’s third contract for the A330, but did not specify how many of the aircraft are currently in use in the country. Read more: https://www.al-monitor.com/originals/2024/07/boeing-struggles-airbus-inks-4-aircraft-deal-saudi-arabia#ixzz8ffxYbhgt

• Saudi Arabia’s Neo Space Group Appoints Martijn Blanken as New CEO

  NSG is a wholly owned company of Saudi Arabia’s Public Investment Fund, the nation’s sovereign wealth fund. NSG will focus on pursuing strategic and commercially feasible space sector opportunities. It will also invest in the most promising new space technology startups and entrepreneurs both in Saudi Arabia and globally. NSG is fully aligned with Saudi Arabia’s Vision 2030 and plans to create a global commercial space communications leader.

• Syria’s national airline resumes Saudi flights after 12 years

  Syria's national airline resumed regular services to Saudi Arabia after a 12-year suspension on Wednesday as the first flight arrived in Riyadh. The move, announced by Syrian Airlines and confirmed to AFP by Syria's ambassador to Saudi Arabia, continues a slow rapprochement between the two governments who restored diplomatic relations last year. Ambassador Ayman Soussan said a Syrian Airlines plane carrying 170 passengers touched down in the Saudi capital, marking the resumption of a regular route.

• Saudi Aramco Sells $6 Billion of Bonds Amid Fierce Demand

  Saudi Aramco pulled in more than $31 billion of orders for its $6 billion bond sale, its first dollar-debt offering in three years. Bids peaked above $11 billion for both the oil giant’s 10- and 30-year notes, according to a person with knowledge of the matter. Aramco also sold 40-year bonds in the deal that priced Wednesday.

• Saudi rig suspensions slow Middle East offshore growth prospects

  Maritime Strategies International (MSI) has scaled back its projection for jackup drilling demand in the Middle East Gulf region, following Saudi Aramco’s decision to suspend contracts for over 20 jackups. The analyst now expects growth in the region of 1%, down from its previous estimate of 4%, mainly supported by activity in Qatar and the UAE to fulfill their respective oil and gas production targets.

• Saudi Arabia Continues Airdrop Operations of Quality Food Aid to Gaza in Cooperation with Jordan

  The Kingdom of Saudi Arabia, through the King Salman Humanitarian Aid and Relief Centre (KSrelief), has continued airdrop operations of quality food aid for those affected in the Gaza Strip, in cooperation with the Hashemite Kingdom of Jordan. A food airdrop operation was conducted yesterday in the Al-Mawasi area west of Khan Younis in southern Gaza, in collaboration with the Jordan Armed Forces-Arab Army, aiming to break the blockade imposed by Israeli occupation forces on the land border crossings.

• Saudi Arabia and Syria resume regular flights as thaw with Assad advances

  A passenger plane operated by Syria’s national airline landed at Saudi Arabia’s King Khalid International Airport on Wednesday, marking the resumption of regular commercial flights between the two countries after a hiatus of more than 10 years. The state-owned Riyadh Airports Company organized a ceremony at the Saudi airport to welcome the Syrian Airlines flight, in the presence of Syria’s ambassador to Saudi Arabia, Ayman Soussan, and a number of Saudi officials in the air transport sector, Syria's official news agency SANA reported.  

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