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  • EU Embargo of Russian Oil Spells Trouble for Iran

    For several years, China has been the sole country to continue significant purchases Iranian and Venezuelan crude oil, ignoring the threat of U.S. secondary sanctions. These imports have been an important contributor to Iran’s economic resilience under sanctions. However, this is not because revenues are flowing back to Iran. The revenues accruing in China are being used to sustain Iran’s imports of crucial intermediate goods for the country’s manufacturing base.

  • Entrepreneurial bootcamp empowers Saudi women

    King Abdullah University of Science and Technology (KAUST) announced the completion of a bootcamp that welcomed 45 Saudi-based female founders as part of the “Empowering Saudi Women Through Entrepreneurship" program. The Saudi-first program has been developed in partnership with the University of Texas at Austin’s Global Innovation Lab (GIL), a unit of Texas Global, and the U.S. Consulate General Jeddah. It aims to build the capabilities of female entrepreneurs in Saudi Arabia and the entrepreneurial ecosystem while expanding access to domestic and global markets.

  • Saudi Arabia opens e-registration to pilgrims from Europe, America and Australia for Haj

    The Ministry of Hajj and Umrah has enabled pilgrims from Europe, America and Australia to register electronically for this year’s Hajj season. The portal developed by the ministry includes various packages, support services, and a 24/7 call center in multiple languages. The ministry said, on Monday, “The portal also enables issuing visas electronically, to meet the aspirations of honorable pilgrims from these countries and ensure quick and easy procedures.”

  • Europe’s gas crisis is a huge windfall for Egypt

    In the first four months of 2022, gas export revenues in Egypt reached $3.9 billion, according to Reuters. That’s as much as the country earned from gas in all of 2021—and 768% higher than its gas revenue in all of 2020.

  • Saudi Aramco raises July OSPs for Asia, Europe while holding US prices

    Saudi Aramco raised all of its official selling prices across Asia, Europe and the Mediterranean for July-loading cargoes and kept US differentials unchanged, with Asia-bound barrels seeing the largest increases of between $1.80/b and $2.75/b, according to a pricing document released June 5.

  • US, Europe plan resolution calling on Iran to answer IAEA questions

    The State Department said the U.S. would join UK, France and Germany in a resolution calling on Iran to fully cooperate with IAEA at agency board meeting next week, as IAEA DG traveled to Israel.

  • Mortgage boom as Saudis queue up to buy first homes

    Under Islamic law, the payment or receipt of interest is frowned upon and regulation allowing mortgages was not passed until 2012. Since the government unveiled a target of 70 per cent home ownership in 2016 — as part of broader plans to transform the country economically and socially by 2030 — it has risen to more than 60 per cent, almost on a par with the US and the UK. Mortgages have ballooned from nothing a decade ago into a $124bn industry with about 870,000 contracts signed, according to housing ministry figures.

  • Greece, Saudi Arabia Agree on Data Cable to Link Europe and Asia

    Greece and Saudi Arabia agreed on Tuesday to collaborate on 800m euro ($857m) land and subsea cable creating a data link from Italy to Singapore. The “East to Med data Corridor,” an undersea and land data cable, will be developed by MENA HUB, owned by Saudi Arabia’s STC and Greek telecoms and satellite applications company, TTSA.

  • EU, resolving a deadlock, in deal to cut most Russia oil imports

    European Union leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year, resolving adeadlock with Hungary over the bloc's toughest sanction yet on Moscow since the invasion of Ukraine three months ago. Diplomats said the agreement would clear the way for other elements of a sixth package of EU sanctions on Russia to take effect, including cutting Russia's biggest bank, Sberbank (SBMX.MM), from the SWIFT messaging system.

  • Advocates cast doubt on Qatar’s carbon neutral World Cup efforts

    Climate advocates have cast doubt on Qatar's efforts to host soccer's first carbon-neutral FIFA World Cup byoffseting or eliminating emissions that contribute to global warming, according to a report released Tuesday. Organisers in the Gulf Arab state are omitting some greenhouse gas emissions from their calculations and will rely on flimsy carbon offsets to reach carbon neutrality, said the report, complied by Carbon Market Watch, an advocacy group.