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  • Saudi Arabia raises $3.09bn in sukuk issuances for December

    Saudi Arabia’s National Debt Management Center has successfully concluded its riyal-denominated sukuk issuance for December, raising SR11.59 billion ($3.09 billion). This marks a substantial 239.88 percent increase from the previous month, when the Kingdom raised SR3.41 billion in sukuk. Saudi Arabia had raised SR7.83 billion in October and SR2.6 billion in September. Sukuk, which are Shariah-compliant Islamic bonds, provide investors with partial ownership of the issuer’s assets until the bonds mature. The rise in sukuk issuance aligns with positive global market projections.

  • Hyundai Motor and Global Industry Leaders Conclude Hydrogen Fuel Cell Coach Bus Trial in Saudi Arabia

    Hyundai Motor Company, in partnership with Saudi Transport General Authority, Saudi Public Transport Company (SAPTCO/SAT), Almajdouie Motors Company, Air Products Qudra, Abdullah Hashim Gases, and ARAMCO, has successfully concluded a strategic initiative to evaluate the hydrogen-based mobility in the Kingdom of Saudi Arabia. The collaboration involved a two-month trial of the Hyundai Universe Fuel Cell Coach Bus in Saudi Arabia’s Eastern Province. The project aimed to assess the feasibility and performance of hydrogen-powered transportation, marking a significant milestone in the Kingdom’s journey toward sustainable mobility.

  • Influence Abroad: Saudi Arabia Replaces Salafism in its Soft Power Outreach

    Today, there is greater acknowledgment, both in Saudi Arabia and abroad, of the connection between certain Salafi teachings and extremism. By cutting back on Saudi support for Salafism, the prince has tried to dispel the notion that the kingdom supports extremist groups. He has also understood the security risks that some such groups may pose, not least threats to Saudi Arabia itself, especially after the Arab upheavals in 2011 and the rise of Islamist movements throughout the Middle East. Saudi Arabia’s strategic use of ideology aptly illustrates how it was able to make use of religious doctrine not simply as a guiding principle, but also as an instrument in its relations across borders. However, this brought with it its own series of complexities, not least how far the kingdom’s Salafi ideology would spread, and how it was interpreted and used once it was picked up by others over whom the Saudis had no control.

  • Desert Rock – carved into the Saudi Arabian mountains – opens its doors

    The resort’s 54 villas and ten suites are ingeniously integrated into the natural environment, some seeming to hang from rocky pinnacles, others built into the mountain itself with cliffside plunge pools. The Cliff Hanging Villas are perched high above the resort, these villas feature dramatic views of the desert and mountains, offering an extraordinary combination of serenity and adventure. Desert Rock embodies Red Sea Global’s commitment to sustainability, responsible tourism, and luxury. Every aspect of the resort, from its architecture to its service, has been designed with a focus on preserving the unique environment and enhancing key terrestrial habitats, while offering guests an unforgettable experience powered entirely by sunlight. Desert Rock is the perfect destination for travellers seeking a luxurious escape in one of the world’s most pristine landscapes.

  • Saudi Arabia Becomes Top Buyer Of Russian Fuel Oil

    Saudi Arabia was the leading buyer of Russian seaborne fuel oil and vacuum gasoil (VGO) exports in November, LSEG data has revealed. According to Reuters calculations based on LSEG data, Russian fuel oil and VGO exports grew  6% month-on-month in November to about 4.26 million metric tons. Asian countries have become top buyers of Russia's fuel oil and VGO ever since the European Union imposed a full embargo on Russian oil products in February 2023. India is no longer the biggest buyer of Russian crude. According to the Centre for Research on Energy and Clean Air (CREA), India’s imports of Russian crude fell a massive 55% in November--the lowest figure since June 2022--despite Russia continuing to sell its oil at a discount. India has lately been trying to diversify its oil supplies

  • Saudi Arabia reopens its Afghanistan embassy

    The Saudi embassy in the Afghan capital, Kabul announced that it had resumed services from Sunday, more than three years after the kingdom withdrew its diplomats following the Taliban takeover of Afghanistan. “Based on the desire of the government of the kingdom of Saudi Arabia to provide all services to the brotherly Afghan people, it has been decided to resume the activities of the mission of the kingdom in Kabul starting on December 22,” the embassy posted on X. There was no immediate comment from the Saudi ministry of foreign affairs on the resumption of diplomatic services, and the level of representation remains unclear.

  • New grain terminal opens in Saudi Arabia

    National Grain Co., a joint venture between the Saudi Agricultural and Livestock Investment Co. (SALIC) and Bahri, inaugurated the Yanbu Grain Handling Terminal on Dec. 22 at Yanbu Commercial Port. The company said the new terminal features a storage capacity of 156,000 tons, including 12 silos with a total capacity of 96,000 tonnes and a flat warehouse with a 60,00-tonne capacity, a 650-meter conveyor belt, and a ship grain unloading capacity of 800 tonnes per hour. The facility, which was constructed over a two-year period, is the first regional center for grains in the Yanbu port. It can handle up to 3 million tonnes of grain annually, including barley, corn and soybeans, the company said.

  • Snowflake Expands to Saudi Arabia with New Regional Headquarters

    Customers across the Middle East have already been using Snowflake’s AI Data Cloud to discover and securely share data, as well as execute diverse analytic workloads, via Snowflake’s existing regional deployment in Dubai. With the addition of Snowflake’s deployment on Google Cloud in the KSA, regional customers have further flexibility of choice for deployment, and are able to choose a geographical region that best suits their operational needs. Organisations such as Almarai are using Snowflake’s AI Data Cloud to better access data to drive business decision making, all in a secure and governed platform.

  • Databricks sets up regional hub in Saudi Arabia

    Databricks, the Data and AI company, announced it has launched in Saudi Arabia. By opening a new office, and forming strategic partnerships, Databricks will invest in the future of Saudi Arabia and enable its growing local customer base to combine data, analytics, and AI with the Databricks Data Intelligence Platform. Data-forward organisations in Saudi Arabia are already innovating with the Databricks Data Intelligence Platform, including Abdul Latif Jameel and Panda Retail.

  • Saudi Arabia: Workers entitled to wages in lieu of unused leave

    Saudi Arabia, home to a large community of expat workers, has stressed that employees are entitled to receive wages for the days of due leave if he/she quits work before using them under the kingdom’s labour system. The Saudi labour law also stipulates that the worker has the right to get paid leave of not less than 10 days and a maximum of 15 days, including the Muslim Eid Al Adha holiday, to perform the annual Hajj pilgrimage in and around Mecca once during the time of his service if he/she has not performed the obligatory Islamic duty before. To obtain the Hajj leave, the worker should spend at least two consecutive years working for the same employer, who may determine the number of workers granted this leave annually according to the requirements of the work.