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  • Lucid Air Limited Assembly In Saudi Arabia To Start In September

    Lucid Group announced its second-quarter financial results yesterday and provided some updates on its plans during the earnings call. The EV startup's CEO, Peter Rawlinson, said the company's first overseas plant in Saudi Arabia is expected to start limited production of Lucid Air EVs in September. Construction on the AMP-2 plant located in King Abdullah Economic City only started a year ago and the facility is still under construction, but Rawlinson said Lucid will start sending partially assembled vehicles from the US to the Saudi Arabia facility that will finish the production process.

  • Chart: Saudi Transfer Spending on Par With European Top Leagues

    After successfully shaking up the world of professional golf, Saudi Arabia’s Public Investment Fund (PIF) has now set its eyes on the most popular sport in the world: football. Two years after taking over Premier League club Newcastle United, the Saudi sovereign wealth fund is now aiming to push its domestic league into the spotlight by bringing world class talent to the Saudi Pro League.

  • Japan and the UAE Partner to Tackle the Energy Transition

    Cooperation on UAE-produced clean energy serves Japan’s interest in diversifying its renewable energy mix while also boosting the UAE’s global position as a reliable green energy supplier.

  • Saudi Arabia Charts Solo Path on OPEC Policy

    Saudi Arabia is increasingly driving an oil-production strategy to boost prices that is at odds with other members of the Organization of the Petroleum Exporting Countries, in a push to fund the kingdom’s ambitious development projects. For now, it is working, as oil prices have ticked steadily higher in recent weeks. But Saudi Arabia’s unilateral moves to cut output carry a significant longer-term risk of splintering the alliance if Riyadh forces other smaller producers to join the cuts, according to industry analysts and others familiar with OPEC’s internal dynamics. On Friday, members of OPEC and its Russia-led allies met virtually to discuss the outlook for oil demand, which would help the group plan its production strategy in the coming months. The cartel in a brief statement said it would adjust production levels depending on market conditions.

  • Saudi Arabia’s red sea project shares six-year progress on shura island by foster & partners

    The Red Sea Project, a luxury tourism development in Saudi Arabia, celebrates its six years of construction progress. Originally introduced as part of Saudi Arabia’s Vision 2030 by Crown Prince Mohammad bin Salman, the project has released a new video showcasing the updates on its popular destinations, including three hotels and an international airport. Among the hotels is the Shura Island also known as the Coral Bloom concept designed by Foster and Partners.

  • Saudi Arabia brings together international teams to participate in Camel Festival

    Teams from around the world have arrived in Saudi Arabia to participate in the Crown Prince Camel Festival which commenced on Tuesday. Countries including the US, France, Switzerland, Oman, Bahrain, the UAE, Jordan, Qatar, Kuwait, Sudan and Egypt, along with Saudi Arabia, will participate in the fifth edition of the sport at the historic Taif Camel Field, running through September 7, according to the official Saudi Press Agency (SPA).

  • Saudi Arabia brings together international teams to participate in Camel Festival

    Teams from around the world have arrived in Saudi Arabia to participate in the Crown Prince Camel Festival which commenced on Tuesday. Countries including the US, France, Switzerland, Oman, Bahrain, the UAE, Jordan, Qatar, Kuwait, Sudan and Egypt, along with Saudi Arabia, will participate in the fifth edition of the sport at the historic Taif Camel Field, running through September 7, according to the official Saudi Press Agency (SPA).

  • EV startups burn through more cash as demand falters

    Lucid, which is majority owned by Saudi Arabia's Public Investment Fund, is expected to report deepening losses on Monday after it reported a fall in April-June production due to supply-chain problems. It is set to post a cash balance of $2.76 billion for the April-June period, up from $900 million in the prior three months, after it announced a fundraise of about $3 billion, according to six analysts polled by Visible Alpha.

  • Chart: Where UNESCO World Heritage Is In Danger

    A look at the current list of cultural World Heritage sites in danger shows that many are located in war zones and unstable states, like Syria, Lebanon, Palestine, Afghanistan, Iraq, Yemen, Venezuela, Libya, Mali and Ukraine. Others have been put on there after a fire, namely the Tasubi Tombs in Uganda, or are threatened by construction projects, like historic sites in Egypt and Uzbekistan as well as the Vienna historic center, where UNESCO is taking issue with the construction of a large new hotel. Increased development in the city was also the reason why Liverpool in the UK lost its World Heritage status in 2021.

  • Saudi football battle as Benzema leads Al Ittihad to meet Al Hilal in quarterfinals

    A Saudi football confrontation is expected this weekend after Karim Benzema led Al Ittihad to secure its spot in the quarterfinals of the King Salman Club Cup games on Wednesday after defeating Iraq’s Al Shorta SC. Al Ittihad will go head-to-head against Saudi Arabia’s Al Hilal on Saturday, August 5, after defeating Al Shorta with a 2-1 win that was sealed by a winning penalty kick from Benzema at the 84th minute. It marked Benzema’s third goal over the club’s three games in the tournament.