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  • OPEC+ in a Battle Royal to Drive Oil Prices Higher but Macroeconomic Headwinds Thwart Progress

    Since its seminal meeting in October 2022, OPEC+ has reduced production (along with voluntary cuts by some individual members), at least on paper, by a staggering 5.3 mb/d through August. From November 2022 through June, actual supplies by OPEC+ countries that have committed to lower output levels are down by around 1.8 mb/d compared to pledges to cut production by 3.66 mb/d for the period.

  • Saudi Arabia’s path to 2026 World Cup starts in qualifying group with Jordan and Tajikistan

    Saudi Arabia’s path to the 2026 World Cup in North America will start in a first qualifying group with neighboring Jordan, Tajikistan, and either Cambodia or Pakistan. Players in the Saudi national team — which upset eventual champion Argentina 2-1 to open last year’s tournament in Qatar — will prepare for the next edition training and playing with a slew of global stars like Cristiano Ronaldo and Karim Benzema lured to the multi-billion dollar project that the Saudi league has become.

  • Jordan Henderson confirms Liverpool departure after 12 years

    Liverpool captain Jordan Henderson has confirmed his departure from the club ahead of a move to Saudi Pro League club Al Ettifaq. The 33-year-old is set to join former club teammate Steven Gerrard, who took over as Al Ettifaq manager on July 3 after spells at Rangers and Aston Villa.

  • Chart: How the World Economy is Expected to Grow

    Looking at the picture regionally, the highest growth rates are forecast for emerging and developing Asia, where output is expected to go up by 5.3 percent and 5.0 percent in 2023 and 2024, respectively. The United States, on the other hand, is projected to see faster declining growth over this period, going from 2.1 percent in 2022 to just 1.0 percent in 2024 - a pattern mirrored in advanced economies generally, where the rate is expected to go from 2.7 percent in 2022, down to 1.4 percent in 2024.

  • Saudi Arabia welcomes start of work on stricken vessel in Red Sea

    Saudi Arabia welcomed on Wednesday the start of the UN’s operational plan to salvage the FSO Safer oil tanker and pump out approximately 1.14 million barrels of crude oil. The Kingdom also welcomed through a Foreign Ministry statement the success of UN and international efforts over the past years which culminated in the start of the unloading process and averting an environmental disaster that threatens maritime security and the global economy in the Red Sea.

  • Saudi graffiti artist steps out of the shadows

    Saudi graffiti artist Maajed Ahmed has a gift — transforming blank walls into captivating bursts of color intertwined with Arabic typography that invariably have passers-by stopping to look. While graffiti artists in pop culture are often depicted as working in the shadows, Ahmed proudly presented his artistry at the second MDLBeast, the largest music festival in the Middle East that inspires Saudi youth with its eclectic blend of music, art and culture.

  • Foster + Partners designs Equinox hotel for Saudi Arabia’s Amaala resort

    British studio Foster + Partners has unveiled designs for the Equinox Resort Amaala hotel, which will feature a circular "floating" canopy and be located on the west coast of Saudi Arabia.

    The hotel, which will be developed with luxury lifestyle brand Equinox, is the first hotel to be announced as part of the Amaala Marina Village, also designed by Foster + Partners for developer Red Sea Global.

  • Saudi Arabia set to be biggest gainer from artificial intelligence in Middle East by 2030: PwC 

    A report from the company noted that AI could add $320 billion to the region’s economy, equivalent to 11 percent of gross domestic product. Amid the government’s massive push for digitization and future technology, Saudi Arabia will see AI’s contribution to GDP rise to 12.4 percent in 2030. In terms of average annual growth in the contribution of AI by region, Saudi Arabia is expected to slice off a 31.3 percent share in the technology’s expansion between 2018 to 2030, the PwC report noted.

  • Chart: The World’s Most (and Least) Powerful Passports

    Singapore has the most powerful passport in the world, according to the Henley Passport Index, with its citizens able to visit 192 countries without a prior visa. Germany, Italy and Spain come in joint second place, with their citizens able to visit 190 countries. Even though the United States is a little further down the list, coming in 8th place, it still yields considerable power, enabling citizens to enter 184 countries without major restrictions. It’s a level of freedom also enjoyed by passport holders in Lithuania.

  • Chart: Tesla Prioritizing Volume Over Profit

    Despite Tesla's impressive rise to prominence in its native North America, a look at the company's market share around the world underscores the reasoning behind its drastic push for sales volume at (almost) any cost. Tesla's home market dominance has only been replicated to any significant degree in Australia and Oceania. In Asia, for example, Chinese manufacturer Wuling is in pole position, while Volkswagen has the lead in Europe.