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  • Commentary: For Saudi Arabia, There’s a Dealmaking Opportunity With Trump

    Instead, Trump may see a new agreement with Saudi Arabia as the most achievable, and potentially meaningful, of his three dealmaking opportunities in the Middle East. He inherits a remarkably advanced set of negotiations crafted by the administration of President Joseph R. Biden Jr., mainly in 2023 before the Hamas-led October 7 attacks on southern Israel. The Biden administration sought to develop a game-changing triangular agreement with Saudi Arabia and Israel. The bilateral Saudi component was the simplest and, by October 7, 2023, the Biden team had almost finalized the main aspects of this possible arrangement. Essentially, the United States would provide Saudi Arabia with a new mutual defense agreement modeled after those crafted with Japan and South Korea in the early 1950s plus an agreement for U.S. oversight of Saudi nuclear energy production. The sticking point for the deal that was never overcome was the parallel bilateral U.S.-Israeli negotiations for a “Significant Palestinian Component” accompanying Saudi normalization with Israel.

  • Moody’s upgrades Saudi Arabia’s rating on economic diversification efforts

    Global credit ratings agency Moody's upgraded Saudi Arabia's rating to "Aa3" from "A1" on Friday, citing the country's efforts to diversify beyond its oil economy.
    The world's leading oil exporter is investing billions of dollars to achieve its Vision 2030 plan, which focuses on reducing its reliance on oil and spending more on infrastructure to boost industries like tourism, sports and manufacturing.

  • Saudi Arabia Gets First Moody’s Upgrade On Economic Advance

    Saudi Arabia’s sovereign rating was upgraded by Moody’s Investors Service for the first time since the company initially assessed it in 2016, driven by continued progress in the kingdom’s economic diversification and a better outlook for the non-oil sector. The agency moved Saudi Arabia’s rating up a notch, to Aa3 from A1, its fourth-highest grade, according to a statement late Friday. The Moody’s rating is now above those of Fitch Ratings and S&P Global Ratings. The Gulf country now stands on par with the likes of Hong Kong and Belguim, according to Moody’s, which changed its outlook for the kingdom to stable from positive.

  • Saudi Arabia Announces Qualified Developers for Round 6 Renewable Energy Projects

    The Saudi Power Procurement Company (SPPC) has announces the Qualified Developers for the sixth round of renewable energy projects under the National Renewable Energy Program (NREP) which is led and supervised by the Ministry of Energy. The combined capacity of Round 6 projects is approximately 4,500 MW.

  • Saudi Arabia Has Its Own ‘Deal of the Century’ for Trump

    "There is one crucial thing the Trump administration must understand well: it is wishful thinking on their part to assume that Saudi Arabia will join the Abraham Accords for free," Salman al-Ansari, a prominent Saudi political analyst, told Newsweek. "A Palestinian state is a must and an absolute prerequisite for normalization with Israel." For Saudi Arabia, the answer to the conflict remains rooted in the Arab Peace Initiative, a 10-point proposal first introduced by the Kingdom and endorsed by the Arab League in 2002. The plan calls on Israel to concede all territories occupied after the 1967 Six-Day War, including East Jerusalem, parts of the West Bank, the Golan Heights and any other seized lands in exchange for a comprehensive Arab-Israeli peace, security guarantees and mutual recognition.

  • Saudi Arabia Tourism Sees Rapid Boom in Travel Sector with International Extravaganza and Sports Events

    Riyadh Season, now in its latest edition, continues to captivate audiences with its diverse offerings. The event welcomed 2 million visitors in its opening week and quickly surged to 4 million by the end of its first month. Just this week, official figures confirmed that over 6 million people have attended Riyadh Season within five weeks—a significant achievement considering the total attendance for Riyadh Season 2023 was 18 million.

  • Saudi Arabia Smart Grid Network Market Research 2024-2029: Generation, Transmission, Distribution, Consumption Trends, Opportunities, and Forecasts 2023-2029

    The Saudi Arabia Smart Grid Network Market was valued at USD 765.59 Million in 2023, and is expected to reach USD 1.77 billion by 2029, rising at a CAGR of 14.92%. The trend towards grid digitalization and automation is reshaping the Saudi Arabia Smart Grid Network Market. Digitalization involves the adoption of advanced technologies such as smart meters, sensors, and communication systems that enhance the functionality and efficiency of the power grid. Automation further enhances grid performance by enabling real-time data collection, analysis, and response to grid conditions.

  • Commentary: Why Is Saudi Arabia Hedging Its BRICS Invite?

    At the BRICS summit last month, one leader was noticeably absent from the family photo of assembled leaders: Saudi Arabia’s crown prince, Mohammed bin Salman. Over a year after the kingdom was offered membership to the bloc, the invitation remains unanswered, and the crown prince passed on attending the 2024 summit. Instead, the Saudi foreign minister arrived for only the final day of the gathering. For its part, Saudi Arabia is hedging its commitment to a group that itself constitutes a hedging club for other middle powers. The motivations driving its ambiguous strategy deserve a closer look. Saudi Arabia’s assessment is likely influenced by BRICS’s decision to invite Iran, as well as Russia’s aggressive rhetoric and plans to reduce the importance of the U.S. dollar. These moves could transform BRICS into an anti-Western club and jeopardize Saudi Arabia’s economic and security relationship with the United States. Furthermore, the bloc’s inclusion of Iran and the UAE places the countries on equal footing with Saudi Arabia at a time when Riyadh seeks to project itself as the regional leader.

  • Al-Jasser: Saudi Arabia to expand rail network to over 8,000 km

    The minister underscored the Kingdom's progress in rail development, noting that the current network spans over 5,500 kilometers. He highlighted key networks, including the North Network, which connects Riyadh to the Jordanian border, and the East Network, linking Riyadh to the Arabian Gulf coast. During the conference, the minister introduced the Asasat Program, aimed at localizing the railway industry in Saudi Arabia. The program is expected to generate investment opportunities worth SR15 billion by 2030, increase local content in SAR’s operations to 60 percent by 2025, and create over 3,000 jobs in the local market.

  • Saudi Arabia Announces Transformative 3.6 GW Power Projects in Partnership with SEC, ACWA Power, and KEPCO

    Saudi Electricity Company (SEC), ACWA Power, and Korea Electric Power Corporation (KEPCO) have signed Power Purchase Agreements (PPAs) with the Saudi Power Procurement Company (SPPC) for two major power generation projects: Rumah 1 and Nairyah 1. With a combined capacity of 3.6 GW, these Independent Power Plant (IPP) projects represent a significant step in advancing Saudi Arabia’s sustainable energy goals. The projects, with an estimated investment of SAR 15 billion (USD 4 billion), will deploy advanced Combined Cycle Gas Turbine (CCGT) technology to transition from oil-based power generation to cleaner, more efficient methods. This shift is expected to reduce carbon emissions, enhance environmental sustainability, and drive economic growth by creating job opportunities and boosting local content.