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  • What Does Neom’s Downsize Means for Saudi Arabia’s Vision 2030?

    When launching The Line in 2021, the Saudi government had announced that 1.5 million people would be living in the city by 2030. Officials now expect there to be fewer that 300,000 residents by that time, according to a source cited by Bloomberg.The source said that officials expected only 2.4km of the 170km city to be completed by 2030. As a result of the scaling back, one contractor dismissed some of the workers it employs on site, according to a document seen by Bloomberg.

  • Unemployment among Saudis down to 7.7% in Q4 2023

    The unemployment rate among Saudis fell to 7.7% in the fourth quarter of 2023, compared to 8.6% in the third quarter of 2023, according to the General Authority for Statistics’ (GASTAT) labor force survey.   The unemployment rate in Q4 2023 is at the lowest ever level, based on the data available since 1999.   The Kingdom’s Vision 2030 targets an unemployment rate of 7%.

  • Breakdown at Saudi solar plant in Morocco costs firm $47 million

    Saudi Arabian renewable energy utility ACWA Power International on Sunday reported a storage breakdown at one of the solar plants it operates in Morocco that will cost the company an estimated $47 million.
    The 150-megawatt plant, part of the Noor Ouarzazate solar complex, will be forced to remain idle until November 2024, the company said on the website of the Saudi Stock exchange.
    The breakdown highlights the recurrence of technical issues and storage breakdowns at the concentrating solar power (CSP) plant. Technical prob

  • Biden to host Iraqi leader with talks underway on winding down coalition against the Islamic State

    The leaders will “consult on a range of issues,” including the fight against the Islamic State and “ongoing Iraqi financial reforms to promote economic development and progress toward Iraq’s financial independence and modernization,” the White House said.

    The two countries have a delicate relationship due in part to Iran’s considerable sway in Iraq, where a coalition of Iran-backed groups brought al-Sudani to power in October 2022.

  • Saudi Arabia Football Clubs to Curb Spending in Next Transfer Window

    Saudi Arabia’s football clubs will not repeat their footballing spending spree this summer, after the Kingdom made plans to reduce losses and build a more sustainable domestic transfer market. Saudi clubs were allocated a three-year budget last summer by the state’s sovereign wealth fund, and there are no plans in place yet to increase this allocation, according to Carlo Nohra, Chief Operating Officer of the Saudi Pro League.

  • Saudi authorities shut down 39 petrol stations for tampering with pump meter readings

    Saudi authorities have shut down 39 petrol stations in different cities across the Kingdom after they were found to be tampering with pump meter readings, the Saudi Press Agency reported. Officials discovered upon inspection that refilling stations in 19 governorates had installed illegal devices that reduced the quantities of pumped fuel sold to motorists. Individuals involved in those incidents have been referred to the Public Prosecution and legal procedures are to be taken against them in accordance with the anti-commercial fraud system and the measurement and calibration law.

  • Saudi bourse gains on Fed rate cut signal; ex-dividend stocks pull down Dubai, Qatar

    The Saudi Arabian stock market rose in early trade on Thursday as the U.S. Federal Reserve Chair said he expects interest rate cuts later this year, while bourses in Dubai and Qatar were weighed down by stocks trading ex-dividend. In remarks prepared for delivery to the House Financial Services Committee, Fed Chair Jerome Powell said that continued progress on inflation "is not assured," though the central bank still expects to reduce its benchmark interest rate later this year.

  • Americans’ Views of Both Israel, Palestinian Authority Down

    Americans’ opinions of both Israel and the Palestinian Authority have worsened in the past year amid escalating tensions between the two sides since last fall. Fifty-eight percent of Americans, down from 68% last year, have a “very” or “mostly favorable” view of Israel. This is the lowest favorable rating for Israel in over two decades. At the same time, positive opinions of the Palestinian Authority have dropped from 26% to 18%, the lowest since 2015.

  • Moon landing: US clinches first touchdown in 50 years

    A spacecraft built and flown by Texas-based company Intuitive Machines landed near the moon's south pole on Thursday, the first U.S. touchdown on the lunar surface in more than half a century and the first ever achieved by the private sector. NASA, with several research instruments aboard the vehicle, hailed the landing as a major achievement in its goal of sending a squad of commercially flown spacecraft on scientific scouting missions to the moon ahead of a planned return of astronauts there later this decade.

  • AlUla’s Wadi AlFann, Valley of the Arts, presents two exhibitions by Saudi artist Manal AlDowayan 

    The work of Manal AlDowayan, one of Saudi Arabia’s leading contemporary artists, is often focused on cultural metamorphosis, collective narratives and the representation of women, particularly from her home country.  AlDowayan, who will represent the Kingdom at this year’s Venice Biennale, is currently the subject of two exhibitions in AlUla as part of the pre-opening program of Wadi AlFann, a major new cultural destination for art, design and performance.  

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