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  • Strengthening Civil Aviation Partnership Between the United States and Saudi Arabia

    U.S. Deputy Assistant Secretary of State for Transportation Affairs Heidi Gómez and Saudi Executive Vice President of Air Transport and International Cooperation Ali bin Mohammed Rajab signed on October 22 a record of discussions finalizing negotiations on a Protocol of Amendment to further expand the U.S.-Saudi Arabia Air Transport Agreement of 2013.  The signing took place during the International Civil Aviation Organization (ICAO) Air Services Negotiation Event (ICAN2024) in Kuala Lumpur, Malaysia.  Once signed and entered into force, the Amendment will add seventh-freedom traffic rights for all-cargo operations to the bilateral Air Transport Agreement.

  • Saudi Arabia water crisis: how do they handle sustainable agriculture and water management?

    Dutch technology and expertise are central to these efficiency improvements. "There’s a strong awareness in the region that the current situation is unsustainable," according to Landhuis. "Over recent years, particularly in the UAE and Saudi Arabia, we’ve seen the construction of large-scale closed greenhouse systems and a growing interest in vertical farming. To give you an idea, the water used for producing one kilogram of tomatoes in a high-tech greenhouse is about 5 liters, compared to over 200 liters in many traditional systems. Much of this technology and knowledge comes from the Netherlands, particularly from Wageningen University & Research (WUR).”

  • Desert Technologies to build 5GW solar cells and modules plant in Saudi Arabia

    The plant will have an annual nameplate capacity of 5GW, of which 3GW for solar cell capacity and 2GW for PV modules. However, the company did not disclose what technology will be used for the solar cells. PV Tech has reached out to Desert Technologies about it. The project will be located in Jeddah’s Third Industrial City and will leverage “advanced manufacturing technologies that adhere to the latest global quality standards”, according to the company. It added that the capacity produced at the plant will cater to the local market, while boosting the country’s exporting capacity.

  • Saudi Arabia and Iraq sign MoU on military cooperation

    Saudi Defense Minister Prince Khalid bin Salman and his Iraqi counterpart Thabet Al-Abbasi signed a memorandum of understanding on Monday aimed at strengthening cooperation in the military field. The agreement, signed during a high-level meeting in Riyadh, represents a significant step forward in defense collaboration between the Kingdom and Iraq, Saudi Press Agency reported. The MoU establishes a framework for increased collaboration on military matters, allowing Saudi Arabia and Iraq to address shared security challenges more effectively and pursue mutual goals in defense, SPA added.

  • Exploring the growing Extra Low Voltage industry in Saudi Arabia

    The ELV market in Saudi Arabia is segmented by end-users, with the commercial construction sector being the largest consumer, accounting for about 32% of the total demand in 2022. This segment includes office buildings, shopping malls, hotels, and other commercial establishments that require sophisticated ELV solutions for security, communication, and automation purposes. The education sector is another significant segment, representing 14% of the market. Schools, colleges, and universities are increasingly adopting ELV systems to enhance security, improve communication, and integrate advanced technological solutions into their infrastructure. The healthcare sector follows closely, contributing 12% to the market demand. Hospitals and medical facilities require robust ELV systems for security, communication, and life safety systems.

  • Saudi Arabia and 7 other OPEC+ countries extend additional voluntary cuts of 2.2 million bpd until end of December

    The OPEC Secretariat said in a statement that the eight OPEC+ countries, such as Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, have agreed to extend the voluntary adjustments announced in November 2023 of 2.2 million bpd for one month. All these countries previously announced additional voluntary production adjustments in April and November 2023.

  • Saudi Arabia’s Q3 budget deficit decreases to $8bn

    Saudi Arabia reported a budget deficit of SR30.23 billion ($8.06 billion) for the third quarter of 2024, a decrease of 15 percent compared to the same period last year, according to the Ministry of Finance. This brings the total deficit for the nine months ending in September to SR57.96 billion, remaining in line with the ministry's previous forecasts. Government revenues increased by 20 percent compared to the same quarter last year, reaching SR309.21 billion. Expenditures also rose, up 15 percent to SR339.44 billion, resulting in a budget deficit of SR30.23 billion.

  • Saudi Arabia posts a Q3 revenue of $82.4 billion

    Oil revenues stood at 191 billion riyals while non-oil revenues at 118 billion riyals. The Kingdom’s total spending came to 339 billion riyals in the quarter while Saudi Arabia logged a budget deficit of 30 billion riyals, the finance ministry statement showed.

  • Growing cost of Saudi Arabia’s healthcare system calls for financial sustainability

    In its market study, titled ‘Understanding healthcare financing in Saudi Arabia’, KPMG delves into the Kingdom’s healthcare financing structure, providing insight into the development of expenditure patterns, and where potential improvements could – and should – be gained. On the back of several trends, such as a growing and aging population, the rise of chronic diseases, and growing demand for healthcare services, Saudi Arabia’s healthcare spending has jumped from SAR 22.8 billion in 2007 to nearly SAR 80 billion in 2021. While more recent data is yet to be released, spending between 2022 and 2024 is expected to have continued its historic upwards trajectory.

  • Türkiye, Saudi Arabia aim to boost trade to $10 billion

    The Turkish metropolis of Istanbul hosted a joint forum on Sunday with Turkish and Saudi businesses organised by the Foreign Economic Relations Board of Türkiye (DEIK) to advance collaboration between the sides. Attending the Türkiye-Saudi Arabia Business Forum, Saudi Arabia's Commerce Minister Majid bin Abdullah Al-Qasabi highlighted the importance of Turkish products in Saudi Arabia. Turkish Trade Minister Omer Bolat underscored the strength of bilateral trade, announcing that Türkiye and Saudi Arabia would surpass $8 billion in mutual trade this year. "Our goal for 2025 is to surpass the $10 billion psychological threshold," Bolat said.