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  • EV maker Lucid slumps as quarterly reservations slip

    The company said it had more than 34,000 orders in the reported period, down 3,000 reservations from the second quarter, after it delivered about 1,400 vehicles and saw cancellations. Lucid said it had $3.85 billion in cash, which would sustain the company at least into the fourth quarter of next year. "The combination of widening losses, a declining reservation count and its ongoing cash burn will do little to alleviate investor concerns surrounding the company," CFRA Research analyst Garrett Nelson said. Chief Finance Officer Sherry House told Reuters in an interview that Lucid would tap into the capital markets as it looks to build a factory in Saudi Arabia.

  • Mineral-rich nations eye OPEC-style cartel for battery minerals

    Electric vehicles and energy storage systems will drive the bulk of lithium demand in coming decades. And as the EV revolution takes off, lithium demand is forecast to outstrip supply. “The battery will be the defining technological and supply chain battleground for the industry in the next decade, and access to their constituent raw materials will be crucial,” S&P Global noted in a report published this week on EV raw materials.

  • The startup industry is struggling. Here’s how founders can navigate the current funding environment.

    In May, startup accelerator Y Combinator (YC) warned its portfolio companies that venture capital would dry up due to increasing interest rates and a slowdown in global economic growth, advising them to plan for the worst. YC, which invested early in Airbnb, Coinbase, Dropbox, and Reddit, encouraged startups to cut expenses and extend their runway during the reversal of a thirteen-year bull run. Therefore, this is a time for startups to return to the drawing board and revisit their game plan to assess how to best navigate the current funding climate and survive.

  • Saudi Crown Prince to take part in Mideast green summit: Report

    The summit is due to start at 4.30 p.m. local time and will feature delegates from Gulf Cooperation Council countries as well as the Middle East and Africa. It will be the second Middle East Green Initiative; the first was held in October 2021 in Riyadh. The summit is intended to lay out a roadmap for regional climate action, assessing the consequences of climate change and presenting solutions.

  • Cartoons and Quranic verses form the latest Saudi-Iran battleground

    The animated simulation shows a fleet of drones approaching an oil facility belonging to Aramco, Saudi Arabia’s state oil company. Air raid sirens are heard with ominous background music as the drones aim at the facility, apparently ready to strike. The one-minute video ends with a telling verse from the Quran about God repelling the invaders of Mecca by having them pelted with stones from the sky. “And He sent upon them birds, in flocks,” it says.

  • Noor Riyadh: annual festival of light and art ready to illuminate Saudi Arabia’s Capital, with over 190 artworks by more than 130 local and international artists

    Noor Riyadh is an annual festival of light and art, taking place across 40 locations throughout the capital of Saudi Arabia. From November 3 - 19, 2022, over 190 artworks illuminate the city of Riyadh with immersive site-specific installations, monumental public artworks, ephemeral sculptures, art trails, virtual reality, building projections and drone shows, transforming Riyadh into a dazzling night-time ‘gallery without walls’. The festival is co-curated by Hervé Mikaeloff, Dorothy Di Stefano and Jumana Ghouth.

  • Oil giant Saudi Aramco’s quarterly profit surges 39% on higher prices

    Net income rose to $42.4 billion for the quarter, up from $30.4 billion the previous year and just above expectations. The Saudi company also reported an increase in free cash flow to a record $45 billion from  $28.7 billion one year prior and paid out its second-quarter dividend of $18.8 billion. Its third-quarter dividend of the same amount is due to be paid out in the fourth quarter.

  • Saudi Arabia’s economy grows 8.6% in third quarter as oil activities accelerate

    Saudi Arabia's economy expanded by 8.6 per cent in the third quarter of 2022, driven by higher oil prices and government reforms, the kingdom's statistics body said. Growth in the Arab world's biggest economy in three months that ended in September is up from 6.8 per cent from a year ago, the General Authority for Statistics (Gastat) said in its flash estimates report on Monday.

  • Saudi Arabia’s economy grows 8.6% in third quarter as oil activities accelerate

    Saudi Arabia's economy expanded by 8.6 per cent in the third quarter of 2022, driven by higher oil prices and government reforms, the kingdom's statistics body said. Growth in the Arab world's biggest economy in three months that ended in September is up from 6.8 per cent from a year ago, the General Authority for Statistics (Gastat) said in its flash estimates report on Monday.

  • Turkey seeks Saudi partnership cooperation as it plans to be an energy hub to Europe, minister tells Arab News

    “Turkey from its geographical position is an energy corridor from Russia, Iran, and Saudi Arabia. Any kind of natural gas or oil that is going to be transported or shipped, will cost less and will be more safely shipped,” Nureddin Nebati told Arab News in an interview.