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Start-Up InvestmentSaudi Arabia builds start-up culture with state oil money
Saudi Aramco founded its Aramco Entrepreneurship Center (AEC) in 2011. Its managing director Sami Khursani told Reuters: "We have Aramco’s support to invest more and more. Money here is not an issue - we are looking for quality deals that are entrepreneurially promising."
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Cabinet ChangesOpinion: Saudi Arabia’s new faces
This represents a massive change of the collective face of government’s leadership. The reshuffle includes the appointment of new ministers in ministries affiliated to public services, as well as portfolios responsible for the Kingdom’s intellectual and cultural life. The changes are even more surprising given that they come just days before the announcement of the 2015 national budget.
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Innovation and Technology DevelopmentLeading R&D organizations form alliance to boost tech transfer in Saudi Arabia
The alliance has begun by forming Technovia, a new venture designed to create a systematic process to build a pipeline of commercialization opportunities within the country. Technovia will screen technologies with high commercial potential, conduct intellectual property assessment and market research, develop and test prototypes, and prepare technologies for commercial launch.
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King Abdullah Economic CitySaudi Arabia’s massive economic-diversification experiment
KAEC was launched in 2005, ground to a halt during the financial crisis, when its future came into doubt, and is now building momentum again. It is no more than 10 per cent built, but already its basic outline and components are visible. It is located about 100 kilometres north of Jeddah, the country’s commercial capital, and smack in the middle of the Red Sea shipping route that, through the Suez Canal, connects Asia to the Mediterranean and Europe. KAEC will eventually be home to two million residents.
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Lima Climate TalksSaudi Arabia says zero carbon emission goal not realistic
Setting a target of zero carbon emissions by 2050 is not “realistic,” Saudi Arabia’s chief negotiator at U.N. talks for a new, world climate pact said in Lima. “The zero-emissions concept — or let’s knock fossils fuels out of the picture without clear technology diffusion and solid international cooperation programs — does not help the process,” the Kingdom’s envoy, Khalid Abuleif, told journalists on the sidelines of the talks.
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TourismSix million GCC citizens visited Saudi Arabia last year
Saudi Arabia received more than six million Gulf Cooperation Council (GCC) citizens last year, according to a GCC General Secretariat report.
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OIlSaudi Arabia learns to play the waiting game
After Opec’s announcement that it would not be cutting production, oil prices fell dramatically. Given the significant global oversupply due to the US shale oil boom and decreased demand in China and Europe, this decision marks an historical moment in which Opec relinquishes its supply-based approach to price manipulation and embraces a market-based approach.
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E-ServicesSaudi Arabia: More e-services for drivers and insurers launched
The new e-services are in additon to Saher, which is a traffic management system launched in 2010 with the aim of reducing traffic accidents. The system links hundreds of fixed and mobile cameras and radars situated on key intersections and main highways across Saudi Arabia’s main cities to a central database. If anyone speeds, jumps a red light or breaks the country’s traffic laws, Saher photographs the offender’s licence plate, uploads the picture to the country’s central vehicle registration database, and immediately issues a fine to the vehicle’s owner.
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MineralsSecond Exploration License Awarded in Saudi Arabia
On 5 December 2014, KEFI received confirmation that the 95km2 Hawiah Exploration Licence ("Hawiah EL") had been granted to KEFI's partner, Abdul Rahman Saad Al-Rashid & Sons Company Limited ("ARTAR"), on behalf of the KEFI-operated Gold and Minerals Joint Venture Company ("G&M"). Exploration work has now commenced and initial focus will be on a large Volcanogenic Hosted Massive Sulphide ("VHMS") target. VHMS deposits are closely associated with submarine volcanic rocks and are major sources of Gold, Copper, Zinc, Lead and Silver. Testing will begin on a 4km-long gold mineralised gossan (surface-exposed iron-rich oxidized portion of the VHMS mineralisation).
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Global Oil MarketsOil Producers: Saudi Arabia Knows Exactly What Must Be Done
By keeping its current levels of production, Saudi Arabia is also telling the world that the responsibility of putting brakes on sliding oil prices must be shared by both, the U.S. and Saudi Arabia. This is in contrast of the long-established, and perhaps obsolete, view that only Saudi Arabia, or the larger OPEC for that matter, is in a position to command meaningful influence on crude prices.
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