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  • How the death of Abdul Malik al-Houthi could impact the Houthis and Iran

    Analysts, however, quickly refuted these claims, citing that Iranian state media had reported nothing to suggest these rumors were true. Houthi later proved he was alive and well when the commander made a video address on the anniversary of the October 7, 2023, the date of Hamas’s attack on Israel. While Houthi is still alive today, his death in the near term would impact the group’s ability to operate and widen a leadership vacuum within Iran’s Resistance Axis.

  • Saudi Chemicals Giant Misses on Profit as Recovery Stalls

    Saudi Basic Industries Corp., also known as Sabic, posted 1 billion riyals ($266 million) in profit in the third quarter, according to a statement on Monday. That’s up from a year ago, when the company suffered a loss due to the sale of its steel unit, but down from the second quarter. Higher feedstock costs and lower average selling prices were a drag, it said.

  • U.S. and Saudi Arabia discuss security agreement separate from Israel mega-deal

    The U.S. and Saudi Arabia are discussing a possible security agreement that wouldn't involve a broader deal with Israel, according to three sources with knowledge of the talks. The agreement wouldn't be the full defense treaty the U.S. and Saudi Arabia were discussing but Saudi Crown Prince Mohammed Bin Salman (MBS) and the White House still want to reach a security agreement before President Biden leaves office in January. Saudi national security adviser Musaad bin Mohammed al-Aiban visited the White House last week and met with his U.S. counterpart Jake Sullivan and with Biden advisers Brett McGurk and Amos Hochstein, the sources said. The idea is to draft a bilateral U.S.-Saudi security agreement similar to those the Biden administration signed with other Gulf countries in recent years, which strengthened the U.S. position in the region, the source said.

  • Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend

    Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of “lower crude oil prices and weakening refining margins,” but maintained a 31.05 billion dividend. The company reported net income of $27.56 billion in the July-September period, topping a company-provided estimate of $26.9 billion. The print is also a 5% drop from the previous quarter, which came in at $29.1 billion, as lower global oil prices, weaker demand and prolonged OPEC+ production cuts led by Saudi Arabia continue to impact crude prices.

  • Saudi Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier

    Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $111.1 billion over the quarter, the company said in a filing on Riyadh's Tadawul stock exchange. It had $113 billion in revenues the same quarter last year. Profits for the third quarter last year were $32.5 billion. The profit decrease “was mainly due to the impact of lower crude oil prices and weakening refining margins,” Aramco said. Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before.

  • In Saudi Arabia, This Immersive New Hotel Keeps the Ancient Past Alive

    Every night, 1,800 candles and lanterns send shadows dancing across the walls of Dar Tantora The House Hotel, casting the interiors of this extraordinary 30-room property in soft shades of gold. Across the road from a thriving oasis, in the heart of AlUla’s Old Town, Dar Tantora inhabits a labyrinthine cluster of mud-brick and stone houses abandoned in the late 20th century. Their restoration—and subsequent conversion into a hotel—was led by Egyptian architect Shahira Fahmy, whom Phaidon describes as one of the premier “architects building the Arab future.”

  • Outlook for GCC IPOs remains positive for 2024 despite a relatively quiet Q3, highlights PwC Middle East

    The higher proceeds was driven by the sizable IPO of energy sector focused EPC solutions group NMDC Energy, the biggest IPO in the UAE so far this year, raising $877m and significantly oversubscribed. The remaining three listings took place on Nomu, the Saudi Exchange (Tadawul) parallel market. The aftermarket performance for companies completing an IPO in 2024 continues to be positive with the majority of the top 10 IPOs (by deal size) trading ahead of the IPO price.

  • GCC economy set to reach $3trn by 2030

    Panellists agreed that while Saudi Arabia and the UAE are major drivers of this growth, other GCC countries can capitalise on the opportunities by offering services and contributing to the regional economy. This interconnectedness ensures that economic growth in any GCC country benefits the entire region, as seen in sectors like tourism, finance and logistics. The economic union and reduced trade barriers further accelerate this positive impact.

  • The case for Arab and Muslim Americans to rally behind Kamala Harris

    Unable to stomach either candidate, many Arab Americans may stay home or vote for Green Party candidate Jill Stein — choices that could potentially sway the result, particularly in the state of Michigan. But anything other than a vote for Harris will be, in effect, a vote for Trump. There are over 300,000 Arab Americans in Michigan. President Joe Biden won there in 2020 by about half that, just over 150,000 votes. Arab and Muslim Americans will also be a significant factor in Pennsylvania, Georgia and elsewhere. With the election so close, every voter and nonvoter will most likely contribute to the outcome.

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  • Saudi Arabia one of the happiest countries in the world, survey reveals

    The Kingdom scored highest out of all 24 countries in the study, with South Korea ranking lowest at 39 percent and Europe overall sitting at 50 percent. Saudi Arabia leads the top 10 countries for satisfaction with a score of 84%, followed by Egypt (81%), India (76%) and Indonesia (75%). The bottom countries are South Korea at 39%, Turkey (41%) and Japan (43%). The US came in at 71%, while the UK scored 63% and France was at 52%. According to the research, physical health, mental health and financial security are the three key ingredients for a good quality of life.

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