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  • Industry Ministry opens bidding for 7 exploration licenses on 1,000 sq. km areas

    This is part of the ministry’s Accelerated Exploration Program initiative, which aims to expedite the exploration and development of the Kingdom’s estimated SR9.3 trillion worth of mineral resources, in line with the Saudi Vision 2030 objective of making the mining sector the third pillar of the national industry.

  • Saudi Institutions Intensify Efforts to Activate Maritime Shipping Lanes with Djibouti

    Three Saudi government and private entities are leading intensive efforts to activate maritime shipping lanes between the Kingdom and the Republic of Djibouti, to maximize the benefits of Saudi Logistics City in the Port of Djibouti's free zone. The city, established through an agreement signed in June, enables Saudi exports to reach 500 million consumers in East African markets. It will have permanent warehouses, yards, logistics services, and administrative facilities, and will provide investors and traders with all storage requirements.

  • Israel kills 40 Palestinians in Gaza airstrikes amid fears of wider war

    Israeli forces stepped up airstrikes across the Gaza Strip on Thursday, killing at least 40 people, Palestinian medics said, in further battle with Hamas-led militants as Israel braced for potential wider war in the region. Israeli airstrikes hit a cluster of houses in central Gaza's Al-Bureij camp, killing at least 15 people, and the nearby Al-Nuseirat camp, killed four, medics said. Nuseirat and Bureij are among the densely populated enclave's eight historic camps and seen by Israel as strongholds of armed militants.

  • Survival of the fittest: Petrochemical makers battle global glut

    Petrochemical producers in Europe and Asia are in survival mode as years of capacity build-up in top market China and high energy costs in Europe have depressed margins for two consecutive years, forcing firms to consolidate. The sector's weakness is troubling for a global oil industry looking at petrochemicals to keep profits rolling in as transportation fuel demand falls in coming years with the energy transition.

  • Saudi Communications Ministry Unveils 2nd Phase of Source Tech Initiative to Boost Digital Economy

    The Saudi Ministry of Communications and Information Technology has announced the start of the second phase of the Source Tech initiative, which is part of efforts to boost the Saudi digital economy. This phase's launch follows the initiative's success in its first stage, which established more than 15 tech centers in six regions across Saudi Arabia. The initiative aims to maximize cooperation with the private sector to localize application and software development, outsourcing, and communication services within the Kingdom.

  • ROSHN Group, Saudi Aramco to Cooperate in the Construction of 47,000-capacity Stadium in Alkhobar

    A 47,000-capacity arena, to be called the Aramco Stadium, is to be built in Alkhobar in the Eastern Province following a cooperation agreement between ROSHN Group and Saudi Aramco. The stadium is expected to be fully operational by 2026, when it will be ready to host local and international events, including the Asian Cup which Saudi Arabia is scheduled to host in January 2027, the Saudi Press Agency reported on Wednesday.

  • Saudi ports report 15.72% growth in container handling for July | Hellenic Shipping News Worldwide

    Saudi Arabia’s ports recorded a 15.72 percent increase in container handling in July compared to the same month last year, official data showed. The latest statistics from the Saudi Ports Authority, known as Mawani, revealed that the Kingdom’s terminals received 271,465 standard containers in July, up from 234,592 in July 2023. The volume of handled tonnage also increased by 9.11 percent year on year, reaching 27.38 million tonnes.

  • Saudi Aramco explores global LNG opportunities: Nasser

    Saudi Aramco's President and CEO Amin Nasser said the company is working on a number of international investments and exploring global opportunities in the field of LNG. He added that the company has ambitious plans to develop its portfolio and expand its capabilities in this field. Nasser said in an investor call that the oil giant seeks to complete a strategic partnership in the field of LNG with MidOcean Energy during the third quarter of 2024.

  • Saudi Arabia Increases Its Cooperation with World’s Nuclear Watchdog

    The small but significant step could facilitate U.S. technology transfers to the kingdom, said to be a key element in any potential Israeli-Saudi normalization deal—but proliferation concerns persist.

  • Saudi Arabia: Insurance market posts 26% jump in net profit to US$586m in 1H2024

    The Top Three companies — BUPA, Tawuniya, and Al Rajhi — saw profit increases of 36%, 105%, and 47%, respectively, totalling SAR1.6bn.