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  • Saudi Arabia says additional 15 trillion cubic feet of gas proven at Jafurah field

    With an estimated 200 trillion cf of gas in place, the Jafurah basin hosts the largest liquid-rich shale gas play in the Middle East. This covers an area of 17,000 square kilometres. The production of natural gas at Jafurah is expected to increase to 2 billion standard cubic feet per day (scfd) of shale gas by 2030, from 200 million scfd in 2025, with 418 million scfd of ethane and around 630,000 barrels per day of gas liquids and condensates, which are feedstock for the petrochemical industry.

  • Saudi security forces arrest 19,431 illegal residents in a week

    Saudi security forces have arrested a total of 19,431 illegal residents during inspection raids carried out in all regions of Saudi Arabia during the third week of February. The arrested 19,431 illegal residents, included 11,897violators of the Residency Law, 4,254violators of the Border Security Law, and 3,280 violators of the Labor Law. The arrests were made during the joint field security campaigns carried out by security forces and the concerned government agencies during the period from Feb. 15 to Feb. 21, 2024.

  • Saudi Arabia’s wealth fund to tap debt market for second time this year

    Saudi Arabia's sovereign wealth fund has hired banks to tap the debt market for the second time this year with an Islamic dollar bond, a document emailed to the banks on Monday and reviewed by Reuters showed. The Public Investment Fund (PIF), which manages more than $700 billion in assets, mandated Goldman Sachs, HSBC and Standard Chartered as joint global coordinators to arrange investor meetings starting on Monday for the offering, a senior unsecured seven-year sukuk, the document said. The PIF, along with the government of Saudi Arabia, last month joined a wave of emerging market issuers seeking to take advantage of rising demand for debt before central banks are expected to lower interest rates later this year.

  • Al-Rumayyan says over 70% of PIF’s assets are in Saudi Arabia

    The annual value of investments in Saudi Arabia runs between $30 and $40 billion until 2025, after which it will increase to about $70 billion annually until 2030, the Governor said. He further added that PIF is considered the primary economic driver of Vision 2030, pointing out that the key performance indicators in the vision are achieved ahead of schedule.

  • Saudi Arabia’s Falconry Heritage Celebrated on Founding Day

    The falcon features in the visual identity of the Saudi Founding Day logo, alongside four other symbols: the Saudi flag, the palm tree, the Arabian horse, and the market. Beyond its symbolic significance, falconry played a crucial economic role. The birds were used for hunting, providing a source of food and income for many. It also fostered a strong sense of community and identity among Saudis, uniting them in their shared passion for this noble sport.

  • adidas Saudi targets massive expansion, 100 stores, partnerships with Al Nassr, Saudi Pro League, Al Ahli

    Adidas is currently executing an aggressive expansion plan with new partnerships and retail stores in Saudi Arabia, Bilal Fares, General Manager of EMC revealed in an exclusive interview with Arabian Business. Recognising the growth in the consumer market in line with Saudi Vision 2030, Fares said, “This growth trajectory reflects our dedication to expanding our presence and enhancing consumer engagement within Saudi Arabia.” He highlights this to be an “exciting time” for the brand.

  • Saudi Arabia launches ‘cultural’ metaverse to celebrate founding day

    The Saudi Arabian Ministry of Culture launched a metaverse dedicated to showcasing and preserving the nation’s cultural heritage on the occasion of its founding day. The Saudi government’s Cultural Universe metaverse initiative, which takes a user through the long history of Saudi Arabia dating back to 1727, went live on Feb. 22. The metaverse was built on top of Oracle’s Hyperledger Fabric 2.5 blockchain technology and developed by droppGroup’s Generative Media Intelligence artificial intelligence (AI) system droppPhygital.

  • Israeli industry minister meets Saudi counterpart at WTO talks in UAE

    Israeli Economy and Industry Minister Nir Barkat met his Saudi counterpart on the sidelines of a World Trade Organization (WTO) meeting in Abu Dhabi on Monday, voicing confidence the countries can "make history together", Barkat's spokesperson said. The photographed meeting with Saudi Commerce Minister Majid bin Abdullah al-Qasabi was a rarity given the lack of formal relations between the countries, though the United States has sought to bring them closer.

  • Cristiano Ronaldo obscene gesture sparks Saudi soccer investigation: reports

    Cristiano Ronaldo has come under fire for a gesture aimed toward heckling fans during Al Nassr’s match against Al Shabab in a Saudi Pro League match on Sunday. Ronaldo scored on a penalty in the first half, helping Al Nassr to a 3-2 victory. After the match was over, videos on social media showed Ronaldo razzing up the crowd and repeatedly thrusting his hand forward near his groin – apparently aimed at fans of Al Shabab.

  • $100m Saudi film fund to advance local cinema

    MEFIC Capital has revealed the Saudi Film Fund, with a total capital of SR375 million ($100 million), including a significant 40 per cent investment from the Cultural Development Fund. The fund highlights Saudi Arabia’s burgeoning investment opportunities within the film and media sector.