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  • Desertification talks open in Saudi Arabia as experts fire warning

    UN Secretary-General Antonio Guterres has called it a "moonshot moment": a 12-day meeting for the United Nations Convention to Combat Desertification (UNCCD), looking to protect and restore land and respond to drought amid the onslaught of climate change. The last such meeting, or "Conference of the Parties" (COP) to the convention, held in Ivory Coast in 2022, produced a commitment to "accelerating the restoration of one billion hectares of degraded land by 2030". But the UNCCD, which brings together 196 countries and the European Union, now says 1.5 billion hectares (3.7 billion acres) must be restored by decade's end to combat crises including escalating droughts.

  • Saudi Arabia may slash January crude prices for Asia

    Top oil exporter Saudi Arabia is expected to slash crude prices for Asian buyers in January to the lowest in years, largely tracking a slump in Middle East benchmark prices last month, traders said on Monday. The January official selling price (OSP) for flagship Arab Light may fall by 70 to 90 cents a barrel from December to at least a four-year low, six sources at Asian refineries said in a Reuters survey.

  • COP16 to Begin in Saudi Arabia as World Seeks Urgent Solutions to Land Degradation, Desertification and Drought

    The largest-ever meeting of the United Nations Convention to Combat Desertification (UNCCD) is set to kick-off in Riyadh, with an action-packed agenda to drive multilateral action on land degradation, drought and desertification. Dignitaries, policymakers, global institutions, businesses, NGOs and key stakeholders are arriving in Saudi Arabia's capital ahead of a critical conference to accelerate global land restoration and drought resilience initiatives.

  • Rise in major US law firms setting up in Saudi Arabia

    Saudi authorities have implemented many legal reforms in recent years.  Crucially, say sources, those include a new framework that since last year has supported foreign law firms’ creation of joint ventures with local counterparts, including through full-blown acquisitions, or wholly-owned Saudi subsidiaries. Foreign lawyers have been cleared to practice in Saudi Arabia in 2021 if they secure a license from the Saudi Bar Association. “These reforms, along with the modernisation of the legal and dispute resolution systems, ensure that foreign law firms can operate independently,” says Nassar. Saudi Arabia has upgraded its framework for cross-border bankruptcy proceedings, arbitration, investments, domestic commercial disputes and is looking to reform labour-related regulation, according to sources.

  • Sport Minister: Saudi Arabia Attracts 2.5 Million Tourists to 80 Global Sporting Events

    Over the past four years, 80 international events have attracted 2.5 million tourists. For instance, Formula 1 in Jeddah welcomed attendees from 160 nationalities, created 20,000 jobs, and generated a SAR 900 million economic impact on the city. Over the past four years, 80 international events have attracted 2.5 million tourists. For instance, Formula 1 in Jeddah welcomed attendees from 160 nationalities, created 20,000 jobs, and generated a SAR 900 million economic impact on the city.

  • Saudi Arabia targets 127M tourists in 2025

    Saudi Arabia's 2025 budget targets receiving 127 million tourists, with SAR 346.6 billion in tourism spending. The Saudi Cabinet approved on Nov. 26 the state’s general budget for 2025, which includes SAR 1.285 trillion expenditures and SAR 1.184 trillion revenues, with an expected deficit of SAR 101 billion. According to data available with Argaam, Saudi Arabia received 60 million tourists in H1 2024, who spent about SAR 150 billion, a 10% annual growth. Tourism income reached 5% of the Kingdom's economy in H1 2024.

  • Saudi Arabia ready to turn every challenge into an opportunity

    The expected 2024 budget figures revealed a historic spending of SAR 1,345 billion ($358.67 billion), as a result of the government adopting expansionary spending policies that support the continuity of the path of sustainable development and economic diversification. Despite global crises, the Kingdom was able to strengthen its position through non-oil income that focused on quality and competitiveness, which supported the balance of payments.  From the beginning of 2024 until the end of the third quarter, real GDP witnessed a growth of 0.2 percent, driven by a 4.2 percent increase in non-oil activities. This positive performance, albeit slight, reflects the success of the stability of economic diversification policies that have made the Saudi economy less dependent on the oil sector, which is a strategic economic goal.

  • Saudi Arabia aims to provide 80,000 housing units in 2025

    Saudi Arabia's 2025 budget includes, within the municipal services sector, providing 80,000 housing units across the Kingdom, in partnership with real estate developers. The state budget also entails serving more than 100,000 beneficiaries of the housing subsidy program through various housing products. This is besides ramping up the number of qualified contractors at the Ministry of Municipalities and Housing to reach 24,000, in addition to issuing 85% of commercial licenses within 24 hours via Balady Platform. The Saudi Cabinet approved on Nov. 26 the state’s general budget for 2025, which includes SAR 1.285 trillion expenditures and SAR 1.184 trillion revenues, with an expected deficit of SAR 101 billion.

  • Thunderstorms forecast across Saudi Arabia until Sunday

    The General Directorate of Civil Defense has forecast thunderstorms in several regions across the Kingdom until Sunday. Makkah region is forecast light to moderate rain showers that could lead to flash floods, hail and dust-stirring winds, reported the Saudi Press Agency, while moderate to heavy rain is expected in Riyadh region. Asir and Jazan regions will also be affected by moderate to heavy showers, while the Qassim, Eastern and Baha regions will experience moderate rain. The regions of Madinah and Najran can expect light rain.

  • Saudi Arabia’s King Salman inaugurates Riyadh Metro project

    Saudi Arabia’s King Salman inaugurated the Riyadh Metro project on Wednesday, Saudi Press Agency reported. The project is considered the backbone of the public transport network in Riyadh, SPA said. King Salman watched an introductory film about the project, which is distinguished by its exceptional design and technical specifications. The Riyadh Metro consists of a network that includes six train lines measuring 176 km and 85 stations, including four main stations. The metro will begin to be available for public use from Dec. 1 and will operate daily from 6 a.m. to midnight. The lines will open over the next two months in stages — with the blue, yellow and purple lines opening on Dec. 1, the red and green lines opening on Dec. 15, and the orange line opening on Jan. 5, 2025.