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  • OPEC and Saudi spare oil production capacity

    Saudi Arabia currently holds spare capacity of 3 million barrels per day, a source with direct knowledge of the matter said, equal to about 2.9% of daily world demand according to Reuters calculations. The International Energy Agency estimates that OPEC's total spare capacity is 5.1 million bpd, of which 3.2 million bpd is held by Saudi Arabia, 1 million bpd by the UAE, 400,000 bpd by Iraq and 300,000 bpd by Kuwait.

  • Davos Dispatch: The case for optimism amid global upheaval

    Amid the geopolitical gloom that pervaded the World Economic Forum here this past week—with intractable wars in Europe and the Mideast and unsettling tensions in Asia—International Monetary Fund Managing Director Kristalina Georgieva made a case for optimism, quoting the legendary economist John Maynard Keynes. Georgieva reminded a select group of global political, business, and civil society leaders of Keynes’ words from a 1930 essay, written against the backdrop of the Great Depression, the rise of communism and fascism, and national and international despair (the meeting was off-record, but Georgieva approved this to be shared publicly):

  • Hevolution releases inaugural Global Healthspan Report

    Back in November, we reported on Hevolution Foundation‘s two day Global Healthspan Summit in Riyadh; with over 1000 attendees and 100 speakers, Hevolution hoped the summit would serve as a trigger, shifting perception of aging and longevity and catalyzing a move towards global healthspan. To build on this event and scaffold the shift from sickcare to healthspan, Hevolution has released its inaugural Global Healthspan Report today; the report builds on the success of the summit and delivers needed insights to support progress for global healthspan goals.

  • Saudi Vice Foreign Minister Meets with Spanish State Secretary for Foreign and Global Affairs

    Saudi Vice Minister of Foreign Affairs Eng. Waleed El-Khereiji met here today with Spanish State Secretary for Foreign and Global Affairs Diego Martínez Belío, on the sidelines of the UN Security Council open debate on the "Situation in the Middle East". The two officials discussed bilateral relations and ways to further develop them, and other issues of common concern.

  • SPARK and Schneider Electric sign agreement for high-tech manufacturing facility in Saudi Arabia

    King Salman Energy Park (SPARK), the leading industrial ecosystem provider, signed an agreement with Schneider Electric, a global leader in digital transformation and energy management and energy efficiency, for a multi-faceted manufacturing facility. The 20,000 sq. meters, facility will be built within SPARK, located between Dammam and Al-Ahsa. The facility will manufacture key systems including Distributed Control System (DCS), Emergency Shutdown System (ESD) and Compressor Control System (CCS) to support Saudi Arabia’s energy value chain.

  • WTA’s Expected Saudi Arabia Announcement Sparks Backlash From Tennis Legends

    When he’s not running the tournament, Craig Tiley, chief executive officer of Tennis Australia, has been making the rounds, expressing his adamance that tennis must avoid a LIV golf-style disruption such as a rival league. Though he withdrew from the tournament last week, Rafael Nadal made news Tuesday and surprised several powerbrokers when he announced a tennis ambassador partnership with the Saudi Tennis Federation.

  • Spanish rider Carles Falcon dies after Dakar Rally crash

    Spanish motorcycle rider Carles Falcon has died more than a week after crashing in the Dakar Rally in Saudi Arabia, his team said on Monday. Falcon, 45, had been in an induced coma since he was flown to hospital in Riyadh, and then back to Spain, after falling 448km into the second stage on Jan. 7 from Al Henakiyah to Al Duwadimi. Race director David Castera told reporters at the time that the rider, who was competing in the endurance event for the second time after finishing 68th in 2022, had lacked a pulse but was resuscitated by the first doctor to arrive on the scene.

  • Barcelona beats Osasuna and will play Real Madrid for 2nd straight year in Spanish Super Cup final

    The “clasico” will decide the Spanish Super Cup winner for the second straight season. Barcelona defeated Osasuna 2-0 on Thursday to set up a rematch of last year’s final against Real Madrid in Saudi Arabia. Robert Lewandowski and Lamine Yamal scored a goal each for the Catalan club, which last season won the title for its first trophy with coach Xavi Hernández and without Lionel Messi.

  • Real Madrid beats Atletico 5-3 in extra time thriller to reach Spanish Super Cup final

    After own-goals, goalkeeping blunders and a milestone by Antoine Griezmann, Real Madrid outlasted Atletico Madrid in thrilling extra time victory in the semifinal of Spanish Super Cup in Saudi Arabia on Wednesday. Two late goals gave Madrid a 5-3 win over its rival in a match in which Griezmann surpassed Luis Aragonés as Atletico’s all-time top scorer with 174 goals. Madrid will play Sunday’s final against either Barcelona or Osasuna, who meet on Thursday in Riyadh.

  • Despair in Gaza as fighting intensifies despite promise to scale down war

    Israeli strikes in southern and central Gaza intensified on Wednesday despite a pledge by Israel that it would pull out some troops and shift to a more targeted campaign, and pleading from its ally Washington to kill fewer civilians.

    In the latest sign of the three-month-old war spreading, U.S. and British warships in the Red Sea fended off the biggest attack yet from Yemen's Houthi movement, which says it is acting to support Gaza. Washington and London said they shot down 21 drones and missiles aimed at shipping lanes; no one was hurt.