“In 2023, Saudi Arabia welcomed over 27 million international tourists who spent over $37 billion in the country, while domestic and international tourists surpassed 109 million.” Tourists spend in Saudi Arabia tops $37bln in 2023, says report [Zawya]
“Our investments in China significantly expand our downstream presence and also support our expansion into liquids-to-chemicals. They enable us to help create new pathways for growth by working with a country driving the increased integration of refining and petrochemical processes.” Mohammed Al Qahtani, the downstream president of Aramco, Saudi Aramco seeks to deepen ties with China in petrochemicals and low-carbon solutions [South China Morning Post]
“Clean energy is expected to get $235 billion in funding, up from a previous forecast of $148 billion, with the increase driven mainly by renewables as Saudi Arabia more than doubles its 2030 capacity target. Saudia Arabia is also funding sectors that enable an economic diversification away from oil, such as metals and minerals, transport and logistics, and digitalization.” Only a quarter of Saudi Arabia’s $1 trillion capex plan will go into oil [Goldman Sachs]
“It’s not just about a financial return, but what does it bring it back? Are you willing to set up in the region and are you willing to transfer technology? We’ve seen a big change in the last couple of years.” Ken Calleja, adviser with Rothschild & Co. who helped lead a transaction late last year in which Saudi Arabia’s Public Investment Fund bought a 49% stake in Rocco Forte Hotels, Middle East Trillions Force New Concessions From Wall Street [Bloomberg]
“Headwinds in the real estate sector and the increasing penetration of LNG trucks and electric vehicles are likely to weigh on diesel and gasoline demand.” OPEC’s report said, OPEC sees the world needing a little less oil than it thought [Quartz]
“The semiconductor industry represents a transformative opportunity for Saudi Arabia’s industrial sector. Our partnership with KACST is pivotal in advancing our capabilities across key semiconductor technology segments, including power, perception, and processing.” Alat CEO, Amit Midha, Saudi Arabia makes significant moves in semiconductor sector with strategic investments [Arab News]
“How can mediation succeed when one party assassinates the negotiator on the other side?” Qatar’s prime minister and top diplomat, Sheikh Mohammed bin Abdulrahman Al Thani. It’s increasingly difficult to see how Qatar can broker a Gaza breakthrough [Defense One]
“Sales of U.S.-made weapons facilitated by the directorate totaled $46.2 billion in fiscal 2024, up from $28.7 billion in fiscal 2023 and an all-time high.” Air Force-facilitated arms export sales reach all-time high [Defense One]
“Saudi Arabia this week opened bids for six football teams as part of its new drive to monetise the kingdom’s sport sector and raise its foreign direct investment numbers. Local and international investors are invited to bid for Al-Okhdood, Al-Orouba and Al-Kholoud – all in Saudi Arabia’s top Pro League – as well as Al-Zulfi, Al-Nahda and Al-Ansar. Applications are open until a deadline of September 19. A negotiation process will then start with the best offers, the Saudi Press Agency (SPA) reported, citing the ministry of sport. A further eight teams will be put up for sale at a later stage.” Investor bids invited for six Saudi football teams [Arabian Gulf Business Insight]
“Aramco will be one of the last standing oil producers after a long transition to renewables and its dividend yield is significantly higher than oil major peers. But, near-term, its growth is hamstrung by Saudi shouldering the burden of OPEC+ output restraint whereas the majors are under no such constraint.”Hasnain Malik, head of equity strategy research at Dubai-based market intelligence firm Tellimer, Saudi Aramco’s Production Policy Is Weighing on Its Stock Price [Oilprice.com]
