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QUOTED
“Aramco also announced an increase in this year’s capex spend to be in the range of $48-$58 billion of which 60 percent will go into upstream, 30 percent downstream and 10 percent in new energies.” Amena Bakr, Saudi Arabia is not abandoning upstream investment [Al-Arabiya]
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TOP STORY
Published in Screen Daily, the Saudi Film Commission reported on topline 2023 metrics for Saudi Arabia’s growing film industry. With more than 50% of the Saudi population under 25, there is a significant appetite for cinema, particularly for US action films, Egyptian comedies, and Saudi narratives.
[more]
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MORE TOP STORYLINES
Via Ishwari Khatu in campaignme.com: A new Ramadan campaign from Serviceplan Arabia and Abdul Latif Jameel Motors – Toyota takes a different approach to the Holy Month. Set in against the corniche of Saudi-city Khobar, the ad takes a more comedic approach while maintaining the spirit of Ramadan and generosity.
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Via Humeyra Pamuk and Simon Lewis in reuters.com: The United States and Saudi Arabia have made good progress in talks on normalising ties between the kingdom and Israel, U.S. Secretary of State Antony Blinken said on Thursday without providing a timeline for concluding a deal. I believe we can reach an agreement, which would present a historic opportunity for two nations, but also for the region as a whole, Blinken said at a joint press conference with Egyptian Foreign Minister Sameh Shoukry in Cairo.
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Via Christina Lu in foreignpolicy.com: “This is not about replacing the bedrock of their economic engine away from oil to minerals,” said Ahmed Mehdi, managing director at Renaissance Energy and a visiting fellow at the Columbia University Center on Global Energy Policy. “This is more about making sure that they have a seat at the table in the energy transition, especially given how geopolitically charged this industry is.”
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MORE ON THE KINGDOM AND BEYOND
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More than 200,000 people converged at the conference, including Adam Selipsky, chief executive of Amazon’s cloud computing division, who ...[By Adam Satariano and Paul Mozur via nytimes.com]
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Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027.
The opening of the project’s...[By Andrew Hammond via agbi.com]
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His comment is significant because, like LIV Golf’s team competition and shotgun starts, the...[By Cindy Boren via washingtonpost.com]
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The recently released book “Battleground – 10 Conflicts that Explain the New Middle East” by historian Christopher Phillips provides a useful overview of ten ongoing conflicts...[By Christopher Phillips via thecipherbrief.com]
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A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse...[By Larry Elliott via theguardian.com]
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The regional upswing also defies oil production cutbacks which have all weighed on economic growth in the region as seen from International Monetary Fund’s latest...[By Issac John via khaleejtimes.com]
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Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to...[via arabnews.com]
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From April 22 to 25, 2024, the 26th World Energy Congress convened in the Netherlands, drawing participation from the Kingdom of Saudi Arabia’s energy industry....[By Pooja Chandak via solarquarter.com]
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Henning Larsen Architect has just revealed the designs for The Jeddah Opera House, a new local landmark in Saudi Arabia. Drawing inspiration from the historical...[By Nour Fakharany via archdaily.com]
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One of Saudi Arabia's top universities has announced a Red Sea project described as the world’s largest coral reef restoration.
...[By Daniel Bardsley via thenationalnews.com]
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The National Debt Management Center announces the closure of April 2024 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount allocated was...[via mof.gov]
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The month-on-month decline in imports from Russia comes amid lower discounts offered by Russia. Russia has been the largest source of crude for...[By Rituraj Baruah via livemint.com]
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Two major U.S. law firms are opening offices in Saudi Arabia following a change last year in...[By David Thomas via reuters.com]
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Satellite images analysed by the United Nations Satellite Centre show that 35% of the Gaza Strip's buildings have been destroyed or damaged in the Israel...[By Reuters via reuters.com]
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The United Arab Emirates is quietly urging the European Union to start talks on a trade pact separate from an Arab bloc, five people familiar...[By Alexander Cornwell via reuters.com]
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Leaders from pro-nuclear European countries and energy experts called for a nuclear energy revival on Thursday at a summit in Brussels, seeking to rebuild the...[By Julia Payne and Kate Abnett via reuters.com]
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