Saudi Arabia leads global desalinated water production surge
Saudi Arabia has achieved remarkable global leadership in doubling its desalinated water production, signaling its unwavering commitment to meeting daily water demands, stated Abdulrahman Al-Fadley, Saudi minister of environment, water, and agriculture. Al-Fadley highlighted the Kingdom’s exceptional progress in expanding strategic storage capacities and extending water transmission lines. Moreover, he emphasized significant advancements in wastewater […]
Saudi EXIM forges key international partnerships during Greek visit
Saudi EXIM Bank and its Swedish counterpart have signed an agreement to enhance the Kingdom’s non-oil exports and explore trade and investment opportunities. In an X post following the deal, the Saudi lender stated that the memorandum of understanding with the Swedish Export Credit Agency was inked in the Greek capital, Athens. The agreement, signed by Saad […]
Saudi Arabia’s Ceer signs $2bn deal with Hyundai Transys to supply EV drive systems
Saudi Arabia’s pioneering electric vehicle brand, Ceer, has secured a monumental SR8.2 billion ($2.18 billion) agreement with Hyundai Transys, a South Korea-based company, to supply “EV Drive Systems” for its vehicles. Ceer stated in a press release that Hyundai Transys’ integrated Electric Drive System is a revolutionary three-in-one solution incorporating a motor for propulsion, an […]
Saudi Arabia aims to become ‘global hub’ for gaming, esports
Saudi Arabia’s Savvy Games Group, owned by the Kingdom’s Public Investment Fund, is reportedly seeking deeper partnerships with game developers in Japan, including Nintendo and Capcom. The aim is to develop the Middle East market and ensure the Kingdom eventually becomes a global hub for gaming and esports, Nikkei Asia reported on Tuesday. Crown Prince […]
Saudi Arabia to ramp up oil production capacity in the next 3 years – energy minister
Saudi Arabia will increase its oil production capacity from 2025 to 2027, before going back to the current level of 12.3 million barrels per day in 2028, the Kingdom’s energy minister has revealed. Speaking at the International Economic Forum in St. Petersburg, Prince Abdulaziz bin Salman said the Organization of the Petroleum Exporting Countries, and its […]
Saudi Arabia seeks mining partnerships with Morocco, eyes industry transformation
Saudi Arabia seeks to leverage Morocco’s mining expertise, as both countries hold significant reserves and produce over 40 percent of the world’s phosphate fertilizer, said a top minister. The Kingdom’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, made this statement during a round table meeting with investors and businessmen in the north African country, […]
Oil and gas industry needs $4.3tn in investments by 2030: IEF
The oil and gas industry will need cumulative investments worth $4.3 trillion from 2025 to 2030 to meet growing demand and maintain market stability, according to an analysis. In its latest report, the International Energy Forum said that the increasing capital expenditure needs are based on an outlook that sees demand for oil rising from […]
Industry leaders call for increased collaboration in various sectors at Vision Golfe 2024
Industry leaders and experts explored opportunities in the field of supply chain and transportation and discussed ways to improve collaboration to achieve goals at the two-day Vision Golfe 2024 in the French capital. The business platform enabled discussions and sharing of knowledge about several industries. The key objective of the event is to promote business […]
Saudi leaders congratulate Claudia Sheinbaum, Mexico’s new president
Saudi leaders congratulated Mexico’s new president on Tuesday, the Saudi Press Agency reported. King Salman, and Crown Prince Mohammed bin Salman sent separate cables of congratulations to Claudia Sheinbaum who won a landslide victory in Sunday’s presidential election to become Mexico’s first woman leader. The king and crown prince expressed their best wishes for her […]
PIF prices inaugural sterling bond offering of $829m
Saudi Arabia’s Public Investment Fund has priced its inaugural sterling bond offering of £650 million ($829.80 million) under its existing Euro Medium-Term Note program. The issuance is part of PIF’s strategy to continually diversify its funding sources. The offering, which was more than six times oversubscribed, includes a £300 million tranche with a 5-year coupon […]