Saudi Arabia

The Surprise Higher For Longer Issue The Federal Reserve surprised the market by leaving the fed funds rate unchanged and indicating its not inclined to lower at the next meeting in March. The market was disappointed, but a better-than-expected manufacturing index with higher-than-expected pricing...

Luxury automaker Lucid Group Inc (NASDAQ:LCID) is to launch a dedicated security vehicle for the Saudi Arabian police force, if online murmurs are to be believed, in an initiative that could deepen the company’s already significant ties with the Kingdom. What Happened: As per Drive Tesla,...

In a recent development, Saudi Arabia is reportedly willing to accept a political commitment from Israel for the establishment of a Palestinian state. This move is seen as an attempt to secure a defense pact with the U.S. before the 2024 presidential election. What Happened: Saudi Arabia is willing...

In a development that could have wider implications for the oil market, Saudi Arabia's state-owned Aramco has suspended its plan to boost its maximum crude production capacity. The decision comes against the backdrop of a shifting global landscape, with increasing concerns about the...

In a groundbreaking move, Saudi Arabia is set to open its first-ever alcohol store in the capital city of Riyadh. The store will exclusively cater to non-Muslim diplomats, marking a significant shift in the traditionally conservative Muslim country. What Happened: The store, located in the...

In a race for critical mineral resources, global powerhouses such as the United States, China, and Russia are setting their sights on Saudi Arabia. The Kingdom is ramping up its mining sector investments, positioning itself as a “super region” for natural resources. What Happened: As...

Saudi Arabia has issued $12 billion in debt, marking its most significant foreign borrowing since 2017, at a time when emerging-market nations are increasingly investing in bonds. What Happened: The desert kingdom’s borrowing contributes to the nearly $25 billion of bonds that developing...

In a move that has sent shockwaves through the oil market, Saudi Arabia has drastically reduced oil prices, leading to a significant increase in short positions in both Brent crude and West Texas Intermediate crude. What Happened: Short positions in Brent crude and West Texas Intermediate...

The U.S. Secretary of State, Antony Blinken, has embarked on a diplomatic mission to the Middle East to prevent a potential regional war. His itinerary includes visits to the United Arab Emirates, Saudi Arabia, and Israel. What Happened: Blinken set out on a five-day diplomatic journey starting...

China and Saudi Arabia have agreed on a currency swap deal worth approximately $7 billion. This agreement signifies another move in the worldwide trend of de-dollarization, as nations shift from the US dollar. The three-year deal allows for a maximum of 50 billion yuan or 26 billion riyals,...

Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, has argued that the recent drop in oil prices is not due to weakened demand but rather the result of speculative trading. What Happened: Prince Abdulaziz has dismissed allegations of a dwindling demand for oil, instead...

EV maker Lucid Group Inc (NASDAQ:LCID) was banking on sales in Saudi Arabia to improve its delivery numbers. However, the company seems to be struggling in the Middle East as well. What Happened: Though the company intended to deliver more vehicles in Saudi Arabia in the third quarter, “...

Former advisor and Donald Trump’s son-in-law Jared Kushner asserted that American Jews are safer in Saudi Arabia than on U.S. college campuses amid escalating tensions over the Israel-Hamas conflict. What Happened: Kushner, on Fox News’ Sunday Morning Futures, said, “One of...

The U.S. President, Joe Biden, and Saudi Crown Prince, Mohammed bin Salman, are actively working together to curb the expansion of the ongoing Israel-Hamas conflict, the White House announced. The Hill reported that President Biden and the Crown Prince held a discussion on Tuesday,...

Saudi Arabia has expressed interest in exploring small modular nuclear reactor technology, as part of the country’s strategy to diversify its energy sources and produce cleaner power. As reported by Bloomberg, Saudi Arabia, a late-comer to nuclear power, is examining all forms...