Newsletter: FutureVerse Does Middle East have Nvidia problem? Nvidia shares tumbled this week as the company launched an independent investigation, sparking fallout that could reach all the way to the Middle East. By Samuel Wendel In Washington, DC, reporting on regional business and tech
Explainer UAE selling Saudi oil highlights new Gulf energy realities News surfaced on Nov. 10 that the UAE has reportedly marketed 1.87 million barrels of Saudi crude salvaged from a damaged supertanker for sale, marking an exceptional example of energy cooperation between Gulf rivals. United Arab Emirates
GCC to build military command center in Kuwait as region simmers: What to know GCC countries have stepped up their joint defense efforts with the announcement of a new forward command center to be headquartered in Kuwait, as tensions between Iran and the US continue to escalate. Saudi Arabia
Analysis Syria denies sending troops to fight Houthis in return for Saudi loans The Saudi Fund for Development and Syria’s Finance Ministry recently inked more than $403 million in concessional loan agreements, fueling speculation that Damascus agreed to provide military support to Saudi Arabia in exchange for financial aid. By Amberin Zaman Reporting on geopolitics, minorities, human rights, culture
Analysis Gulf’s $3 trillion US investment drive faces post-midterm Trump reckoning By Samuel Wendel In Washington, DC, reporting on regional business and tech
Newsletter: Gulf Gulf states step up China diplomacy as Trump’s lame-duck session nears By Francesco Schiavi In Bologna, reporting on security, defense, economy, governance
What $6.9B China-Saudi currency swap means for Beijing’s efforts to globalize yuan China’s increasing economic influence and the high price of the US dollar, which has increased amid increasing interest rates to tame inflation, have led some economies to switch to cheaper yuan-denominated transactions. Saudi Arabia
Saudi Arabia to sign more than $500M in deals with African countries Saudi Investment Minister Khalid Al-Falih said the kingdom’s sovereign wealth fund, the Public Investment Fund, will make some “game changing” investments in Africa. Saudi Arabia
What the Gulf states new unified visa means for Saudi, UAE, other citizens The new Schengen-like visa — allowing seamless travel between members Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — will be introduced during 2024-25. Legacy: Gulf
Saudi campaign to boycott TikTok spreads to private sector Many Saudis are calling for a boycott of the popular social media platform over it allegedly removing pro-Saudi content. Saudi Arabia
Saudi Arabia’s PIF in talks to inject $250M into Chinese car maker The kingdom is looking to develop its electric vehicle market as its economy diversifies away from oil. Saudi Arabia
Oil prices rise after Saudi Arabia, Russia extend output cuts The Kingdom has maintained its oil output cut of 1 million barrels per day since July in an attempt to stabilize the market and prop up prices amid weakened demand. Saudi Arabia
Saudi defense chief concludes US trip, seeks security assurances as Gaza rages Prince Khalid bin Salman’s preplanned trip included meetings with top US officials. Saudi Arabia is concerned that the war between Israel and Hamas could hurt its interests. Legacy: Gulf
Saudi Aramco, QatarEnergy, UAE’s Emirates among Fortune Arabia top 10 The list of 500 companies from 22 Arab countries posted around $1.6 trillion in revenues in 2022, yielding a net profit of $343 billion. Saudi Arabia
Saudi Arabia's oil cuts weigh heavy on economy, GDP tanks by 4.5% The kingdom's economy shrunk by the most since the COVID-19 pandemic in 2020 due to energy measures. Saudi Arabia
Tourism tipping point: Middle East travel boom delivering economic boost as Israel-Hamas war threatens recovery The outbreak of fighting between Israel and Hamas in October 2023 has undercut a fledgling tourism rebound in the Holy Land after years of struggle.
Saudi Arabia set to host 2034 World Cup after Australia withdraws The kingdom is heavily investing in soccer, golf, MMA and other sports across the world. Legacy: Gulf
Saudi Arabia explores women’s buying power with 30% entering work force To expand its own economy, Saudi Arabia is joining a global structural shift toward multiple-wage households as women move into more and more careers that used to be off-limits. Saudi Arabia