
Saudi Cabinet commends opening of 600 global company headquarters
This milestone underscores the stability of the Saudi economy, growing international confidence, promising expansion opportunities, a highly skilled workforce, and the Kingdom's strategic location.
The Cabinet also welcomed Saudi Arabia's hosting of discussions between the Russian Federation and the United States, reaffirming the Kingdom's commitment to promoting global security and peace, according to the Saudi Press Agency (SPA).
Additionally, the Cabinet highlighted Saudi Arabia's recognition among the world's top 10 markets for battery energy storage, coinciding with the launch of the 2,000 MWh Bisha project. This milestone marks a major transformation in the energy sector, reinforcing the Kingdom's leadership in energy production and exports.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Arab News
2 hours ago
- Arab News
Oil Updates — crude steadies as concerns about tariff impacts vie with Russian supply threats
HOUSTON: Oil prices were little changed on Friday after falling more than 1 percent in the previous session as traders digested the impact of higher US tariffs that may curtail economic activity and lower global fuel demand growth. Brent crude futures were down 7 cents, or 0.1 percent, to $71.63 a barrel at 9:56 a.m. Saudi time. US West Texas Intermediate crude was down 10 cents, or 0.14 percent, to $69.16 a barrel. Still, Brent prices are set to gain 4.9 percent for the week while WTI is set to climb 6.4 percent after US President Donald Trump earlier this week threatened to place tariffs on buyers of Russian crude, particularly China and India, to try to pressure Russia into halting its war against Ukraine. 'We think the resolution of trade deals to the satisfaction of the market – more or less, barring a few exceptions – has been the key driver for oil price bullishness in recent days, and further progress on trade talks with China in future could be a further confidence booster for the oil market,' said Suvro Sarkar, energy sector team lead at DBS bank. On Friday though, investors were more focused on Trump's imposition of new, and mostly higher, tariff rates on US trading partners set to go into effect from August 1. Trump signed an executive order on Thursday imposing tariffs ranging from 10 percent to 41 percent on US imports from dozens of countries and foreign territories including Canada, India and Taiwan that failed to reach trade deals by his deadline of August 1. Some analysts have warned the levies will limit economic growth by raising prices, which could weigh on oil consumption. On Thursday, there were signs that existing tariffs are already pushing prices higher in the US, the world's biggest economy and oil consumer. US inflation increased in June as tariffs boosted prices for imported goods such as household furniture and recreation products. This is supporting views that price pressures could pick up in the second half of the year and delay Federal Reserve interest rate cuts until at least October. Maintaining interest rates could also impact oil as higher borrowing costs can limit economic growth. At the same time, Trump's threats to impose 100 percent secondary tariffs on Russian crude buyers have supported prices because of concerns that would disrupt oil trade flows and remove some oil from the market. DBS' Sarkar said that India's slowing of Russian imports may lead to some supply curtailment, but that that would be mostly negated by Chevron resuming oil production in Venezuela, record US production, and growing US supply. JP Morgan analysts said in a note on Thursday that Trump's warnings to China and India of penalties on their ongoing purchases of Russian oil potentially put 2.75 million barrels per day of Russian seaborne oil exports at risk. The two countries are the world's second- and third-largest crude consumers, respectively. 'The Trump administration, like its predecessors, will likely find sanctioning the world's second-largest oil exporter unfeasible without spiking oil prices,' the analysts said, referring to Russia.


Asharq Al-Awsat
4 hours ago
- Asharq Al-Awsat
Saudi Arabia: Non-Oil Activities Make up 49.7% of Revenue
Saudi Arabia's non-oil revenues grew 7% in the second quarter of 2025, reaching 149.86 billion riyals ($39.9 billion), up from 140.60 billion riyals ($39.5 billion) a year earlier, government data showed on Thursday. Non-oil income accounted for 49.7% of total revenues during the quarter, highlighting continued efforts to diversify the economy away from hydrocarbons. Overall revenues reached 301.60 billion riyals ($80.4 billion), while expenditures amounted to 336.13 billion riyals ($89.6 billion), resulting in a quarterly budget deficit of 34.53 billion riyals ($9.2 billion). Oil revenues fell sharply by 29% year-on-year to 151.7 billion riyals in Q2. Tax revenues posted broad-based gains. Income, profit, and capital gains taxes rose 7% to 13.73 billion riyals. Taxes on goods and services also climbed 7%, reaching 74.95 billion riyals. Trade and international transaction taxes jumped 16% to 6.32 billion riyals, while other taxes increased 6% to 25.99 billion riyals. Miscellaneous non-tax revenues grew 4% to 28.87 billion riyals. Government spending in the second quarter declined 9% from a year ago, falling to 336.13 billion riyals from 368.93 billion riyals. In the first half of 2025, Saudi Arabia posted revenues of 565.21 billion riyals ($150.7 billion) and expenditures of 658.45 billion riyals ($175.5 billion), leaving a fiscal shortfall of 93.24 billion riyals ($24.8 billion). Non-oil revenues during the six-month period stood at 263.67 billion riyals, while oil revenues totaled 301.54 billion riyals. Spending during the first half declined 2% compared with the same period last year, when it reached 674.75 billion riyals. Meanwhile, the Kingdom's general reserve rose to 396.95 billion riyals by the end of H1 2025, and the current account held 102.59 billion riyals. Saudi Arabia's public debt climbed to nearly 1.39 trillion riyals by mid-2025, including 871.30 billion riyals in domestic debt and 515.14 billion riyals in external borrowing.


Arab News
13 hours ago
- Arab News
Saudi interior minister visits Interpol head office
LYON, France: Saudi Minister of Interior Prince Abdulaziz bin Saud bin Naif visited Interpol headquarters in Lyon, France on Thursday where he was received by the organization's president, Maj. Gen. Ahmed Naser Al-Raisi. During the visit, Prince Abdulaziz affirmed the Kingdom's ongoing support for Interpol and its efforts to strengthen international cooperation in combating transnational crime. He praised its role in supporting international security efforts and enhancing cooperation among security agencies around the world. Interpol's current president is from the United Arab Emirates. Al-Raisi was elected at the 89th General Assembly in Istanbul, Turkiye, in November 2021. His term ends this year.