Israel has secured a 60-day cease-fire with Hezbollah following US-mediated negotiations, marking a significant step towards ending a conflict that has resulted in thousands of deaths. President Biden announced the agreement after discussions with Israeli and Lebanese leaders, emphasizing the US's commitment to fostering regional stability, including potential historic deals with Saudi Arabia.
Saudi Arabia plans to reduce spending to 1.285 trillion riyals ($342 billion) in 2025 as part of its trillion-dollar economic transformation strategy. The Finance Ministry forecasts a deficit of 101 billion riyals for that year, aligning with previous projections.
Saudi Arabian Oil Co. plans to increase its debt while prioritizing long-term dividend growth, according to CFO Ziad Al-Murshed. The company has raised its dividend by 4% for the past two years, but faces challenges due to lower crude prices and reduced oil production, impacting its financial stability.
COP29 talks on fossil fuel transition faced near collapse due to opposition from Saudi Arabia and some developing nations, prompting the presidency to intervene. Despite setbacks, countries emphasized the need for strong emission-cutting measures and financing for energy transitions, with consultations led by Norway and South Africa set to conclude soon.
Texas's newest solar farm has a nameplate capacity of 875 MW, with 85% allocated to power Google data centers, raising concerns about the increasing energy demands of AI technologies. At a recent conference in Riyadh, industry leaders warned that electricity use could surge by 40% in the next decade, potentially straining global grids. As tech giants explore nuclear and renewable energy sources, the rush to support data centers may divert resources from meeting the needs of ordinary consumers.
Saudi Arabia is enhancing its medical tourism sector through strategic partnerships, including recent agreements with Morocco and Thailand aimed at improving healthcare collaboration. Despite these initiatives and infrastructure improvements targeting 150 million arrivals by 2030, the country is expected to fall behind established markets like Thailand, the UAE, and Malaysia, which offer more specialized treatments and better-developed facilities.
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