Saudi

LIV Golf CEO confirms Saudi funding commitment is only through 2026

LIV Golf appears to be dying on the vine but doesn’t want to say so.

Amid several reports that the Saudi-backed Public Investment Fund will cease its abundant funding of LIV Golf after the 2026 season, officials with the four-year-old PGA Tour competitor chose to focus on the fact that the show will go on — at least through August.

During a broadcast interview from the LIV tournament in Mexico City, LIV Chief Executive Scott O’Neil would not say if the league has a funding commitment from the Public Investment Fund, or PIF, beyond this year.

O’Neil responded to a question about golfer Sergio Garcia saying this week that LIV Golf Chairman Yasir Al-Rumayyan “told us at the beginning of the year that he is behind us, that they have a project of many years.”

“It’s just not the way the world works,” O’Neil said. “We have commitments to have this … the reality is you’re funded through the season and then you work like crazy as a business to create a business and a business plan to keep us going.

“But that’s not different from any other private equity-funded business in the history of mankind.”

The interview was pulled from the internet shortly after it was posted.

PIF announced a new five-year strategy Wednesday that will reduce international investments from 30% to 18-20% of the portfolio and place greater emphasis on Saudi domestic initiatives to promote sports. LIV Golf does not fit into that category and was not mentioned.

“PIF will continue to support Saudi Vision 2030 objectives by delivering competitive domestic ecosystems,” Al-Rumayyan said in the announcement. “The 2026-2030 strategy is a natural next step in PIF’s growth journey.”

PIF approved more than $250 million in additional funding for LIV Golf this year, hiking the total investment to more than $5.3 billion since the league was launched four years ago. Documented losses are more than $1 billion from 2022 to 2024, according to Forbes.

LIV Golf executives were rushed from various corners of the planet to a meeting this week in New York where the future of the operation was discussed in private and decisions were made.

A few flew in from Mexico City, where this week’s tournament began Thursday at the Club de Golf Chapultepec. It is one of the highest-altitude golf courses in North America, and LIV golfers took deep breaths before answering press questions about reports that the organization was on the verge of collapse.

“For me, it didn’t make sense to think about it or waste time thinking about,” superstar golfer Jon Rahm said after shooting a first-round 65. “Since everything happened so suddenly and so quickly, I wasn’t very worried about it because normally, before the rumors start, we already know something — there’s always someone within the league who knows something.”

Communication at the tournament was spotty. A power outage at the course Tuesday caused interviews to be canceled, and streaming of the first round Thursday was down for about two hours because of what were described as technical difficulties.

Yet nothing could stop the speculation and growing unease about the future of LIV Golf. Money continues to hemorrhage, as does the roster of big-name golfers.

LIV Golf purses each week are $30 million — 50% more than PGA Tour purses. Enormous signing bonuses were doled out to secure the services of superstar golfers Phil Mickelson, Dustin Johnson, Cameron Smith, Bryson DeChambeau and Rahm. All received bonuses of at least $100 million to defect from the PGA Tour, and Rahm, a relative latecomer to LIV Golf, received a reported $300- to $500-million bonus.

Yet original LIV Golf members Brooks Koepka and Patrick Reed recently returned to the PGA Tour. Others are bound to follow.

Former PGA standout Greg Norman was the LIV Golf chief executive until resigning in August, citing exhaustion. His comments upon exiting might have foreshadowed the current difficulties.

“I knew there were going to be a lot of headwinds,” he told the Australian Golf Digest. “I didn’t anticipate the magnitude of those headwinds because … as time went by, those headwinds were created by misperceptions.”

Norman was replaced by O’Neil, whose internal message to the LIV staff Wednesday attempted to quiet concerns about PIF pulling the plug. He urged the golfers to focus on the season that is already underway.

“We are heading into the heart of our 2026 schedule with the full energy of an organization that is bigger, louder and more influential than ever before,” O’Neil wrote in the message obtained by Sports Illustrated. “The life of a startup movement is often defined by these moments of pressure. We signed up for this because we believe in disrupting the status quo.

“We have faced headwinds since the jump, and we’ve answered every time with resilience and grace. Now we answer by doing what we do best: putting on the most compelling show in sports.”

One of those headwinds is that “a compelling show” can be a relative term. LIV Golf has been popular in golf-starved locales such as Australia and South Africa, but TV ratings are low everywhere and interest in events held in the United States is tepid.

PIF — worth an estimated $1.15 trillion — launched LIV Golf as part of a strategy to transform Saudi Arabia into a global sports hub, using its vast oil revenue to drive economic diversification, create jobs and boost tourism. Initiatives include massive investments in soccer, tennis and esports in addition to golf.

The PGA Tour countered by increasing prize money and creating a series of limited-field “signature events” for top players. Rory McIlroy and Tiger Woods are among the sport’s top stars to steadfastly remain loyal to the PGA Tour, with Woods turning down an offer from LIV Golf of $800 million in 2022.

Mexico City is the sixth stop in the LIV Golf 14-tournament season that concludes in August. The Individual Championship finale is scheduled for Indianapolis from Aug 20–23.

Source link

World Cup 2026: Saudi Arabia sack coach Herve Renard | Football News

Frenchman Herve Renard, who won AFCON with Zambia and Ivory Coast, departs Saudi role despite World Cup qualification.

Frenchman Herve Renard has been relieved of his duties as Saudi Arabia coach, less than two months before the start of the FIFA World Cup 2026 in North America.

The 57-year-old had returned for a second spell as Saudi coach at the end of 2024, having led them at the last World Cup four years ago in Qatar.

Recommended Stories

list of 4 itemsend of list

“That’s football … Saudi Arabia have qualified for the World Cup seven times, including twice with me,” Renard told the news agency AFP on Friday.

“And there’s only one coach who has led them through both the qualifiers and the World Cup; that’s me, in 2022. At least there will be that sense of pride.”

Saudi Arabia players celebrate with French coach Herve Renard during the FIFA World Cup 2026 Asian qualifier football match between Saudi Arabia and Iraq at King Abdullah Sports City in Jeddah on October 14, 2025. (Photo by Abdel Ghani BASHIR / AFP)
Saudi Arabia players celebrate with French coach Herve Renard after securing World Cup qualification [File: Abdel Ghani Bashir/AFP]

Renard, a two-time Africa Cup of Nations (AFCON) winner with Zambia and the Ivory Coast, was in charge of Saudi Arabia from 2019 to 2023 before being replaced by Italian coach Roberto Mancini.

From 2023 to 2024, he served as coach of the France women’s team and reached the quarterfinals of both the 2023 Women’s World Cup and the 2024 Paris Olympics.

Ex-Morocco coach Renard was later brought back by Saudi Arabia to succeed Mancini, as the Italian left his role after an underwhelming 14-month stint.

Former Greece international Georgios Donis is reportedly being lined up as the man to take over from Renard. A source close to the negotiations told AFP that talks are under way between the federation and Saudi club Al Khaleej, where Donis has been in charge since 2024.

Saudi Arabia's French head coach Herve Renard (C) and members of Saudi Arabia's delegation pose on the red carpet upon arrival to attend the draw for the 2026 FIFA Football World Cup taking place in the US, Canada and Mexico, at the Kennedy Center, in Washington, DC, on December 5, 2025. (Photo by Roberto SCHMIDT / AFP)
Saudi Arabia’s French head coach Herve Renard, centre, and members of Saudi Arabia’s delegation at the 2026 FIFA Football World Cup draw [Roberto Schimdt/AFP]

Saudi Arabia are in Group H at the 2026 World Cup, alongside two former champions, Spain and Uruguay, and debutants Cape Verde. All their group games are scheduled to be played across the United States.

The Arab nation has made six World Cup appearances, with a round of 16 finish in 1994 in the US their best result thus far.

The Saudi team suffered a group-stage exit in the last World Cup in 2022, but made headlines worldwide with a shock 2-1 group win over eventual champions Argentina.

Saudi Arabia is also due to host the 2034 World Cup.

Source link

Saudi Arabia-hosted Asian Cup draw rescheduled due to US-Israel war on Iran | Football News

Draw for the 24-team 2027 AFC Asian Cup, originally set for Saturday, moved to May 9.

The draw for the 2027 ⁠Asian Cup ⁠in Saudi Arabia has been rescheduled for May 9 in Riyadh as the ⁠United States-Israel war on Iran disrupts regional sporting events.

The draw, originally scheduled for last Saturday, will be held at the historic At-Turaif District in Diriyah. The Asian Football Confederation (AFC) said ⁠on Wednesday that the postponement was ‌made to ensure the full participation of all key stakeholders and member associations.

Recommended Stories

list of 4 itemsend of list

A number of sporting events across the region have been postponed or cancelled due to the war, which began on February 28.

Saudi Arabia is set to ⁠host the 24-team, quadrennial continental championship for the first time from January 7 to February 5. With 23 of the ⁠24 teams already confirmed, the draw will divide the qualified ⁠nations into six groups of ⁠four.

The final qualification place will be decided on June 4 when Lebanon face Yemen in a playoff.

Defending champions ‌Qatar have already secured their place at the finals along with four-time winners Japan and fellow ‌World ‌Cup qualifiers South Korea, Iran, Jordan, Australia and Uzbekistan.

Source link

Saudi Arabia: IPO Magnet | Global Finance Magazine

Saudi Arabia’s IPO market is entering a more mature phase as listings surge and foreign investor engagement grows. But can it weather the crisis in the Gulf?

Saudi Arabia has established itself as the Gulf region’s most consistent destination for new corporate listings. While other regional exchanges occasionally produce blockbuster transactions, the kingdom has distinguished itself through a steady pipeline of offerings across sectors and company sizes.

Last year, Saudi Arabia hosted 37 of the Gulf Cooperation Council’s 42 IPOs, through both the Saudi Stock Exchange’s Main Market and Nomu (a parallel market), according to Kuwait-based Kamco Invest. Nomu accounted for 24 listings while the Main Market saw 13 deals. Despite a slight dip in deal flow from 2024, total proceeds reached $4.2 billion. As a result, the kingdom overtook the United Arab Emirates as the region’s leading IPO market.

As in other emerging economies, Saudi Arabia’s capital markets remain sensitive to geopolitical developments. The unfolding crisis following the US-Israel strikes on Iran in late February and the subsequent constriction of trade through the Strait of Hormuz have increased uncertainty across markets in the Middle East.

But the kingdom’s lengthening record of sustained capital markets activity reflects both the scale of the Gulf’s largest economy, and more than a decade of financial-sector reforms tied to the Saudi government’s Vision 2030 development plan.

As the government pushes to diversify away from hydrocarbons, the equity market has become an important platform for financing growth, widening ownership, and attracting foreign capital.

“Today the Tadawul All Share Index [TASI], which tracks the Main Market, includes more than 265 companies, alongside nearly 130 on the Nomu parallel market,” says Tarek Fadlallah, chief executive of Nomura Asset Management Middle East. “Together, they provide a much more representative picture of the kingdom’s evolving economy.”

While Saudi Aramco remains the index’s anchor, Fadlallah notes that the exchange now embraces industries ranging from technology and healthcare to logistics, retailing, and real estate.

“Many of these companies are privately owned rather than state-controlled entities,” he adds, “reflecting the growing role of the private sector in the Saudi economy. These changes position the TASI as a more credible vehicle for capturing Saudi Arabia’s structural growth story.”

Underpinning the steady flow of listings is a broader transformation of Saudi Arabia’s capital markets infrastructure.

“Three to four years ago, the Saudi IPO market was not as active or as developed as it is today,” says a Riyadh-based equity capital markets banker. “Since then, we’ve seen a broader ecosystem take shape, including more international banks establishing a stronger local presence and greater foreign investor engagement.”

The mechanics of bringing companies to market have also evolved.

“Pre-IPO preparation is deeper, due diligence is more rigorous, and book building has become more sophisticated,” the banker says.

This evolution is closely tied to Vision 2030’s Financial Sector Development Program, which aims to deepen capital markets, expand financing channels, and encourage more private-sector listings. Regulators have also taken steps to gradually open the market to international investors. In February 2026, authorities removed the Qualified Foreign Investor requirement, allowing a wider pool of global investors to access Saudi equities more easily.

Domestic Capital Still Anchors Demand

Despite reforms and growing international investor interest, domestic investors remain the backbone of the Saudi IPO market. Local institutional investors, including asset managers, pension funds, and family offices, anchor demand for new listings while retail investors play a larger role than in many other emerging markets.

“Retail participation has supported liquidity alongside domestic mutual funds and institutional investors,” says the Riyadh-based banker.

Foreign investors are nevertheless becoming more active as Saudi Arabia integrates more closely with global capital markets. A milestone occurred when major benchmarks included Saudi Arabia in 2019, including the MSCI Emerging Markets Index and the FTSE Russell Emerging Markets Index. Saudi equities could then enter global portfolios and generate passive inflows from index-tracking funds.

“Saudi Arabia’s inclusion in global indices has driven additional foreign investment interest,” says Sawsan Abdullatif, research associate at Bahrain-based asset manager SICO.

Sawsan Abdullatif, research associate at Bahrain-based asset manager SICO
Sawsan Abdullatif, SICO

Even so, domestic capital continues to provide the foundation for most IPO demand.

As the pipeline of listings has expanded, investor behavior has evolved, but the larger supply of deals has also brought greater scrutiny.

Institutional investors are placing greater emphasis on earnings visibility, governance standards, and credible growth strategies.

“Deal flow quality varies from one offering to another and is closely linked to earnings visibility, strength of management guidance, sector positioning, and the clarity of disclosure in the prospectus,” notes Abdullatif.

Valuation dynamics have also begun to shift.

Imad Chukrallah, founding partner and fund manager at Amwal Capital Partners, observes that the market has matured significantly as more companies prepare to list: “The process to IPO is clear and the pace of listings largely depends on investor appetite.”

“As valuations compressed and the premium to emerging markets largely disappeared, new listings have had to price more attractively,” Chukrallah says.

Foreign investors are also contributing to market inflows, he adds: “The largest inflows into the market have been coming from international investors, who remain underweight in Saudi Arabia relative to benchmark indices.”

Regional Leadership

Saudi Arabia remains the deepest equity market regarding market capitalization, tradable stocks, and daily trading volumes, Chukrallah notes, and recent deals suggest the pipeline remains active.

Last year, low-cost Saudi airline Flynas launched a major IPO tied to the kingdom’s expanding tourism sector.

Other Gulf markets, however, remain active. The UAE has hosted multiple high-profile listings in recent years while Oman’s listing of OQ Exploration & Production in 2024 demonstrated that landmark deals can emerge elsewhere in the region. Qatar has also seen some limited listing activity.

But the scale of the Saudi market provides a clear advantage.

“The depth of its domestic institutional base, breadth of sectors and scale of the economy provide structural advantages,” Abdullatif observes.

Alongside the Main Market, Nomu has become an important pipeline for smaller companies seeking access to public capital. The parallel market offers lighter listing requirements than the main exchange, and while liquidity remains comparatively limited, Nomu serves as a steppingstone for companies that may later graduate to the main board.

Imad Chukrallah, Amwal Capital Partners
Imad Chukrallah, Amwal Capital Partners

Navigating Geopolitical Uncertainty

To be sure, the crisis that began with the US-Israeli assault on Iran looms over these more positive changes.

“The geopolitical environment remains uncertain,” the Riyadh-based banker acknowledges. “Any further deterioration would likely affect sentiment, issuance timelines, and potentially, the wider diversification story.”

So far, however, the Saudi market has shown resilience.

“While the recent developments increase uncertainty, the Saudi market was not much impacted,” Chukrallah said last month. “In fact, the market is net up since the start of the war. Appetite for successful companies with a unique value proposition remains strong.”

Saudi Arabia’s IPO market is increasingly defined not just by the pace of listings but by deeper institutional participation, broader sector representation, and a growing pipeline of private-sector issuers.

The combination of regulatory reforms, expanding investor participation, and a stronger listing pipeline suggest it will remain not only the region’s busiest IPO market but also one of the world’s more structurally important financial centers.

Source link

Pakistan hosts top Saudi, Turkish, Egyptian diplomats over war in Iran | News

Talks are under way in Islamabad, as the Pakistani government acts as mediator between the US and Iran.

Top diplomats from Saudi Arabia, Egypt and Turkiye have gathered in Islamabad for two-day talks with their Pakistani counterpart on the US-Israel war on Iran, seeking to de-escalate the conflict.

The talks on Sunday and Monday are being led by Pakistani Foreign Minister Ishaq Dar, who announced late on Saturday that Iran had allowed “20 more ships” under the Pakistani flag, or two ships daily, to pass through the Strait of Hormuz.

Recommended Stories

list of 4 itemsend of list

Pakistan’s Prime Minister Shehbaz Sharif also said on Saturday that he had a “detailed telephone conversation with my brother President Masoud Pezeshkian of Iran earlier today, lasting over one hour”, as part of preparations for the Islamabad talks.

Al Jazeera’s Kamal Kyder, reporting from Islamabad, said Pakistan has been acting as “a key interlocutor” between the United States and Iran, passing messages between the two sides as part of the mediation efforts.

“The gathering in Islamabad, what many people say, is the beginning of a critical process that includes the only viable option: diplomacy and dialogue,” he said.

“A difficult process, given the escalation, so all eyes will be on Islamabad – what consensus can be reached here, and whether that will be acceptable to the US, whether it is looking for a way out of this war or whether it is trying to buy time,” he added.

Pezeshkian hailed Islamabad’s efforts and “thanked Pakistan for its mediation efforts to stop the aggression against the Islamic republic”, according to his office.

The pair have spoken previously in recent weeks about the conflict and Pakistan’s commitment to bringing it to an end.

Islamabad has longstanding links with Tehran and close contacts in the Gulf, while Sharif and the army chief, Field Marshal Asim Munir, have struck up a personal rapport with US President Donald Trump.

Germany’s Foreign Minister Johann Wadephul said earlier on Friday he expected a direct US-Iran meeting in Pakistan “very soon”, without revealing his source.

The risk of an expanded Iran war grew on Saturday as Yemen’s Iran-aligned Houthi rebels launched their first attacks on Israel since the start of the conflict, after the first of the two contingents of the thousands of additional US forces dispatched to the Middle East arrived on Friday on an amphibious assault ship.

Source link

10 U.S. service members injured in Iranian strike on Saudi air base

A pair of U.S. Air Force F-16Cs from the 457th Expeditionary Fighter Squadron sit prior to take-off from Prince Sultan Air Base in Saudi Arabia, June 13, 2023. On Friday, an Iranian missile and drone attack at the base injured 10 U.S. service members. File Photo by Tech. Sgt. Alexander Frank/U.S. Air Force

March 27 (UPI) — An Iranian attack on an air base in Saudi Arabia on Friday injured 10 U.S. service members — two seriously — unnamed officials familiar with the incident told media outlets.

The attack took place at the Saudi military’s Prince Sultan Air Base in Al Kharj, striking a building where the U.S. service members were, U.S. officials told The Wall Street Journal. NBC News and CBS News also confirmed the attack, citing unnamed sources.

Iran used missiles and drones to carry out the attack, which also damaged multiple refueling vehicles.

Since the start of the war in Iran a month ago, more than 300 Americans have been injured and 13 killed.

The United States and Israel began attacks on Iran beginning Feb. 28 amid stalling talks regarding Iran’s nuclear program. On Thursday, President Donald Trump said the United States would forgo attacks on Iran’s energy sites for 10 days to give time for further negotiations to end the war.

Iran on Friday blamed Israeli for contradicting Trump’s 10-day delay by launching attacks on infrastructure sites, including an energy plant.

The U.S. Air Force’s 378th Air Expeditionary Wing has been based at Prince Sultan base since 2019.

Iranians attend a funeral for a person killed in recent U.S.-Israel airstrikes at Behesht-e Zahra cemetery on the southern outskirts of Tehran in Iran on March 9, 2026. Photo by Hossein Esmaeili/UPI | License Photo

Source link

Saudi, UAE, Iraq: Can three pipelines help oil escape Strait of Hormuz? | US-Israel war on Iran News

As the United States-Israeli war on Iran enters its fourth week this weekend, pressure on oil and gas markets continues to mount due to severe disruption to shipping traffic through the Strait of Hormuz as well as attacks on and around key energy facilities in the Gulf.

In peacetime, 20 percent of the world’s oil and gas is shipped from producers in the Gulf through the Strait of Hormuz – the only route to the open ocean – including 20 million barrels of oil per day.

To bridge the shortage its closure has caused, countries in the Middle East are exploring alternative routes to get energy exports out.

In this explainer, we look at three major pipelines in the Middle East that producers may be pinning their hopes on, and whether they can fill the gap.

What has happened in the Strait of Hormuz?

On March 2 – two days after the US and Israel began strikes on Iran – Ebrahim Jabari, a senior adviser to the commander-in-chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), announced that the strait was “closed”. If any vessels tried to pass through, he said, the IRGC and the navy would “set those ships ablaze”. Since then, traffic through the strait has plunged by more than 95 percent.

Iranian officials have most recently stated that the strait is not completely closed – except to ships belonging to the US, Israel and those who collaborate with them – but have also laid down new ground rules. Any vessel must secure Tehran’s approval to transit through the narrow waterway.

As a result, over the past fortnight, countries have been scrambling to do deals with Iran to secure safe passage and a few, mostly Indian, Pakistani and Chinese-flagged tankers have been allowed to pass.

On Thursday, Malaysian Prime Minister Anwar Ibrahim thanked Tehran for granting Malaysian vessels “early clearance” through the strait.

Meanwhile, about 2,000 ships flying the flags of other nations are stuck on either side of the strait.

INTERACTIVE - Strait of Hormuz - March 2, 2026-1772714221
(Al Jazeera)

Which oil pipelines could serve as alternate routes?

The only alternative to shipping oil is piping it across land or under the sea. Three oil pipelines could work as ways around the Strait of Hormuz, including:

Saudi Arabia’s East-West Pipeline

The East-West pipeline is also known as the Petroline and is operated by Saudi oil giant Aramco. Aramco is one of the world’s largest companies, with a market capitalisation exceeding $1.7 trillion and annual revenues of $480bn. The oil giant controls 12 percent of global oil production, with a capacity of more than 12 million bpd.

It is a 1,200km (745-mile) pipeline which runs from the Abqaiq oil processing centre close to the Gulf in Saudi Arabia to the Yanbu port on the Red Sea, on the other side of the country.

However, the pipeline does not have the capacity to fully make up for the Hormuz closure.

In 2024, about 20 million barrels per day (bpd) passed through the Strait of Hormuz, according to data from the United Nations. Crude oil and condensate made up 14 million bpd of this, while petroleum was the remaining 6 million bpd.

The East-West pipeline has the capacity of transporting up to 7 million bpd. On March 10, Aramco said about 5 million bpd could be made available for exports, while the rest could supply local refineries.

Since the US-Israeli war on Iran began at the end of February, Saudi Arabia has ramped up its oil flow through this pipeline. In January and February, an average of 770,000 bpd flowed through the pipeline, according to data from Kpler, a data and analytics company. By Tuesday this week, this had increased to an average of 2.9 million bpd.

However, using the Saudi pipeline still carries a risk.

The Houthis, an Iran-backed Yemeni armed group whose attacks on ships in the Red Sea caused global shipping chaos during Israel’s genocidal war in Gaza from 2023 to 2025, could target the Bab al-Mandeb Strait, which connects the Red Sea to the Gulf of Aden, and the Indian Ocean beyond.

An unnamed Houthi leader told the Reuters news agency that the Houthis remain ready to attack the Red Sea again in solidarity with Tehran, the agency reported on Thursday.

“We stand fully militarily ready with all options. As for other details having to do with determining zero hour they are left to leadership and we are monitoring and following up with the developments and will know when is the suitable time to move,” the Houthi leader said.

The Bab al-Mandeb is the southern outlet of the Red Sea, situated between Yemen on the Arabian Peninsula and Djibouti and Eritrea on the African coast.

It is one of the world’s most important routes for global seaborne commodity shipments, particularly crude oil and fuel from the Gulf bound for the Mediterranean via the Suez Canal or the SUMED pipeline on Egypt’s Red Sea coast, as well as commodities bound for Asia, including Russian oil.

The Bab al-Mandeb is 29km (18 miles) wide at its narrowest point, limiting traffic to two channels for inbound and outbound shipments.

Iran could open a new front in the Bab al-Mandeb Strait if attacks are carried out on Iranian territory or its islands, Iran’s semiofficial Tasnim cited an unnamed Iranian military source as saying on Wednesday.

INTERACTIVE - MIDDLE EAST OIL - MARCH 27, 2026-1774616473
(Al Jazeera)

UAE’s Abu Dhabi Crude Oil Pipeline

The Abu Dhabi Crude Oil Pipeline is also called the ADCOP or the Habshan-Fujairah pipeline.

The 380km pipeline runs from Habshan, an oil and gasfield in the southwestern area of Abu Dhabi, United Arab Emirates, to the port of Fujairah on the Gulf of Oman.

The pipeline, which became operational in 2012, has a capacity of about 1.5 million barrels per day (bpd). It is unclear how much is now being transported through the pipeline.

However, oil exports from Fujairah do appear to have risen in the past month despite the closure of the strait, averaging 1.62 million bpd in March compared with 1.17 million bpd in February, according to Kpler analyst Johannes Rauball, who spoke to Reuters.

Iraq-Turkiye Crude Oil Pipeline

The Iraq-Turkiye Crude Oil Pipeline, also called the Kirkuk-Ceyhan Pipeline, links Iraq to the Mediterranean coast of Turkiye.

The pipeline, which has the capacity of 1.6 million bpd, currently carries about 200,000bpd.

Iraq is among the top five global producers of oil and is the second largest within the Organization of the Petroleum Exporting Countries (OPEC), exceeding 4 million bpd.

Can these pipelines replace the Strait of Hormuz?

No. While these pipelines can take on some of the capacity of Hormuz, their combined capacity is only about 9 million bpd, compared with about 20 million bpd for the strait.

Additionally, these pipelines are land-based and within the range of Iranian missiles and drones, which makes them just as vulnerable to attacks and damage in the ongoing conflict as ships travelling through the strait. Throughout the war, energy infrastructure all over the Gulf has suffered strikes.

Are there other options?

Theoretically, oil can be transported on trucks, but this is costly, slow and inefficient.

A standard truck can carry anywhere between 100 to 700 barrels per day, depending on the number of trips. Hundreds of thousands of barrels would be needed to meet needs, requiring thousands of trucks, which could also be targeted in strikes.

Source link

Saudi Arabia expels Iran military attache and four team members | US-Israel war on Iran News

The move follows a drone strike on the Red Sea port of Yanbu, Saudi Arabia’s main oil export outlet, after Iran blocked the Strait of Hormuz.

Saudi Arabia has given Iran’s military attache and embassy staff 24 hours to leave the kingdom due to “repeated Iranian attacks” on its territory.

The Saudi Ministry of Foreign Affairs said in a statement on Saturday that it had declared personae non gratae the “military attache of the Embassy of the Islamic Republic of Iran to the Kingdom, the assistant military attache and three members of the mission staff”.

Recommended Stories

list of 3 itemsend of list

The move comes amid the US-Israeli war on Iran, which has seen Tehran target Saudi Arabia and its Gulf neighbours hosting US military assets with increasingly damaging retaliatory attacks on civilian hubs and energy facilities, unleashing chaos across the region and roiling global energy markets.

Saudi Arabia, which holds the world’s second-largest proven crude oil reserves, has come under attack by hundreds of Iranian missiles and drones since the start of the war, the vast majority of which have been intercepted, authorities have said.

Among the attacks, energy facilities in the east of Saudi Arabia have been repeatedly targeted, as well as the capital, Riyadh, where the US Embassy was hit by two drones earlier this month.

On Thursday, oil loadings at the Red Sea port of Yanbu were disrupted after a drone fell on the nearby Aramco-Exxon refinery, SAMREF.

The port is the only export outlet for Saudi Arabia after Iran effectively blocked tanker traffic leaving the Gulf via the Strait of Hormuz.

Saturday’s statement came after Saudi Foreign Minister Prince Faisal bin Farhan Al Saud said earlier in the week that trust in Iran had been “shattered”, asserting his country’s right to defend itself.

The foreign minister said that Saudi Arabia and other Gulf states had “very significant capacities and capabilities that they could bring to bear should they choose to do so”.

Saudi Arabia’s relations with Iran have historically been rocky, but the two countries embarked on a Beijing-brokered rapprochement three years ago.

On Saturday, the Foreign Ministry said that continued Iranian attacks would lead to further escalation and have “significant consequences” for current and future relations.

The statement followed Qatar’s decision on Wednesday to declare the Iranian Embassy’s military and security attaches in Doha as personae non gratae, along with their staff.

Source link

Saudi FM warns Iran that patience in Gulf not ‘unlimited’ amid attacks | US-Israel war on Iran News

Saudi Arabia’s Foreign Minister warns Iran that regional neighbours have ‘significant’ capabilities with which to respond to Tehran’s aggression.

Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud has warned Iran that tolerance of its attacks on his country and those of neighbouring Gulf states is limited, calling on Tehran to immediately “recalculate” its strategy.

Warning that Saudi Arabia and other Gulf states have “very significant capacities and capabilities” that could be drawn on should they “choose to do so”, the foreign minister told a news conference early on Thursday that Iran had carefully planned its strategy for striking regional neighbours, despite denials from Tehran’s diplomats.

Recommended Stories

list of 4 itemsend of list

“The level of accuracy in some of this targeting – you can see it in our neighbours as well as the kingdom – indicates that this is something that was premeditated, preplanned, preorganised and well thought out,” Prince Faisal said.

“I’m not going to lay out what would and would not precipitate a defensive action by the Kingdom [of Saudi Arabia] because I think that is not a wise approach to signal to the Iranians,” the foreign minister continued.

“But I think it’s important for the Iranians to understand that the kingdom, but also its partners who have been attacked and beyond, have very significant capacities and capabilities that they could bring to bear should they choose to do so,” he said.

“The patience that is being exhibited is not unlimited. Do they [the Iranians] have a day, two, a week? I’m not going to telegraph that,” he added.

“I would hope they understand the message of the meeting today and recalculate quickly and stop attacking their neighbours. But I am doubtful they have that wisdom.”

Prince Faisal’s warning followed a meeting of foreign ministers from Arab and Islamic countries in the Saudi capital earlier in the day to discuss the expanding war in the region, which on Wednesday saw Iranian attacks on Gulf energy sites, including Qatar’s Ras Laffan gas facility, where significant damage was reported, and the United Arab Emirates’ Habshan ⁠ gas facility.

Qatar’s Ministry of Foreign Affairs expressed its “strong condemnation and denunciation of the blatant Iranian attack targeting Ras Laffan Industrial City”, located 80km (50 miles) northeast of the Qatari capital Doha, which is the world’s largest liquefied natural gas (LNG) production facility, producing some 20 percent of the world’s LNG supply.

Iran’s Islamic Revolutionary Guard Corps (IRGC) had warned earlier that oil and gas facilities in Qatar, Saudi Arabia and the UAE would face retaliation for an Israeli strike on Iran’s South Pars gasfield.

Iranian state media reported that facilities linked to the country’s huge offshore South Pars field – located off the coast of southern Iran’s Bushehr province – had come under attack.

Saudi Arabia’s Ministry of Defence also said on Wednesday that its air defences had intercepted four Iranian ballistic missiles that targeted Riyadh and two launched towards the country’s eastern region.

Air defences in the UAE dealt with 13 ballistic missiles and 27 drones, according to the country’s Defence Ministry, while operations ⁠were ⁠suspended at the Habshan ⁠gas facility as authorities responded to ⁠incidents caused by fallen debris after the successful interception of a ‌missile.

The Saudi foreign minister also told the news conference on Thursday that while the war will end one day, it will take much longer to restore relations with Iran as trust “has completely been shattered” due to Tehran’s tactics of targeting its neighbours.

“We know for a fact that Iran has been building this strategy over the last decade and beyond,” Prince Faisal said.

“This is not something that is a reaction to an evolving circumstance where Iran is improvising. This has been built into their war planning: targeting their neighbours and using that to try and put pressure on the international community,” he said.

“So when this war eventually ends, in order for there to be any rebuilding of trust, it will take a long time. And I have to tell you, if Iran doesn’t stop … immediately, I think there will be almost nothing that can re-establish that trust,” he added.

Source link

Iran’s ambassador to Saudi Arabia denies attacks on its oil facilities | US-Israel war on Iran News

Alireza Enayati says relations with Saudi Arabia are ‘progressing naturally’ and he’s in direct contact with Saudi officials.

Iran’s ambassador to Saudi Arabia denied Tehran is responsible for attacks on Saudi Arabia’s oil infrastructure, saying if it was behind the strikes, it would have announced it.

Alireza Enayati did not suggest who carried out the attacks, but added Iran is only attacking United States and Israeli military targets and interests during the ongoing war, Reuters news agency quoted him as saying on Sunday.

Recommended Stories

list of 4 itemsend of list

After the US and Israel launched attacks on Iran at the end of February, Tehran retaliated against US and Israeli military assets, including in Saudi Arabia, Qatar, Bahrain, Jordan, Iraq, and the United Arab Emirates (UAE).

Last week, the Ras Tanura oil refinery was forced to stop operations after debris from a drone caused a small fire. Attempted attacks were also reported on the Shaybah oilfield in the desert near the border with the UAE.

So far, Saudi Arabia’s Defence Ministry has not blamed anyone for the attacks.

Enayati said he’s in direct contact with Saudi officials, explaining that relations are “progressing naturally” in many areas.

Talks included Saudi Arabia’s publicly stated position that its land, sea, and air would not be used to target Iran. He didn’t elaborate.

Iran and Saudi Arabia re-established diplomatic relations in 2023, in a deal brokered by China, that saw the two sides, which backed rival groups across the region, agree on a new chapter in bilateral relations.

‘Reliance on external powers’

Enayati reiterated to the Gulf states that the war “has been imposed on us and the region” following coordinated US and Israeli attacks.

Asked about the attacks on Gulf nations, Enayati replied: “We are neighbours, and we cannot do without each other; we will need a serious review.”

“What the region has witnessed over the past five decades is the result of an exclusionary approach and an excessive reliance on external powers,” he said, calling for deeper ties between the Gulf Cooperation Council’s six members along with Iraq and Iran.

Iran’s Foreign Minister Abbas Araghchi also denied his country is targeting civilian or residential areas in the Middle East, and said Tehran is ready to form a committee with its neighbours to investigate the responsibility for such strikes.

So far, the UAE, which normalised relations with Israel in 2020, has faced the brunt of Iran’s attacks, with US bases and oil refineries heavily targeted.

While all countries targeted have strongly condemned Iran’s missile and drone strikes, regional sources say there remains growing frustration at the United States for dragging them into a war they did not sign up for but are now paying the heaviest price for, Reuters reported.

Enayati said to resolve the conflict, the US and Israel need to stop their attacks, and international security guarantees to prevent future “aggression” must be given.

Paul Musgrave, associate professor at Georgetown University in Qatar, said the administration of US President Donald Trump has lost much of its leverage in the region, and the US engaged in the wrong conflict at the wrong moment, without proper planning.

Iran’s strategy, meanwhile, now seems to be “not who has a bigger bomb or bigger munitions, but who has the highest threshold for pain”, Musgrave told Al Jazeera.

INTERACTIVE - DEATH TOLL - tracker - war - US Israel and Iran attacks - March 15, 2026-1773559836

 

Source link

Top Banks In Saudi Arabia

From the first oil discoveries to the ambitious economic diversification of Vision 2030, Saudi Arabia’s banks have been indispensable partners in the Kingdom’s transformation.

Once a land of pearl diving and desert trade routes, Saudi Arabia is today one of the world’s largest economies and a powerful force in global finance, with a banking sector that ranks among the most dynamic and well-capitalized in the Middle East.

Regulated by the Saudi Central Bank (SAMA), the country’s banking sector has undergone successive waves of modernization, from the Saudization of foreign-owned banks in the 1970s to the digital transformation reshaping the industry today. Saudi banks are now at the forefront of financing multi-billion-dollar mega-projects — from NEOM’s futuristic, car-free, zero-carbon urban living to the Red Sea Project’s regenerative, marine-focused luxury tourism — while championing Islamic finance innovation and expanding their reach across the region and beyond.

These are the leading banks in Saudi Arabia, listed alphabetically, each with its own distinctive strengths and unique history.

Al Rajhi Bank

What began as a small family currency exchange operation in Riyadh has grown into the world’s largest Shariah-compliant institution with assets nearing $300 billion. Al Rajhi Bank traces its origins to 1957, when four brothers —Sulaiman, Saleh, Mohamed and Abdullah Al Rajhi— who were born in poverty to become one of Saudi Arabia’s most prominent families, began building a network of individual banking and commercial entities. In 1978, these entities were consolidated under the Al Rajhi Trading and Exchange Corporation, and in 1988 the bank was formally established as a Saudi joint stock company.

Al Rajhi Bank has been essential in bridging the gap between modern financial demands and Shariah compliance, pioneering products such as Islamic credit cards, lease financing and Sukuk, and blending dense branch coverage with heavy digital adoption.  It serves approximately 20 million customers through a network of over 500 branches and more than 4,000 ATMs across Saudi Arabia, and maintains an international presence in Kuwait, Jordan and Malaysia. Al Rajhi Bank is a repeat winner of Global Finance awards, including for Best Islamic Bank, Best Consumer Digital Bank and Best Foreign Exchange Provider.

Alinma Bank

Established by Royal Decree in 2006, Alinma Bank is the youngest of Saudi Arabia’s major banks and —matching its name, which means “growth” or “development” in Arabic — one of its fastest-growing.  Its purple branding incorporates the Khuzama (Wild Lavender), a Saudi symbol of the welcoming desert after rain, to signal a departure from legacy institutions, and position Alinma as a modern, boutique and consumer-centric alternative.

With assets of more than $80 billion, the bank was founded by three of the country’s most powerful state entities—the Public Investment Fund, the Public Pension Agency, and the General Organization for Social Insurance—each holding an equal 10% stake, with the remaining 70% offered to the public in April 2008, making it one of the most anticipated IPOs in Saudi market history.

Fully Shariah-compliant across all its operations, Alinma provides a comprehensive range of retail, corporate, investment and treasury services. With over 100 branches, more than 1,500 ATMs and an extensive digital platform, the bank serves close to 6 million customers. Alinma has earned recognition from Global Finance, including for Best Islamic Bank and in the Best Digital Banks category.

Arab National Bank

Established in 1979 by Royal Decree, Arab National Bank (ANB) took over the operations of six branches previously run by the Jordan-headquartered Arab Bank in the Kingdom, and has since grown its network to over 120 locations.

Always at the forefront of innovation, ANB introduced the TeleMoney international money-transfer service in 1992. In 2000, it became the first bank to launch an internet banking service in Saudi Arabia, evolving into a major player in the Middle East with a strong focus on digital transformation while remaining, to this day, a close collaborator with the FinTech sector.

With total assets close to $70 billion, Arab National Bank delivers a comprehensive suite of financial services spanning retail and private banking, corporate and commercial banking, treasury operations, and insurance. Its Shariah‑compliant products are offered through its subsidiary, Arab National Investment Company. The bank’s financing capabilities range from microlending to project and structured finance, including dedicated support for Small and Medium Enterprises (SMEs), a segment for which ANB was recognized by Global Finance in the Best Bank in Saudi Arabia category.

Bank Albilad

Established in 2004, Bank Albilad is one of Saudi Arabia’s newer and smaller full‑service institutions. As a born‑digital Sharia‑compliant bank that never had to unwind legacy systems, it was designed for modern digital‑first banking, positioning itself early as a nimble provider of services to personal, SME, and corporate clients, who can also rely on a network of over 100 branches across the Kingdom.

Beyond conventional banking services, Bank Albilad has built a diversified group of subsidiaries that strengthen its market offering: Albilad Capital provides investment banking, brokerage, and asset management; Enjaz has emerged as a leader in international remittance services, processing some of the largest outbound transfer volumes in the region; and Albilad Real Estate and Financial Solutions Company round out the group’s capabilities. The bank has also been ranked among the Safest Islamic Banks in the Gulf Cooperation Council by Global Finance magazine.

Bank AlJazira

Established in 1975, by 1979 Bank AlJazira had already transitioned to become a fully Islamic banking institution, earning the distinction of becoming the first bank in the Kingdom to offer fully Shariah-compliant services. In 2002, it again broke new ground by introducing Takaful Ta’awuni, giving Saudis the first fully Shariah-compliant alternative to conventional life insurance.

Today, the Jeddah-headquartered bank manages around $40 billion in assets and serves customers through approximately 80 branches and 60 Fawri Remittance Centers across the Kingdom, offering retail, corporate, investment and private banking services. Its investment arm, AlJazira Capital, extends that reach into brokerage, asset management, and corporate advisory. Global Finance has recognized Bank AlJazira as one of the Safest Islamic Banks in the GCC.

Banque Saudi Fransi

With roots stretching back to the French colonial-era banking institution Banque de l’Indochine et de Suez, Banque Saudi Fransi (BSF) has one of the most international pedigrees of any bank in the Kingdom. When the Saudi government enacted its Saudization policy in the late 1970s and converted all foreign bank branches into Saudi joint stock companies with majority local ownership, BSF was established in 1977 by Royal Decree as a joint venture between prominent Saudi shareholders and its French predecessor. Its cosmopolitan legacy is reflected to this day in its enduring strength in trade finance and cross-border corporate banking through its affiliation with Crédit Agricole Corporate and Investment Bank, an arm of the storied French banking group.

With assets valued at approximately $80 billion, a workforce of around 3,000 employees, and over 80 branches and 570 ATMs nationwide, Banque Saudi Fransi serves approximately 1.3 million customers across four primary segments: retail, corporate, treasury, and investment banking. BSF has been recognized by Global Finance numerous times, including for Best Bank for Cash Management in the Middle East, and in the Best Bank, Safest Banks, and Top Innovators categories.

Riyad Bank

Established in 1957, Riyad Bank is the oldest publicly held bank in Saudi Arabia. Its founding coincided with a period of rapid transformation in the Kingdom, as oil revenues began reshaping the economy and creating demand for sophisticated financial services. Today, the Saudi government retains a 51% stake in the institution, the third-largest in the Kingdom with assets of about $140 billion.

Riyad Bank provides a comprehensive range of fully Shariah-compliant products and services to retail, corporate, and SME clients through over 330 domestic branches, while its investment banking subsidiary, Riyad Capital, is a top player in IPO advisory and asset management.

Much like in its early years, the bank remains a leading arranger of syndicated loans in the oil, petrochemicals, and infrastructure sectors. Yet, the seven‑decade‑old banking institution is very much committed to digital innovation and alignment with Vision 2030. Riyad Bank has been recognized by Global Finance for excellence in Best Corporate/Institutional Digital Banks, Best Investment Bank and Safest Bank categories, among others.

Saudi Awwal Bank

The story of Saudi Awwal Bank (SAB) is, in many ways, the story of banking in Saudi Arabia itself. One of its predecessors, Alawwal Bank—originally the Netherlands Trading Society, established in 1926—was the first bank in the Kingdom and played a crucial role in the country’s early financial development. The other half of SAB’s lineage is the Saudi British Bank (SABB), created in 1978 when the operations of the British Bank of the Middle East were transferred to a new Saudi joint‑stock company in partnership with HSBC, which continues to hold approximately 31% of SAB’s capital.

In 2018, the Saudi British Bank announced its merger with Alawwal Bank. The integration was completed in 2021, resulting in SAB, a universal bank offering the full spectrum of banking and financial services, with approximately $120 billion in assets and more than 100 branches in Saudi Arabia, as well as one in London. SAB has been recognized numerous times by Global Finance, earning awards in the Best Bank, Best Private Bank, Best Trade Finance Provider, Best SME Bank, and Best Bank for Sustainable Finance categories.

Saudi Investment Bank

The Saudi Investment Bank (SAIB) was founded by Royal Decree in 1976 and started operations a year later with a primary mandate to provide medium and long-term industrial financing in support of the Kingdom’s economic development.

Over the years, the bank broadened its scope into full commercial banking, and in 2006 it launched its Alasalah Islamic Banking brand, offering a dedicated range of Shariah-compliant products and services through a network of specialized branches. SAIB has also established a range of joint ventures and subsidiaries spanning investment banking, share trading, asset management, leasing, mortgages, insurance, and credit cards.

A publicly listed company on the Saudi Exchange, with total assets exceeding $46 billion, SAIB caters to about one million customers through its 50 branches across the Kingdom, while keeping a dedicated focus on financing quasi-government and private industrial sectors, alongside trade finance solutions designed to support imports and grow Saudi exports.

Saudi National Bank

Also known as SNB AlAhli, the Saudi National Bank (SNB) is the largest financial institution in Saudi Arabia and one of the largest banks in the Middle East. Its principal heritage is the National Commercial Bank (NCB), which was founded in December 1953 and became the first bank to be officially licensed and operate in the Kingdom under a Royal Decree. For decades, NCB served as the anchor of Saudi banking, financing the country’s development across oil, infrastructure, and commerce. In April 2021, following one of the largest banking mergers in regional history, NCB combined with Samba Financial Group —itself originally established as Citibank’s Saudi operations, nationalized in 1980— to create the Saudi National Bank.

With total assets of over $300 billion, SNB serves approximately 15 million customers through over 480 branches and 20 retail service centers across the Kingdom, with international offices in Bahrain, the UAE, Qatar, as well as in Singapore, China, South Korea, and the United Kingdom.

The Public Investment Fund and the General Organization for Social Insurance are among its largest shareholders. SNB is also the preeminent financier for Saudi Arabia’s landmark Vision 2030 infrastructure and diversification projects, and regularly wins Global Finance awards in the Safest Bank, Best Bank, and Best Digital Bank categories.

Source link