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Saudi Arabia received an invitation to join the BRICS alliance in 2023 and be a part of the global grouping. However, the Kingdom did not officially accept or reject the invitation but kept the decision on hold. They are yet to make a final decision on whether they want to join the alliance or not. Also Read: BRICS Realize They Cannot Challenge the US Dollar The country’s Economy and Planning Minister Faisal bin Fadhil Al-Ibrahim confirmed that Saudi Arabia is still assessing the BRICS membership. “The kingdom is always focusing on fostering more global dialogue,” Faisal Al-Ibrahim said in an interview with Bloomberg at the World Economic Forum in Davos, Switzerland. He said that the Kingdom will come to an “appropriate decision.” He revealed that Saudi Arabia is looking at the pros and cons of joining BRICS and will make a decision soon. “We’ve been invited to BRICS, similar to how we’ve been invited to many other multilateral platforms in the past ...

Saudi Arabia’s leading national shipping company, Bahri, has inked a $1 billion deal to purchase nine advanced oil tankers from Capital Maritime and Trading Corporation (CMTC)s headquartered in Greece. The $1 billion deal allows Bahri to acquire nine Very Large Crude Carriers (VLCCs) from CMTC. Bahri will replace the new vessels with its aging carriers, ensuring operations run smoothly and efficiently. Also Read: Top 5 Commodities That Generated Massive Profits in 2024 The deal shows that the delivery of the nine advanced carriers must be completed during the first quarter of 2025. Saudi’s Bahri has completed an initial down payment of 10% and inked the deal. The remaining 90% of the fee will be settled during the delivery of the nine advanced carriers. Saudi Arabia’s Bahri To Get Advanced & Modern Carriers in Q1 of 2025 Source: CNBC The new carriers to Saudi Arabia will modernize Bahri’s fleet ensuring smooth and faster oil transport to other countries. It will ...

A lot of hullabaloo is made about Saudi Arabia’s 50-year-old oil trade agreement with the U.S. dollar, commonly called the petrodollar. News is now doing the rounds that the deal was first signed in 1974 when Saudi Arabia agreed to accept the U.S. dollar for oil trade around the world. Also Read: Russia Makes Major Announcement About BRICS Currency The latest news reports indicate that the petro dollar agreement has ended and Saudi Arabia is free to ditch the U.S. dollar . However, in reality, no such agreement exists on paper and the deal is only someone’s figment of imagination. Declassified documents from the White House in 1974 show that no deal on the petro dollar exists. Petrodollar: What Next For the U.S. Dollar? Source: ShutterStock The answer is simple, the petro dollar is still in place and the U.S. dollar is the de facto currency for oil payments. Saudi Arabia announced two years ago that the Kingdom is open to accepting local currencies for...

The price of soccer fan tokens, designed for fan engagement, is seemingly impacted by the on-field performance of teams. Argentina’s shock 2-1 loss to Saudi Arabia in the opening match of the FIFA World Cup has plummeted the price of the Argentine Football Association Fan Token (ARG), in line with the hopes of the nation’s die-hard soccer fans.  With the ARG token priced at $7.21 at kick-off, the poor performance by the Lionel Messi-led soccer team saw the token’s price fall 31% to $4.96 by the end of the match before rising to $5.22 at the time of writing, according to data from CoinGecko. By contrast, the floor price of “The Saudis,” a Saudi Arabian-themed nonfungible token (NFT) collection unrelated to the soccer team, skyrocketed 52.6% from 0.196 Ether (ETH) to 0.3 ETH over the same time before cooling off to a price of 0.225 ETH, around $250. The collection’s sales volume also spiked 990% over the last 24 hours, closing in on 24.5 ETH, according to OpenSea data. Despite the bui...