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Saudi Arabia’s ‘SERB’ Unveils Locally-Made Unmanned Aircraft

SERB’s booth at the World Defense Show 2024 in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
SERB’s booth at the World Defense Show 2024 in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Saudi Arabia’s ‘SERB’ Unveils Locally-Made Unmanned Aircraft

SERB’s booth at the World Defense Show 2024 in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
SERB’s booth at the World Defense Show 2024 in Riyadh, Saudi Arabia. (Asharq Al-Awsat)

SERB, a Saudi company for advanced industries, showcased four locally-made drones at the World Defense Show in Riyadh.

This move aligns with Saudi Arabia’s goal to produce over half of its military equipment and services domestically by 2030.

SERB CEO Abdullah Al-Mufaqai highlighted the company’s focus on training and developing local talent for defense manufacturing.

SERB collaborates with government bodies like the General Authority for Military Industries (GAMI) and MODON to enhance its defense capabilities, Al-Mufaqai revealed to Asharq Al-Awsat.

He disclosed that the company produced four unmanned products entirely designed, analyzed, and manufactured by national talents comprising engineers and experienced specialists.

The CEO emphasized that localizing military industries is a prime objective of the National Industries Development Program, with Saudi Arabia aiming to localize over 50% of government spending on military equipment and services by 2030.

Saudi Arabia initiated the “Made in Saudi” program to support local industries, encouraging people to buy locally-made products and motivating Saudi companies to export to key markets.

The aim is to boost the Kingdom’s global industrial appeal and increase non-oil exports to 50% of GDP by the end of the decade.

At the World Defense Show 2024, SERB emphasized the link between local and global manufacturing in defense, covering land and maritime sectors.

Market research firm Mordor Intelligence projected a 15% annual growth in the market for unmanned systems, which reached $15.31 billion in 2022.

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Business

Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
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Cluster2 Company Launches Direct Flights from Muscat to Saudi Arabia's Taif

Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA
Three direct flights will take place per week between Muscat and Taif via Oman Air - SPA

The Cluster2 Company, operator of Taif International Airport, announced the launch of three direct flights per week between Muscat and Taif via Oman Air, starting January 31, SPA reported.

The launch of international flights through the cluster’s airports comes as part of its ongoing commitment to improving the passenger experience and expanding international travel options, while continuing to build strategic partnerships with global airlines to enhance air connectivity in the Kingdom.

Business

Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Prices Rise as US Ramps up Action against Venezuela Tankers

A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows an oil pump jack outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices rose on Monday after the US intercepted ​an oil tanker in international waters off the coast of Venezuela and tensions in Russia's war against Ukraine remained high, with both developments raising fears of supply disruption.

Brent crude futures gained $1.31, or 2.17%, to $61.78 a barrel by 1316 GMT. US West Texas Intermediate crude rose by $1.25, or 2.2%, to $57.77.

Market participants now see a risk of disruption to Venezuelan oil exports because of the US ‌embargo, having previously ‌been complacent in that regard, said ‌UBS ⁠analyst Giovanni ​Staunovo.

Venezuelan crude ‌accounts for about 1% of global supply.

Growing supply from the US and the OPEC+ producer group have largely offset worries over supply disruption elsewhere to keep Brent futures around $65 a barrel in the second half of 2025, though prices have eased in the past month because of oversupply concerns.

Oil prices have been supported by developments off Venezuela while ⁠Russia-Ukraine tensions simmer in the background in an otherwise very bearish market, said June ‌Goh, analyst at Sparta Commodities.

The US Coast ‍Guard is pursuing an oil ‍tanker in international waters near Venezuela in what would be the ‍second such operation over the weekend and the third in less than two weeks if successful, officials told Reuters on Sunday.

A rebound in oil prices has been sparked by US President Donald Trump's announcement of a "total ​and complete" blockade of sanctioned Venezuelan oil tankers and subsequent developments there, followed by reports of a Ukrainian drone strike ⁠on a Russian shadow fleet vessel in the Mediterranean, said IG analyst Tony Sycamore.

The Brent and WTI benchmarks fell by about 1% last week.

US special envoy Steve Witkoff said on Sunday that talks between US, European and Ukrainian officials in Florida over the past three days in an effort to end Russia's war in Ukraine had focused on aligning positions. Those meetings and separate talks with Russian negotiators had been productive, he said.

However, the top foreign policy aide of Russian President Vladimir Putin said that changes made by the Europeans ‌and Ukraine to US proposals had not improved prospects for peace.

Business

GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
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GASTAT: Construction Costs in Saudi Arabia Rose 1% in November

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA
The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025. SPA

The Construction Cost Index in Saudi Arabia rose 1% in November 2025 compared with the same month last year, driven by equal 1% increases in both residential and non-residential construction costs, according to data released by the Kingdom’s General Authority for Statistics (GASTAT).

The monthly Construction Cost Index survey results showed price stability in November 2025 compared with October 2025.

The Construction Cost Index bulletin is part of GASTAT’s ongoing efforts to develop statistical products for vital sectors and provide a reliable and effective reference with accurate estimates to support decision-making by contractors, real estate developers, and relevant entities.

These efforts contribute to drawing a clear roadmap for residential and non-residential construction projects in the building and construction sector.