Trade with Saudi Arabia Accounts for 45% of All Bahrain-GCC Trade

Bahrain inaugurates first electric car charging station (Asharq Al-Awsat)
Bahrain inaugurates first electric car charging station (Asharq Al-Awsat)
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Trade with Saudi Arabia Accounts for 45% of All Bahrain-GCC Trade

Bahrain inaugurates first electric car charging station (Asharq Al-Awsat)
Bahrain inaugurates first electric car charging station (Asharq Al-Awsat)

Figures released by Bahrain’s e-Government and Information Authority reaffirmed that trade with Saudi Arabia grew in Q1 2021, amounted to $789 million and accounted for almost half of all the kingdom’s trade with Gulf Cooperation Council (GCC) member states.

Flow of trade between Manama and Riyadh depends largely on the King Fahd Causeway, where the adoption of new technology in the field of logistics services accelerated processing for the business of multinational companies based in Bahrain.

“Bahrain is moving forward with strengthening its cooperation with Saudi Arabia,” Executive Director of Bahrain’s Economic Development Board (EDB) Ali Al Mudaifa told Asharq Al-Awsat.

Mudaifa reaffirmed that bilateral trade relations with Saudi Arabia continue to grow stronger and that there are a number of factors which contributed to the increase in the volume of trade, including the low business costs and strong interdependence.

“It is great to see the endeavors of Bahrain and Saudi Arabia in finding innovative solutions to maintain the continuity of business flow between the two countries,” he said, noting that it now takes a mere 40-minute drive to get from one kingdom to another.

Moreover, trade between Bahrain and the rest of the GCC members rose 6% year-on-year to $1.76 billion during the first quarter of 2021, according to the latest official figures.

Trade between the UAE and Bahrain in the first three months of this year saw a 15% boost and amounted to $639 million.

Trade between Oman and Bahrain increased by 27% to $230 million in the same period. Oman was followed by Kuwait, which recorded $98 million in bilateral trade in Q1 2021.

In other news, Bahrain’s Electricity and Water Minister Wael bin Nasser Al Mubarak and Electricity and Water Authority (EWA)’s CEO Shaikh Nawaf bin Ibrahim Al Khalifa inaugurated the first electric cars charging station in the Atrium Mall in Saar, west of the capital, Manama.

It is worth noting that this comes within the framework of achieving Bahrain Economic Vision 2030.

EWA’s CEO said that the electric car charger was installed by “Siemens” one of the specialized companies in this field, and it supports most types of electric cars.

He explained that this station will be the first among a number of additional stations that will be opened in the future in various regions of the Kingdom. A study of data usage and feedback will be conducted so that the development process will be continuous in the new stations.



IEA: World Faces Largest-ever Oil Supply Disruption on Middle East War

This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
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IEA: World Faces Largest-ever Oil Supply Disruption on Middle East War

This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)
This photograph shows the entrance to the International Energy Agency (IEA) headquarters in Paris on March 11, 2026. (Photo by Ludovic MARIN / AFP)

The war in the Middle East is creating the biggest oil supply disruption in history, the International Energy Agency said on Thursday, a day after it agreed to release a record volume from strategic stockpiles to offset shortages and a spike in prices.

Global supply is expected to drop by 8 million barrels per ⁠day in March, the ⁠IEA said in its latest monthly oil market report, due to the blocking of the Strait of Hormuz, a narrow channel along the Iranian coast, since the US and Israel began a campaign of airstrikes on Iran on February 28.

Middle East Gulf countries including Iraq, Qatar, Kuwait, the United Arab Emirates and ⁠Saudi Arabia have cut total oil production by at least 10 million bpd - a volume equal to almost 10% of world demand - as a result of the conflict, Reuters quoted the IEA as saying.

The agency added that, without a rapid restart of shipping flows, these losses were set to increase.

"Shut-in upstream production will take weeks and, in some cases, months to return to pre-crisis levels depending on the degree of field complexity and the timing for workers, equipment and resources to return to the region," the agency said.

The ⁠IEA, which ⁠advises industrialized countries, on Wednesday agreed to release a record 400 million barrels of oil from strategic stockpiles held by member nations to combat a spike in global crude prices since the start of the US-Israeli war on Iran, with the US contributing the bulk of the supply.

Oil prices rose on Thursday, as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of a prolonged conflict and continued oil-flow disruptions through the Strait of Hormuz.

Brent crude, which hit $119.50 a barrel on Monday, its highest since mid-2022, was up more than 6% on Thursday at just below $98 a barrel.


Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ to Boost Data Economy

Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
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Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ to Boost Data Economy

Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  
Abdullah Al-Ghamdi, President of Saudi Data and Al Authority, speaks during the Global Al Summit in Riyadh, Saudi Arabia October 21, 2020. REUTERS/Ahmed Yosri  

As the global race toward a digital economy accelerates and the world enters a new era driven by algorithms, Saudi Arabia is positioning itself as a key player in the future of advanced technologies.

The Saudi Cabinet has declared 2026 the “Year of Artificial Intelligence,” a decision that reflects a strategic direction placing AI at the center of the Kingdom’s development policies in the coming years.

“This step embodies the vision of Crown Prince and Prime Minister Mohammed bin Salman, aimed at strengthening the Kingdom’s global standing in advanced technologies and creating broad national momentum around their role in shaping a smarter and more sustainable future,” said Abdullah Al-Ghamdi, president of the Saudi Data and Artificial Intelligence Authority (SDAIA), in a statement issued after the decision.

Al-Ghamdi added that the “Year of Artificial Intelligence” reflects Saudi Arabia’s scientific, cultural and humanitarian commitment to deploying these technologies in service of humanity and making them an effective tool for improving people’s lives worldwide.

He said the nationwide celebration of the year highlights the kingdom’s position as an international hub for advanced technologies and an influential actor in shaping global AI policy.

According to Al-Ghamdi, artificial intelligence has become one of the most powerful drivers of the global economy. Advanced economies increasingly rely on it to boost growth and improve quality of life by transforming vital sectors such as healthcare, education, transport, energy and security, while accelerating innovation and strengthening competitiveness.

Building a National AI Ecosystem

In recent years, the Saudi Data and Artificial Intelligence Authority, established by royal decree in 2019 with direct support from Crown Prince Mohammed bin Salman, has worked to build an integrated national ecosystem for data and artificial intelligence.

This effort has included expanding digital infrastructure, launching the National Strategy for Data and Artificial Intelligence, developing regulatory and governance frameworks, and introducing national platforms and programs to encourage the adoption of AI technologies across multiple sectors.

The authority has also hosted major international events in the field, most notably the Global AI Summit, which is preparing to hold its fourth edition in September under the patronage of the Crown Prince. The summit brings together leading experts, policymakers, and major technology companies from around the world.

These initiatives have helped Saudi Arabia achieve advanced rankings in several global indices related to data and artificial intelligence. They have also expanded the use of smart technologies across government, private and nonprofit sectors, improving service efficiency, boosting innovation, and stimulating the digital economy.

As part of efforts to build national capabilities, SDAIA trained more than one million Saudi citizens in artificial intelligence technologies within a single year through the SMAI initiative, reflecting the kingdom’s strategy of preparing a generation capable of working with emerging technologies and leading the country’s digital transformation.

Saudi Arabia’s AI sector is also experiencing rapid investment growth. Government spending on artificial intelligence and emerging technologies rose 56.25 percent in 2024 compared with 2023, according to the Saudi Press Agency.

Meanwhile, Saudi companies operating in the AI sector secured $9.1 billion in funding last year through 70 investment deals, while the number of companies working in the data and artificial intelligence sector has reached 664.

Expanding Technological Infrastructure

At the same time, Saudi Arabia has significantly expanded its technological infrastructure.

Data center capacity increased 42.4 percent between 2023 and 2024, alongside the launch of advanced projects such as the high-performance supercomputer Shaheen 3 and the development of global-scale data centers designed to support artificial intelligence applications.

In early 2026, the Kingdom also inaugurated Hexagon, the world’s largest government data center, with a capacity of 480 megawatts. Saudi Arabia now hosts nine cloud regions, four of which are under construction by global cloud service providers.

In addition, more than 430 government systems have been integrated into the National Data Lake, strengthening the country’s data infrastructure.

Saudi Arabia’s efforts extend beyond the domestic arena. The Kingdom has supported international initiatives promoting the responsible use of artificial intelligence in line with the United Nations Sustainable Development Goals.

Among the most notable initiatives is the establishment in Riyadh of the International Center for Artificial Intelligence Research and Ethics (ICAIRE) under the auspices of UNESCO.

As part of strengthening the national AI ecosystem, Crown Prince Mohammed bin Salman announced in May 2025 the launch of Humain, a company owned by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund. The firm aims to develop and manage artificial intelligence solutions and invest across the sector.

The company is working on advanced AI models, including one of the most prominent large language models in Arabic. It is also developing next-generation data centers and cloud computing infrastructure, strengthening local technological capabilities and opening new opportunities for the digital economy both regionally and globally.

The Public Investment Fund and its portfolio companies are also supporting the AI ecosystem through investments and international partnerships, leveraging Saudi Arabia’s strategic geographic position between three continents, which facilitates connections between global data networks and enables rapid processing of vast data volumes.

The Kingdom’s rapidly growing economy and large youth population interested in emerging technologies are also contributing to capacity building, research and innovation in the field.

 

 


Citibank Closes UAE Branches Temporarily as Precautionary Measure

A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)
A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)
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Citibank Closes UAE Branches Temporarily as Precautionary Measure

A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)
A photograph shows Dubai's skyline with the Burj Khalifa at the center on March 11, 2026. (Photo by FADEL SENNA / AFP)

Citibank will close its branches and financial centers in the United Arab Emirates through March 14 as a precautionary measure, the bank's website showed on Thursday, following a wave of banks sending staff home as the crisis in the Middle East deepens.

The ⁠US bank plans ⁠to reopen all affected branches on March 16, but the branch in the Mall of the Emirates in central Dubai, will remain open ⁠during this period, it said.

Earlier this week, Citi told its staff to evacuate offices in the Dubai International Financial Centre (DIFC) and Dubai's Oud Metha neighborhood, telling them to work from home until further notice.

HSBC, another major global bank, has closed all branches in ⁠Qatar ⁠until further notice, according to a customer notice, saying the measure was to ensure the safety of staff and customers.

Banks across the region have stepped up precautions after Iran threatened banking interests linked to the US and Israel.