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President and CEO of Saudi’s Aramco, Amin H. Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024.

Hamad I Mohammed | Reuters

Think of Saudi Arabia and the first thing that comes to mind might be its massive, oil-derived wealth.

While oil continues to drive Saudi Arabia’s economy, the kingdom is now expanding into areas such as artificial intelligence, tourism and sports to diversify its growth avenues.

According to Saudi Arabia’s Minister for Investment Khalid Al Falih, more than half — 50.6% — of the Saudi economy is now “completely decoupled” from oil.

“This percentage is growing,” Al Failh told CNBC’s Dan Murphy, adding that government revenue used to be almost completely derived from oil money, but now, 40% of its revenue comes from sectors and sources that “have nothing to do with oil.”

“We’re seeing great results, but we’re not satisfied. We want to do more. We want to accelerate the kingdom’s diversification and growth story,” he said.

Saudi Arabia is doubling down on fast-growing sectors such as artificial intelligence, naming it one of its new growth areas, with Al Failh saying the kingdom will be a “key investor” in developing AI applications and large language models. Saudi Arabia would also build data centers “at a scale and at a competitive cost not achieved anywhere else.”

“AI has emerged [in] the last three, four years, and it’s definitely going to define how the future economy of every nation. Those who invest will lead, and those who lag behind, unfortunately, will lose,” he pointed out.

On Monday, AI chip company Groq’s CEO, Jonathan Ross, told CNBC that  for AI infrastructure thanks to its energy surplus. The country could see more than $135 billion in gains by 2030 thanks to AI, according to PwC.

Saudi Arabia’s quarterly budget performance report revealed that total government revenue for the first half of 2025 came in at 565.21 billion Saudi riyals ($150.73 billion), with oil making up 53.4% of the country’s overall revenue, down from 67.97% in the same period in 2019.

In 2024, the country reported a 1.3% rise in full-year GDP, mainly driven by a 4.3% increase in non-oil segments. Oil activity, on the other hand, fell 4.5% year on year.

The country’s sovereign wealth fund — the Public Investment Fund — has acquired stakes in tech giants, video game publishers and football clubs as it uses oil revenues to diversify into other sectors.

PIF has acquired stakes in video-game heavyweight Electronic Arts, establishing the SoftBank Vision Fund with Masayoshi Son’s SoftBank Group Corp in 2017, and a takeover of English Premier League club Newcastle United in 2021.

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When asked if declining oil prices were piling pressure on Saudi Arabia’s economy and government revenue, Al Falih said that the country was not scaling back budgets and there were no cuts to public spending.

Oil prices have fallen in 2025, with Brent crude spot prices down 13.4% so far this year, according to FactSet. Saudi Arabia’s oil revenue slid 24% in the first half of 2025 from a year earlier.

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The government will continue to address all activities that require government spending, Al Falih said, noting that the PIF has grown sixfold since its creation and that the country was approaching nearly $1 trillion in capital deployed across sectors of strategic interest.

Tourism has also been a key growth area for Saudi Arabia. Ahmed Al-Khateeb, the country’s tourism minister, told CNBC that the sector’s share in GDP had grown to 5% in 2024 from 3% in 2019.

“We are [opening] resorts, new airlines, new airports, and the numbers are growing, and we are focusing on countries and visitors that are coming from outside to experience our great culture,” Al-Khateeb highlighted.

The tourism minister also expressed confidence that the sector could contribute 10% of GDP by 2030, aiming to raise it to 20% eventually.

“This 20% will help Saudi Arabia to diversify the economy and make it more sustainable,” he added.

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Germany’s largest offshore wind farm fires up its first turbine

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Germany’s largest offshore wind farm fires up its first turbine

Germany’s largest offshore wind farm hit a big milestone: The first turbine at EnBW’s He Dreiht project has produced its first kilowatt-hour of electricity and sent it into the grid.

More turbines are expected to come online over the coming weeks. European energy provider EnBW has already installed 27 of the wind farm’s 64 turbines, all of which are scheduled to be commissioned by summer 2026.

Peter Heydecker, EnBW board member for Sustainable Generation Infrastructure, described the November 25 milestone as a “significant moment for EnBW.” With 960 megawatts (MW) of total capacity, He Dreiht is now Germany’s largest offshore wind farm.

Vestas supplied the 15 MW turbines, marking their world debut. Nils de Baar, president of Vestas Northern and Central Europe, said the giant turbine’s technology sets a new standard for offshore wind. “Its efficiency and performance enable a significant increase in energy yield per turbine.”

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Just one rotation of the 15 MW turbine’s rotor can power the equivalent of four households for a day. The hub stands 142 meters (466 feet) tall, and the rotor’s 236-meter (774-foot) diameter sweeps a 43,742-square-meter (10.8-acre) area — roughly the size of six football fields. To put the scale into perspective, EnBW’s first offshore project, Baltic 1 in 2010, used 2.3 MW turbines.

EnBW wrapped up the wind farm’s internal cabling in August. Those lines connect all the turbines and feed into a converter platform operated by transmission system operator TenneT. That’s where the power is collected, converted from AC to DC, and sent to shore through two high-voltage DC cables.

Once complete, He Dreiht will generate enough electricity to power about 1.1 million households. The project is being built without state funding and sits roughly 85 kilometers (53 miles) northwest of Borkum and 110 kilometers (68 miles) west of Heligoland. EnBW’s offshore office in Hamburg is coordinating the build.

A partner group made up of Allianz Capital Partners, AIP, and Norges Bank Investment Management owns 49.9% of the project. Total investment comes in at around €2.4 billion.

Read more: China’s surge pushes global wind toward fastest growth ever


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BYD tried crushing its $180K luxury SUV with a 2-ton tree and it barely left a mark [Video]

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BYD tried crushing its $180K luxury SUV with a 2-ton tree and it barely left a mark [Video]

The Yangwang U8L is among the most expensive Chinese vehicles, starting at about $180,000. To prove it’s built for just about anything, BYD dropped a 2-ton tree on it, three times, and the ultra-luxury pretty much brushed it off.

BYD drops a tree on its ultra-luxury SUV during testing

BYD launched the Yangwang U8L in September, a long-wheelbase version of the U8 off-road SUV. The U8 was first introduced in September 2023 as the first vehicle from BYD’s ultra-luxury sub-brand, Yangwang.

Yangwang is a new energy vehicle (NEV) brand that sells high-end plug-in hybrids (PHEVs) and 100% battery electric (BEV) vehicles as BYD expands into new segments.

The U8L is Yangwang’s fourth vehicle, following the U8, U9, and U7. It’s available in China with a quad-motor extended-range electric vehicle (EREV) system, delivering a CLTC range of 200 km (124 miles) on battery power alone.

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A 2.0-liter turbocharged gasoline engine serves as a generator, delivering a combined CLTC range of 1,160 km (720 miles).

Measuring 5,400 mm in length, 2,049 mm in width, and 1,921 mm in height, the Yangwang U8L is even bigger than the Rolls-Royce Cullinan and Range Rover Long Wheelbase.

BYD-luxury-SUV-tree-drop

BYD’s ultra-luxury SUV is priced from 1.28 million yuan ($180,000), making it one of the most expensive models from a Chinese brand.

It may look pretty, but the Yangwang U8L is built for far more than just good looks. Like the U8, the long-wheelbase version is equipped with advanced features such as emergency float mode, which allows it to float on water for up to 30 minutes, tank turns, crab walking, and more.

To prove its durability, BYD engineers put the luxury SUV through the paces, dropping a massive 2-ton tree on it, not once, but three times.

During the final drop, the company said the maximum impact energy reached 50.4 kJ, or about 37,200 lb-ft. After three consecutive drops, the Yangwang U8L barely even got a scratch. The body structure remained intact, the door still opened, the columns didn’t bend, and the vehicle could even drive like normal.

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Amid affordability crisis, White House plans to raise your fuel costs by $23B

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Amid affordability crisis, White House plans to raise your fuel costs by B

The White House will formally announce its planned hike in US fuel costs by $23 billion tomorrow, according to Reuters.

Since the beginning of this year, the occupants of the White House have been on a mission to raise costs for Americans.

This mission has encompassed many different moves, most notably through unwise tariffs.

But another effort has focused on changing policy in a way that will raise fuel costs for Americans, adding to already-high energy prices.

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The specific rollback tomorrow focuses on a rule passed under President Biden which would save Americans $23 billion in fuel costs by requiring higher fuel economy from auto manufacturers. By making cars use less fuel on average, Americans would not only save money on fuel, but reduce fuel demand which means that prices would go down overall.

The effort to roll back this rule was initially announced on the first day that Sean Duffy started squatting in the head office of the Department of Transportation. Duffy notably earned his transportation expertise by being a contestant on Road Rules: All Stars, a reality TV travel game show.

Then in June, Duffy formally reinterpreted the Corporate Average Fuel Economy (CAFE) standard, claiming falsely that his department does not have authority to regulate fuel economy.

Republicans in Congress even got into effort to raise your fuel costs, as part of their ~$4 trillion giveaway to wealthy elites included a measure to make CAFE rules irrelevant by setting penalties for violating them to $0. In addition, it eliminated a number of other energy efficiency and domestic advanced manufacturing incentives.

Duffy’s department then told automakers that they would not face any fines retroactively to 2022, which saved the automakers (mostly Stellantis) a few hundred million dollars and cost American consumers billions in fuel costs.

Tomorrow, Duffy is expected to make an announcement formally changing CAFE rules, lowering the required fuel economy for 2022-2031 model year vehicles, even despite all of the other changes in trying to make the rules unenforceable. The theory behind this would be to make it harder to later enforce the rules, and to allow automakers to get off with more pollution, and to increase fuel demand and fuel prices for longer until a real government returns to power and starts doing its job to regulate pollution.

We don’t know the specifics yet of what exactly the announcement will entail, but given the general trend of recent announcements, it will likely be a full rollback of the improvements to the rule made by President Biden.

Tomorrow’s announcement is expected to be attended by executives from the Big Three American automakers – GM, Ford, and Stellantis (formerly Chrysler).

Their presence on stage suggests that their prior commitments to energy efficiency and electrification were not serious, as they are now joining in an effort to increase your fuel costs, just to save themselves a few engineering dollars on having to provide something other than the disgusting, deadly land yachts that are a blight on the nation’s roads and are murdering pedestrians at a 50-year high.

Tomorrow’s announcement is just one many efforts currently being undertaken by executive departments to try to raise your fuel costs.

One of the largest is the EPA’s attempt to delete the “Endangerment Finding,” the government’s recognition of the scientific fact that climate change is dangerous to humans. The EPA is undertaking this effort so that it can then eliminate other rules intended to reduce pollution, with the goal of making you more beholden to fossil fuels.

Even the Energy Department’s own numbers, signed off on by oil shill Chris Wright, say that changes sought by the White House will increase gas prices by $.76/gal.

Like most other governmental changes, today’s change will likely go up for public comment, as required by the Administrative Procedures Act. We’ll let you know when they do.


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