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  • Spain to buy up to 10% in Telefonica following Saudi entrance

    The Spanish government will acquire a stake of up to 10% in Telefonica through the state holding company SEPI in a counterbalance to the acquisition of a large stake in the telecoms giant by Saudi Arabia's STC. "The presence of a key public shareholder will reinforce the company's ownership stability," the Budget Ministry said in a statement on Tuesday. SEPI said it would complete the acquisition of shares while minimising the impact on the share price but would not elaborate. It is yet to hire a financial advisor.

  • S&P: Saudi Arabia’s economic growth to rebound to 2.7 percent in 2024

    Standard & Poor’s (S&P) Global expects Saudi Arabia’s economic growth to recover to 2.7 percent in 2024 from a contraction of 0.4 percent this year. S&P stated in a report on emerging markets that growth in Saudi Arabia declined this year due to oil production cuts it implemented within OPEC+. However, the agency expects growth to improve in the next two years, reaching 3.7 percent in 2025. It is noteworthy that Saudi Arabia has a rating of  A with a stable outlook from the credit rating agency. Moreover, Moody’s expected non-oil gross domestic product (GDP) growth to be between 3 and 4 percent annually until 2030.

  • ‘Under-represented’ Saudi Arabia is the new China for investors hunting growth

    Throngs of consultants wearing Western attire have become a common sight in the lobbies of Riyadh’s plushest hotels as Crown Prince Mohammed bin Salman embarks on a multi-trillion dollar plan to wean Saudi Arabia off oil. In recent months they’ve been joined by another cohort of besuited individuals: fund managers, keen to get an early foothold in the next big emerging-market growth story. The kingdom, which only joined the MSCI Emerging Markets index in 2019, has historically attracted very little from the billions of dollars that stock investors allocate to global stock markets. Fund managers were put off by the lack of liquidity in the Tadawul All Share Index, which limits full foreigner ownership, and by the nation’s over-reliance on fossil fuels.

  • Saudi Arabia: Flynas Taps Goldman, Morgan Stanley for IPO

    Saudi Arabia’s Flynas, backed by billionaire Prince Alwaleed Bin Talal, hired Goldman Sachs Group Inc., Morgan Stanley and Saudi Fransi Capital for a potential initial public offering in Riyadh. The low-cost airline could go public as soon as next year, according to a statement from the company in response to questions from Bloomberg.

  • Whether to Attack Houthis in Yemen Weighed by US, Allies

    The US and its allies are considering possible military strikes against Houthi rebels in Yemen, in a recognition that a newly announced maritime task force meant to protect commercial ships in the Red Sea may not be enough to eliminate the threat to the vital waterway. Planning is underway for actions intended to cripple the Houthis’ ability to target commercial ships by hitting the militant group at the source, according to four people familiar with the matter who asked not to be identified discussing internal deliberations. They underscored that the US still wants diplomacy to work and hasn’t decided to go ahead.

  • Man City outclass Urawa Red Diamonds to reach Club World Cup final

    Manchester City outclassed Urawa Red Diamonds in a 3-0 victory in the King Abdullah Sports City stadium on Tuesday to set up a Club World Cup final showdown against Brazilian side Fluminense. European champions City were frustrated by a well-organised Japanese side during the opening half but took the lead with an own goal by Marius Hoibraten in stoppage time.

  • Miami Mayor Francis Suarez addresses Saudi Arabia controversy, calls to resign

    The Miami Herald published reports that claimed Suarez "has quietly spent weeks in Saudi Arabia over several recent trips, records show, as he travels to the region as a private attorney." The Herald also claimed a public relations firm and Suarez's mayoral office made the summit happen "with the help of a handful of city staffers and Suarez’s longtime political fundraiser." It reported the summit "is caught up in an ongoing congressional investigation into how Saudi Arabia has bought its way into popular U.S. institutions..." to reshape the Saudi image in America. NBC6 has not independently verified these records. Suarez, in an interview with NBC6, said the trips were on his private business.

  • Shippers mask positions, weigh options amid Red Sea attacks

    A number of container ships are anchored in the Red Sea and others have turned off tracking systems as traders adjust routes and prices in response to maritime attacks by Yemen's Iran-aligned Houthis on the world's main East-West trade route.

    Attacks in recent days on ships in the major Red Sea shipping route have raised the spectre of another bout of disruption to international commerce following the upheaval of the COVID pandemic, and prompted a U.S.-led international force to patrol waters near Yemen.

  • Israel keeps pounding Gaza, Houthis vow more Red Sea attacks

    Israel kept pounding the shattered Gaza Strip on Tuesday while Yemen's pro-Palestinian Houthi movement vowed to defy a U.S.-led naval mission and keep hitting Israeli targets in the Red Sea.

    Israel's campaign to eradicate Hamas militants behind an Oct. 7 massacre has left the coastal enclave in ruins, brought widespread hunger and homelessness, and killed nearly 20,000 Gazans, according to the Palestinian enclave's health ministry.

  • Saudi Leadership Congratulates Sisi on Reelection as Egypt’s President

    Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Prince Mohammed bin Salman, Crown Prince and Prime Minister, sent cables of congratulations to Egypt’s Abdel Fattah al-Sisi on his reelection as president. They also sent cables of congratulations to Emir of Qatar Sheikh Tamim bin Hamad Al Thani and Niger’s General Abdourahamane Tchiani, president of the National Council for the Safeguard of the Homeland, on the occasion of their respective national days.