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Careem, an Uber Rival in the Middle East, is Newest ‘Unicorn’ Company with Saudi, Japanese Investments
Careem, one of Uber’s rivals in the Middle East, has taken in $350 million in investment led by Japanese e-commerce firm Rakuten and Saudi Telecom Company (STC), the second investment made by Saudi Arabia’s government into ride-sharing apps this year. Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in ride-hailing app Uber in June, […]
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Saudi Arabia’s New Currency Offers Security Upgrades, Phases Out Small Notes
Saudi Arabia has unveiled newly designed banknotes and coins with added security features that make forgery difficult. The new issuance is the first step to addressing the preponderance of one-Riyal bills currently in circulation. Half of all Saudi paper notes are one-Riyal notes, which is worth a little more than a quarter U.S. dollar. A […]
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Surprise Early Gains for Saudi Leaders in Fight Against State Spending as Successful Deficit Cuts Seen Beyond Projections – Reuters
Saudi Arabia’s 2017 state budget is “likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy” next year, according to a report in Reuters by reporters Marwa Rashad and Andrew Torchia. After a tough year economically for the Kingdom, […]
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$800m King Abdulaziz Center for World Culture in Dhahran Opens
Saudi Aramco opened the $800 million King Abdulaziz Center for World Culture in Dhahran on Thursday, a large steel structure that aims to deepen knowledge and creativity among Saudi youth, according to reports. According to Reuters, the center, known as “Ithra” (“to enrich” in Arabic) is located close to Saudi’s “prosperity well” that tapped some of the […]
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Trump’s Complex Global Business Interests Could Present Problems for President-Elect
President-elect Donald Trump’s complex business dealings before and during his candidacy for the office, and now after his victory on November 8th, continue to draw scrutiny from the media and elected officials in the United States. The president-elect has drawn additional attention for his initial meetings with world leaders that apparently mix his business and family […]
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Three New Ventures by MiSK to Boost Innovation, Training and Investment
Deputy Crown Prince Mohammed bin Salman’s MiSK Foundation launched three new strategic ventures in Riyadh aimed “at comprehensively building the skills, knowledge and capability for economic growth within the Saudi Arabian tech sector,” Reuters and the Saudi Gazette reports. MiSK Academy, MiSK Technovation and MiSK Booster mark a significant new development in the foundation’s work to empower, […]
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Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]
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‘Downward Trend’ in Economic Activity Seen in Latest Jadwa Investment Chartbook
Jadwa Investment’s recently released economic chartbook for the month of November found a downward trend in economic activity and the fourth consecutive negative change in government accounts with SAMA. “Economic data for September showed a downward trend in economic activity,” Jadwa said it the report, pointing to negative growth in cash withdrawals from ATMs and […]
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Are oil markets better off with OPEC cuts?
Jadwa Investment’s latest Quarterly Oil Market Update anticipates that OPEC’s decision to announce, but not to implement, a cut in production will likely lead to a small cut in oil production “more akin to a production ’freeze’ rather than an outright cut”. “Any agreement by OPEC, if reached, will of course need to be acted […]
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Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]
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Dakar Rally 2024 Results: Carlos Sainz Earns Audi’s 1st Win; Father of Star F1 Driver
Carlos Sainz, the father of Formula 1 driver Carlos Sainz Jr., won the 2024 Dakar Rally on Friday in Saudi Arabia to give Audi it's first-ever victory in the race.
Sainz, who has now won the race four times, finished one hour, 20 minutes and 25 seconds ahead of Guillaume de Mevius to claim the title. He broke his own record as the oldest winner in Dakar Rally history at 61 years old.
The Spaniard also won the race in 2010, 2018 and 2020. However, he was racing for different manufacturers in each of those races—Mini, Volkswagen and Peugeot.
"To be here at my age and to stay at the level, you need to work a lot beforehand. It doesn't just come like that," Sainz said after the race, according to BBC.
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2024 Edelman Trust Barometer Reveals Innovation has Become a New Risk Factor for Trust
The 2024 Edelman Trust Barometer reveals a rift between innovation and society that has become the new factor causing further polarization. Respondents, by nearly a two-to-one margin, feel innovation is being poorly managed; this is true across age groups, income levels, and gender, and in both developed and developing countries people are more likely to say innovation is poorly managed than well managed. Innovations have also become politicized, especially in Western democracies where right leaning individuals are far more likely than those on the left to reject them; the biggest differences between those on the right and left are in the U.S. (41 points), Australia (23 points), Germany (20 points), and Canada (18 points).
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Saudi Arabia ranks 1st on 2024 Edelman Trust Barometer
The 2024 trust barometer reported that 86% of Saudis trusted their government, compared to 83% a year earlier. The Kingdom also took the fourth place globally on the index of trust in the business sector and came seventh on the index of trust in media. The survey covered nearly 32,000 respondents from 28 countries. China came second in terms of trust in government, followed by the UAE and Singapore.
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Saudi AAM Initiative to provide safe and most developed means of air mobility in Mideast
This includes a wide range of innovative solutions ranging from small unmanned aircraft to aircraft with vertical take-off and landing. These technologies will be able to provide safe, sound, sustainable and faster means of transport for people and goods, characterized by high technical capabilities that contribute to alleviating congestion on the roads and facilitating easy access to remote areas in the country, and thus contributing to achieving overall economic and social development.
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Saudi Arabia identifies 1,200 sites for wind, solar projects
The Saudi energy minister, Abdulaziz bin Salman Al Saud, has said that experts have identified 1,200 sites for the deployment of large-scale wind and solar projects across the country. According to local media reports, the minister made the announcement at the Digital Government Forum in Riyadh. He said that the sites are spread across the country. Site identification was made through a geographical survey.
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Top art exhibitions in the UAE and Saudi Arabia to see this spring
A mix of blockbuster shows and calmer retrospectives to catch in the coming months.
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Lionel Messi arrives in Saudi Arabia on Asian tour
The players were greeted by a special Saudi delegation and handed a bouquet of pink and white roses on arrival. The Inter Miami squad touched down in Riyadh as part of their pre-season preparations that will see the MLS club play Al-Hilal on January 29 and Cristiano Ronaldo's Al Nassr on February 1 at the Kingdom Arena Stadium.
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Saudi Arabia’s Oil Exports via the Red Sea Remain Uninterrupted, head of Aramco’s refining says
“We’re moving in the Red Sea with our oil and products cargoes,” Mohammed Al Qahtani, head of Aramco’s refining, oil trading and marketing division said, adding that the risks were “manageable”. This is in stark difference to other oil traders, which have rerouted tanker traffic away from the Red Sea. This has added substantially to costs, with the longer journey around the Cape of Good Hope in Africa adding close to $1 million to the transport bill of a tanker, per data from LSEG Shipping Research. Shipbroker data from Xclusiv, however, showed that deliveries of Saudi Arabian crude to Europe had declined between December and this month by 15%, suggesting some interference with normal traffic.
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Saudi Arabia Reveals Grand Ambition to Become a Global Biotech Powerhouse by 2040
Saudi Arabia, another powerhouse in the region, has recently launched a National Biotech Strategy (the Strategy) with an ambition to become MENA’s leading biotech hub by 2030 and a global biotech leader with a far-reaching impact in biomanufacturing and medical innovation by 2040.
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Son faces Saudis, Palestine make history in Asian Cup last 16
The tournament has been whittled down from 24 teams to 16 but trying to predict who lifts the trophy on February 10 looks more difficult than ever. Japan came to Qatar as favourites and looking to win the title for a record-extending fifth time, but they reached the knockout phase as only runners-up in their group behind Iraq. Iraq impressed in deservedly beating Japan 2-1 and along with Iran and Qatar were the only teams to win all three games in the first round. Iraq play Jordan and Iran meet Syria next.
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