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Raw Video Emerges of Houthi Attack on Saudi Frigate as U.S. Sends Destroyer to Red Sea
Raw video has emerged online of a Houthi attack on a Saudi frigate that damaged the ship and drew the condemnation of Saudi Arabia and its allies. Suicide boats belonging to the Houthi militias from Yemen struck the Saudi frigate off Hodeida port in the Red Sea. Two crew members were killed and three were […]
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Saudi Restarts Renewable Energy Investment Plans with up to $50b in Solar, Wind by 2023
Saudi Arabia appears to be re-starting its efforts to expand renewable energy projects to meet growing domestic power needs with up to $50b invested through 2023, according to reports and comments by the Kingdom’s energy and industry minister Khalid al-Falih. The projects, part of the National Renewable Energy Plan (NREP) will be managed under a […]
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Jeddah Cell Connected to ISIS Busted after Two Saudis Blow Themselves Up During Raid
Saudi Arabia has busted a large terror cell after two Saudis blew themselves up during a gun battle in Jeddah, the Kingdom’s second-largest city. In addition to the two dead, 16 suspected terrorists have been arrested, including three Saudis and 13 Pakistani nationals, according to the Saudi Gazette. The Kingdom has also named the two […]
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Saudi Arabia May Cancel $20b in Projects to Cut Costs, Hires PwC
Saudi Arabia is reportedly working with accounting and consulting firm PricewaterhouseCoopers (PwC) on plans to cancel up to $20 billion of projects as the Kingdom continues to seek ways to cut costs as part of economic reforms, Bloomberg reports. The Ministry of Economy and Planning has appointed PwC to review $69 billion of government contracts and aims […]
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Saudi 2017 Budget Will Seek to Reduce Deficit, Create Surplus by 2020
Saudi Arabia’s government will reportedly unveil a plan to balance its high deficit and work to achieve a surplus in 2020, according to a senior government official with knowledge of the matter as quoted in Bloomberg. The plan was devised by the powerful Council on Economic and Development Affairs (CEDA), which is chaired by Deputy Crown Prince […]
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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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MUST-READS
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Saudi real estate platform transactions soar to $267m a day, 1m users registered
Saudi Arabia’s Real Estate Market platform has 1m registered users and averages $1bn ($267m) of transactions a day, according to a report from the Ministry of Justice (MoJ). The MOJ announced this represents a significant growth in the usage of the Real Estate Market platform. The platform has over one million registered users, with the average daily user count surpassing 30,000.
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Saudi aid convoys arrive at Nile River and Northern states in Sudan
Convoys carrying relief supplies sent by Saudi aid agency KSrelief have arrived at Nile River State and Northern State in Sudan, the Saudi Press Agency reported on Wednesday. The arrival of the convoys at their destinations marks the start of the second phase of a project to support food security in the North African country, officials said. Maj. Gen. Abdul Mahmoud Hammad Hussein, the acting governor of Nile River State, thanked Saudi Arabia for the aid and relief projects it provides, through KSrelief, for the Sudanese people, who are facing a humanitarian crisis.
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What are people in Saudi Arabia buying?
The number one used financial app is STC pay. 45 per cent of Saudi Arabia’s population say that Stc Pay is the mobile payment platform they typically use. The second app that is not far behind in numbers is Mada Pay. Surprisingly, global payment platforms such as Apple Pay and Samsung Pay lie on the lower end of the scale. Apple Pay is used more often compared to Samsung Pay, when comparing 32 per cent of people who said they used Apple Pay to Samsung Pay’s 11 per cent. When it comes to financial services, most of the respondents opted for Mada as their choice. After Mada, the next most popular ones are Visa and Stc Pay. When it comes to retail banks on the other hand, almost half of the respondents chose Alrajahi Bank. The remaining were split almost equally between Riyad Bank and Alinma Bank.
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CENTCOM chief in Saudi Arabia to meet top military general as violence engulfs region
The top US military general for the Middle East met with Saudi Arabia’s Chief of General Staff, Gen. Fayyad Al-Ruwaili, on Wednesday to discuss deepening military and defense ties, the Saudi Ministry of Defense said. United States Central Command (CENTCOM) chief Gen. Erik Kurilla visited the Kingdom, where they discussed bilateral relations as well as the prospects for cooperation in various fields, a statement from the Saudi ministry said.
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The Rise of Saudi Arabia’s Venture Capital Ecosystem: A 5-Year Reflection
Against the gloomy picture painted in most regions, Saudi Arabia weathered this storm with success, becoming MENA’s leading market for venture capital funding, where $1.38BN was deployed in capital to Saudi-headquartered startups in 2023. Central to this was the investment in four MEGA deal rounds, investments greater than $100M+, which were closed by Nana, Floward, Tamara, and Tabby, with the latter announcing their relocation to the Kingdom in Q4 2023. These four deals together captured 64% of the capital deployed in the Kingdom.
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The Rise of Saudi Arabia’s Venture Capital Ecosystem: A 5-Year Reflection
2023 was a rollercoaster year for Venture Capital. Globally, VC funding fell to $248.4B in 2023, the lowest level since 2017, while transaction volume fell by 30% YoY to 29,303 deals in 2023, a 6-year low, as reported by CB Insights. This trend was against the backdrop of stricter monetary conditions, rising inflation, and, in some regions, geopolitical instability. The Middle East and North Africa (MENA) Region is a prime example of this; amidst rising interest rates, technological disruptions, and geopolitical tensions, the number of deals in MENA reached its lowest levels since 2018, declining by 34%, while capital deployed retreated by 23% YoY, as reported in our MAGNiTT FY 2023 MENA Venture Investment Report.
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UNRWA funding pauses come amid uncertainty over Gaza aid future
The United States and its allies are suspending funding to a U.N. agency at a critical moment for Gaza. Before the war, roughly 80 percent of the population of the strip was reliant on international aid. Following months of conflict, the needs are only more dire, with almost 9 out of 10 people displaced and at least half of the buildings in the strip damaged or destroyed. The U.N. Relief and Works Agency, or UNRWA, played a vital role in distributing international aid to Gaza during the war. But after Israel alleged that more than a dozen UNRWA staff members were involved in the Hamas-led attacks on Israeli towns on Oct. 7, the United States and at least nine other donor countries have paused their funding pending further investigation.
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U.S. sanctions 4 settlers, amid broader push to end Gaza war
The United States today sanctioned four Israeli nationals under a new executive order signed by President Biden targeting perpetrators of extremist violence and intimidation in the Israeli-occupied West Bank, amid a broader push by Washington to try to help negotiate an extended ceasefire between Israel and Hamas, get over 100 Israeli hostages freed, and get regional buy-in for a longer-term path for enduring peace and security for Israelis and Palestinians.
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US sees signs Iran is worried about escalating proxy attacks amid heightened tensions
US officials believe there are signs that Iranian leadership is nervous about some of the actions of its proxy groups in Iraq, Syria and Yemen, according to multiple people familiar with US intelligence, as attacks from militia groups threaten to disrupt the global economy and significantly up the risk of direct confrontation with the United States. The drone attack that killed three American soldiers at a US outpost in Jordan, which the US has attributed to the Iran-backed umbrella group Islamic Resistance in Iraq, caught Tehran by surprise and worried political leadership there, officials told CNN, citing US intelligence.
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New-wave reactor technology could kick-start a nuclear renaissance — and the US is banking on it
The Biden administration and American companies are plowing billions of dollars into SMRs in a bid for business and global influence. China is leading in nuclear technology and construction, and Russia is making almost all the world’s SMR fuel. The US is playing catch-up on both. There’s no mystery behind why the US wants in on the market. It already lost the wind and solar energy race to China, which now provides most of the world’s solar panels and wind turbines. The big problem: The US hasn’t managed to get an SMR working commercially on land.
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