Populous designs feature a 5,155-seat venue with one of the world’s largest combined total areas of video screens, plus a ‘digital chandelier’ above the main seating auditorium.
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Saudi Arabia Eyes Privatization of Power, Opening Opportunities for International Power Companies
Saudi Arabia is heading towards privatizing the electricity sector and “shifting towards solar and alternative energy in the framework of its efforts to reduce the use of fossil fuels in production rates,” according to a report in Asharq Al-Awsat citing “informed sources.” The Saudi Electricity Company plans to “split into four units with local and […]
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More than 50 Members of U.S. GOP ‘Foreign Policy Community’ Write Open Letter Calling Donald Trump Unfit for Office
An open letter signed by over 50 members of the Republican foreign policy community, including former Department of Homeland Security Secretary Michael Chertoff and former Deputy Secretary of State Robert Zoellick, has called Donald Trump unfit for office and pledged to work to stop him from receiving the Republican nomination. “We the undersigned, members of […]
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Nitaqat Effort Suffers Setback: 2015 was the ’Slowest Annual Increase on Record for Saudi Net Employment’ as Most New Jobs Still Going to Non-Saudis
A recently released Jadwa Investment report on Saudi Arabia’s labor market found little headway being made in Saudi Arabia’s goal of increasing employment of Saudis. According to Jadwa Investment, although Saudi Arabia’s unemployment rate fell slightly from 11.7 percent in 2014 to 11.5 percent in 2015, “of these positions, 368 thousand (or 88 percent) […]
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Saudi Central Bank Announces an ‘Affordable Mortgage’ Program Intended to Boost Housing Sector
Saudi Arabia’s central bank said in a statement it plans to launch an “affordable mortgage” program to finance residential real estate purchases by Saudi citizens, according to reports. Home buyers would be responsible for a down payment of 15 percent of the property’s value, and commercial banks would supply a further 70 percent. An additional […]
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‘Saudi Student Boom’ for U.S. Colleges and Universities may be Slowing as Scholarship Program Evolves
A number of reports have indicated that the popular King Abdullah Scholarship Program (KASP) that has placed hundreds of thousands of Saudi students at academic institutions all over the world is being reviewed and can anticipate significant changes with regard to the program’s size and scope. In 2014 over 207,000 Saudi students and dependents were […]
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State Department Approves $200m Services Contract Request from Saudi Arabia which will ‘Increase U.S. – Saudi Arabia Military Interoperability’
The State Department has approved a request for continued support services to Saudi Arabia at an estimated cost of $200 million. According to a release from the Defense Security Cooperation Agency (DSCA), the sale “will enhance the foreign policy and national security objectives of the United States by helping to improve the security of an […]
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Saudi Arabia’s War in Yemen Could Put Pressure on Future European Arms Deals
On February 25th, European Union lawmakers are gearing up for a vote on whether to call for an embargo on weapons sales to Saudi Arabia, according to a report in the Canada-based Globe and Mail. Concern in Europe is mounting over Saudi Arabia’s war in Yemen, and the use of European military equipment sold to […]
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Popular King Abdullah Scholarship Program Reported to have New Restrictions along with Reduced Budget
Saudi Arabia’s King Abdullah Scholarship Program (KASP) has reportedly been narrowed to include only top universities and programs, months after the program was expanded to include all students and their families. Founded in 2005 and one of the late King Abdullah’s legacy programs, the scholarship fund covers full tuition, medical insurance, a monthly stipend for living expenses, and […]
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Little Upside in Latest Jadwa Saudi Chartbook
Riyadh-based Jadwa Investment’s latest monthly chartbook overviewing the Saudi economy contains mostly negative economic data on consumer spending, activity, government accounts, and inflation. Economic data for the month of December 2015 indicates a slowdown in activity, and data on consumer spending continued to point to a softening trend, while PMI fell to a record low, […]
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With affordable housing in short supply, new JV set to provide mortgage loans to low and middle-income Saudis
A new joint venture between Saudi Arabia’s Ministry of Finance (MoF) and the Islamic Corporation for the Development of the Private Sector (ICD) has received approval to provide loans to low and middle-income Saudis, in what could be a much-needed boost for access to mortgages in the Kingdom. Bidayaa Home Finance was launched to provide […]
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Austin Returns to Israel With a Tougher Message and Lessons Learned
But his message has become more blunt: Israel, Mr. Austin recently predicted, could face “strategic defeat” that would leave the country less secure if it does not do more to protect civilians. The warning is one that Mr. Austin is well equipped to deliver. The retired four-star general brings a wealth of military experience in combat, including urban warfare. Early U.S. efforts to target the Taliban and insurgents in Afghanistan in 2004. The troop “surge” in Iraq in 2007. The planning to pry Mosul, Iraq, from the hands of the Islamic State in 2016. Mr. Austin was involved in all of that.
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Thai teen Boriboonsub wins Saudi Open for third title in three weeks
Thailand's Denwit Boriboonsub won his first Asian Tour title and his third event in as many weeks when the 19-year-old beat Sweden's Henrik Stenson by three strokes at the season-ending Saudi Open on Sunday.
Boriboonsub had won the Aramco Invitational two weeks ago on the Asian Development Tour and followed it up with victory at the Thailand Open last week.
He shared the lead at the Riyadh Golf Club after two rounds but lost top spot to compatriot Phachara Khongwatmai on Saturday.
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Populous unveils designs for Saudi esports centre
Populous has revealed designs for an esports venue in Saudi Arabia with capacity for more than 5,000 spectatorsThe venue, which was unveiled last week by the London-based firm, forms one part of the multi-billion pound Qiddiya entertainment ‘giga-project’ under development near Riyadh, the Saudi capital.
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As Saudi Arabia gives shape to NEOM, Enowa is out to power it
NEOM aims to be home to the world’s first large-scale 100 per cent renewable energy system by 2030, providing abundant, affordable energy to residents and industries. It’s an interesting challenge because, on a personal level, if you join the team with an attitude of ‘I’ll just bring my experience and that’s going to be enough’, it’s probably not going to work. Because while a number of us have worked on legacy systems, that skillset alone is not going to allow us to build a new renewable system from scratch.
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Saudi Central Bank Introduces New BNPL Regulatory Framework
The Saudi Central Bank has now issued new ‘Rules for Regulating Buy Now Pay Later (BNPL) Companies‘ as part of its role in supervising and controlling the BNPL companies. This decision reflects SAMA’s continuing efforts to develop the financial sector in the region and empower the fintech sector in particular. Under the new rules, the BNPL activity is defined as any type of financing that enables a consumer to purchase goods or services without a term cost payable by the consumer.
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How a Saudi charity used AI to raise millions for orphans last Ramadan
For our past digital donation drives, we’ve run campaigns during key seasonal moments — think Ramadan or Hajj — turning them off when those moments are over. Results showed us that not only were those campaigns not fulfilling their full potential, but we were also missing out on reaching people who wanted to help at other key moments throughout the year. We had to up our marketing game to find donors consistently and on a wider scale.
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Red Sea Shipping Attacks: Divisions Hinder US Efforts to Counter Yemen Houthis
US efforts to counter Yemen’s Houthi rebels as they attack ships in one of the world’s most important waterways are hitting a major roadblock because of disagreements among Washington’s Arab allies, according to people familiar with the matter. Two of the most crucial actors involved in Yemen’s long-running civil war, Saudi Arabia and the United Arab Emirates, support competing factions against the Houthis and favor differing ways of dealing with them. Their diverging stances are complicating the US-led attempt to forge a coherent response to the Iran-backed group, the people said.
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Saudi Thriller ‘Mandoob’ Beats ‘Wonka’ to Score Record Local Opening
Saudi Arabian thriller “Mandoob,” about a struggling man who becomes an illegal booze runner, beat “Wonka” over the weekend to top the Saudi box office chart while also scoring the biggest opening to date for a local film in the territory.
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Goldman cuts 2024 Brent price forecast on strong US supply
Goldman Sachs trimmed its price expectation for Brent crude in 2024 by $10 per barrel to between $70 and $90, saying strong production from the United States would moderate any upside in oil prices. "We still look for range-bound prices and only moderate price volatility in 2024. Elevated spare capacity to handle tightening shocks should limit upside price moves," its analysts said in a note dated Sunday.
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Saudi Thriller ‘Night Courier’ Beats ‘Wonka’ With Record Local Opening
Saudi director Ali Kalthami’s thriller Night Courier (Mandoob) has posted a record-breaking opening at home, generating 114,000 admissions for a $1.58 million gross to beat Warner Bros. blockbuster Wonka.
Front Row Arabia, the joint distribution label of Front Row Filmed Entertainment and local exhibitor muvi Cinemas, launched the title theatrically in all of Saudi Arabia’s 63 cinema theatres on 121 screens on December 14.
Wonka, which also opened in Saudi on December 14, drew roughly 38,000 spectators for a $616,000 gross to come in second, followed by Studio Ghibli’s The Boy And The Heron.
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