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Internet Penetration in Saudi Arabia at 93%, Daily TV Viewership Down 16%
Internet penetration among Saudi nationals is “around 93 percent” but traditional TV viewership is down 16 percent, an indication of the continued rise of online media viewership and the rise of apps in Saudi Arabia, according to a report in the Saudi Gazette. “The increase in data use is also driven by the use of […]
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Report: $7.9 Billion Bid for KAFD by Saudi Arabia’s Public Investment Fund
Saudi Arabia’s Public Investment Fund (PIF) is reported to be prepared to make an offer for the King Abdullah Financial District (KAFD), situated between downtown Riyadh and the city’s King Khalid International Airport. The offer, reported by Bloomberg citing unnamed sources, is 30 billion riyals ($7.9 billion) — the amount already spent on KAFD by the Saudi Public […]
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Jadwa Investment: Recent Saudi Stock Market Changes ‘Pave the Way’ for Saudi Arabia’s Inclusion Into MSCI Emerging Market Index
The major announcements for Saudi Arabia’s economy and society in the last few weeks related to the release of its ‘Vision 2030’ strategy have given the Kingdom a roadmap and targeted benchmarks for achieving greater economic diversification and empowering Saudi Arabia’s youth. In addition to the ‘Vision 2030’ release and cabinet changes there was “an […]
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Report: Donald Trump Set Up Four Businesses Related to a Jeddah, Saudi Arabia Hotel Project While Campaigning for President in August 2015
Republican frontrunner Donald Trump set up four companies related to a possible hotel project in Jeddah, Saudi Arabia while campaigning for president in August 2015, according to a report by BuzzFeed news, citing the candidate’s latest financial disclosure filings released on Wednesday. According to the report, on August 21, 2015, Trump became president and owner of […]
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Secretary Kerry Meets with Saudi Leaders in Jeddah Ahead of Crucial Syria Talks
Secretary of State John Kerry travelled to Jeddah, Saudi Arabia to meet with Saudi Arabia’s King Salman and other Saudi officials ahead of critical talks on Syria, according to reports. The Secretary, who also met with Crown Prince Mohammed bin Naif and Foreign Minister Adel Al-Jubeir, “discussed a range of regional issues – Yemen, Libya, […]
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Difficult Times for the Saudi Binladin Group
The Saudi Binladin Group (SBG) is facing its toughest challenges in the construction giant’s 85 years of operation as tightened government spending and a 8-month restriction on new projects in the pipeline has undermined the company’s finances. Saudi Binladen has announced a reduction in jobs totaling 77,000, or about one-third of its total workforce. “The […]
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The 5 Major Changes Saudi Arabia’s Capital Markets Authority Made to Increase Foreign Investment in the Saudi Stock Market
Saudi Arabia’s Capital Markets Authority (CMA) has significantly lowered the barriers to entering the Saudi stock market as a foreign investor and increased the amount which a foreigner may own of a Saudi company, the bourse announced in a release today. “These rules were implemented with the aim of raising the bar in relation to investing […]
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Commentary: Saudi Arabia’s Vision 2030, Don’t Miss the Point
While Saudi Arabia’s Vision 2030 was formally endorsed by the Saudi Council of Ministers and published on April 25, 2016, anticipation about the plan had been building for months. McKinsey & Company’s 165-page Moving Saudi Arabia’s Economy Beyond Oil in December 2015 confirmed the depth of the analysis underway within the Saudi government while Deputy […]
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Deputy Crown Prince Mohammed bin Salman Opens Up on Personal History; ‘Vision for the Kingdom of Saudi Arabia’
In his second exclusive and wide-ranging interview with Bloomberg, Saudi Arabia’s deputy crown prince, chair of the Council of Economic and Development Affairs (CEDA), and minister of defense opened up on his rise to power, his initial struggles and ultimate acceptance under the late King Abdullah, and his fondness for Winston Churchill and Sun Tzu’s The […]
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As President Obama Heads to Saudi Arabia, Economic Cooperation and Enhanced Bi-Lateral Security Will be on Agenda
As President Obama heads to Saudi Arabia next week to meet with HRH King Salman and attend a GCC summit, familiar topics as well as new issues will be on the agenda for the President’s 3rd official visit to Saudi Arabia and second meeting with King Salman since September. Along with long-standing regional and security concerns that require U.S.-Saudi […]
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What is behind Iran-Pakistan attacks and could conflict escalate?
Iran launched missile strikes on three different countries this week - Iraq, Syria and Pakistan - while proxy militant groups it backs continue to target U.S. and Western interests and fight Israel, stoking fears of conflict that could engulf the Middle East and spread to other regions.
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The United States is drowning OPEC in oil
“US oil supply growth continues to defy expectations,” the International Energy Agency said in its latest Oil Market Report, released Thursday (Jan. 18). The US is producing more oil than any country in history, some 13 million barrels of it per day, and all those barrels are coming at OPEC’s expense. Combined with record production in Brazil and Guyana (whose oil resources are the key to an escalating diplomatic row with Venezuela), as well as the defection of OPEC member Algeria, the global oil supply marketshare of OPEC+ (OPEC and a select group of allies) sits at about 48%, the lowest since the “plus” was added in 2016.
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Covid-19 in Saudi Arabia: ‘Wear masks in crowded places’ says health authority
Saudi health authorities have urged people in the Kingdom to wear face masks in crowded places, amid concerns over the spread of infection diseases such as Covid-19. The JN.1 variant of Covid-19 has been identified in Saudi Arabia and was reported to have surged in the Kingdom.The Public Health Authority had previously allayed fears over the new variant, saying: “There is no truth to the risks and warnings being circulated about a new epidemic, as the JN.1 variant is considered one of the branching variants of COVID-19, and the effectiveness of immunisation with the developed COVID-19 vaccine is valid and there is no reason for concern and there is no need to apply strict measures”.
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NEOM: 10 cities of Saudi Arabia’s $500bn gigaproject revealed
Saudi Arabia’s ambitious gigaproject, NEOM, has unveiled plans for the creation of ten new cities as part of its groundbreaking $500 billion initiative. NEOM, the brainchild of Saudi Arabia’s Crown Prince Mohammed bin Salman, aims to transform the Kingdom’s economy and diversify its revenue streams beyond oil.Each of the ten cities is tailored to specific industries and sectors, with a focus on attracting global investments and fostering economic growth.
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Off-road racer Sara Price celebrates becoming first American woman to win stage in Dakar Rally
Sara Price slid out of her off-road vehicle at the Dakar Rally, after a rigorous ride through the diabolical dust and dunes in Saudi Arabia, and checked for certain she made history in the endurance event. “I don’t think an American female’s ever won a stage, right,” she asked. Price was right, the 31-year-old Californian this week became the first female American driver and third woman ever to win a Dakar stage.
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WEF24: Saudi Ambassador to US says Kingdom prioritizing ‘peace and prosperity’ policies
Saudi Arabia is prioritizing peace and prosperity in its efforts to lead the Middle East towards stability and security amid ongoing geopolitical volatility in the region, the World Economic Forum (WEF) Annual Meeting 2024 heard today from Her Royal Highness Princess Reema Bandar Al-Saud, Ambassador of the Kingdom of Saudi Arabia to the United States of America.
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Saudi Arabia Flags Commodity Trading Ambitions With DME Stake
The owner of Saudi Arabia’s stock market has acquired a 32.6% stake in the Dubai Mercantile Exchange as it seeks to diversify its revenue and gain access to oil, metals and agricultural trading. Saudi Tadawul Group bought the holding in the DME, as the Dubai exchange is known, for 107 million riyals ($28.5 million), according to a statement on Thursday, making it the joint largest shareholder along with US-based CME Group.
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In Davos, Israel’s president calls ties with Saudi Arabia key to ending war in Gaza
Normalizing ties between Israel and Saudi Arabia would be a key element of ending the war with Hamas and a game-changer for the entire Middle East, Israeli President Isaac Herzog said Thursday at the World Economic Forum’s annual meeting in the Swiss town of Davos. “It’s still delicate, it’s fragile, and it will take a long time, but I think that it is actually an opportunity to move forward in the world and the region towards a better future,” Herzog said.
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Israel Isn’t Buying Saudi, UAE, Qatar, Egypt and Jordan’s Postwar Gaza Plan
Five Arab nations are quietly touting a settlement for postwar Gaza for which they’ve secured the backing of the US. The problem is that the Israelis on whom the agreement depends aren’t buying it. That means the proposal, which its authors are calling the most plausible solution for long-term security in the region, is out of reach for now. Two of the many officials who spoke with Bloomberg are privately asserting that progress toward it won’t be possible so long as Prime Minister Benjamin Netanyahu’s right-wing coalition stays in power.
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Inside the effort to create a far-reaching U.S.-Saudi-Israeli pact to end the war
Eleven days ago, Sen. Lindsey Graham arrived for a private meeting in a lavish tent with ruby red rugs and low burgundy cushions in the western Saudi Arabian oasis town of Al Ula, home to ancient Nabatean ruins. The tent is guarded by layers of Saudi security that protect the nearby winter camp of Crown Prince Mohammed bin Salman. Graham, a South Carolina Republican, was a participant in a series of high-stakes meetings with the crown prince in recent weeks involving American lawmakers and diplomats hoping to rekindle a potential treaty between Saudi Arabia, Israel and the United States. Their ambitious goal is to hammer out a framework for concluding the Israel-Hamas war, stabilizing the Middle East and paving the way for some form of Palestinian self-governance in the Gaza Strip.
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