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  • Saudi Arabia: Certain Foreign National Classifications Relaxed Under the Nitaqat Program April 15, 2024 insight-news-default

    Foreign investors who are owners of private companies will be counted as Saudi nationals under the program at the rate of one foreign investor to one Saudi national. Previously, they were counted as foreign nationals. Furthermore, the MHRSD announced that other foreign nationals will be factored into Saudization percentages at lower ratios.

  • Sources deny Saudi Arabia’s participation in intercepting Iranian attacks on Israel

    Informed sources denied to Al Arabiya on Monday Saudi Arabia’s participation in intercepting Iranian drones during its attack on Israel on Saturday. Israeli news websites had published statements attributed to an official Saudi website stating that the Kingdom participated in the recent defense coalition that confronted the Iranian attacks. “There is no official website that published a statement about Saudi participation in intercepting attacks against Israel,” the sources told Al Arabiya.

  • Donors, including Saudi Arabia, raise more than 2 billion euros for Sudan aid a year into war

    "I hope the money raised today is translated into aid that reaches people in need," said Abdullah Al Rabeeah, head of Saudi Arabia's KSRelief. On Friday, Sudan's army-aligned foreign ministry protested that it had not been invited to the conference. "We must remind the organisers that the international guardianship system has been abolished for decades," it said in a statement.

  • China’s energy trade with Middle East set to surge since Beijing brokered last year’s Iran-Saudi deal, UBS says

    Energy-related trade between China and the Middle East is likely to increase significantly and reshape the sector globally in the wake of the Saudi-Iran peace deal brokered by China last year, according to Swiss bank UBS.
    By 2030 trade between the two will have risen by US$423 billion annually, with renewables and petrochemicals accounting for US$77 billion and US$325 billion, respectively, according to Ken Liu, head of China and Hong Kong renewables, utilities and energy research at UBS Investment Bank.

  • Inside The Rig: Saudi Arabia’s offshore theme park that plans to draw one million visitors

    The Rig, the world’s first tourism destination on a former offshore oil platform, will be capable of hosting up to 10,000 visitors, its chief executive has said.

    The adventure tourism megaproject, with 300,000 square metres of gross floor area, will have 70 attractions, 800 hotel rooms and 11 restaurants across four areas.

    Divided into four rigs, the theme park 40km off Saudi Arabia’s east coast, near the Berri oilfield and Al Juraid Island, aims to attract one million visitors a year, Raed Bakhrji, chief executive of The Rig told The National.

  • Alternative Work Models key to empowering Saudi Women’s return to the workplace, latest PwC Middle East survey finds

    The report surveyed more than 1,200 women in countries like the UAE, Saudi Arabia, Qatar, Egypt, Bahrain, Jordan, Kuwait, Lebanon, and Oman and features critical perspectives from leading regional CEOs.   Key findings of the survey have also indicated that 52% of Saudi women have had their resumes rejected due to gaps in their careers, while more than 83% of Saudi women consider returnship programmes that offer a structured pathway for re-entry, including training and tailored support, to be essential for their successful reintegration into the workforce.

  • Saudi foreign reserve assets climb to SAR 1.7T in March

    Saudi Arabia's international reserve assets rose by SAR 88.2 billion, or 5%, month-on-month (MoM) to SAR 1.70 trillion in March, according to the Saudi Central Bank (SAMA). On a yearly basis, the Kingdom’s foreign reserve assets grew 4%, or SAR 62.4 billion.

  • Why we can shoot down Iranian drones over Israel but not Ukraine

    On Monday, reporters asked White House National Security Council spokesman John Kirby why the United States and allies had shot down Iranian drones over Israel but not Ukraine. “Two different conflicts, different airspace, different threat picture. And the President has been clear since the beginning of the conflict in Ukraine that the United States is not going to be involved in that, that conflict in a combat role,” Kirby said. He noted that the U.S. had provided air-defense systems to Ukraine until Congress halted aid.

  • US push for a ‘Middle East Nato’ failed to emerge during Iran strikes

    The Islamic Republic’s Saturday attack on Israel was a made-for social media moment. It was also the ultimate test of US efforts to cobble together a coalition of Arab states and Israel in a so-called Middle East Nato, to jointly defend an attack from Tehran. Israel, the US, France, the UK, and Jordan managed to intercept around 99 percent of the drones, ballistic missiles and cruise missiles fired at Israel by Iran in retaliation for an attack on its embassy in Damascus, Syria. Radar and early warning systems that the US maintains at its military bases across the Gulf were instrumental in tracking the slow-moving armada of missiles and drones, current and former US, Israeli and Arab officials told MEE, adding that the US was able to scramble jet fighters from Saudi Arabia and Qatar at the last minute to particpate in the operation.

  • Dubai’s high-end property sales rise on overseas demand

    Sales of homes in Dubai worth $10 million or more rose 6% in the first quarter versus last year, an industry report showed on Tuesday, as demand from the international ultra-rich for homes in the emirate showed little sign of abating.
    A total of 105 homes worth an overall $1.73 billion were sold from January to March, up from around $1.6 billion a year earlier, according to property consultancy Knight Frank.