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Hyundai and Red Sea Global Agree to Test EVs and Air Mobility Systems
Hyundai Motor Group said on Monday it has agreed with Saudi Arabia’s state-sponsored developer Red Sea Global (RSG) to cooperate in the Middle Eastern country’s push for electrification and other eco-friendly future mobility projects.
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Saudi Film Commission Reports Impressive 2023 Growth Statistics
Published in Screen Daily, the Saudi Film Commission reported on topline 2023 metrics for Saudi Arabia’s growing film industry. With more than 50% of the Saudi population under 25, there is a significant appetite for cinema, particularly for US action films, Egyptian comedies, and Saudi narratives.
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FIFA Series 2024 Friendly Matches Kick Off in Jeddah
The FIFA Series: Saudi Arabia A will be held in Jeddah, Saudi Arabia from March 21–26, 2024. The event will feature two groups, including Cambodia, Equatorial Guinea, Guyana, and Cape Verde. The series is designed to help national teams that do not often play teams from other confederations, and FIFA will cover the teams’ travel costs. There will be […]
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NYT Reports on Proposed $40B Saudi AI Investment
The New York Times’ Maureen Farrell and Rob Copeland report that Saudi Arabia is working with Wall Street banks to establish a $40 billion AI-focused investment fund.
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U. S. Secretary of State Antony Blinken to Visit Middle East this week Seeking Ceasefire Agreement
U.S. State Department spokesman Matthew Miller said, “The Secretary will discuss efforts to reach an immediate ceasefire agreement that secures the release of all remaining hostages, intensified international efforts to increase humanitarian assistance to Gaza, and coordination on post-conflict planning for Gaza, including ensuring Hamas can no longer govern or repeat the attacks of October 7.”
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OPEC and IEA Agree on Something
The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), two of the leading global energy forecasters, have long disagreed on demand growth. They agree on this however.
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Saudi Non-Oil Activity reaches 50% of GDP as Economy Continues to Diversify
Non-oil economic activity in Saudi Arabia contributed 50 percent to the Kingdom’s gross domestic product in 2023, the highest level ever, the Ministry of Economy and Planning said on Thursday. The total non-oil economy was worth $453 billion at constant prices, driven by continued growth in investment, consumption and exports.
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Already a Riyadh Centerpiece, KAFD CEO Gautam Sashittal Discusses Future Plans
Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Company (KAFD DMC), sits with Imogene Lillywhite of Zawya for an extensive interview outlining what is next for the exciting city hub.
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Al-Hilal’s Streak and Saudi Professional League Spending
Saudi Pro League league standings leader, Al-Hilal, just notched it’s 28th straight win to break the world record for most consecutive wins by a top-flight team.
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Saudi Arabia was The Second-Largest Arms Importer in the World from 2019 to 2023 — SIPRI DATA
Saudi Arabia was the second-largest arms importer in the world from 2019 to 2023, accounting for 8.4% of all imports, according to recent data from the Stockholm International Peace Research Institute’s (SIPRI).
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MUST-READS
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Manal AlDowayan on her work for the Venice Biennale
“I’ve been going to Venice for about 12 years,” AlDowayan tells Arab News. “The first time I showed there, I knew in my heart that I would be coming back to represent Saudi Arabia; I would do everything in my power to come to this moment and prepare myself. It’s something very important for an artist: to participate in the Venice Biennale.” It was only last August that she was visited in her UK studio by Dina Amin, the CEO of the Visual Arts Commission, and cultural advisor Abdullah Al-Turki, and told she had been selected to represent the Kingdom in 2024.
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US confirms $240m in military sales to Iraq, Saudi Arabia
The Defense Security Cooperation Agency has approved the sale of C-172 and AC/RC-208 aircraft contractor logistics support and training to Iraq, and multifunctional information distribution systems to the Kingdom of Saudi Arabia.
The United States Defense Security Cooperation Agency (DSCA) notified Congress of their approval of the possible foreign military sale of aircraft contractor logistics to the government of Iraq and multifunctional information distribution systems to the Kingdom of Saudi Arabia. Valued at US$140 million, the DSCA gave the greenlight for the provision of contractor logistics support of its C-172 and AC/RC-208 aircraft fleet, which is expected to help the country overcome its current and future threats by sustaining the aircraft. The principal contractor will be Northrop Grumman, with the DSCA identifying that the sale will support the foreign policy and national security interests of its strategic partner. -
‘Saudi hospitality sector to generate SR42 billion investments and 120,000 jobs by 2030’
Eng. Mahmoud Abdulhadi, deputy minister of tourism for destination enablement, emphasized that Saudi Arabia is providing promising opportunities for both Saudi and international investors to draw investments into the Kingdom’s vital tourism sector. “The recently launched Hospitality Investment Enablers (HIE) initiative seeks to attract private investments in the hospitality sector, amounting to about SR42 billion ($11 billion) with creation of 120,000 new jobs by 2030,” he said while attending a dialogue session within the Saudi Ministry of Tourism’s participation at the International Hospitality Investment Forum (IHIF) in Berlin.
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Pakistan says will continue ‘constructive engagement’ with Riyadh to enhance economic, strategic partnership
Pakistan’s foreign office said on Friday the South Asian country would continue its “constructive engagement” with the Kingdom of Saudi Arabia to enhance economic and strategic partnerships between the longtime allies. Saudi Foreign Minister Faisal bin Farhan Al Saud came to Islamabad on a two-day visit this week aimed at strengthening bilateral economic cooperation and pushing forward previously agreed investment deals. Pakistan has said it pitched investment projects worth$30 billion to Riyadh during Prince Faisal’s visit.
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Saudi Venture Capital invests in 40 funds
Saudi Venture Capital Company (SVC) released today its recent “Impact Report”, which revealed SVC’s contribution to achieving record growth rates. The report highlighted the impact of SVC on the private capital ecosystem (Venture Capital, Private Equity, Venture Debt and Private Debt) in the Kingdom since the company’s establishment in 2018. The SVC Impact Report revealed that the total committed investments of SVC amounted to $0.7 billion since its inception, while the total investments including partners is estimated at $3.6 billion. SVC invested in 40 funds that have invested in 700+ startups and SMEs so far, including several vital sectors such as e-commerce, fintech, healthcare, education technologies, transport and logistics.
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Saudi Film Fest Sets Star Of Ramadan Hit ‘Sekket Safar’ Mohammed Elshehri As Master Of Ceremonies
Rising Saudi Star Mohammed Elshehri has been announced as master of ceremonies at the 10th edition Saudi Film Festival, running from May 2 to 9 in the Eastern Province city of Dhahran.
Elshehri is the star of hit MBC Ramadan comedy TV series Road Trip (Sekket Safar), which has just completed its third season run.
He also hosted the first season of MBC reality game show One Million Dollar Land and also starred in Saudi musical movie Valley Road after getting his acting breakthrough in MBC platform Shahid’s hit crime and drama The Fates Hotel.
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Saudi Arabia starts reducing payment of accumulated traffic fines by 50% today
The General Department of Traffic (GDT) started today, April 18, reducing the payment of accumulated traffic fines by 50%. The decision applies traffic violations committed by Saudi nationals, residents, visitors, and GCC nationals before today, GDT said in a statement. To benefit from the decision, the violator should pay all accumulated fines within six months, starting from April 18 until October 18, 2024.
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Saudi holdings of US Treasuries fall to $130.5B in February
Saudi Arabia’s holdings of US Treasuries reached $130.5 billion in February 2024, down $3.2 million month-on-month, new data released by the US Treasury showed. Accordingly, the Kingdom maintained its 17th place among the largest holders of US treasury securities for the month. Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $105.7 billion, representing 81% of the total, and short-term bonds worth $24.8 billion, accounting for 19%.
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Saudi Arabia could hit 130 GW of renewables by 2030, says GlobalData
GlobalData predicts that, at its current pace, Saudi Arabia’s renewable power capacity could increase at a compound annual growth rate (CAGR) of 40.1% between 2023 and 2030, to reach 31.5 GW by 2030 and 63.1 GW by 2035. It adds that Saudi Arabia’s renewable power projects under construction exceeded 8 GW at the end of last year, primarily due to several projects being awarded through auctions in the past eighteen months.
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Saudi Arabia’s crude oil production reaches seven-month high in February
Saudi Arabia’s crude oil production reached in February 2024 a seven-month high of 9.01 million barrels per day (bpd), according to data from the Joint Organizations Data Initiative (JODI). This represented a rise of 55,000 bpd or 0.61 percent compared to the previous month.
Additionally, the data showed that Saudi Arabia’s crude oil exports increased to 6.32 million bpd, reflecting a monthly increase of 0.32 percent.
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