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QUOTED
“Right now, the kingdom is losing a significant portion of its top-tier tech talent to Silicon Valley and other tech ecosystems around the world. So its challenge is twofold: building leadership in emerging fourth industrial revolution tech fields, like artificial intelligence, for example, to attract Saudi tech talent home; and developing homegrown tech talent to feed the investments in emerging tech sectors.”
-Wes Schwalje, COO at Dubai-based research firm Tahseen Consulting, in comments on Saudi efforts to promote tech innovation and entrepreneurship. [ComputerWeekly]
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TOP STORY
Unemployment in Saudi Arabia declined in the 3q 2019 and is likely to continue to improve as a pick-up in the non-oil private sector growth should translate to more jobs, according to a recent report from Jadwa Investment. [more]
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TOP STORY
Global engineering, procurement and construction (EPC) firm Bechtel has re-opened its office in Al-Khobar to “meet the increasing demand for quality services in the Oil and Gas sector in Saudi Arabia and in the region,” SUSTG has learned. [more]
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TOP STORY
Saudi Arabia will lower government spending in 2020 as the Kingdom’s economic and social reforms start to kick in. That could help reduce Saudi Arabia’s medium-term fiscal vulnerabilities to lower oil prices, the Institute of International Finance (IIF) said, and put Saudi on track for a balanced budget by 2023. [more]
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MORE TOP STORYLINES
in saudigazette.com : LinkedIn, the world’s largest professional network, debuted a Saudi-focused chapter of its annual Emerging Jobs Report that reveals a major shift towards tech-oriented professions in Saudi Arabia. Cyber security specialist, digital specialist, full-stack engineer, and digital marketing specialist have all been listed among the top 10 emerging jobs in the country.
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power-technology.com provides a useful update of the Renewable Energy Project Development Office (Repdo) bidding process for Rounds Two and Three of Saudi Arabia’s renewable energy push. Round Two includes six photovoltaic (PV) solar independent power projects (IPP), with a combined total capacity of 1,270MW, while Round Three three comprises one wind and five solar PV projects with a combined total capacity of 1,580MW.
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Fatima Muhammad reports in arabnews.com that the construction sector is hoping to gain an exemption from expat fees similar to the 5-year suspension awarded to the industrial sector. “…it is difficult to Saudize this sector, unlike many other sectors. The construction sector is the only sector that relies on expat workers and it is nearly impossible to Saudize it.”
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MORE ON THE KINGDOM AND BEYOND
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The Saudi Minister of Municipal, Rural Affairs, and Housing, Majid bin Abdullah Al-Hogail, discussed the significant growth in investments between Saudi Arabia and Spain....[By Elias Al Helou via economymiddleeast.com]
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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...[By Elias Al Helou via economymiddleeast.com]
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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...[By Patrick Jowett via pv-magazine.com]
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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...[via argaam.com]
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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,...[via argaam.com]
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Rising Saudi Star Mohammed Elshehri has been announced as master of ceremonies at the 10th edition Saudi...[By Melanie Goodfellow via deadline.com]
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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...[via maaal.com]
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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...[via arabnews.com]
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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...[via saudigazette.com]
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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...[via defenceconnect.com]
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Hedge fund managers piled back into petroleum last week after Saudi Arabia and its allies in the OPEC+ group of major oil exporters announced deeper-than-expected...[By John Kemp via reuters.com]
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Investment in the gas industry in the broader Middle East declined by $70 billion year-on-year following completion of large scale projects in the region and...[By Jennifer Gnana via thenational.ae]
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The Caesar Syrian Civilian Protection Act of 2019, passed by the GOP-majority Senate with an 86-6 vote, authorizes sanctions within six months on the Syrian...[By Bradford Betz via foxnews.com]
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The reduction would mean 114 fewer people at the US Embassy in Baghdad, 15 fewer people at the Baghdad Diplomatic Support Center and eight fewer...[By Jennifer Hansler and Kylie Atwood via cnn.com]
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Stares noted that the forthcoming survey, conducted in November, yielded more scenarios in the highest category of risk than in any of the previous 11...[By Uri Friedman via defenseone.com]
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Instead, the Post’s reporting puts sensationalist spin on information that was not classified, has already been described in publicly-available reports, only covers a fraction of...[By Jon Schroden via warontherocks.com]
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For now, the Saudis and Mubadala are not ruling out an eventual investment and may just be balking to get better terms from Softbank; as...[By Lydia Moynihan and Charles Gasparino via foxbusiness.com]
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Even as delegations were arriving in Kuala Lumpur, Malaysian officials were unable to provide a final list of who would be attending. Mahathir’s office said...[By Joseph Sipalan via reuters.com]
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Ms Al Aqeel is one of three women among the eight new faces in Kuwait’s latest Cabinet, headed by Sheikh Sabah Al Khaled Al Sabah....[By Taylor Heyman via thenational.ae]
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