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‘Land is Calling’ tourism video premiers
Saudi’s national tourism brand ‘Saudi, Welcome to Arabia’ premiered its new international campaign, “This Land is Calling”, launching across the United Kingdom, France, Italy, Germany, and the United States.
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The 966, Episode #135 – Clean Hydrogen and Saudi Arabia with Rami Shabaneh, Senior Fellow, KAPSARC
The 966, Episode #135 zeros in on Clean Hydrogen and Saudi Arabia with Rami Shabaneh, Senior Fellow, King Abdullah Petroleum Studies and Research Center (KAPSARC).
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IMF concludes annual consultation with Saudi Arabia
Saudi Arabia’s unprecedented economic transformation is progressing well as it advanced in its modernization and diversification efforts under Vision 2030. The recent fiscal space exercise has facilitated the recalibration of investment spending planned under Vision 2030 by reprioritizing projects and through sectoral strategies.
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Saudi non-oil economy continues growth
Jadwa Investments’ August 2024 macroeconomic update showed robust growth in non-oil activity.
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184 foreign companies move regional HQ to Saudi Arabia during first half of 2024 – MISA
Saudi Arabia’s Ministry of Investment reported that 184 foreign companies moved their regional headquarters to Saudi Arabia after obtaining an investment license during the first half of 2024.
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Saudi’s Public Investment Fund issues 2023 Annual Report
PIF governor Yasir Al Rumayyan noted that the fund has increased its global reach, unveiled giga-projects, launched portfolio companies and delivered “ahead of financial return targets – in line with the goals of its Vision Realisation Programme 2021-2025”.
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KSA and it’s summer power surge challenge
In terms of oil consumption used for its electricity sector Saudi Arabia matches the entire oil consumption of Italy, Spain or Turkey. The kingdom’s oil for power use spikes over 1 million barrels per day in summer to generate power and water.
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Saudi Arabia Updates Investment Law
Building on previously announced reforms under Vision 2030 and the National Investment Strategy, the Cabinet has approved an updated investment law for Saudi Arabia. The updated law brings together several existing freedoms and rights and expressly applies them to investors under one unified framework, providing investors with greater transparency, flexibility and confidence.
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Prince Mohammed bin Salman Royal Reserve
Covering 24,500 KM2, the Prince Mohammed Bin Salman Royal Reserve is located south of Neom in northwestern Saudi Arabia. It covers 1% of Saudi Arabia’s terrestrial area and 1.8% of its marine area, it is home to over 50% of the Kingdom’s marine and terrestrial species.
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Saudi Arabia announces Labor Law amendments to improve work environment
The Ministry of Human Resources and Social Development said the new amendments encompass 38 articles, deleting seven articles, and adding two new articles to the Labor Law. The new amendments will be effective after 180 days from the date of their publication in the official Gazette.
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MUST-READS
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Sources of Saudi Tourism: Who’s Traveling, Who’s Spending?
Saudis are exploring their own country in bigger numbers and foreigners are bringing the cash. That’s the takeaway from a report by the International Monetary Fund (IMF) on the state of the Saudi economy. “The surge of visitors has been mostly domestic-driven while the surge in visitors’ spending was mostly inbound-driven (i.e., international arrivals),” said the IMF report. Saudi reported 109 million visitors in 2023, beating its initial target of 100 million visitors by 2030 – a goal it has since lifted to 150 million.
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Will a Turkey-Iraq Security Agreement Diminish Iran’s Hold Over Iraq?
The MoU, which followed a historic visit to Iraq in April by Turkish President Recep Tayyip Erdogan, is a significant maneuver intended to solidify Turkey’s influence in Iraq. By labeling the Kurdish Kurdistan Workers Party or PKK a “banned organization,” Turkey seeks to legitimize its cross-border operations and strengthen its foothold in Iraqi politics and security.
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Gaza Impact Creep: Is the Fight Against ISIL a Casualty?
Without such kinetic pressure, he is convinced ISIL would succeed in reconstituting itself in northeastern Syria from its safe haven in the Badiya desert, nominally under Syrian regime control – but largely ungoverned space below the large northern quarter of Syrian territory that Abdi’s forces control. ISIL continues to have funding streams in the northeast, including kidnapping for ransom and extortion, as well as regional inflows, and to find localized safe haven in communities with residual sympathy for the group.
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Will Jordan’s new electoral law bring real change?
But this time around, to strengthen the country’s political parties and engage voters more effectively, the government has reserved forty-one out of the 138 seats for candidates running on party lists. Yet, the resulting changes are likely only cosmetic since Jordanian parties are not winning voters’ confidence for various reasons, including on the pivotal issue of unemployment.
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Time to retire ‘Arab-Israeli conflict’?
The experience of the past 11 months has led many experts on the region like myself to reassess that term. Is “Arab-Israeli conflict” an accurate reflection, given that the active participants are no longer just Arabs and Israelis? Should we retire that term for good now that the conflict has widened, drawing in the United States and Iran–and potentially Turkey and others in the coming years?
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Perspective: Will Saudi Arabia’s big bet on the Qiddiya gaming and esports city pay off?
Milanov is now head of gaming at Qiddiya, a dreamy “Giga Project” under way near Riyadh in Saudi Arabia. The Saudis want 17 million visitors a year to go to Qiddiya by 2030, making it the “largest tourism destination worldwide.” Not so different from Team Liquid’s heaquarters, the aim of Qiddiya is to build a whole city where gamers, esports athletes and their fans can feel at home, and Milanov is moving into high gear soon to sell people on the idea of Qiddiya. Will giant sandworms get him, or will it all pay off?
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Can Saudi Arabia Actually Afford Vision 2030?
In other words, the suggestion that Saudi Arabia is in trouble because it cannot make the ends of its planned budget meet is accurate—up to a point. The megaprojects can be delayed, as they have been before when the price environment was sub-optimal. Money can also be drawn from international debt markets where Saudi bonds appear to enjoy substantial popularity, not unlike Aramco shares. Oil-dependent economies, it seems, still draw investors in, transition and non-OPEC output growth notwithstanding.
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What went down in August?
The month began recording the lowest venture funding across all emerging markets in 2024, with no mega deals in sight. August also revealed an in-depth analysis of Africa’s H1 funding figures, highlighting a steep 57% drop compared to last year, marking the region’s most significant decline since 2019. Meanwhile, MENA defied global trends with a notable increase in investor activity, particularly from international backers. The month concluded with insights into investor behavior, spotlighting key players reshaping the venture landscape in the UAE and Saudi Arabia.
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Saudi Arabia’s fiscal breakeven oil price is rising fast. What will the kingdom do about it?
In May of 2023 the International Monetary Fund forecast the kingdom’s breakeven oil price at $80.90 per barrel, which moved it back into a fiscal deficit following its first surplus in nearly a decade. The Fund’s latest forecast, in April, put that figure at $96.20 for 2024; a roughly 19% increase on the year before, and about 32% higher than the current price of a barrel of Brent crude, which is trading at around $73 as of Wednesday afternoon.
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When does the Saudi Pro League transfer window end and can Premier League clubs still sell to the Middle East?
The window is set to slam shut on Monday, September 2, which is five days fewer than the 2023 summer window, which closed on September 7. Couple this with the fact the Premier League transfer window closed earlier on Friday, August 30, and you have an interesting situation.
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