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OPEC+ Set to Revise Down ‘Optimistic’ Oil Demand Outlook; Oil Rallies to $73
Two OPEC+ sources told Reuters that OPEC will likely revise down its 2022 oil demand growth forecast on Monday, as the specter of a persistent Delta variant of the coronavirus drags optimism about the global economic recovery.
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Jadwa Chartbook for September 2021: PMI Indicates Continued Expansion for Saudi Economy
Jadwa Investment’s recently-released Chartbook for the month of September shows a Saudi economy awaking from the pandemic year with solid figures in non-oil PMI, consumer spending, and POS transactions.
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Report: For Now, OPEC+ Resists Calls by U.S. for Increased Oil Production
The so-called OPEC+ group of oil producing nations, including Russia, “believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise,” a report in Reuters said.
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‘All Around the Region, Iran Continues to be Emboldened,’ Saudi Arabia’s Foreign Minister Says at Virtual Forum
Saudi Arabia’s foreign minister Prince Faisal bin Farhan al Saud said on Tuesday he sees an emboldened Iran acting with increased malign intent in the region in an appearance at a virtual gathering of the Aspen Security Forum. “All around the region, Iran continues to be emboldened,” Prince Faisal bin Farhan said. “Iran is extremely active in […]
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Finance, Insurance Sectors in Saudi Arabia Latest to Move Toward 100% Saudization
The finance and insurance sectors in Saudi Arabia will move toward implementing total Saudization with the hiring of Saudi nationals in as many as 91,000 jobs that are currently occupied by non-Saudis, according to a report from the local Okaz/Saudi Gazette.
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Saudi Arabia’s Stock Market Has Best First Half in 16 Years – Report
Saudi stocks wrapped up the best first half in 16 years, after rallying 26% in 2021 so far, Bloomberg reports. According to Bloomberg, the jump so far in 2021 comes on the back of increasingly higher oil prices and government projects, including a program which aims to release $1.3 trillion of private sector investment.
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Kingdom’s Net Foreign Assets Fall Again, but Higher Oil Prices Should Lift Reserves in Coming Months
Saudi Arabia’s net foreign assets fell again in May by 0.8% after reaching a 10-year low last month, according to reports, but higher oil prices should boost government figures in the coming months as the Kingdom ramps up production to meet demand.
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Saudi Arabia Plans to Auction Two Major Mining Licenses in 2022 as Kingdom Seeks to Boost Foreign Investments
Saudi Arabia will begin auctioning off two licenses to mine in then mineral-rich Kingdom starting next year, the vice-minister for mining affairs, Khalid al-Mudaifer, told S&P Global Platts on June 16 in an exclusive interview. The mining sector in Saudi Arabia has $1.3 trillion in untapped potential reserve value, according to the minister.
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Saudi Arabia Updates Travel Ban List, Removes 11 Countries
Saudi Arabia has reduced the number of countries where its nationals and citizens are banned from traveling from 20 to just 9 as it continues to open up its airways following the global pandemic.
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U.S. Defense Secretary Austin, Crown Prince Mohammed bin Salman Speak by Phone; U.S. ’emphasized U.S. Commitment to Helping Saudi Arabia Defend its Territory’
U.S. Defense Secretary Lloyd J. Austin III spoke with Saudi Crown Prince Mohammed bin Salman on Wednesday and emphasized that the U.S. was committed to helping Saudi Arabia defend its territory and people, the Pentagon said in a statement.
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EPO and Saudi Authority for Intellectual Property meet
A high-level delegation from the Saudi Authority for Intellectual Property (SAIP), led by its CEO Dr Al-Swailem, met with the EPO in Munich on 27 September. Delegates took stock of cooperation projects between the offices and discussed new initiatives to strengthen their partnership and benefit users of the global patent system. The discussions focussed on the successful implementation of the Reinforced Partnership agreement, including SAIP’s re-use of EPO work products, the latest developments in AI-based tools and services and the EPO’s Observatory on Patents and Technologies.
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Saudi Arabia promises more pilgrimage industry work visas
Saudi Arabia will issue more temporary work visas to those employed in the pilgrimage industry. A statement by the ministry of human resources said Hajj and umrah work would now be included in its temporary visa programme. A half-year visa will cover the fasting month of Ramadan and the Hajj pilgrimage, which comes around three months later. The new rules will give the private sector more flexibility to use seasonal labour, the ministry said. The cabinet approved the measures this week.
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Saudi Arabia’s PIF slashes stake in Amazon
Saudi Arabia’s Public Investment Fund (PIF) has sharply reduced its holdings in Amazon, cutting its stake by nearly 80 percent in the latest quarter. The sovereign wealth fund, which manages more than $700 billion in assets, revealed in its latest Securities and Exchange Commission filing this week that it now holds less than 350,000 shares, down from over 1.5 million shares in the previous filing in June. The current position is valued at around $66 million, a significant drop from $296 million.
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Saudi Athletes Will Compete For Prizes Worth Over SR200 Million In 3rd Saudi Games In Riyadh From Thursday
The Saudi Games is the largest national sporting event in the Kingdom’s history. Participating athletes compete for prizes totaling over SR200 million. Gold medalists will receive SR1 million, silver medalists SR300000, and bronze medalists SR100000. In the youth category, gold medalists will receive SR100000, silver medalists SR50000, and bronze medalists SR25000.
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America’s Strategic Drift in the Middle East: An Assessment of the Biden Administration’s Policy One Year Into the Israel-Hamas War
In reaction to the Oct. 7 Hamas attack on Israel and the subsequent Gaza war, the Biden administration articulated a short list of objectives to support its ally, protect civilians, prevent the conflict from spreading, and end the fighting. A year later, the Biden administration has been unable to achieve nearly any of its stated diplomatic and security outcomes. America’s lack of strategic focus and will to take actions aimed at fundamentally shifting the dynamics in the region, a condition that predated the Biden administration, has incentivized regional actors to turn toward violence rather than choose a diplomatic path.
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After Successes, Israel’s Military Is in a ‘Long Game’ With No Clear Outcome
A survey conducted this week by the Institute for National Security Studies at Tel Aviv University showed that 87 percent of Israel’s Jewish population had high or very high confidence in the military. Only 37 percent expressed such levels of trust in Prime Minister Benjamin Netanyahu. Initial Israeli euphoria aside, Mr. Orion said the military actions were a “long game” with no clear outcome. After a string of successes for Israel in Lebanon in recent days, he said, the question is, “Then what?”
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King Faisal Specialist Hospital is ‘catalyst for Saudi Arabia’s biotech revolution’
One of KFSHRC’s most significant achievements is the localization of CAR T-cell therapy production. By producing these life-saving therapies domestically, the hospital has reduced treatment costs by a substantial 80 percent and improved patient access, it said. “Recognizing the importance of a robust biotechnology ecosystem, KFSHRC has partnered with the King Abdulaziz City for Science and Technology (KACST) to establish the National Biotechnology Center. This collaboration aims to bridge the gap between scientific discovery and commercialization,” a KFSHRC statement to Arab News said.
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Saudi Arabia’s first female wildlife ranger unit celebrates 5000th patrol at Prince Mohammed bin Salman Royal Reserve
Andrew Zaloumis, CEO of the Reserve Development Authority, stated that the female ranger team are exploring new horizons one patrol at a time. He emphasized that around the world, women's conservation teams are crucial, and noted that the Reserve has focused on empowering women—who make up 33% of the 183-strong team, well above the global average of less than 11%.
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Saudi Arabia’s non-oil GDP expected to grow 5.5% from 2025 to 2027: Moody’s
Saudi Arabia’s non-hydrocarbon real gross domestic product is set to grow between 5 and 5.5 percent from 2025 to 2027, driven by increased government spending, a new analysis showed. In its latest report, US-based credit rating agency Moody’s stated that this growth marks an improvement from the 4.6 percent growth recorded in 2022-2023 and the modest 1.5 percent seen between 2017 and 2019.
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Khamenei says Israel will not defeat Iran as strikes pummel Lebanon
Supreme Leader Ayatollah Ali Khamenei said on Friday that Iran and its regional allies will not back down, after an Israeli attack on Beirut that is thought to have targeted the heir apparent to the assassinated leader of Tehran-backed Hezbollah. Iran raised the stakes when it fired missiles at Israel on Tuesday, partly in retaliation for Israel's killing of Hezbollah secretary general Sayyed Hassan Nasrallah, a towering figure who turned the group into a powerful armed and political force with reach across the Middle East.
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