Defense Minister Thabit al-Abbasi said the two nations had reached an agreement that would transition Operation Inherent Resolve, the U.S.-led military mission set up a decade ago to combat Islamic State militants in Iraq and Syria, into a “sustainable security partnership” and would remove in two stages the roughly 2,500 U.S. troops now stationed in Iraq.
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Saudi Arabia’s Public Investment Fund Reportedly Eyes IPO for Security Company Elm
Elm, the digital security firm owned by Saudi Arabia’s Public Investment Fund (PIF), is exploring a roughly $2 billion initial public offering (IPO), Bloomberg reports.
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Saudi Arabia to Serve as Launch Point for Major Cruise Line for First Time in 2021
Saudi Arabia will become the launch point for a major cruise line for the first time later this year, CNN reports, with MSC Cruises operating a new series of voyages exploring the Red Sea coast of the Kingdom.
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Saudi Arabia Crown Prince: U.S., Saudi Arabia Still ‘Brothers’, Says Differences Minimal
Crown Prince Mohammed bin Salman of Saudi Arabia said in televised remarks aired on Tuesday in the Kingdom that the United States was still a strong strategic partner under the Biden administration and that Riyadh and Washington had only a few differences which it was working to resolve.
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Vice Media Group to Partner with SRMG, Open Office in New Trendy Arts and Culture District in Riyadh
Edgy global media brand VICE Media Group today unveiled the expansion of its commercial operations into Riyadh with the launch of a new local office and partnership with top Saudi media brand, the Saudi Research and Marketing Group (SRMG).
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Report: Lucid Motors Committed to Building Factory in Saudi Arabia after PIF Investment Round
A Wall Street Journal report on Tuesday revealed that the electric-car startup Lucid Motors Inc. has an “undisclosed commitment to build an assembly plant in Saudi Arabia, a potentially costly promise the company made after accepting more than $1 billion in financing from the Saudi Public Investment Fund in 2018.” The promise could be both […]
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Saudi Economy: Latest Economic Indicators Point to Evidence of Recovery — Jadwa Investment
Economic indicators for the Saudi economy from the month of January continued to point to a recovery in the non-oil sector, Jadwa Investment says in its latest Chartbook detailing the fundamentals of the Kingdom’s economy.
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Saudi Arabia’s PIF Significantly Increases Investments in U.S. Markets, Wins Big on Live Nation
Saudi Arabia’s Public Investment Fund (PIF) significantly increased its holdings and investments into U.S. companies in the fourth quarter (Q4) of last year, public filings made public last week show, after slashing its exposure in Q3. The PIF’s total investments in the U.S. market reached $12.8 billion in the fourth quarter last year, up from $7 billion […]
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Dazzling Designs Revealed for a ‘Coral Bloom’ Concept at Saudi Arabia’s Red Sea Project’s Main Hub Island at Shurayrah
Saudi Arabia this week unveiled a new, visionary design and plans for the Red Sea project’s main hub island at Shurayrah, a “Coral Bloom” concept created by world-renowned architecture firm Foster + Partners.
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Johnson Favored as Saudi Arabia Gears Up for 3rd Saudi Invitational; Nicklaus Agrees to Design New Course at Qiddiyah
Saudi Arabia’s flagship annual golf tournament begins Thursday with world number one golfer Dustin Johnson as the favorite to win at the Royal Greens Golf Club in King Abdullah Economic City, Saudi Arabia. The Saudi Invitational, presented by the Public Investment Fund offers a purse of €3,019,002 ($3,630,712.19), with the strongest-yet field of 138 players set to compete. 12 Major […]
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In ‘Routine’ Action, New Biden Administration to Review Some Arms Sales from Previous Administration to Saudi Arabia, UAE
President Joe Biden’s administration has temporarily paused some pending arms sales to U.S. allies in order to review them, a move that is typical for most new incoming administrations, especially if arms sales are announced just hours before the outgoing administration departs.
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A new crisis may plunge Libya back into chaos
The upheaval is the consequence of a spat that flared in August but was long in the works, experts say. A move by forces close to Prime Minister Abdulhamid Dbeibah, who leads the government in western Libya, centered in the capital Tripoli, saw officials in the Central Bank kidnapped and led the bank’s longtime governor, Sadiq al-Kabir, to flee into self-imposed exile in Turkey. The Central Bank, which is the sole legal repository of Libya’s oil-generated wealth, ceased functioning. Oil exports were quickly shut down.
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Saudi Arabia: Former Public Security Chief Jailed 20 Years Over Forgery, Bribery And Embezzlement
The court issued an irrevocable ruling and jailed Lt. Gen. Khalid bin Qarar Al-Harbi for an initial 10 years for forgery and bribery. His SR1 million fine and seized embezzled funds will be deposited in the government’s treasury. Al-Harbi was also handed an additional 10 years’ imprisonment after the court convicted him of misusing authority for personal gains, exploiting government contracts and embezzling public funds.
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Saudi Arabia calls for more pressure on Iran as Houthi threat grows
Saudi Arabia, which supports the Yemen government opposing the Houthis, believes Iran has been arming the group, including with the weapons used in the attacks on commercial shipping in the Red Sea. Those attacks have led to a halving of the traffic on the Red Sea route, pushing up the costs of maritime transport and damaging the Egyptian economy through disruption to the Suez canal.
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CMA Chief unveils 3-year strategy to bolster Saudi capital market’s global standing
Announced on September 12, 2024, the newest CMA strategic plan is structured around three main pillars and nine strategic objectives. The first pillar aims to activate the role of the capital market in financing and investment by enhancing the role of the stock market in financing, and developing the Sukuk and debt instruments market. It also aims to enable the growth of the asset management industry, and enhance capital market services to attract more international investments.
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Saudi Arabia condemns Netanyahu’s storming of Palestinian Jordan Valley
Saudi Arabia’s Ministry of Foreign Affairs strongly condemned Israeli Prime Minister Benjamin Netanyahu’s storming of the Palestinian Jordan Valley in what it described as a “provocative attempt” to expand illegal settlements, the Saudi Press Agency (SPA) reported on Thursday. The Israeli PM’s intrusion “aims to expand settlements that violate all international laws and legitimate decisions,” SPA cited a ministry statement as saying.
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Saudi surgeon performs world’s first robotic heart transplant on teen
A Saudi surgeon has performed the world’s first robotic heart transplant on a teenager in the Kingdom. The two-and-a-half-hour surgery, led by Saudi cardiac surgeon Dr. Feras Khaliel at the Kingdom’s King Faisal Specialist Hospital and Research Center (KFSHRC), was carried out on a 16-year-old suffering from stage four heart failure.
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Analysis: Saudi’s NEOM Dream Deferred: Low Funds, High Risk And China-US Strategic Rivalry
In April this year, Saudi Arabia revised its target for The Line – a unique linear city inside NEOM which has received global attention for its avant-garde architecture and a revolutionary concept of carbon-neutral urban living. The kingdom announced a massive scaling-down in the size of the metropolis from 105 to 1.5 miles along with a decrease in likely inhabitants to 300,000 from original target of 1.5 million.
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Saudi Arabia’s Turki Al-Shaikh tops list of most influential people in boxing, MMA, pro wrestling
Saudi Arabia's General Entertainment Authority Chair Turki AlShaikh came in the top spot of ESPN ranking of "who currently holds all the influence across boxing, MMA and pro wrestling and how they wield it,” according to Mike Coppinger of ESPN.com. The rankings, which were determined with the help of 30-plus industry power players -- fighters, promoters, executives, lawyers, managers and media -- looked at four factors:
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