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Al-Ula Planners, Developers Keen to Keep Historic Beauty of Site Intact with Millions Expected Annually
Planners and developers working on making Saudi Arabia’s Al-Ula UNESCO heritage site easier and more enjoyable to visit are keen to keep intact the natural beauty and wonder of the site, the UAE-based The National reports, citing an interview with Francesca Arici, the site’s chief planning officer.
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Saudi Arabia’s SAMA Launches First Licenses for Non-Bank Financial Institutions in Line With Financial Sector Development Program Goals
The Saudi Arabia Monetary Agency (SAMA) announced the launch of licenses for non-bank financial institutions, a news release on its website said, issuing the first licenses for an electronic wallet company and the first license for a payment services company in the Kingdom.
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Saudi Authority Calls on UNESCO to Protect Traditional Khawlani Coffee Cultivation Techniques
The Saudi Heritage Preservation Society has called on UNESCO to protect traditional Khawlani coffee cultivation techniques in Saudi Arabia in a press release, noting that the Arabian tradition “has been passed down for generations by the ancient tribes of Khawlan who have grown and processed Khawlani coffee beans in the verdant valleys of Jazan, a region […]
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World Bank Sees Saudi GDP Growth to Increase to 1.9% in 2020, with More Growth Onward
The World Bank forecasted Saudi Arabia’s GDP growth will increase significantly in 2020, to 1.9%, compared with 0.4% in 2019, with further gains in subsequent years.
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Lockheed Martin Awarded Contract to Build Four MMSC ships for Saudi Arabia
The Navy announced Friday that Lockheed Martin was awarded a $1.96 billion contract to modify four multi-mission surface combatants (MMSC) for Saudi Arabia. This award is an addition to Saudi Arabia’s $11.25 billion agreement to provide MMSCs in 2015.
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U.S. Probe of Saudi Oil Attack Shows it Came From the North – Reuters Report
The United States said new evidence and analysis of weapons debris recovered from an attack on Saudi oil facilities on Sept. 14 “indicates the strike likely came from the north, reinforcing its earlier assessment that Iran was behind the offensive,” Reuters reports in an exclusive. The attacks on September 14th were significant. Two of Saudi […]
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Global Construction Giant Bechtel Opens New Office in Al-Khobar, Saudi Arabia
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.
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Saudi Aramco Officially the World’s Biggest IPO, Raises $25.6 Billion
Saudi Aramco sold 3 billion shares at 32 riyals ($8.53) each in its IPO, raising $25.6 billion, making it the world’s biggest IPO. The IPO values Aramco at roughly $1.7 trillion, making it the most valuable publicly traded company in the world ahead of Apple, which is worth about $1.15 trillion. It also soared past the previous […]
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Saudi Authorities Direct Vision 2030 Realization Committees to Submit Plans to Boost Private Sector Funding
Saudi authorities have directed all the Vision 2030 Realization Program (VRP) Committees to submit an action plan within 90 days to CEDA to “activate the role of the private sector as an investor and a financing element in implementing its initiatives,” a report in the Saudi Gazette/OKAZ said. According to the report, action plans submitted by […]
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Saudi Arabia, World Economic Forum to set up ‘Fourth Industrial Revolution Center’
Saudi Arabia signed an agreement with the World Economic Forum (WEF) on Wednesday to establish a branch in the Kingdom of the WEF’s Center for the Fourth Industrial Revolution, a program focused on new technologies that will power economic change in the immediate years to come. The deal was signed by Mohammed Al-Tuwaijri, the Saudi […]
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MUST-READS
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Commentary: How Do You Solve a Problem Like Ankara?
“Turkey does what’s good for Turkey, period. Full stop,” said a U.S. official with subject matter expertise. For the United States, that official said, the question might become not only “Can we live with a rogue Turkey?” but “Do we have a choice?”
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Analysis: Does Saudi Arabia Need OPEC?
OPEC declares its function is to “ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.”2
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Electricity Demand Growth in Saudi Arabia: Cyclical Stagnation or Structural Adaptation?
Electricity demand has stagnated in the last three years. It is not yet clear whether this is due to short-term cyclical or long-term structural changes in the economy.
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Can Iraq Become A World Class Petrochemicals Player?
Corruption in Iraq is so broad- and deep-reaching that it has now become almost passé to mention it, however for Shell (and all Western international oil companies) it was and remains the principal reason why Shell is still - according to the MoO – ‘in the process of evaluating the viability of the Nebras petrochemicals complex’, rather than having already made progress.
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The future of oil states: can the Middle East go green?
‘The shift is occurring but what puts the brake on it is a desire to make sure everything happens sustainably, the states feel a responsibility to ensure there is no major disruption.’
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Commentary: Can the Islamic Republic Survive Economic Collapse?
In Iraq in the 1990s, Zimbabwe from 2001-15, and present-day Venezuela, economic collapse and hyperinflation did not result in political collapse, but is Iran comparable to these cases?
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Iraq’s protests raise question: Where does the oil money go?
Oil accounts for roughly 85-90% of state revenue. This year’s federal budget anticipated $79 billion in oil money based on projected exports of 3.88 million barrels per day at a price of $56 a barrel. Iraq’s economy improved in 2019 due to an increase in oil production, and GDP growth is expected to grow by 4.6% by the end of the year, according to the World Bank.
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How can Saudi Arabia secure its airspace? Here’s what the kingdom could do, and is already up to
“Saudi defense planning will have to factor in risks that are not unidirectional or from an anticipated attack vector, and to assume that threats can come from any direction,"
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Analysis: Where are the other IPOs in the Mideast?
The Middle East needs more IPOs, but first it needs to grow companies that neither compete with the state for business, nor depend on the state as a key investor or customer.
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Podcast: How will Saudi Arabia’s first female ambassador mend relations with the US?
Elise Labott speaks with Madeleine Brand about recently appointed Saudi ambassador to the United States Princess Reema bint Bandar Al Saud. Princess Reema is deeply entrenched in the Saudi royal family. She’s the great-granddaughter of the country’s founder, Ibn Saud, and a cousin of Saudi Arabia’s de facto ruler, Mohammed bin Salman.
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