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Oversupply in Oil Markets Continues Downward Pressure on Prices
Global oil markets have entered a period of oversupply, putting downward pressure on prices and eliciting calls for the world’s largest producers like Saudi Arabia to act on top of March 2017 OPEC cuts to reduce the glut. Oil prices fell 3 percent on Friday after data showed U.S. production rose last week just as […]
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Response to Qatar Demands Given Two-Day Deadline Extension
Four Arab states lead by Saudi Arabia agreed to extend until late on Tuesday a deadline for Doha to comply with a list of demands, as U.S. President Donald Trump voiced concern to both sides about the dispute, according to Reuters and other reports. Qatar’s foreign minister said via Twitter that the demands “were meant […]
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Saudi Begins Extended Eid Al-Fitr Holiday as Massive Celebrations Planned
An extended Eid Al-Fitr holiday began in Saudi Arabia and most other Arab countries on Sunday, marking the end of the holy fasting month of Ramadan. Kuwait, Qatar and the United Arab Emirates will also start the holiday on Sunday, but Oman starts the holiday on Monday, according to reports. The timing of Eid can vary […]
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Bechtel Appoints Abdulrahman Al-Ghabban as New Country Manager in Saudi Arabia
Bechtel, a global leader in engineering, procurement, and construction, today announced the appointment of Abdulrahman Al-Ghabban as country manager in Saudi Arabia. Al-Ghabban will lead Bechtel’s business and operations in the Kingdom. Al-Ghabban said “I am honored to be the first Saudi national to hold the position as country manager for one of the most […]
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$1.4b in Defense Contracts Approved by State Department as Senate Eyes Debate
The U.S. State Department has approved the potential sale of more than $1.4 billion worth of military training and equipment for Saudi Arabia, the Pentagon said on Monday, the first fraction of a $110 billion arms deal U.S. President Donald Trump agreed to with Saudi Arabia when he visited in May. The announcement by the State […]
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New Video Shows How Riyadh Metro Will Transform Saudi Capital
Riyadh’s new metro project is already transforming the face of the city, and will change how its citizens get around in the Saudi capital. There is no large-scale public transportation system currently in place in the city, and the city’s traffic situation reflects this reality. A new graphical video released on YouTube by The Business […]
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VAT Draft to Hit General Authority of Zakat and Tax in ‘Weeks’
Saudi Arabia’s General Authority of Zakat and Tax will publish the value-added tax (VAT) draft on its electronic portal within the next two weeks, Reuters reports, citing local media reported. The General Authority for Zakat and Tax announced on Sunday that the implementation of 5% VAT starting January 2018 “will have no exceptions.” This 5% […]
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New Life for the 15 Year Old Abdullah Arab Peace Initiative?
At a summit in Beirut in March 2002, then-Saudi Crown Prince Abdullah unveiled an initiative to achieve peace between Israelis and Palestianians. The Arab Peace Initiative set out a comprehensive proposal calling for full Israeli withdrawal from all the Arab territories occupied since June 1967, Israel’s acceptance of an independent Palestinian state with East Jerusalem as […]
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Counting The US-Saudi Deals: A Look at What We Know So Far following President Trump’s Visit to Saudi Arabia
Bloomberg and naturalgasintel.com feature a thorough rundown of all of the deals that were announced during the recent visit by President Donald Trump to Saudi Arabia. While the total remains unknown, the deals are estimated to be valued between $300 and $400 billion. Aerospace, Arms and Defense – $110 billion U.S. Department of Defense and Saudi […]
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Following President Trump’s Visit, U.S.-Saudi Business and Diplomatic Ties Reach New Heights
The two-day visit by President Trump and top members of his family and staff to Riyadh, Saudi Arabia marks a new height in the history of U.S.-Saudi diplomatic and business relations as the warm Saudi embrace of President Trump was on full display in the Kingdom. President Trump’s visit amounted to a bonanza for large, established American companies […]
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Archaeologists discover 4,000-year-old Bronze Age settlement hidden in Saudi Arabian oasis
Archaeologists discovered the site near the city of Al-'Ula in the Hejaz region of western Saudi Arabia and called it "al-Natah." The settlement covered about 3.7 acres (1.5 hectares), "including a central district and nearby residential district surrounded by protective ramparts," the researchers said in a statement. But the town, which was occupied starting around 2400 B.C., was small, with a population of only around 500 people, the team noted in a study, published Wednesday (Oct. 30) in the journal PLOS One. The town was abandoned sometime between 1500 and 1300 B.C., but researchers aren't sure why this happened. "It's a pertinent question that I can't really answer at the moment," Charloux said, noting that "we have very few clues about the last phase of occupation."
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Golf Saudi CEO aims to break golf’s ‘elite’ image, making sport accessible to all
“There’s the expression of ‘you build it and they will come.’ Golf is one of those sports that once a person adopts it, it’s almost for life. So, we’re working [towards that],” Alireza said speaking from the Riyadh Golf Club. “Our strategy in Golf Saudi is to build both demand and supply. But in order for the demand to come, the focus over the next two years is building as much infrastructure as possible,” he explained. One way that Golf Saudi is working towards expanding interest for golf is working with entertainment facility TopGolf to build facilities across the Kingdom to draw in non-golfers who might eventually express bigger enthusiasm for the game.
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Saudi’s KAFD signs agreement for Monorail Project
The Monorail spans 3.6 kilometers and features a driverless autopilot operation, setting new standards in safety and efficiency. The sleek, elevated system will consist of six trains, traveling along a circular track with six stations strategically placed across the district to connect key areas, encompassing office buildings, retail spaces, and leisure facilities. The Monorail also offers seamless connectivity by integrating with the Riyadh Metro, making transfers smooth with enhanced accessibility throughout the city. Its design aligns with KAFD’s vision of a “10-Minute City”.
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“Saudi Arabia is among world’s fastest-growing economies”
He emphasized PIF's focus on investing in AI, leveraging the Kingdom's capabilities to establish itself as a global AI hub. He also presented PIF's investments in the sports sector. “We currently have $930 billion in assets under management and the share of foreign assets is 30 percent. The PIF has established many bold investment partnerships with major companies, and there is a qualitative shift in employing its investments. “We are focusing on the local economy as we have established 92 new companies since 2015, and we have achieved major achievements since then.”
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Saudi cabinet anticipates two-state solution talks, calls for Gaza ceasefire
The Saudi cabinet expressed optimism that Wednesday’s high-level meeting of the Global Alliance for the Implementation of the Two-State Solution in Riyadh will establish a timeline for a sovereign Palestinian state and advance efforts to end the occupation. Reiterating its position from the recent BRICS Plus 2024 Summit, the cabinet firmly opposed any escalation of conflict in the region. It highlighted the serious threat that ongoing Israeli actions in Gaza pose to both regional and global security, calling for an immediate ceasefire, unobstructed humanitarian assistance, and a renewed commitment to achieving lasting peace.
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Aramco, SIDF and Taulia announce supply chain financing solution
Aramco, one of the world’s leading integrated energy and chemicals companies, and Taulia, a SAP company and leading FinTech provider of working capital management solutions — supported by the Saudi Industrial Development Fund (SIDF) as one of the key finance providers of the domestic industrial sector — have signed agreements to establish a supply chain financing solution.
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Vietnam says Saudi Aramco wants to invest in oil refining, petrol distribution
Oil giant Saudi Aramco (2223.SE), opens new tab wants to invest in the oil refinery sector and petroleum distribution in Vietnam, the Southeast Asian country's government said in a statement issued late on Tuesday. The announcement came after a meeting between Prime Minister Pham Minh Chinh and Saudi Aramco's chief executive officer Amin Al-Nasser in Riyadh during Chinh's visit to the Middle East. "Vietnam has great potential in the region, therefore, Aramco wishes to invest in oil refinery and petrol distribution in the country," the Vietnamese government statement said.
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MBC’s news chief quits after Saudi channel calls Sinwar and Nasrallah ‘terrorists’
The director of news at the Saudi-owned MBC network, Musaad al-Thubaity, has submitted his resignation following backlash over a controversial report characterising the slain leaders of Hamas and Hezbollah as “terrorists”. The report, titled "Millennium of Salvation from Terrorists", branded several groups and individuals as “the faces of terrorism”, including Hamas leaders Ismail Haniyeh and Yahya Sinwar, and Hezbollah chief Hassan Nasrallah, all of whom were recently killed by Israel. The report also included Qassem Soleimani, the Iranian general killed in 2020 US strike in Baghdad, and al-Qaeda and its late leader Osama bin Laden. It sparked backlash and protests, prompting Saudi Arabia's media authority to order an investigation into MBC, saying the report violated its media policy. The report has since been removed from all platforms.
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Saudi energy minister commits to crude capacity levels and climate targets
“We are not ashamed of our record when it comes to emissions,” Prince Abdulaziz told the FII conference. “We are proud of it, but the pundits try to create a smoke screen not to allow us to be on the so-called higher moral ground.” He also said Saudi Arabia would update its national climate pledge under the Paris Agreement to raise its target. “We ensure we will have a refreshed NDC (Nationally Determined Contribution) next year, and I can guarantee you out of knowing the number will be higher.”
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Saudi imports from GCC region decline to SAR 4.9B in August
Saudi Arabia’s imports from GCC countries declined by 19% year-on-year (YoY) to SAR 4.9 billion in August 2024, according to a recent report by the General Authority for Statistics (GASTAT). The UAE accounted for 53%, or SAR 2.6 billion of total Saudi imports, down 32% YoY.
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