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Al Widyan is Saudi Arabia’s Next PIF-Backed ‘City Within a City’ Planned for Riyadh
A new Public Investment Fund (PIF)-backed “city within a city” is being planned for North Riyadh, according to a report in the English-language daily Arab News. The development – called Al Widyan – will include residential, commercial, retail and leisure facilities on a 7 million square meter site to the north of the capital, and will […]
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Saudi Arabia Forms New ‘Higher Committee for Hydrocarbon Affairs’ to Oversee Oil and Gas Sectors
Saudi Arabia plans to form “a higher committee for hydrocarbons,” which will fall under the leadership of Crown Prince Mohammed bin Salman, according to the state-run Saudi Press Agency. The decision for the creation of a body to oversee the oil and gas sectors was approved in a cabinet meeting chaired by King Salman. “The […]
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Future Mega-City NEOM in Saudi Arabia Receives First High-Profile Holiday Visitor: King Salman
Saudi Arabia’s King Salman arrived yesterday for a holiday in NEOM, the $500 billion future city in the remote northwest corner of the Kingdom near Egypt. It is not known where or for how long the King will stay in NEOM, but according to Reuters, the first contracts awarded for the new city were for 5 […]
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Reports: Houthis Thwarted in Attack on Saudi Oil Tanker
Iran- backed Houthi rebels in Yemen were foiled in an attack in international waters on a Saudi oil tanker, the Saudi Gazette and major news services report. As a result of the “immediate intervention of the [Saudi-backed] Coalition’s fleet” the oil tanker only “sustained minimal damages” in the waters off of port city Hodeidah, the Saudi Press […]
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Report: Saudi Aramco Mulls Stake in SABIC
Saudi Aramco has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC), two sources with direct knowledge of the matter told Reuters. Riyadh-listed SABIC, the world’s number-four chemical firm, is 70 percent owned by the Public Investment Fund, Saudi Arabia’s top sovereign […]
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ACWA Power to Build 100MW Solar Project in South Africa Following Major Investment Announcements from Saudi, UAE
ACWA Power says it will begin construction this year on a 100MW solar energy plant in South Africa as Saudi Arabia and the UAE announced that the two countries will invest a combined $20 billion into the country, according to reports. The 100MW Redstone concentrated solar thermal power (CSP) plant, whose construction had initially been scheduled […]
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Exclusive: Engineering Giant Bechtel Launches New Women’s Empowerment Program in Saudi Arabia
Global engineering and procurement giant Bechtel Corporation will launch a new pioneering program for women’s empowerment in Saudi Arabia, set to be announced this month and rolled out this fall, SUSTG has learned. Working with Al Khaleej Training and Education organization, the program aims to increase women’s participation in the country’s workforce through training and […]
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Saudi Arabia Selected for MSCI Inclusion; Analysts Expect Significant Capital Inflows
Following years of effort by Saudi officials to increase transparency in its stock market, the Kingdom won inclusion into MSCI, Inc.’s highly sought-after emerging market index, expanding the asset class by as much as $600 billion for the Kingdom. The news, announced overnight in Saudi Arabia, was welcomed by Saudi officials and executives at the […]
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Saudi Ambassador to the United States Prince Khaled bin Salman Issues Statement on Hodaidah
Saudi Arabia’s ambassador to the United States HRH Prince Khaled bin Salman has issued a statement on Twitter concerning the recent moves by the Kingdom and its Arab allies on the port city of Hodaidah in Yemen, blasting the Iran-backed Houthi rebels for worsening the humanitarian situation in the war-torn country. Yesterday, Saudi Arabia and […]
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Nasdaq Dubai to Launch Futures Trading in Saudi Quoted Companies before End of Year
Nasdaq Dubai will launch futures trading in Saudi quoted companies “before the end of this year,” according to reports, marking the first time Saudi stocks can be traded in derivative form. The move will allow global investors to trade shares in Saudi Arabian listed companies via contracts to buy or sell shares at a set price in […]
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GCC Secretary General: GCC-EU Summit a Milestone in Deepening Ties
In his remarks, Albudaiwi highlighted that, according to the cooperation agreement signed by both sides in 1988 and the Joint Action Programme for the period 2022-2027, which includes constructive mechanisms and proposals for cooperation in political, security, economic, and other fields, this distinguished relationship is a source of pride due to its high standing on many fronts, including political coordination, energy cooperation, and academic, health, and cultural collaboration. He noted that the strategic partnership holds great potential to achieve higher economic, political, and security integration levels and enhance communication between our peoples.
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EU, GCC forge stronger economic ties with focus on sustainable energy, trade
“We agree to continue our dialogue on a regular basis by holding a summit every two years and look forward to the next summit in Saudi Arabia in 2026,” stated the joint statement. Jasem Al-Budaiwi, the GCC secretary-general, noted that the event underscores the shared commitment of both regions to strengthen political and economic partnerships, as well as to advance cooperation in areas such as political coordination, energy, health, education, and cultural exchanges. He also highlighted the robust trade relations between the two blocs, mentioning that trade volume between the GCC and the EU exceeded $204 billion in 2022, accounting for approximately 13 percent of the GCC’s total trade in goods.
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EU backs Arab demands for Iran to end ‘occupation’ of islands
The Gulf Cooperation Council (GCC) and the European Union (EU) have jointly urged Iran to relinquish control of three Persian Gulf islands, which it has held since 1971 following Britain's withdrawal from the region. The joint statement, issued on Wednesday during the first EU-GCC summit in Brussels, urges Iran to end its control of Greater Tunb, Lesser Tunb, and Abu Musa, islands claimed by the United Arab Emirates (UAE) after it gained independence following Britain's withdrawal.
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First European Union-Gulf Cooperation Council Summit – Joint Statement
We, the Heads of State and Government of the Member States of the European Union (EU) and the Gulf Cooperation Council (GCC) held our first Summit on 16 October 2024 in Brussels, Belgium, under the theme “Strategic Partnership for Peace and Prosperity” to celebrate the deepening partnership between the two blocs, co-chaired by H.E. Charles Michel, President of the European Council and H.H. Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar as rotating President of the Gulf Cooperation Council, in the presence of H.E. Ursula von der Leyen, President of the European Commission, and, H.E. Jasem Al Budaiwi, Secretary General of the Gulf Cooperation Council and H.E. Josep Borrell Fontelles, High Representative of the EU for Foreign Affairs and Security Policy.
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EU, Gulf states seek give and take on Ukraine, Middle East
EU and GCC sources both said the negotiations on the finalized joint statement in the weeks leading up to Wednesday's summit were difficult. Top of Europe's wishlist was strong wording condemning Moscow for its full-scale invasion of Ukraine. One EU diplomat said initially, the GCC — the group of wealthy Gulf states that includes Saudi Arabia, Qatar, the United Arab Emirates, Bahrain, Kuwait and Oman — wanted no direct reference to Russia in the text. Ultimately, leaders compromised by simply lifting the language from a 2022 United Nations General Assembly resolution in which they "deplore in the strongest terms the aggression by the Russian Federation against Ukraine."
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Saudi Finance Hub Bigger Than Canary Wharf Seeks $700 Million
Saudi Arabia’s main finance district — almost three times the size of London’s Canary Wharf — is looking to raise about $700 million from equity investors to fund further development of its Riyadh real estate complex. The King Abdullah Financial District, or KAFD, is planning to raise the money by putting some of its income-generating buildings into a real estate investment trust and offering a stake to investors through a listing on the Saudi stock exchange, according to people familiar with the matter.
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Build details showcase incredible scale of Saudi Arabia’s Line megacity
To help make all this happen, Saudi Arabian authorities have now commissioned a new SAR 700-million (almost US$190-million) concrete multi-plant factory that will be capable of producing up to 20,000 cubic meters (roughly 700,000 cubic ft) of concrete per day, most of which will be for the Line, with the remainder going to other Neom projects. There are also over 100,000 workers busy removing huge amounts of earth 24 hours a day, seven days a week, to make space for its massive foundations.
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Where a Million Desperate People Are Finding Shelter in Lebanon
In Lebanon, the displaced are practically everywhere. In Beirut, the capital, where many are staying, they have set up makeshift tents on the corniche by the sea, crafting shelters out of stray metal poles, bits of awnings and blankets. In the city’s parks and squares, some families have placed floor coverings on the ground, anchoring them with cases of water and folded blankets. Others are taking shelter anywhere that they can, mostly in schools but also in unfinished buildings.
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U.S. Central Command Conducts Multiple Strikes on Underground Iran-Backed Houthi Weapons Facilities
U.S. Central Command (CENTCOM) forces conducted multiple, precision airstrikes on numerous Iran-backed Houthi weapons storage facilities within Houthi-controlled areas of Yemen that contained various advanced conventional weapons used to target U.S. and international military and civilian vessels navigating international waters throughout the Red Sea and Gulf of Aden. These actions were taken to degrade the Houthi's capability to continue their reckless and unlawful attacks on international commercial shipping and on U.S., coalition, and merchant personnel and vessels in the Red Sea, Bab Al-Mandeb Strait, and the Gulf of Aden, and to degrade their ability to threaten regional partners.
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Tech-savvy Qatif grandmother keeps Saudi traditions alive for the social media generation
Dressing in traditional clothing and glistening gold jewelry is the daily norm for Fatma Abdullah Al-Malak, a 72-year-old, tech-savvy Saudi grandmother from Qatif who is working hard to keep the spirit of local culture alive through her social media activity. She creates educational content about local heritage and traditions, including clothing and cooking, and shares it on Instagram. In one video, for example, she explains the traditional significance of the Alrdah, a cloak or robe that hangs loosely across the shoulders and is worn by women when they leave the house.
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