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Saudi Arabia’s King Issues Royal Decree Appointing Ayman Alsayari as New Central Bank Governor, Replacing Fahad Al-Mubarak
Saudi Arabia’s King Salman issued a royal decree appointing a new governor of the Kingdom’s central bank and moving its former boss to a role as advisor to the Royal Court, according to reports.
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International Visitors to Saudi Arabia Increase as Kingdom Attracts Most Tourists in First 9 Months of 2022
Saudi Arabia registered more than 18 million international arrivals in the first nine months of 2022, higher than any other Arab nation during that timeframe, according to reports.
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Saudi Arabia Rolls Out a New Events Investment Fund (EIF) to Drive Investment in Culture, Tourism, Entertainment and Sports
Saudi Arabia has launched an investment fund specifically to support the culture, tourism, entertainment and sports industries, according to Reuters, citing the state news agency SPA.
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Dr. Aziz Alghashian talks Saudi-Israel relations, the Future Minerals Forum 2023, water in Saudi Arabia and much more!
In episode 70 of The 966, Dr. Aziz Alghashian joins The 966 to talk about Saudi-Israel relations in 2023, the status of the Abraham Accords, and his view on Saudi foreign policy going forward. Before the conversation with Dr. Aziz, the hosts discuss the upcoming Future Minerals Forum 2023 in Riyadh, major developments in Saudi Arabia’s […]
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Saudi Arabia’s Mineral Wealth Exceeds $1.3 Trillion, Ministry Says
Saudi Arabia’s Ministry of Industry and Mineral Resources has announced that the Kingdom’s mineral wealth is now valued in excess of $1.3 trillion, including deposits of copper, zinc, phosphates, uranium and gold, the Saudi Press Agency has reported.
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Saudi Arabia’s Tourism Ambitions in the Spotlight as WTTC 2022 Global Summit Wraps
Saudi Arabia’s tourism ambitions were in the global spotlight this week as the 22nd World Travel and Tourism Council Global Summit took place in the Saudi capital from November 28th – December 1st.
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Saudi Arabia Signs $30 Billion Worth of Investment Agreements with South Korea
South Korean and Saudi Arabian leaders signed investment agreements worth at least $30 billion with South Korean companies in a major push to strengthen ties between the two nations, according to reports.
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Prince Waleed bin Nasser Al-Saud from Saudi-based Consultancy Mukatafa, more on the U.S.-Saudi relationship, Saudi’s mining sector, and more
Episode 65! Prince Waleed Bin Nasser Al Saud joins The 966 — Prince Waleed is CEO of Mukatafa, a consultancy based in Riyadh that brings together the public and private sectors in Saudi Arabia, forming an ecosystem that enables the private, public, and third-party sectors to collaborate, integrate, and grow together as the Kingdom drives […]
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Middle East’s Largest Broadcaster, MBC Group, Taps Banks for IPO — Report
The Middle East’s biggest broadcaster, MBC Group, has tapped two top banks to work on its initial public offering in Riyadh, people familiar with the matter told Bloomberg.
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British Architecture Studio Foster + Partners Unveils Coral Reef-Like Marine Institute for Red Sea
Designs for the “world’s first fully immersive experiential marine life center” have been unveiled by British architecture studio Foster + Partners to be located on Saudi Arabia’s Red Sea coast, according to a press release from the world-renowned architecture firm.
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MUST-READS
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French embrace of Moroccan autonomy plan underscores broader shift on Western Sahara dispute
After decades of negotiating, under the aegis of the UN, a range of possible solutions to the territorial dispute — which pits Morocco against the Polisario Front, a liberation movement supported by Algeria — Morocco began pushing its own preferred outcome. Rabat’s plan for autonomy under Moroccan sovereignty surfaced in 2007, and absent other viable avenues to ensure self-determination, the autonomy plan had garnered support but not flat-out endorsement from the United States and Europe.
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The IMF, CPEC, and Pakistan: Will the Chinese save Islamabad yet again?
The China-Pakistan Economic Corridor (CPEC), once heralded as a “game-changer,” has almost disappeared from the spotlight in recent years in Pakistan. The multibillion-dollar project aims to connect China's northwestern region of Xinjiang with Pakistan's Gwadar Port on the Arabian Sea through a network of highways, railways, and pipelines, offering strategic dividends to China and an economic lifeline to Pakistan. In recent years, the project has faced slow implementation, unpaid loans, corruption, and a dire security situation in Pakistan.
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Djibouti dodges scrutiny despite China, Iran, Houthi ties and links to illicit activities
The Bab el-Mandeb Strait, which connects the Indian Ocean and the Red Sea through the Gulf of Aden, is a crucial chokepoint for global maritime commerce. It handles as much as 20% of international trade, 12% of seaborne oil trade, and 8% of liquefied natural gas shipments. Despite the strait’s importance, the waters around it have long been plied by smugglers of weapons and other illicit goods, dating back as far as the late 1800s, when the French took control of what is now Djibouti.
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As US ramps up Gaza ceasefire efforts, Iran signals it may hold off retaliation
A day after the United States, Egypt and Qatar said they would convene last-ditch Gaza ceasefire talks between Israel and Hamas on August 15, Iran signaled that it may be willing to delay its anticipated retaliation for the assassination of a Hamas leader in Tehran late last month so as not to interfere with that effort.
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Saudi Arabia unveils updated investment law to facilitate foreign investors
The updated law promises enhanced protections for investors, including adherence to the rule of law, fair treatment, and property rights, while ensuring robust safeguards for intellectual property and facilitating smooth fund transfers. It streamlines the registration process, replacing complex licensing requirements with a simpler system, and introduces new service centers to expedite government transactions and investment procedures.
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Saudi swimmer Zaid Al Sarraj reflects on ‘surreal’ Olympic debut
At just 16 years old, Zaid Al Sarraj was the youngest member of Saudi Arabia’s Olympic team for the 2024 Games. As a wildcard entry in the 100-meter freestyle swimming, Al Sarraj’s involvement in Paris was always designed to be a learning experience; the teenager certainly appeared unfazed by the responsibility of representing his country in the world’s biggest sporting showcase.
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Saudi Arabia approves investment law update to level field for foreign and local investors
The Council of Ministers on Sunday approved an updated investment law into one framework intended to provide investors with greater transparency, flexibility and confidence, Saudi Arabia's Ministry of Investment said in a statement on Sunday. “The law reaffirms Saudi Arabia’s commitment to creating a welcoming and secure environment for investors, driving economic growth, and enhancing the kingdom’s position as a premier global investment destination,” Khalid Al Falih, Minister of Investment, said.
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Saudi Arabia supports joint statement on Gaza ceasefire and humanitarian crisis
The Ministry of Foreign Affairs expressed Saudi Arabia's support for the joint statement issued by President Joe Biden of the United States, President Abdel Fattah El-Sisi of Egypt, and Sheikh Tamim bin Hamad Al-Thani, Emir of Qatar. The Kingdom reaffirmed its backing for ongoing efforts to establish a ceasefire and address the worsening humanitarian crisis in Gaza. Saudi Arabia emphasized the urgency of ending the bloodshed, alleviating suffering, and safeguarding civilians. Additionally, the Kingdom stressed the importance of advancing toward the end of the occupation, achieving peace and security, and restoring the full legitimate rights of the Palestinian people.
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Expat remittances from Saudi Arabia hits $3.2bn in June
Expatriate remittances from Saudi Arabia reached $3.2 billion in June, reflecting an annual increase of 11.32 percent, according to the latest data from the Saudi Central Bank, also known as SAMA. This figure underscores the Kingdom’s significant role in global remittance flows and is a testament to the economic dynamics influencing the region.
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Saudi Arabia signs IAEA protocol as nuclear plans advance
Saudi Arabia has inched closer to obtaining US help to develop a nuclear energy programme by signing a protocol that ensures the International Atomic Energy Agency (IAEA) has legal rights to operate inside the kingdom. However an agreement to the inspection of nuclear facilities by the Vienna-based supervisory body, including a protocol that would allow snap visits, remains outstanding. “As nuclear activities are poised to grow in Saudi Arabia, facilitating the work of IAEA staff as they carry out duties is key,” IAEA Director General Rafael Mariano Grossi posted on X, formerly Twitter, on August 7.
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