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Saudi Arabia Launches $13b ‘Quality of Life 2020’ Program to Promote Entertainment, Health, and Sports
At a ceremony in Riyadh yesterday, the Kingdom unveiled its plans to spend 50 billion riyals ($13.33 billion) by 2020 on a new ‘Quality of Life 2020’ initiative to promote entertainment, health, sports and education as part of a modernizing drive by Crown Prince Mohammed bin Salman, according to Reuters. The program, which aims to generate 300,000 […]
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Following Audit, Saudi Aramco Reserves ‘Higher than Expected’
An audit of Saudi Aramco’s oil reserves done ahead of a planned IPO has found the state oil giant “to have higher reserves than it previously reported,” Reuters reports, citing sources familiar with the matter. Saudi Arabia’s oil, which is easily recoverable from the ground compared with shale sources found in the United States and […]
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Saudi King, Crown Prince Attend Groundbreaking Ceremony for Qiddiya, Saudi Arabia’s Answer to Disneyworld
Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman attended the opening ceremony this week of the Kingdom’s massive forthcoming entertainment city, Qiddiya, on the outskirts of Riyadh this weekend. Qiddiya represents another major investment in expanding social outlets for Saudis backed by Saudi Arabia’s PIF. The entertainment city sits 40km from downtown Riyadh and […]
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Will Saudi Arabia Send Troops to Syria? Foreign Minister Adel Al-Jubeir Says Talks with U.S. Ongoing
Saudi Arabia’s Foreign Minister Adel Al-Jubeir said it is “in discussions with the United States about sending troops to Syria,” according to the Washington Post, as President Trump seeks a way out for the U.S. military there. In comments to reporters in Riyadh, Al-Jubeir said the deliberations on what type of force needs to remain in […]
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Arab Leaders Gather in Dhahran to Unite on Regional Challenges
Arab leaders gathered in Dhahran this weekend for the 29th session of the Arab Summit, held for the first time at the recently-opened King Abdulaziz International Cultural Center in Dhahran. The group called on Sunday for an international probe into the “criminal” use of chemical weapons in Syria and condemned what it saw as Iran’s […]
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Saudi Arabia’s Swings for Fences With ‘Bold, Risky’ Solar Bet
Saudi Arabia and SoftBank signed a MOU to build a $200 billion solar power project this week in New York, dwarfing all other existing or planned projects in the world and placing the Kingdom and its 3,000 hours of sunshine a year into a global leadership position in the renewable energy field. The project, unveiled in New York this week […]
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Crown Prince Mohammed bin Salman Visits UK on Wednesday with Billions in Deals Eyed
Saudi Arabia’s Crown Prince Mohammed bin Salman will arrive to the United Kingdom on Wednesday, his second stop in a multi-national tour with a broad economic and diplomatic agenda. The Crown Prince is due to meet Prime Minister Theresa May and other senior ministers, members of the royal family, as well as security officials and […]
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VAT, Fuel Price Reforms Cause Bump in Saudi Inflation
Inflation rose in Saudi Arabia in January 2018 by 3 percent year-on-year, and 3.9 percent month-on-month “largely as a result of the implementation of VAT and utility and fuel price reform during the month,” Riyadh-based Jadwa Investment confirmed in a research note. The data is based on official Saudi figures released by the government. The figures suggested […]
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King Salman Replaces Top Military Commanders in Cabinet Shuffle
Saudi Arabia has replaced some of its top military officers by royal decree, elevating a younger generation as the war in Yemen approaches its fourth year without a victory. No reason was given for the changes, according to Bloomberg and the Financial Times. King Salman appointed First Lieutenant General Fayyad bin Hamed al-Ruwayli as chief […]
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Major Leap for Saudi Economy as Kingdom Set to Introduce Bankruptcy Laws
Saudi Arabia’s cabinet has approved a bankruptcy law that is likely to be a boost to the Kingdom’s efforts to attract investment and provide protection for entrepreneurs, according to reports. King Salman has reportedly endorsed the new law. As Reuters reports, modern bankruptcy legislation does not currently exist in Saudi Arabia, which creates difficulties for struggling companies seeking to restructure […]
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MUST-READS
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Should We Stay or Should We Go? Experts Praise Afghanistan Troop Reversal
"Kunduz was a shock because it's a region of Afghanistan where traditionally, the Taliban had not been as strong," said Nicholas Burns, former U.S. ambassador to NATO for President George W. Bush.
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How Many ISIS Fighters Has the US Actually Killed?
One reason to tally the number of enemy fighters killed is to know what the U.S. military and its allies are up against.
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Should You Care That This Saudi Prince Now Owns 5% of Twitter?
Saudi Prince Alwaleed Bin Talal has purchased almost 35 million shares of the microblogging firm, meaning that he owns 5.17% of the shares outstanding.
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Analysis: Where does Oman and Iran’s pipeline leave Saudi Arabia?
Recent reports suggest that officials in the Sultanate of Oman and the Islamic Republic of Iran have given the go-ahead for the rumored 173-mile underwater gas pipeline connecting the two nations. As of March 2013, only an “understanding” had been reached. The new reports raise clear implications for the wider Gulf region, particularly Saudi Arabia.
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Fighting ISIS Online: Can Cyber Activists Chase the Islamic State off Twitter?
In August 2014, a Twitter account affiliated with Anonymous, the hacker-crusader collective, declared “full-scale cyber war” against ISIS: “Welcome to Operation Ice #ISIS, where #Anonymous will do it’s [sic] part in combating #ISIS’s influence in social media and shut them down.”
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Investing in Iran? You’d Better Like Tea, Cake and Bureaucracy
Isolated from the global economy for the past decade and with a population of 80 million, Iran is a fertile ground for business. But international investors will have to cope with obstacles including government control of as much as 70 percent of the economy, a judicial system deemed unfavorable to foreigners, a dual exchange rate and a culture in which tough negotiations often go hand-in-hand with doing business.
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23 years and millions of dollars later, will the Grand Egyptian Museum ever open?
In 1992, the Egyptian government announced the launch of a project to establish the Grand Egyptian Museum near the pyramids of Giza, in cooperation with the Belgian BESIX Group. The museum would cover a surface area of 117 acres, at an estimated cost of $550 million and a capacity to hold 100,000 archaeological pieces, making it one of the most prestigious museums in the world.
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Tourism to replace oil economy in Saudi Arabia?
Another economist present at Saudi's tourism event, Nasir bin Ogail Al Tayyar, estimated the volume of tourism market in the Kingdom as about 80 billion Saudi riyals -- $21.3 billion -- aside from the income derived from pilgrims travelling to the Islamic holy site Mecca.
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US Defense Sales Surge: Is Weapons Spending Increase In Europe, Middle East And Asia Prompted By Regional Turmoil?
Overall U.S. defense sales have plummeted in recent years, due in large part to the withdrawal of U.S. combat forces from Iraq and Afghanistan, as well as the forced sequestration in the federal budget. But continuing conflicts and tensions in parts of the Middle East, Europe and Asia have still kept international dollars lining the pockets of American military contractors.
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Just What’s So Special About Those Middle Eastern Airlines?
So while these airlines do stand out in many departments, perhaps what really scares competitors about them is where they call home.
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