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Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]
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‘Downward Trend’ in Economic Activity Seen in Latest Jadwa Investment Chartbook
Jadwa Investment’s recently released economic chartbook for the month of November found a downward trend in economic activity and the fourth consecutive negative change in government accounts with SAMA. “Economic data for September showed a downward trend in economic activity,” Jadwa said it the report, pointing to negative growth in cash withdrawals from ATMs and […]
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Are oil markets better off with OPEC cuts?
Jadwa Investment’s latest Quarterly Oil Market Update anticipates that OPEC’s decision to announce, but not to implement, a cut in production will likely lead to a small cut in oil production “more akin to a production ’freeze’ rather than an outright cut”. “Any agreement by OPEC, if reached, will of course need to be acted […]
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Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]
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Yemen’s Houthis Fire Another Missile into Saudi Arabia as Kingdom, Iran Spar at UN over War
Saudi Arabia says it has shot down a ballistic missile fired into the Kingdom by Houthi rebels and their Iranian allies in the latest incident in Yemen’s civil war that has raged for nearly 19 months. The missile targeted the southwestern city of Khamis Mushait and was destroyed Tuesday night without causing any injuries, the Saudi Press […]
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Saudi Arabia Switches to Gregorian Calendar
Saudi Arabia has shifted to the Gregorian or “Western” calendar as a basis for paying civil servants as part of broader fiscal changes, according to reports. The kingdom adopted the lunar Islamic calendar when it was founded in 1932, but the change places its payment schedule in line with the West. It also brings civil […]
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Saudi Arabia’s Foreign Ministry Criticizes JASTA, Congress Weighs Adjustment of Law
Although the Congressional override of President Obama’s veto on the controversial Justice Against Sponsors of Terrorism Act (JASTA) was anticipated, it’s reality has proved shocking to U.S. leaders as well as countries globally. Saudi Arabia’s foreign ministry has issued a statement strongly condemning the legislation and noted, as has been done frequently in the run-up […]
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Jadwa Investment Report Looks at ‘Significant Implications of Vision 2030 on Trade and Financial Flows’ for Saudi Arabia
A recently released Jadwa Investment report researches the impact that Vision 2030 is likely to have on international trade and investment flows with Saudi Arabia. This report looks at the evolution of the current account for the period 2016-30, which is forecast to reach a surplus of $135 billion (8 percent of GDP) by 2030. “While oil export […]
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Deputy Crown Prince Mohammed bin Salman Cracks Bloomberg’s 50 Most Influential in Finance
Saudi Deputy Crown Prince Mohammed bin Salman has been ranked 42nd Bloomberg’s list of the 50 Most Influential People in the world of finance. Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after […]
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New Desalination Technology at KACST in Saudi Arabia ‘Opens Doors to Higher Worldwide Clean Water Sources’
The first worldwide adsorption water desalination and cooling plant has been successfully implemented by King Abdulaziz City of Science and Technology (KACST) in August 2016, the university said in a press release, as the Kingdom continues to be a global leader in desalination technology. Adsorption Desalination and Cooling (ADC) is a newly invented technology, co-owned […]
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Hajj 2024 in numbers: Annual pilgrimage draws over 1.83 million worshipers
A total of 1,833,164 pilgrims performed the annual pilgrimage, 1,611,310 of whom were from outside the Kingdom with domestic pilgrims-both citizens and residents-numbered at 221,854. The number of male pilgrims this year reached 958,137, while female pilgrims totaled 875,027, GASTAT said.
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Analysis: The strategic shift in Iranian public opinion on nuclear weapons
The recent surge in Iranian public support for nuclear weapons, as revealed by the IranPoll survey, can be significantly attributed to the ongoing conflict in Gaza and the perceived actions of Israel. Many Iranians believe that, in a hypothetical war scenario between Iran and Israel, Israel would retaliate for battlefield losses by targeting Iranian civilians, much like the alleged genocide in Gaza. This fear drives a heightened desire for a formidable deterrence capability to protect Iran from potential mass casualties inflicted by Israel.
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The scientist who saved the Middle East’s priceless crops
When civil war broke out in Lebanon in 1975, agricultural scientist Dr Geoff Hawtin was left with little time to try to save the thousands of priceless seeds he had collected from across the Middle East.
Under gunfire, he and his team knew they needed to protect the 17,000 precious seed packets knowing they would be vital for the food security of future generations.
Driving 50km to the Syrian border over roads covered with landmines, he made five trips to take the collection to Damascus to safety.
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Specter of Hezbollah-Israel war raises pressure on GCC leaders
“A potential Hezbollah-Israel war could plausibly get Iran and its regional allies to intervene militarily in support of [Hezbollah], which could lead to a serious escalation with implications beyond the region causing widespread instability across the globe,” said Dr. Abdullah Baabood, an Omani scholar and Visiting Professor at Waseda University in Tokyo, in an interview with Amwaj.media.
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US weighs plan for Centcom to coordinate directly with Palestinian Authority’s security forces
US President Joe Biden's administration is weighing a plan to bring cooperation with the Palestinian Authority's security forces under the purview of Centcom, a potential reshuffle that some US officials say could advance plans for post-war Gaza governance. US officials advocating for the move argue it would bolster cooperation between the Palestinian Authority's (PA) security forces and Arab states, one current US official, one former US official and one Western official familiar with the plan told Middle East Eye.
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NextDecade, Saudi Aramco sign 20-year LNG supply deal
U.S. liquefied natural gas (LNG) provider NextDecade (NEXT.O), opens new tab has signed a non-binding agreement with Saudi Aramco (2222.SE), opens new tab to supply 1.2 million tonnes per annum (MTPA) of LNG for 20 years, the companies said on Thursday.The deal comes at a time when Aramco is seeking to strengthen its position in the LNG market, which is set to grow globally by 50% by 2030, especially in the United States, where LNG capacity is set to almost double over the next four years.
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Saudi Fintech Rasan Jumps by 30% in Riyadh Trading Debut
The shares rose to as high as 48.1 riyals, up 30% — the maximum allowed — from the offer price of 37 riyals apiece. That aligns with the strong demand for the stock when the offer was unveiled, with investors putting in orders worth $29 billion and the deal 129 times oversubscribed.
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Formula E returns to Saudi Arabia with new circuit
Formula E has announced the calendar for Season 11 of the ABB FIA Formula E World Championship, and Diriyah on the outskirts of Riyadh is on the list. Taking place on 14 and 15 February 2025, this marks the race’s seventh instalment of the Diriyah E-Prix in the Kingdom, promising two days packed with high-octane action.
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Saudi Crown Prince Apologizes for Not Attending G7 Summit in Italy
Saudi Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz informed Italian Prime Minister Giorgia Meloni of his inability to attend the Group of Seven (G7) summit on Friday due to Hajj season. In a cable, the Crown Prince said he won't be able to participate in the summit slated for June 14 in Italy due to his commitments to oversee the annual Hajj season. The Crown Prince thanked the Italian prime minister for the invitation to participate in the communication session of the G7 summit. The Prince noted the strength of the relationship between their countries and wished Italian authorities success in hosting the summit.
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Masses of pilgrims in Saudi Arabia circle the Kaaba ahead of the official beginning of the Hajj
Masses of Muslim pilgrims in the Saudi city of Mecca on Thursday circled the Kaaba, Islam’s holiest site, a day before heading to the nearby desert area of Mina to officially open the Hajj, the annual Islamic pilgrimage that takes the faithful along a route taken by the Prophet Muhammad.
The area around the Grand Mosque in Mecca was overcrowded by midday, with the faithful going back and forth to the holy site to pray and make the circumambulation, or Tawaf in Arabic.
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