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  • Saudi focuses on global economy at G20 development meeting

    Saudi Arabia’s Economy and Planning Minister Faisal bin Fadel Alibrahim has been holding talks with officials from several nations on the state of the global economy at the G20 Development Ministerial Meeting in Brazil. On the sidelines of the G20 meeting, which began on Monday and ends on July 24, Alibrahim held discussions with Brazil’s Foreign Affairs Minister Mauro Vieira on the latter’s agenda while holding the presidency of the G20.

  • Over 2,000 Local Factories Linked to Saudi Mega Projects

    Saudi Arabia’s Ministry of Industry and Mineral Resources has added over 200 products to the national mandatory list and localized the production of vaccines and biological drugs for around 214 priority treatments. Additionally, more than 2,000 local factories are now linked to major projects like NEOM, ROSHN, and the Diriyah Gate Development Authority. A recent report reviewed by Asharq Al-Awsat reveals that the industrial sector saw substantial growth last year, with over 1,300 new licenses issued, attracting more than 81 billion riyals ($21.6 billion) in investments.

  • Opinion: Biden’s Legacy and Netanyahu’s Missed Moment?

    While there is already much to discuss regarding Biden’s presidential legacy in the Mideast, an interesting question emerges. If Biden no longer needs to focus on the campaign, can he do something to enhance his legacy before the end of his term? Moreover, could this intersect with Netanyahu’s visit?

  • Saudi Arabia’s Wealth Fund Taps Insider to Run Investment Strategy

    Fahad Al Saif will start in his new role immediately, according to a statement from the $925 billion Public Investment Fund on Tuesday. He will continue to lead the PIF’s global capital finance unit, overseeing government asset transfers and fundraising.

  • Saudi Arabia eyes $100bn bet on shale gas revolution at home

    Saudi Arabia, the world's largest crude oil exporter, plans to invest more than $100 billion to become the world's third-largest shale gas producer after the U.S. and Russia as its economy braces for a decarbonized society. Crucial to Riyadh's plans is the Jafurah gas field in the country's east. It is the largest shale gas field in the Middle East with confirmed reserves of 229 trillion cubic feet, equivalent to about 70 years of Japan's liquid natural gas imports. Shale gas is natural gas extracted from shale rock formations.

  • Foreign investments in Saudi Arabia rise to SAR 2.55T in Q1 2024

    Foreign investments in Saudi Arabia stood at SAR 2.55 trillion by the end of Q1 2024, up 6% from Q4 2023, according to data from the Saudi Central Bank (SAMA).

  • Nationalisation in Saudi’s Engineering Sector

    The Ministry of Human Resources and Social Development, in partnership with the Ministry of Municipal and Rural Affairs and Housing, has announced the decision to nationalise 25% of engineering professions in the private sector effective from 21 July 2024. This will be applicable to all private sector establishments that employ five employees in the engineering professions.

  • New law empowers Saudi Arabia’s oversight authority to settle corruption cases

    The new Oversight and Anti-Corruption Authority's law granted the authority to make financial settlements with natural or legal persons who have initiated requests for settlement and have committed corruption crimes. The law, recently approved by the Council of Ministers, grants the Authority new powers to combat corruption, ensuring public funds are protected and that accountability is enforced. It includes provisions for criminal investigation, prosecution, and the establishment of councils to oversee the Authority's operations and its members.

  • Groundbreaking Railway Link Between Kuwait and Saudi Arabia to Launch in 2026

    A government source revealed that work is currently underway to launch the project for “initial design” soon after completing the necessary procedures, and international companies will be invited to contribute at this stage. The source stated that the actual implementation of the project will begin in 2026. The ongoing mutual visits and meetings between Kuwait and Saudi Arabia regarding the upcoming works, along with inspections of the project site address any obstacles. The source indicated that the railway is expected to carry 3,300 passengers daily with six round trips, covering about 500 kilometers in one hour and 40 minutes at high speed.

  • Hasan Alhasan: The Strategies of Gulf States

    The Gulf states are going to get however much they can get from whoever they can get it from. If they really want something, whether it's a piece of military hardware or assistance on AI or semiconductors, they have proved to be very dogged and pragmatic in their resolve.