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Saudi Arabia’s 2015 Fiscal Budget Expands Spending, Projects $39b Deficit to be Covered by Reserves – Jadwa Investment
Saudi Arabia’s 2015 fiscal spending plans amount to “another expansionary budget with spending maintained at a very high level which will play a vital role in supporting the economy,” according to Riyadh-based Jadwa Investment. The firm notes that for the first time since 2011, a fiscal deficit is projected, based on revenues of SR715 billion and expenditures […]
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Ahead of Budget Announcement, Inflation in Saudi Arabia Hits 7-Year Low
Ahead of Saudi Arabia’s budget announcement, which is expected for the end of the week after a special meeting, inflation in Saudi Arabia is approaching its lowest levels since April 2007, Asharq Alawsat reports. The 7-year low is expected to be official when Saudi Arabia’s Central Department of Statistics and Information releases official data before […]
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Saudi Arabia’s 2015 Budget Expectations – SUSRIS
Writing in SUSRIS, Patrick Ryan provides an overview of the expectations for Saudi Arabia’s upcoming announcement of its fiscal plans for 2015. Although the price of oil has been high in recent years, “this year is different,” Ryan writes: “The 2015 budget, expected to be released on Monday, is anticipated to roll back spending to about SR800 […]
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Saudi Stock Market Posts Biggest Daily Loss in 6 Years as Oil Dips Below $60
Saudi Arabia’s Stock Market posted the biggest loss in 6 years as the bourse reacted to further declines in the price of oil, according to reports. The TASI fell 7.3 percent to 7,330 points, its lowest level since June 2013. Dozens of stocks fell by their daily 10 percent limits, indicating further potential weakness, Arab News […]
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John Kerry’s Remarks at U.S. Chamber of Commerce Middle East Commercial Center Leadership Dinner
In an energetic and wide-ranging speech delivered to guests attending the Middle East Commercial Center Leadership Dinner on Monday night at the U.S. Chamber of Commerce, Secretary of State John Kerry praised the work of the Center and the development of business relationships between the United States and the Middle East region. Secretary Kerry shared […]
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#SaudiTBT: The Father of the Saudi Arabian National Guard HRH King Abdullah bin Abdulaziz in 1962
HRH Miteb Bin Abdullah, Minister of the Saudi Arabian National Guard (SANG) and the third oldest son of Saudi Arabia’s King Abdullah Bin Abdulaziz, recently visited Washington to meet with President Obama and other senior officials to discuss strengthened bilateral cooperation between the U.S. Department of Defense and SANG. The National Guard is one […]
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Jadwa Investment: Oil Market Dynamics and Saudi Fiscal Challenges
After a significant drop in oil’s price on international markets since July 2014, the impact on the Kingdom of Saudi Arabia’s budget and fiscal policy is assessed in Jadwa Investment just-released research note. Head of Research Dr. Fahad Alturki notes that the recent decision not to cut output by OPEC “adds further uncertainty not only on the global […]
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As Oil Dips Below $70, American Producers Wonder Where the Bottom Is and Eye an End to Export Ban
The second half of 2014 has been a lively period for the U.S. shale industry. Fueled by new technologies and a soaring oil price, everyone from upstart producers to big oil were taking advantage of new production opportunities in United States in shale deposits. Over the last year, the U.S. alone accounted for 82% of non-OPEC production growth, […]
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With Houthi Gains in Yemen, Saudi Reportedly Pulls Aid
Saudi Arabia has suspended most of its financial aid to Yemen in “clear indication of its dissatisfaction with the growing political power of Shi’ite Houthi fighters friendly with Riyadh’s regional rival, Iran,” according to a Reuters report. “Soon after Houthi fighters took over the capital Sanaa in September, Saudi Arabia promptly suspended much of that […]
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Saudi Arabia Sees Oil Prices Stabilizing ‘Around $60 a Barrel’
Saudi Arabia now believes oil prices could stabilize at around $60 a barrel, a level both it and other Gulf producers believe they could withstand, according to people familiar with the situation citied in a UPI report. “Saudi Arabia seeks to maintain its long-term market share, even if the price of oil stays temporarily low, its […]
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Gaza Impact Creep: Is the Fight Against ISIL a Casualty?
Without such kinetic pressure, he is convinced ISIL would succeed in reconstituting itself in northeastern Syria from its safe haven in the Badiya desert, nominally under Syrian regime control – but largely ungoverned space below the large northern quarter of Syrian territory that Abdi’s forces control. ISIL continues to have funding streams in the northeast, including kidnapping for ransom and extortion, as well as regional inflows, and to find localized safe haven in communities with residual sympathy for the group.
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U.S. and Iraq Try to Recast the Strategic Relationship
The U.S.-Iraq relationship has been undergoing re-evaluation over the past five years, since the March 2019 capture by U.S.-led forces of the Syrian town of Baghouz, the last bastion of physical control by the Islamic State (IS) organization’s “caliphate.” U.S. military personnel, who had been withdrawn from Iraq in 2011, were sent back into the country in 2014 to help destroy the group’s control over major portions of both Iraq and Syria. U.S. forces successfully helped Baghdad rebuild its beleaguered national forces that essentially collapsed at the hands of the IS offensive.
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Saudi Arabia’s game plan for a thriving esports economy: Video
From hosting the first-ever Esports World Cup to announcing plans to build cutting-edge gaming arenas, Saudi Arabia is making big moves in the esports industry. With projections of a $13 billion boost to its economy, CNN’s Eleni Giokos takes a look at how this thriving sector is redefining entertainment and business in a country with a young, tech-savvy population.
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Saudi Arabia is betting big on sports: Video
With bold investments and a bid to host the 2034 FIFA World Cup, Saudi Arabia is aiming to become a dominant force in the global sports industry. CNN’s Eleni Giokos explores how these initiatives are transforming the Kingdom's sports sector and contributing to its broader economic diversification strategy.
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Russian FM meets Saudi crown prince in Riyadh
Russian Foreign Minister Sergei Lavrov visited Riyadh on Monday where he met with Saudi Arabia's de facto ruler Crown Prince Mohammed bin Salman and other officials from the six-nation Gulf Cooperation Council.
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Saudi Arabia Showcases Strategic Tourism Investments at IHIF Asia, Opening Doors to Investors
To capitalize on this momentum, the Kingdom has introduced the Tourism Investment Enablers Program (TIEP), with the Hospitality Investment Enablers (HIE) initiative serving as a cornerstone. HIE is designed to significantly boost accommodation capacity in key tourism areas, driving private investments up to $11 billion and increasing the annual GDP by $4.3 billion by 2030.
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Saudi Arabia wins bid to host 6th UN World Data Forum in 2026
Saudi Arabia, represented by the Saudi General Authority for Statistics (GASTAT), has won the bid to host the United Nations World Data Forum in Riyadh in 2026 after a competitive bidding process. The decision was made by the High-level Group for Partnership, Coordination and Capacity-Building for Statistics for the 2030 Agenda for Sustainable Development (HLG-PCCB), the Saudi Press Agency reported. Around 22,000 delegates from 193 countries, including data scientists, officials of the statistical offices of UN member states and individuals interested in statistics, are expected to participate in the global event.
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CNBC’s full interview with Saudi Investment Minister Khalid Al Falih
CNBC's Steve Sedgwick speaks to Khalid A. Al-Falih, the minister of investment for Saudi Arabia, at the Ambrosetti Forum.
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Top five thermal power plants in development in Saudi Arabia
Thermal capacity accounted for 50.5% of total power plant installations globally in 2023, according to GlobalData, with total recorded thermal capacity of 4,608GW. This is expected to contribute 35.2% by the end of 2030 with capacity of installations aggregating up to 5,040GW. Of the total global thermal capacity, 1.97% is in Saudi Arabia.
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Saudi Arabia’s Amaala project advances with $6bn in contracts awarded
Once complete, Amaala will feature nearly 4,000 hotel rooms across 30 hotels, in addition to 1,200 luxury villas, apartments and homes. There will be retail, dining and wellness facilities, and Amaala will be powered entirely by solar energy.
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