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IMF Report on Saudi Arabia Cites Growth, Finds Near-Term Outlook ‘Positive’ but Warns of Deficit in 2015
A recently released detailed report on the economy of Saudi Arabia by the IMF finds the Kingdom’s current economic situation is on solid footing with near-term growth expected to continue, but warns of a looming fiscal deficit in 2015. “Saudi Arabia’s economy has grown very strongly in recent years, benefitting from high oil prices and output, […]
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‘Security, Lack of Co-Operation’ to Blame in Delay of Newcomers to Saudi’s Mobile Market, Report Finds
Reuters reports that state security requirements and a lack of co-operation from Saudi Arabia’s existing telecom operators have delayed the launch of two new mobile companies until later this year, citing their chief executives. “VMMEA in March said it hoped to launch services in the first half of 2014, while Mobily initially said its Jawraa’s […]
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NCB’s October 19th IPO May be 2014’s Second Largest Behind Alibaba
Saudi Arabia’s National Commercial Bank is set to issue an IPO in October that might raise as much as 16 billion riyals ($4.3 billion), which would be the second largest of 2014 behind China’s Alibaba Group Holding Ltd., Bloomberg’s Matthew Martin reports. The IPO will list 300 million shares totaling 15% of the lender’s share capital, with an additional 200 million shares, […]
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LG Breaks a Record on way to King Khalid International Airport
It’s about 45 kilometers from Riyadh to King Khalid International Airport. For a couple kilometers during that trip you are now able to see the largest outdoor advertising structure ever. In fact, for about a quarter of a kilometer you will be passing right by it. LG built it to promote its G3 phone and […]
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#FocusKSA: Mark N. Katz Discusses Regional Challenges for the Arabian Gulf States
SUSRIS’ Pat Ryan spoke with George Mason University’s Mark N. Katz, who recently attended the “Arabian Gulf and Regional Challenges” conference that took place September 16-17, 2014, in Riyadh.
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SAGIA in Transition
The Saudi Arabian General Investment Authority (SAGIA) was established in 2000 to be a major driver in the Kingdom’s efforts to liberalize its economy. It has certainly fulfilled that role and over the last 14 years SAGIA has been a chief strategist, leading promoter and the administrative front office for the Kingdom’s business as Saudi […]
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Arab States Offer Willingness to Conduct Air Strikes on Islamic State as CENTCOM Chief Visits Riyadh
The U.S. has received offers from “several” Gulf allies to aid in airstrikes against the Islamic State, according to the New York Times and several other news outlets as US CENTCOM chief Lloyd James Austin III met with Crown Prince Salman in Riyadh today. Following President Obama’s announcement that he would drastically increase strikes against Islamic State positions in Iraq, Secretary of […]
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John Kerry in Jeddah, Saudi Arabia to Coordinate with Allies in Upcoming Battle Against the Islamic State
Secretary of State John Kerry is in Jeddah today for talks with the Saudi Arabian government and other allies as the U.S. seeks a broad, cooperative effort in defeating the Islamic State. Saudi Arabia has agreed to provide bases for the training of moderate Syrian rebels who are battling the Sunni militants and the Assad […]
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At Dinner with Foreign Policy Experts, Obama Previews Plans to Escalate Attacks on IS Without Congressional Approval
When President Obama announced that he would not strike Syria without Congressional approval in 2013 following a chemical attack by Syria’s President Assad, Gulf allies of the U.S. determined to see Assad overthrown were put off at the unwillingness of a U.S. President to follow through on a previously set “red line.” “While I believe […]
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Higher Education in Saudi Arabia: ‘The Easiest Part is the Buildings, the Hardest Part is What is Behind the Walls’
The 150,000 Saudi students studying overseas and 83,000 in the United States are just one part of Saudi Arabia’s higher education plans, former U.S. Ambassador to Saudi Arabia James B. Smith said in a recent FocusKSA video with SUSRIS Editor-in-Chief Patrick Ryan. Saudi Arabia has invested big in infrastructure for higher education, Smith said, and […]
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Mandarin teachers get ready for Saudi Arabia
A total of 175 Chinese language teachers for primary and middle schools will begin their careers in Saudi Arabia in mid August. They will become the first batch of Mandarin teachers to serve in Saudi Arabia, honoring an agreement on enhancing cooperation in Chinese language education that the two countries made last year. They completed pre-service training at Tianjin Normal University from July 29 to Friday.
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Saudi Arabia’s World Cup Playbook
In many ways, the tournament will be the culmination of Saudi Arabia’s ambitions in the sport. Three years ago, the country’s powerful wealth fund bought Premier League club Newcastle United. Cristiano Ronaldo, one of the biggest names in the sport, joined local club Al Nassr for an estimated $200 million annual salary. Efforts to recruit Lionel Messi for $400 million a year didn’t pan out, but Brazilian Neymar and French striker Karim Benzema now play in the Saudi league.
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Saudi Arabia’s tourism transformation is all about diversification: Video
Religious tourism has long been a major driver for Saudi Arabia's economy. The government is now targeting growth in its wider travel and tourism industry, with potential gains for the private sector.
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U.S. to send more warships, fighter jets to Middle East to bolster defenses
The U.S. military will deploy additional fighter jets and Navy warships to the Middle East, the Pentagon said on Friday, as Washington seeks to bolster defenses following threats from Iran and its allies Hamas and Hezbollah. The U.S. is bracing for Iran to make good on its vow to respond to the killing of Hamas leader Ismail Haniyeh two days ago in Tehran - one in a series of killings of senior figures in the Palestinian militant group as the war between Israel and Hamas in Gaza rages.
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Visit Saudi: The Impact of Tourism on the Saudi Economy
The growth of tourism in the kingdom has been rapid. Spending by nonresidents visiting Saudi Arabia was four times higher in 2023 than in 2018. Meanwhile, spending by Saudi residents overseas is still below the peak of a decade ago. As a result, the net balance in the travel account of the balance of payments swung from a deficit of $3 billion in 2018 to a substantial surplus of $13 billion in 2023.
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‘Axis of Resistance’ girds for response to Israel’s ‘big mistake’
While there is little dispute that Israel’s Mossad spy agency was behind the killing of Hamas political bureau chief Ismail Haniyeh in Tehran, there is contention over the way in which he was assassinated. Meanwhile, Arab states caught between Iran and Israel are scrambling—together with their US ally—to constrain the eruption of an all-out war that may redefine the region.
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Qiddiya giga-project set to propel Saudi Arabia’s entertainment sector
Canadian company AtkinsRéalis is the lead design consultancy for the project, and the firm’s Global Director of Creative, Theming and Show Design Bradley Caruk set out his vision for Qiddiya to Arab News. “Having worked in the global entertainment industry for the past 25 years, I have learnt we are all the same. Everyone wants to have fun. With major innovative parks like Six Flags Qiddiya City, we have the unexpected – a fully immersive story-driven theme park experience,” he said.
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Saudi Arabia urges citizens to leave Lebanon immediately
Saudi foreign ministry urged its citizens on Sunday to leave Lebanon ‘immediately’ as regional tensions recently surged. In a statement, the ministry has reiterated its call for all Saudi nationals to avoid traveling to Lebanon. It said the Kingdom's embassy in Lebanon was closely monitoring the developments in the southern region of the country.
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Report: Netanyahu decides not to seek normalization with Saudis before US election
According to a report Sunday on Channel 12 news, Netanyahu made the decision because of the fast-moving US political developments, with the consideration that it might be worth waiting to see whether Republican nominee and former president Donald Trump is returned to the White House in the upcoming vote.
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Saudi Arabia to raise stake in Binladin Group to boost construction sector
Binladin’s history has been intertwined with the kingdom since the country was founded in 1932, according to a Bloomberg report. The construction firm has played a vital role in modernising the country by building highways, airports and economic freezones, and is also known for its work in the Islamic holy cities of Mecca and Medina. Meanwhile, the Public Investment Fund (PIF) is working with Morgan Stanley on a potential deal to buy into Binladin, said Bloomberg. The $925bn fund is considering acquiring part or all of the 36 per cent stake owned by the ministry of finance.
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