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Saudi Cabinet Gives Approval to Saudi Export and Import (Exim) Bank, Launch Expected Soon
Saudi Arabia’s Council of Ministers has approved regulations for the creation of a new Saudi Export and Import (Exim) Bank on Tuesday during a session presided over by Custodian of the Two Holy Mosques King Salman at Al-Yamamah Palace.
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Jadwa Investment: Saudi Inflation Set to Rise Slightly in 2020; Non-Oil Private Sector to Pick Up
A recently-released report by Jadwa Investment notes that the Kingdom will see a slight increase in inflation in 2020 on expectations of a continued pick-up in non-oil activities and an elevated level of consumer spending.
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Saudi Aramco Makes $5 million Investment in Blockchain-Based Oil Trading Company VAKT
Saudi Aramco Energy Ventures (SAEV) has invested $5 million into blockchain-based oil trading company VAKT, the company said in a press release.
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Israelis Can Now Go to Saudi Arabia For Religious Pilgrimages, Business Visits, Israel Says; Saudi Says ‘Our Policy is Fixed’
UPDATE: Saudi Arabia’a Foreign Minister said Israelis were not welcome to visit the kingdom, CNN reported on Monday. “Our policy is fixed. We do not have relations with the state of Israel and Israeli passport holders cannot visit the kingdom at the current time,” CNN quoted Prince Faisal bin Farhan as saying. [Reuters] —- A new […]
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Kingdom’s Domestic Tourism, Entertainment Push Leads to Declines in Saudis Visiting Dubai
The number of Saudi tourists visiting Dubai in 2019 dropped as Saudi Arabia begins to see major gains in its domestic tourism market and local entertainment offerings.
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Saudi Health Officials, Experienced with MERS-CoV, Take Preventative Measures against New ‘Wuhan’ Coronavirus
Officials in Saudi Arabia are taking precautions to stop the spread of a new coronavirus from China, screening arriving passengers and nurses to prevent a public health threat, according to reports.
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The Economic Impact of Saudi Arabia Hosting the G20 Summit
A recent report from Jadwa Investment looks at the economic impact of Saudi Arabia hosting the G20 Summit, noting that while the Riyadh has hosted major summits before, “the G20 summit differs due to the sheer number of different events related to it” with more than 120 workshops, ministerial meetings and specialized seminars scheduled throughout […]
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Prince Khalid bin Salman Meets with President Trump at White House
Saudi Arabia’s deputy defense minister Prince Khalid bin Salman held several meetings with top U.S. officials yesterday in Washington, D.C., including Secretary of Defense Mark Esper, Secretary of State Mike Pompeo, and President Donald Trump.
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A Look at Saudi Arabia’s 2020 Budget
This week, Saudi Arabia unveiled its 2020 budget, which signals an end to the expansionary trend of recent years, assumes lower oil prices than in 2019, and continues to invest in the economic diversification as outlined in the Kingdom’s Vision 2030 economic and social reform plans.
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Saudi Aramco Soars 10% in Debut in ‘Vindication’ for Company
Saudi Aramco’s shares rose SAR 3.20, or 10% (the daily limit) to 35.2 riyals in Riyadh, raising the company’s valuation to $1.88T. The debut, by any measure, is a success, and officially makes Saudi Aramco the world’s most valuable company.
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Saudi Arabia broadens e-visa eligibility to include visitors from three new countries
Saudi Arabia’s Ministry of Tourism announced on Wednesday it has expanded its e-visa ambit to include nationals from three new countries, as the Kingdom moves forward with its efforts to boost its tourism sector. Nationals of Barbados, Commonwealth of Bahamas, and Grenada can now apply for a visitor visa electronically or upon arrival at one of the Kingdom’s ports, the ministry said in a post on X.
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Saudi Arabia leads Q1 IPO activity in MENA: EY report
Saudi Arabia emerged as a dominant force in initial public offering activity for the region in the first quarter of 2024, according to multinational professional services EY. With nine IPOs launched during this period, the Kingdom, along with the UAE, contributed to a total of 10 listings, generating combined proceeds of $1.2 billion, as detailed in the MENA IPO Eye Q1 2024 report.
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Saudi Arabia records 16% surge in credit card loans in Q1 2024
Saudi Arabia recorded a 16 percent annual surge in credit card loans in the first quarter of 2024 to reach SR27.25 billion ($7.3 billion), the latest central bank data showed. The Saudi Central Bank, also known as SAMA, figures indicate a shift in consumer behaviors about cashless payment options and show that the Kingdom is on track to become a cashless society. Advertisement In an April report by GlobalData, Ravi Sharma, a banking and payments analyst, emphasized the transition from cash to electronic payments, noting: “While cash has traditionally been a preferred method of payment in Saudi Arabia, its usage is on the decline in line with the rising consumer preference for electronic payments.”
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Saudi Industrial Production Index drops 8.7% in March
Saudi Arabia’s Industrial Production Index (IPI) declined by 8.7% year-on-year (YoY) in March. Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 104.48 points in March 2024, according to the base year 2021, compared to 114.47 points in March 2023. The index was directly affected by the decline in the mining and quarrying activity, which accounts for 61.4% of the index, the authority said. The IPI measures the relative change and reflects the production quantities of materials and goods, which have been converted from raw materials to consumables in their final form as goods, for the purpose of achieving a return.
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UN Warns of Four-Month Lean Period in Yemen
The Food and Agriculture Organization (FAO) warned that Yemen would be facing a lean period from June to September due to a decrease in humanitarian food assistance in Houthi-controlled areas and a projected increase in food prices in areas held by the legitimate government. In its quarterly food security update, the FAO said that despite a brief relief experienced from mid-March through April this year due to augmented social support (zakat) during the holy fasting month of Ramadan, food security is anticipated to deteriorate from June to September, marking “the peak of the lean period in the country.” FAO noted that during the first quarter of 2024, the food security situation deteriorated compared to the same period last year.
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PGA Championship invites 7 LIV players to get top 100 in the world
The PGA Championship officially has Tiger Woods in a field released Tuesday that includes invitations to seven players from Saudi-funded LIV Golf, giving the major 99 of the 100 in the world ranking at Valhalla next week. The PGA of America strives to have the top 100 in the world to maintain its reputation for having the strongest field of the four majors, although it is not part of the criteria. Those hopes ended late Tuesday when Rikuya Hoshino (No. 94) withdrew. The PGA leans on a catch-all category of “special invitations.” The group of LIV players includes Patrick Reed, whose tie for 12th in the Masters moved him inside the top 100. He is at No. 92, and the invitation keeps alive his streak of playing every major since the 2014 Masters.
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Italy and Libya sign co-operation agreements
Italian Prime Minister Giorgia Meloni signed three agreements with Libya during an official state visit on Tuesday, in which she met officials from the Tripoli and Benghazi-based governments in the conflict-torn country. The agreements are part of the Mattei plan, a project in which Italy promised a €5.5 billion ($5.92 billion) investment package for projects in Africa at a summit in Rome in January. Ms Meloni initially met Prime Minister Abdul Hamid Dbeibeh, who leads the National Unity Government in Tripoli.
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Podcast: A Plan to Remake the Middle East
If and when Israel and Hamas reach a deal for a cease-fire, the United States will immediately turn to a different set of negotiations over a grand diplomatic bargain that it believes could rebuild Gaza and remake the Middle East. Michael Crowley, who covers the State Department and U.S. foreign policy for The Times, explains why those involved in this plan believe they have so little time left to get it done.
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US believes Hamas, Israel can break Gaza ceasefire impasse; Israeli forces cut Rafah aid route
The U.S. said negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas while Israeli forces seized the main border crossing in Rafah on Tuesday, closing a vital route for aid. Hamas official Osama Hamdan, speaking to reporters in Beirut, warned that if Israel's military aggression continued in Rafah, there would be no truce agreement. The Palestinian militant group accused Israel of undermining ceasefire efforts in the seven-month-long war that has laid waste to Gaza and left hundreds of thousands of its people homeless and hungry.
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Saudi Telecom (STC AB) Posts Best First-Quarter Profit Since 2006
Saudi Arabia’s top telecom company reported its strongest first-quarter profit since 2006 as it made more revenue from business at home. Saudi Telecom Co.’s net income rose almost 6% year on year to 3.29 billion riyals ($877 million) in the first three months of the year, according to a statement on Wednesday. That beat the average analyst estimate for 3.15 billion. Revenue also exceeded expectations on the back of stronger activity in the commercial unit.
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