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IMF’s Regional Economic Outlook Says Saudi Needs $85 Oil for Fiscal Balance
A recently-released IMF report on the oil-producing Middle East and North African economies said that Saudi Arabia’s newest breakeven price for oil – the price of oil at which its government could fund its operations without a deficit – is $85 on the Brent index. The report is a quarterly update on the economies of oil-producing […]
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Saudi Youth Unemployment Numbers Improve Significantly in 2018, Report Reveals
A recently released report by Jadwa Investment, citing latest government data, shows major gains in curbing high youth unemployment in the Kingdom. Overall unemployment declined slightly in Saudi Arabia by the end of 2018, to 12.7 percent by the end of 2018, from 12.8 percent in 2017, according to data from the latest General Authority for […]
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Saudi Arabia to Invest $35 Billion in Movie Theaters by 2020; Seeks 2,500 Screens
Saudi Arabia’s General Commission for Audiovisual Media (GCAM) announced that the Kingdom will spend $35 billion on cinemas by 2020, according to reports. The announcement was made Thursday at CinemaCon, the official convention of the National Association of Theatre Owners at Caesar’s Palace in Las Vegas. The GCAM is the authority in charge of issuing cinema licenses […]
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PIF-backed Uber Technologies Buys Regional Rival Careem for $3.1 Billion
It’s the biggest tech deal the Middle East region has ever seen. Uber Technologies, Inc. is buying regional ride-sharing rival Careem for $3.1 billion, $1.7 billion in convertible notes and $1.4 billion in cash. Dubai-based Careem successfully rivaled Uber in Saudi Arabia and other parts of the Middle East region, amassing 30 million users across 90 […]
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King Salman Announces New Governor of the General Authority for Foreign Trade in Weekend Royal Orders
Custodian of the Two Holy Mosques King Salman issued several royal orders on Saturday appointing a number of officials to positions, including appointing Abdulrahman Al-Harbi to be the first governor of the General Authority for Foreign Trade. Al-Harbi is serving as Deputy Minister for Foreign Trade and Investment in Saudi Arabia’s Ministry of Commerce and Investment. The […]
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Saudi Arabia Enters Global Race for 5G Telecom with New STC Deals
Saudi Arabia is in the global race to launch one of the first 5G telecom networks in the world and the largest 5G in the Middle East and North Africa, according to reports. The stakes are high for all countries in the 5G race; the new cellular system will potentially transform the world as we […]
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VAT Rollout in Saudi Arabia ‘Raised More Revenue than Initially Expected’ – Latest PWC Middle East Economy Watch
The latest Middle East Economy Watch quarterly report by PWC examined the economic impact of the VAT roll out in the UAE and Saudi Arabia, noting that “with some caveats, the early data suggests that the inflationary impact of the tax has been contained, the impact on growth is limited and in Saudi Arabia it has raised more revenue […]
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PIF-backed Saudi mortgage refinancing firm to expand offering in 2019 – Report
The Public Investment Fund-backed Saudi Real Estate Refinance Company (SRC) expects to issue its first public sukuk this year and a second private placement in the next two weeks, while developing further plans to finance an expansion of the kingdom’s home mortgage market, according to reports. Saudi Real Estate Refinance Co., a unit of the kingdom’s […]
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‘MSCI Tadawul 30 Index’ Goes Live with 30 Biggest Saudi Equities
MSCI Inc. and the Saudi Stock Exchange (Tadawul) announced today the launch of the MSCI Tadawul 30 Index, a tradeable index, according to a press release. The Index is based on the MSCI Saudi Arabia IMI Index that represents the performance of large, mid and small-cap stocks of the Saudi Arabia equity market. The Index […]
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Saudi Arabia Sets Up New Company for NEOM Fully Owned by Kingdom’s PIF
Saudi Arabia has established a new company to proceed with the development of NEOM, the planned $500 billion mega-city to be built in the northwest of the Kingdom, according to reports. The company will be owned by the government’s Public Investment Fund, according to a Reuters report, which cited the Saudi Press Agency. The new legal status of […]
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MUST-READS
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Tiger: ‘progress made’ but ‘long way to go’ in PGA-Saudi talks
"We're working on negotiations with PIF. It's ongoing. It's fluid. It changes day-to-day," Woods said. "Has there been progress? Yes. But it's an ongoing negotiation so a lot of work ahead for all of us with this process. "We're making steps. It may not be giant steps, but we're making steps."
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Power Broker Behind Saudi Golf Deal Resigns From PGA Tour Board
When Jimmy Dunne joined the PGA Tour’s board in 2023, at the peak of its battle with LIV Golf, the Tour was adding a heavy hitter in both the golf and financial worlds. Dunne is a member at prestigious institutions such as Augusta National, the president of Seminole Golf Club and the senior managing principal at the investment bank Piper Sandler.
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Saudi Minister of Finance Participates in 2024 Qatar Economic Forum
His Excellency the Saudi Minister of Finance, Mr. Mohammed Aljadaan, will participate in the fourth edition of the Qatar Economic Forum, held in Doha May 14-16, 2024, as participants explore economic challenges and opportunities in the MENA region. During the first day of the Forum, Minister Aljadaan will participate in a panel discussion entitled "Reshaping Middle East Economies," along with His Excellency the Chairman of the Islamic Development Bank Group Dr. Muhammad Al Jasser, and the Qatari Minister of Finance Mr. Ali Al-Kuwari. The Forum will bring together more than 1,000 global policymakers and leaders from government and the private sector to discuss five themes: Geopolitics, Globalization & Trade; Energy Transition; Technology Innovation; Business & Investment Outlook; and Sports and Entertainment.
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Syria holds the key to improved US-Turkey ties
Turkish President Recep Tayyip Erdoğan was set to visit Washington in May after a long period of coldness between him and US President Joe Biden. While the cancellation officially occurred due to scheduling issues, disagreements over the Gaza conflict appear to have played a role in this decision. Despite recent momentum in US-Turkish relations, this situation underscores the fact that improving areas of cooperation is not enough to maintain the bilateral relationship.
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The nuclear fatwa that wasn’t—how Iran sold the world a false narrative
In a 2012 interview with local magazine Mehrnameh, Rouhani recounted the 2004 talks with the foreign ministers of France, Germany, and the United Kingdom, and claimed that he told them that Supreme Leader Ayatollah Ali Khamenei “has issued a fatwa and declared it forbidden to acquire a bomb. This fatwa is more important for us than the NPT [Nuclear Non-Proliferation Treaty] and the additional protocol. It is more important to us than any law.”
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Ras Ghamila: Saudi Arabia offers to buy Egyptian premium Red Sea area using deposits
Saudi Arabia has presented Egypt with an offer to purchase Ras Ghamila, a prime Red Sea tourist destination, including pulling its deposits from the Central Bank of Egypt, and the acquisition of several government companies, according to an Egyptian government source. The source, who works in the Ministry of Public Business Sector, the entity tasked with negotiating the deal, told Middle East Eye that Saudi officials offered to use the kingdom's deposits with the central bank (CBE), which amount to $10.3bn, an option favoured by the Egyptian side which will allow immediate access to foreign currency.
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Jeddah Historic District, Cruise Saudi team on sustainability strategies
Jeddah Historic District Program and Cruise Saudi plan to cooperate on how to handle more international cruise visitors while preserving historic sites and benefiting the community.
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Saudi Arabia executes two Syrian nationals for smuggling narcotics
Saudi Arabia has executed two Syrians over their alleged involvement in drug smuggling within the Kingdom, as the trafficking of narcotics from Syria continues to plague the region. According to the state-run Saudi Press Agency (SPA), the Ministry of Interior released a statement announcing the execution of two criminals of Syrian nationality on Saturday, 11 May, in the Kingdom’s north-western Tabuk region.
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Navigating Marriage Laws in Saudi Arabia for Foreigners: What You Need to Know
Saudi Arabia's marriage laws are steeped in Islamic tradition and reflect the country's unique cultural norms. Understanding these laws is crucial for foreigners considering marriage in Saudi Arabia, as there are specific requirements for both men and women.
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OPEC sticks to oil demand view, shifts key forecast to OPEC+
OPEC stuck to its forecast for strong growth in global oil demand in 2024 on Tuesday and said it would switch to focus on projected demand for OPEC+ crude, reflecting that the wider group is now the main forum for cooperation in the market.The Organization of the Petroleum Exporting Countries, in a monthly report, said it expected world oil demand to rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025. Both forecasts were unchanged from last month.
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