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Senate Fails to Override Trump Veto on Yemen War
The Senate on Thursday fell short of the votes needed to override President Trump’s veto of legislation demanding an end of U.S. support for the Saudi-led military coalition operating in Yemen. The resolution passed in the House and Senate would have ended all U.S. involvement with the Saudi Arabia-led coalition in the war in Yemen. It marked […]
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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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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.
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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.
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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.
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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.
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The United States Invites the Sudanese Armed Forces and the Rapid Support Forces to Ceasefire Talks Co-hosted by the Kingdom of Saudi Arabia and Switzerland
Over the past 15 months, the horrific conflict in Sudan has pushed millions to the brink of starvation and displaced nearly 10 million people. It continues to cause immeasurable suffering for the Sudanese people. The United States remains committed to working with partners to end this devastating war. Building from the earlier Jeddah processes co-facilitated with the Kingdom of Saudi Arabia, the United States has invited the Sudanese Armed Forces (SAF) and the Rapid Support Forces (RSF) to participate in ceasefire talks mediated by the United States to begin on August 14, 2024, in Switzerland. We thank the government of Switzerland for offering to host the talks and welcome the Kingdom of Saudi Arabia as a co-host. The talks will include the African Union, Egypt, the United Arab Emirates, and the United Nations as observers.
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US approves $2.8 billion in logistics, sustainment for Saudi Arabia
The US State Department today okayed a potential $2.8 billion system logistics and sustainment contract for the Kingdom of Saudi Arabia, including support for Joint Mission Planning Software, cryptographic devices and work on a host of US-made aircraft.
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Russia faces ‘big problems’ as sanctions bite, economy confronts recession risk amid ‘unprecedented’ brain drain, capital flight
Russia’s economy is showing signs of overheating, with high inflation and abnormally low unemployment, while growth projections place it ahead of some advanced economies. However, experts warn that these indicators may be masking an impending recession. Despite being one of the world’s most sanctioned countries, recent projections suggest that Russia’s economy is still growing. According to the International Monetary Fund’s latest World Economic Outlook, Russia is poised to outpace many economies with a projected real GDP growth rate of 3.2 percent this year.
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Protests and politics as Israel’s Netanyahu addresses US Congress
Israeli Prime Minister Benjamin Netanyahu will be greeted by deep divisions among U.S. lawmakers, a distracted U.S. public and large protests on Wednesday as he addresses the U.S. Congress for a record fourth time. The long-time Israeli leader will speak to a joint meeting of the Senate and House of Representatives at 2 p.m. EDT (1900 GMT), passing British wartime leader Winston Churchill, who made such addresses three times.
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Saudi Arabia plants 13 million mangroves to combat desertification
The project distribution includes 5.5 million seedlings in Jazan, 2.4 million in Makkah, Two million in Madinah, 1.5 million in Tabuk, one million in Asir, and 500,000 in the Eastern Region. These efforts are part of a broader goal set by the center to plant 100 million mangrove trees along the Red Sea and the Arabian Gulf coasts in the upcoming years.
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Grid Telecom to build Greece to Saudi cable system
Grid Telecom and Dawiyat Integrated will collaborate to build a new high-capacity system that will connect Greece with the Kingdom of Saudi Arabia. The two companies have signed a Memorandum of Understanding (MoU) to connect Saudi Arabia to the Island of Crete, extending westwards to major destinations in Europe and eastwards to the entire Arabian Peninsula.
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