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Saudi Arabia’s Fiscal Deficit Narrows Dramatically, Jadwa Investment Report Finds
Saudi Arabia’s total government revenue soared in Q2 2018 compared with the same period last year, according to a recent report by Jadwa Investment. Revenue jumped to SR273 billion ($72.7 billion) in Q2 2018, up by 67 percent, or SR110 billion ($29.3 billion), year-on-year. Non-oil revenue saw a rise of 42 percent year-on-year, and government oil […]
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Saudi Aramco Appoints New Top-Level Positions During Board Meeting
Saudi Aramco has made new appointments during a meeting of its board of directors, naming Khalid al-Dabbagh to become senior vice president for finance. Al-Dabbagh takes over the position from Abdallah al-Saadan, who is now chairman of the Royal Commission for Jubail and Yanbu. The board also appointed Motassim al-Maashouq to the post of president of treasury, […]
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Saudi Arabia’s PIF Ups Stake in Tesla, Musk Considers Taking Company Private
Saudi Arabia’s Public Investment Fund (PIF) has bought a minority stake in Tesla at just below 5 percent, Reuters reports, citing a source familiar with the stake. Yesterday, Elon Musk took to Twitter to declare that he wanted to take Tesla private in a deal that would value the company at $70bn. “Am considering taking Tesla private […]
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Report: Saudi-backed SoftBank Earnings Surge on Vision Fund Valuation
SoftBank has reported a 49.2 percent surge in its latest quarterly earnings due in part to a $2.2 billion gain at its tech-focused Saudi-backed Vision Fund, Zawya reports. According to Zawya, the fund’s investment gain was a result of the sale of the Indian e-commerce company Flipkart to US chain Walmart. An increase in the value of the fund’s […]
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Reports: Saudi Aramco Interested in Buying Controlling Stake in Sabic, Possibly Up to 70%; IPO Timeline in Question
Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly up to 70% of the company that is currently controlled by the Public Investment Fund (PIF), according to reports. Sabic, as the chemical company is known, carries a market value of over $100 billion. Amin Nasser, Aramco’s chief executive officer, said in an […]
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Report Says U.S., Saudi Arabia Officials Working Closely on Ongoing Economic, Security Cooperation
U.S. government teams spent three days in Saudi Arabia discussing ways to cut off money flows to Iran without disrupting energy markets, Bloomberg reports, ahead of U.S. efforts to press nations to stop buying Iranian oil by Nov. 4. The report, which cited a senior State Department official, said that envoys from the State and Treasury departments and […]
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Report: Saudi Modified Mineral Investment System Preparation Done: Al-Falih
The Saudi Ministry of Energy, Industry and Mineral Resources announced Sunday the completion of the modified mineral investment system which will “open the path for investors and the private sector to benefit from promising investment opportunities in this vital sector in the Kingdom of Saudi Arabia,” according to reports. Saudi Arabia’s Minister of Energy, Industry […]
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Saudi Aramco, US Firm NOV Sign Deal for Onshore Oil Rigs, Equipment
Saudi Aramco signed a deal with Houston-based National Oilwell Varco Inc. (NOV) to form a joint venture to make onshore rigs and equipment in Saudi Arabia, according to a press release by Aramco and reported in several news outlets. The Houston Chronicle reports the joint venture with Saudi Aramco is for “the manufacturing of land […]
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Saudi Arabia’s Grain Organization will Privatize Four Mills as Reforms Reach More Sectors
Saudi Arabia’s state grain buyer, the Saudi Arabian Grains Organization (SAGO), said on Thursday it would start accepting applications for qualification of potential investors interested in the sale of its four mills on Aug. 26 as the push toward privatization across several sectors in the Kingdom continues. Reuters reports that the agency “will also make […]
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Potentially Lucrative Decision for Saudi Arabia on MSCI Inclusion Today
Saudi Arabia will hear news regarding its inclusion into MSCI, Inc.’s highly sought-after emerging market index. The announcement is expected at 4:30pm today on the U.S. East coast, or 23:30 tonight in Riyadh. As Bloomberg writes, the Kingdom’s path toward potential inclusion in the index began three years ago with a concerted effort toward more transparent […]
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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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Saudi Arabia celebrates birth of cheetah cubs with new conservation strategy
Saudi Arabia’s National Centre for Wildlife (NCW) has reported a significant development in its Cheetah Conservation Programme with the birth of four cheetah cubs, Saudi Press Agency (SPA) reported. This event coincides with the launch of the National Cheetah Conservation Strategy, a key initiative led by the Minister of Environment, Water and Agriculture, Abdulrahman AlFadley.
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