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Will Saudi Arabia Remove the Requirement for a Local Partner in a Bid to Boost Foreign Investment?
Saudi Arabia, with low oil prices putting the pinch on virtually every corner of the Saudi economy, is pushing hard for foreign entities to invest in Saudi Arabia. This was a theme at the recently-held U.S.-Saudi CEO Summit in Riyadh, Saudi Arabia in January, as well as the Global Competitiveness Forum held in the Saudi […]
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FM Al-Jubeir Blasts Critics of Saudi Arabia’s Counter-Terrorism Efforts: ‘It is in our National Interest to Defeat Terrorism’
Saudi Arabia’s Foreign Minister Adel Al-Jubeir wrote his second op-ed in three weeks in a U.S. publication, this time blasting critics of Saudi Arabia’s counter-terrorism efforts. “Those who accuse Saudi Arabia of supporting violent extremism not only fail to acknowledge the kingdom’s leadership in combating terrorism around the world but also do not see that it is […]
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Saudi Competitiveness, Energy, Women in Focus at 9th Global Competitiveness Forum in Riyadh
The 9th Global Competitiveness Forum (GCF) in Riyadh entered its third and final day with a focus on energy, women in the workforce, and increasing Saudi Arabia’s competitiveness in the global economy. Annually, it is one of the largest business forums in the Kingdom and is well-attended by government, business, and academic leaders from Saudi […]
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Delivery Schedule, Costs Become Sticking Points in U.S.-Saudi Littoral Combat Ship Deal
Saudi Arabia is balking at the potential sale from the U.S. Navy of 4 Lockheed Martin Littoral Combat Ships (LCS) because of concerns about delivery schedules and costs, according to a report in Defense News. One source thought the time to deliver the first ship would be around seven years, which the Saudis reportedly think […]
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Fitch: 2016 Saudi Budget ‘Contains Significant Reforms and Follows Notable Expenditure Restraint’
In a recently released statement by Fitch Ratings, the agency said Saudi Arabia’s 2016 budget “contains significant reforms and follows notable expenditure restraint during the second half of 2015, but the fall in oil prices means that the deficit/GDP ratio will again be in double-digits.” The 2016 budget outlines measures to “rationalize expenditure, increase non-oil […]
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Saudi-Turkey Ties Grow with Erdogan Visit, Agree to Form ‘Strategic Cooperation Council’
Turkish President Recep Tayyip Erdogan visited Saudi Arabia this week to meet with top Saudi officials to discuss security and energy cooperation. Erdogan said his government and Saudi Arabia are working “in solidarity and consultation” to find a political solution for Syria, as both countries push for an agreement that would remove Assad from power, […]
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Early Look at Saudi Arabia’s 2016 Budget Reveals Spending at $226b
Saudi officials revealed the Kingdom’s 2016 budget at a press conference today in Riyadh, a budgeted spend of 840 billion riyals ($224 billion) and forecasted revenue at 513 billion ($137 billion). The budget plan aims to reduce the fiscal deficit while raising revenues from sources other than oil. King Salman said that Saudi Arabia’s economy […]
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‘Major Economic Shake-Up’ In the Works for Saudi Arabia
Saudi Arabia’s deputy crown prince Mohammed bin Salman, Minister of Defense and chair of the powerful Council of Economic and Development Affairs, is planning a major economic shake-up that involves “plans to reshape the economy to withstand low oil prices,” sources told Reuters privately. The strategy includes state spending reforms and privatizations. Bloomberg reports that Saudi officials […]
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Foreign Minister Al-Jubeir Discusses Yemen, Islamic Military Alliance in France 24 Interview
In an interview with France24 on YouTube, Saudi Arabia’s foreign minister Adel Al-Jubeir discussed the ongoing Yemen peace talks in Geneva, the situation in Yemen, the newly created Islamic Military Alliance and also responded to a question about Donald Trump’s recent remarks regarding Muslims in America. On the conflict in Yemen, Al-Jubeir said that he hoped […]
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No Change in Oil Strategy As Producers Continue With Pursuit of Market Share
OPEC appeared likely to maintain its policy of high production levels at its annual meeting in Vienna, according to reports, a decision that will continue downward pressure on crude prices in favor of greater market share. The decision to stick to the strategy was expected, but it is risky for countries that need the revenue, […]
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NDMC closes the April 2024 Issuance under the Saudi Arabian Government SAR-denominated Sukuk Program
The National Debt Management Center announces the closure of April 2024 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount allocated was set at SAR 7.396Bn (seven billion and three hundred and ninety-six million Saudi Riyals).
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‘World’s largest’ coral-restoration project unveiled in Saudi Arabia
One of Saudi Arabia's top universities has announced a Red Sea project described as the world’s largest coral reef restoration.
The King Abdullah University of Science and Technology initiative aims to produce hundreds of thousands of corals each year.
The scheme “represents a significant step towards restoring reefs globally”, according to the university, and is seen as important because many reefs have suffered from bleaching events due to rising temperatures.
Called the Kaust Coral Restoration Initiative, the project already has a functioning nursery on Saudi Arabia’s north-west Red Sea coast capable of generating 40,000 corals per year.
It is a pilot project for a larger scheme set to be completed by the end of next year, with an annual capacity of 400,000 corals.
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Henning Larsen Architects Reveals Jeddah Opera House in Saudi Arabia
Henning Larsen Architect has just revealed the designs for The Jeddah Opera House, a new local landmark in Saudi Arabia. Drawing inspiration from the historical Al-Balad neighborhood, the Opera House celebrates culture and regional geography. Situated along the Red Sea waterfront, the opera house aims to connect residents and visitors to the sea through a culture spine under a natural canopy. Extending from the city, through the opera house, to the water, this “spine” forms an integral part of the Jeddah Central masterplan for the new Opera Quarter.
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Saudi Arabia Makes Strides In Global Energy Discourse At 26th World Energy Congress
From April 22 to 25, 2024, the 26th World Energy Congress convened in the Netherlands, drawing participation from the Kingdom of Saudi Arabia’s energy industry. This pivotal event delved into various energy-related themes, including transitions within the vital energy sector, with a focus on fostering just, equitable, and eco-friendly management of these transitions.
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Saudi economy witnessing a fundamental shift, says minister
Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to promote sustainable development since the launching of the Vision 2030 plan. He said the Kingdom’s efforts to diversify its economy have led to the creation of new sectors due to the initiation of several megaprojects such as NEOM, the Red Sea, and others
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GCC’s project awards jump 20% to $45b despite geopolitical headwinds
The regional upswing also defies oil production cutbacks which have all weighed on economic growth in the region as seen from International Monetary Fund’s latest forecast that slashed GCC economic growth forecast for 2024 to 2.4 per cent from its previous forecast of 3.7 per cent, Kamco said in its study titled ”GCC Projects Market Update: Q1-2024. Saudi Arabia accounted for more than half of the contracts awarded in the region during the quarter with aggregate awards of $23.5 billion against $19.1 billion in Q1-2023, shrugging off underwhelming GDP growth projections by the IMF and continuing its strong non-oil growth rate run.
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UAE economy set to expand at ‘fastest clip’ in GCC
Buoyed by strong performance in non-oil sectors, the UAE economy is on track to expand at the fastest clip in the region while Saudi Arabia will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks. The UAE's economy, expected to show strong performance in non-oil sectors, was forecast to expand 4.0 per cent in 2024, an upgrade from 3.8 per cent in January's poll, according to a Reuter’s poll. With oil prices not expected to rise significantly this year, economists now predict weaker growth for Saudi Arabia's oil-dependent economy. The latest Reuters poll forecast that the Saudi economy would expand 1.9 per cent in 2024, down from 3.0 per cent in a January poll.
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Oil price could exceed $100 a barrel if Middle East conflict worsens, World Bank warns
A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse the recent downward trend in global inflation, the World Bank has said.
The Washington-based institution said the recent fall in commodity prices had been levelling off even before the recent missile strikes by Iran and Israel – making interest rate decisions for central banks tougher.
But it added that its forecast that crude prices would average $84 a barrel this year would prove too optimistic in the event of the crisis worsening.
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U.S. and 17 Other Nations Call on Hamas to Release Hostages
President Biden and the leaders of 17 other nations called on Hamas on Thursday to release all of the hostages seized during its Oct. 7 terrorist attack on Israel, an effort to raise international pressure on the group’s leader in Gaza to agree to a U.S.-brokered deal.
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Perspective: U.S. Fixation on Nuclear Deal Let Iran Loose on the Middle East
Early in the process, there was a clear imbalance between Washington’s perception and Tehran’s. Washington thought that engaging Iran on the nuclear file would curb the latter’s destabilizing potential in the region, and this assumption motivated the signing of an initial nuclear agreement with Iran in 2013. But Iran celebrated the agreement as a political victory and otherwise carried on. Despite this, the Obama administration pressed on in pursuit of a wider nuclear deal, and in 2015 managed to secure the signing of the Joint Comprehensive Plan of Action (JCPOA).
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