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All Eyes on Vienna as OPEC’s 168th Meeting Marks One Year of Saudi-led Strategy to Squeeze High Cost Producers
The oil-producing nations of OPEC convene in Vienna on Friday, exactly one year since Saudi Arabia took the lead on its strategy to ramp up output to drive out higher-cost producers and secure market share. The results have been a global oil market in a state of persistent oversupply and unexpected resilience from smaller producers. Saudi […]
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Jeddah Construction Gets Boost with $2.2b Real Estate Fund
A new real $2.2 billion estate fund will drive ongoing construction at the Kingdom Tower Jeddah and the surrounding development, slated to become the world’s tallest building upon its targeted completion in 2018. Jeddah Economic Co., co-founded by Saudi billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Co., is forming the 8.4 billion-riyal ($2.2 billion) real estate […]
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‘The key challenges are our overdependence on oil and the way we prepare and spend our budgets’, Saudi Deputy Crown Prince Mohammed bin Salman Says to NYT Columnist Friedman
In an op-ed published today in the New York Times, columnist Tom Friedman discussed his recent visit to Saudi Arabia and the seismic shift in governance in the Kingdom over the last year. The columnist spent an evening with one of the Middle East’s most powerful leaders, Deputy Crown Prince Mohammed bin Salman, and said the […]
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Report: Saudi Arabia to Work with OPEC to ‘Stabilize Prices’
A Bloomberg report citing the Saudi Press Agency said the Kingdom would work with producers within and outside the Organization of the Petroleum Exporting Countries to stabilize the market. The news sent oil price futures higher on international indices on Monday, but speculation about a global supply glut and signs of rising U.S. stockpiles caused […]
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Land Tax Finalized: 2.5% Annual Fee on Property Approved in Cabinet Session Chaired by King Salman
Saudi Arabia’s cabinet, in a meeting chaired by King Salman, finalized a 2.5% fee on undeveloped land within city limits intended for residential or commercial use, according to the SPA and reports. Property experts told the Saudi Gazette that the fee could raise up to $13 billion (SR50 billion) worth of revenues annually for the government. The […]
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Storms Pound Saudi Arabia as Floods in Jeddah Claim 12 lives
At least 12 people are dead as torrential rains have flooded Jeddah, Saudi Arabia’s second-largest city, as thunderstorms reportedly turned “wadis into rivers and alleyways into raging torrents.” Local meteorologists report the city received 22 millimetres (.86 inches) of rain over a few hours. Two people were electrocuted when they touched a lamp post as they […]
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Consumers in Saudi Arabia Unaffected by Slump in Oil Price, Government Fiscal Policy Shifts
Consumers in Saudi Arabia are thus far reportedly feeling few effects of the fall in oil prices on the broader Saudi economy, Bloomberg reports, though the government is taking measures to curb spending and adjust its fiscal policy to new realities. “It’s Saudi policy in action,” writes Bloomberg. “When the revenue slows down, as it’s doing […]
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This is Damascus Now: Incredible Drone Footage Reveals Extent of Devastation in Damascus from Syria’s Bloody Civil War
Incredible aerial footage of Syria’s capital, Damascus, has emerged showing widespread devastation to a once vibrant city. The Associated Press reports that the original video was shot by RTR war correspondent Yevgeny Poddubny on October 18, noting, “thousands of Syrian army airstrikes and barrel bombs dropped from army helicopters throughout the country’s civil war have reduced […]
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In First Interview as Capital Markets Authority Chairman, Mohammed Al-Jadaan Indicates Willingness to Open Stock Market to Wider Foreign Investment
Saudi Arabia would be open to relaxing its rules on foreigners investing directly in its stock market to help it get included in global indices, the chairman of the Capital Market Authority told Reuters. In his first interview with international media, Al Jadaan told Reuters that “[o]ne of our objectives is to ensure we are […]
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CMA Tightens Curbs on Anonymous Investors in Preventive Measure to Curb Money Laundering and Terrorist Financing
Saudi Arabia’s Capital Market Authority has further tightened its restrictions on anonymous investors trading shares through brokers in a bid to prevent money laundering and financing of militant groups, Reuters reports. The new rules apply to Saudi and Gulf-based brokers and banks “which offer opportunities to invest in the Saudi stock market through funds called ‘nominee accounts’. […]
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MUST-READS
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Biden names new special envoy for Middle East humanitarian issues
U.S. President Joe Biden on Thursday appointed Lise Grande as the new special envoy for Middle East humanitarian issues, the State Department said in a statement.Grande, who replaces David Satterfield, is currently head of the independent U.S. Institute of Peace. She previously worked for the United Nations for more than 25 years, a career that included running aid operations in Yemen, Iraq and South Sudan.
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US State Dept’s Middle East spox resigns over Gaza policy
The U.S. State Department's spokeswoman for Middle East and North Africa announced her resignation on Thursday, in protest of Washington's policies regarding the Gaza Strip, amid Israel's atrocities. "I resigned April 2024 after 18 years of distinguished service in opposition to the United States’ Gaza policy. Diplomacy, not arms. Be a force for peace and unity,” Hala Rharrit wrote in a LinkedIn post, according to Al Arabiya.
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Book Review: The Conflicts Shaping the Middle East
The recently released book “Battleground – 10 Conflicts that Explain the New Middle East” by historian Christopher Phillips provides a useful overview of ten ongoing conflicts in the Middle East. The author takes an ambitious approach to explaining these conflicts, trying to pack in a great deal of information into ten chapters that describe the conflicts and countries involved.
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Opinion: By cracking down on the Gaza protests, US universities are betraying their core mission
Huge coalitions of US students have united against Israel’s rampage that has targeted not just Hamas but Gaza society generally, damaged or destroyed the vast majority of buildings, and killed at least 35,000 Palestinians, mainly civilians. The slaughter has been shocking, even given the vicious savagery of the October 7 attack.
- Greg Norman ‘open-minded’ to altering LIV’s signature 54-hole format
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Israel says it is poised to move on Rafah
Israel's military is poised to evacuate Palestinian civilians from Rafah and assault Hamas hold-outs in the southern Gaza Strip city, a senior Israeli defence official said on Wednesday, despite international warnings of a humanitarian catastrophe.A spokesperson for Prime Minister Benjamin Netanyahu's government said Israel was "moving ahead" with a ground operation, but gave no timeline.The defence official said Israel's Defence Ministry had bought 40,000 tents, each with the capacity for 10 to 12 people, to house Palestinians relocated from Rafah in advance of an assault.
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Saudi giga-project Diriyah Gate targets 2027 completion
Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027. The opening of the project’s first hotel is now rescheduled for later this year. “We’re looking forward to the conclusion of our project, probably toward the end of 2027,” said Andrew Tonnor, Diriyah Gate’s chief delivery officer, in a presentation to potential vendors. “We’re one of the five PIF giga-projects, we’ve been incorporated since 2019 when we were founded as a project and development company.
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‘To the Future’: Saudi Arabia Spends Big to Become an A.I. Superpower
More than 200,000 people converged at the conference, including Adam Selipsky, chief executive of Amazon’s cloud computing division, who announced a $5.3 billion investment in Saudi Arabia for data centers and artificial intelligence technology. Arvind Krishna, the chief executive of IBM, spoke of what a government minister called a “lifetime friendship” with the kingdom. Executives from Huawei and dozens of other firms made speeches. More than $10 billion in deals were done there, according to Saudi Arabia’s state press agency.
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Saudi Arabia welcomes panel’s report on UNRWA’s performance
Saudi Arabia welcomed the results of an independent committee’s report on the performance of the United Nations Relief and Works Agency for Palestine Refugees (UNRWA).
The Ministry of Foreign Affairs said in a statement that the results of the report confirm the agency’s main role in supporting the relief, humanitarian and development efforts of the Palestinian people. -
Trump looms large over Biden’s long-shot talks on Israel-Saudi normalization
Sitting together last month, Graham and MBS spoke with Trump for roughly five minutes, two people familiar with the call told CNN. The conversation was friendly and consisted mostly of exchanging pleasantries and casual chatter about the US presidential election. At one point, Trump touted his poll numbers, one of the people said. Not once did the normalization deal come up, both sources said.
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