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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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My Unbelievable Cycling Journey Across Saudi Arabia (Nothing Like I Expected)
My female partner and I travelled over 4,000km (2,485mi) in 90 days throughout Saudi Arabia. This took us from the Star Wars landscapes in the north to Al Naslaa rock (which looks like it was cut with a laser), to Maraya (the largest mirrored building in the world), to Medina (which is the burial site of the prophet Mohammad), to Abha (a city that’s situated at 2300m in the misty mountains), to Thee Ain (a spectacular fortress town), and to Riyadh (a truly sprawling city with some nice historic buildings).
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Hajj pilgrims innovate for comfort amid Saudi Arabia’s efforts to beat the heat
Alongside the Kingdom’s measures — which include extensive cooling systems — pilgrims are using rechargeable and battery-powered neck and handheld fans in their determination to offset the challenging conditions brought by the summer.
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Hajj 2024 in numbers: Annual pilgrimage draws over 1.83 million worshipers
A total of 1,833,164 pilgrims performed the annual pilgrimage, 1,611,310 of whom were from outside the Kingdom with domestic pilgrims-both citizens and residents-numbered at 221,854. The number of male pilgrims this year reached 958,137, while female pilgrims totaled 875,027, GASTAT said.
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Analysis: The strategic shift in Iranian public opinion on nuclear weapons
The recent surge in Iranian public support for nuclear weapons, as revealed by the IranPoll survey, can be significantly attributed to the ongoing conflict in Gaza and the perceived actions of Israel. Many Iranians believe that, in a hypothetical war scenario between Iran and Israel, Israel would retaliate for battlefield losses by targeting Iranian civilians, much like the alleged genocide in Gaza. This fear drives a heightened desire for a formidable deterrence capability to protect Iran from potential mass casualties inflicted by Israel.
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The scientist who saved the Middle East’s priceless crops
When civil war broke out in Lebanon in 1975, agricultural scientist Dr Geoff Hawtin was left with little time to try to save the thousands of priceless seeds he had collected from across the Middle East.
Under gunfire, he and his team knew they needed to protect the 17,000 precious seed packets knowing they would be vital for the food security of future generations.
Driving 50km to the Syrian border over roads covered with landmines, he made five trips to take the collection to Damascus to safety.
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Specter of Hezbollah-Israel war raises pressure on GCC leaders
“A potential Hezbollah-Israel war could plausibly get Iran and its regional allies to intervene militarily in support of [Hezbollah], which could lead to a serious escalation with implications beyond the region causing widespread instability across the globe,” said Dr. Abdullah Baabood, an Omani scholar and Visiting Professor at Waseda University in Tokyo, in an interview with Amwaj.media.
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US weighs plan for Centcom to coordinate directly with Palestinian Authority’s security forces
US President Joe Biden's administration is weighing a plan to bring cooperation with the Palestinian Authority's security forces under the purview of Centcom, a potential reshuffle that some US officials say could advance plans for post-war Gaza governance. US officials advocating for the move argue it would bolster cooperation between the Palestinian Authority's (PA) security forces and Arab states, one current US official, one former US official and one Western official familiar with the plan told Middle East Eye.
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NextDecade, Saudi Aramco sign 20-year LNG supply deal
U.S. liquefied natural gas (LNG) provider NextDecade (NEXT.O), opens new tab has signed a non-binding agreement with Saudi Aramco (2222.SE), opens new tab to supply 1.2 million tonnes per annum (MTPA) of LNG for 20 years, the companies said on Thursday.The deal comes at a time when Aramco is seeking to strengthen its position in the LNG market, which is set to grow globally by 50% by 2030, especially in the United States, where LNG capacity is set to almost double over the next four years.
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Saudi Fintech Rasan Jumps by 30% in Riyadh Trading Debut
The shares rose to as high as 48.1 riyals, up 30% — the maximum allowed — from the offer price of 37 riyals apiece. That aligns with the strong demand for the stock when the offer was unveiled, with investors putting in orders worth $29 billion and the deal 129 times oversubscribed.
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Formula E returns to Saudi Arabia with new circuit
Formula E has announced the calendar for Season 11 of the ABB FIA Formula E World Championship, and Diriyah on the outskirts of Riyadh is on the list. Taking place on 14 and 15 February 2025, this marks the race’s seventh instalment of the Diriyah E-Prix in the Kingdom, promising two days packed with high-octane action.
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