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With Hagel Out, Obama’s Next Appointment for Defense Secretary Will Have an Impact on U.S.-Saudi Relations
Just days before President Obama announced in the White House Rose Garden that his Secretary of Defense Chuck Hagel would resign, Hagel met with Saudi Arabia’s Prince Miteb bin Abdullah – a rising star in Saudi Arabia at the Pentagon. With Secretary of Defense Chuck Hagel set to resign, all eyes in the Middle East and […]
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Al-Ahsa Attack Linked to Islamic State, Up to 77 Now Held
Saudi authorities said on Monday the gunmen who attacked Shi’a citizens in the Dalwah village of the Al-Ahsa region in the Eastern Province are linked to the Islamic State group, including several jailed previously over suspected extremist ties. According to comments made by Saudi Arabia’s Gen. Mansour al-Turki, the head of the network operating in […]
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After Meetings with Obama and the Pentagon, Saudi Prince Miteb Bin Abdullah Touts US-Saudi Military Cooperation
Saudi Arabia’s visiting National Guard Minister, Prince Miteb bin Abdullah, visited Washington, D.C. last week in a push to “strengthen bilateral cooperation in various sectors, especially between the Defense Department and the Saudi National Guard,” according to reports in the Arab News and the Eurasia Review. Additionally, Miteb said that Saudi Arabia will receive Black Hawk […]
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Could a Trans-Asian Railway Further Boost Growing Saudi-China Trade?
China has reportedly “set a comprehensive economic strategy for linking the country to major economic countries in Asia, including Saudi Arabia, through a railway,” a report in Zawya finds, citing a local paper. With Saudi-Chinese trade exchanges reaching $74 billion last year and estimated to soar up to $100 billion in the next five years, the […]
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Saudi Arabia will see 1.2 million barrels per day of new refining capacity by 2020
According to a recently released research note by Jadwa Investment, Saudi Arabia will see an increase of 1.2 MBPD of new refining capacity by 2020 representing a “major investment in downstream sector.” Jadwa’s Head of Research, Dr. Fahad Alturki notes: “Saudi Arabia will see 1.2 million barrels per day (mbpd) of new refining capacity come […]
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PHOTOS: Wild Weather Strikes Across Saudi Arabia as Rain, Floods Cause Damage and School Closings
The rain season began in several provinces of Saudi Arabia this past weekend with rain and floods reported in Mecca, Jeddah, and Hail provinces. Photos provided by the SPA show hail and rain storms caused flooding and damage in Taif and Mecca while Jeddah experienced thunderstorms. Director of Civil Defense in Taif Saleh Mansi Al-Harthi has […]
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Iraq’s President in Saudi Arabia Latest Evidence of Improved Relations
Iraq’s President Fuad Masum visited Saudi Arabia’s King Abdullah in Riyadh last night, the latest evidence of a thaw in diplomatic relations between the two countries. “The Iraqi president expressed his happiness to visit the kingdom and meet with his brother the king,” according to the SPA. The meeting was the highest level meeting of officials between […]
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Trading Begins Tomorrow on NCB’s ‘Steeply’ Discounted IPO as the Government Eyes Financial Sector Reforms
Trading is set to begin tomorrow on steeply discounted shares of Saudi Arabia’s National Commercial Bank as Saudi Arabia’s capital market regulator will introduce rules for credit rating agencies next September, according to reports. Matthew Martin and Sarmad Khan of Bloomberg quote Asim Bukhtiar, a vice president and head of research at Riyad Capital, as saying […]
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AP Reports Women May Be Moving Closer to Driving Rights, But Report Immediately Denied
The Associated Press reported this weekend that an unnamed Saudi Shoura member confirmed its body had “recommended that the government lift its ban on female drivers,” a report that a government official quickly denied after it surfaced. As the AP reports, “The council member said the Shura Council made the recommendations in a secret, closed session […]
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Saudi Officials Visit Wounded from Al-Ahsa Terror Strike as Security Agencies Expand Activities
The clampdown on extremism broadened on Friday as Saudi Arabia’s security forces have arrested another 8 people in Monday’s terrorist attack in a Shiite village in Saudi Arabia’s Eastern Province, according to media reports, including two police officers. The raids were conducted simultaneously across the country, including in Riyadh, Qassim and the Eastern Province, Arab News reported […]
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IMF Boosts Saudi Arabia’s 2025 Growth Forecast Again, Making it Second-Fastest Growing Economy
The International Monetary Fund (IMF) has further strengthened its positive outlook for the Saudi Arabian economy by revising its 2025 growth forecast upwards for the second time this year. In its April "World Economic Outlook" report, the IMF raised the expected growth rate for the Kingdom to 6%, up from the 5.5% projection issued in January 2024. This upward revision comes despite the IMF maintaining a stable global growth forecast of 3.2%. Consequently, Saudi Arabia is now projected to be the second-fastest growing economy in 2025, trailing only India's anticipated growth rate of 6.5%.
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Manal AlDowayan on her work for the Venice Biennale
“I’ve been going to Venice for about 12 years,” AlDowayan tells Arab News. “The first time I showed there, I knew in my heart that I would be coming back to represent Saudi Arabia; I would do everything in my power to come to this moment and prepare myself. It’s something very important for an artist: to participate in the Venice Biennale.” It was only last August that she was visited in her UK studio by Dina Amin, the CEO of the Visual Arts Commission, and cultural advisor Abdullah Al-Turki, and told she had been selected to represent the Kingdom in 2024.
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US confirms $240m in military sales to Iraq, Saudi Arabia
The Defense Security Cooperation Agency has approved the sale of C-172 and AC/RC-208 aircraft contractor logistics support and training to Iraq, and multifunctional information distribution systems to the Kingdom of Saudi Arabia.
The United States Defense Security Cooperation Agency (DSCA) notified Congress of their approval of the possible foreign military sale of aircraft contractor logistics to the government of Iraq and multifunctional information distribution systems to the Kingdom of Saudi Arabia. Valued at US$140 million, the DSCA gave the greenlight for the provision of contractor logistics support of its C-172 and AC/RC-208 aircraft fleet, which is expected to help the country overcome its current and future threats by sustaining the aircraft. The principal contractor will be Northrop Grumman, with the DSCA identifying that the sale will support the foreign policy and national security interests of its strategic partner. -
‘Saudi hospitality sector to generate SR42 billion investments and 120,000 jobs by 2030’
Eng. Mahmoud Abdulhadi, deputy minister of tourism for destination enablement, emphasized that Saudi Arabia is providing promising opportunities for both Saudi and international investors to draw investments into the Kingdom’s vital tourism sector. “The recently launched Hospitality Investment Enablers (HIE) initiative seeks to attract private investments in the hospitality sector, amounting to about SR42 billion ($11 billion) with creation of 120,000 new jobs by 2030,” he said while attending a dialogue session within the Saudi Ministry of Tourism’s participation at the International Hospitality Investment Forum (IHIF) in Berlin.
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Pakistan says will continue ‘constructive engagement’ with Riyadh to enhance economic, strategic partnership
Pakistan’s foreign office said on Friday the South Asian country would continue its “constructive engagement” with the Kingdom of Saudi Arabia to enhance economic and strategic partnerships between the longtime allies. Saudi Foreign Minister Faisal bin Farhan Al Saud came to Islamabad on a two-day visit this week aimed at strengthening bilateral economic cooperation and pushing forward previously agreed investment deals. Pakistan has said it pitched investment projects worth$30 billion to Riyadh during Prince Faisal’s visit.
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Saudi Venture Capital invests in 40 funds
Saudi Venture Capital Company (SVC) released today its recent “Impact Report”, which revealed SVC’s contribution to achieving record growth rates. The report highlighted the impact of SVC on the private capital ecosystem (Venture Capital, Private Equity, Venture Debt and Private Debt) in the Kingdom since the company’s establishment in 2018. The SVC Impact Report revealed that the total committed investments of SVC amounted to $0.7 billion since its inception, while the total investments including partners is estimated at $3.6 billion. SVC invested in 40 funds that have invested in 700+ startups and SMEs so far, including several vital sectors such as e-commerce, fintech, healthcare, education technologies, transport and logistics.
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Saudi Film Fest Sets Star Of Ramadan Hit ‘Sekket Safar’ Mohammed Elshehri As Master Of Ceremonies
Rising Saudi Star Mohammed Elshehri has been announced as master of ceremonies at the 10th edition Saudi Film Festival, running from May 2 to 9 in the Eastern Province city of Dhahran.
Elshehri is the star of hit MBC Ramadan comedy TV series Road Trip (Sekket Safar), which has just completed its third season run.
He also hosted the first season of MBC reality game show One Million Dollar Land and also starred in Saudi musical movie Valley Road after getting his acting breakthrough in MBC platform Shahid’s hit crime and drama The Fates Hotel.
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Saudi Arabia starts reducing payment of accumulated traffic fines by 50% today
The General Department of Traffic (GDT) started today, April 18, reducing the payment of accumulated traffic fines by 50%. The decision applies traffic violations committed by Saudi nationals, residents, visitors, and GCC nationals before today, GDT said in a statement. To benefit from the decision, the violator should pay all accumulated fines within six months, starting from April 18 until October 18, 2024.
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Saudi holdings of US Treasuries fall to $130.5B in February
Saudi Arabia’s holdings of US Treasuries reached $130.5 billion in February 2024, down $3.2 million month-on-month, new data released by the US Treasury showed. Accordingly, the Kingdom maintained its 17th place among the largest holders of US treasury securities for the month. Saudi Arabia’s holdings of US Treasuries were distributed among long-term bonds worth $105.7 billion, representing 81% of the total, and short-term bonds worth $24.8 billion, accounting for 19%.
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Saudi Arabia could hit 130 GW of renewables by 2030, says GlobalData
GlobalData predicts that, at its current pace, Saudi Arabia’s renewable power capacity could increase at a compound annual growth rate (CAGR) of 40.1% between 2023 and 2030, to reach 31.5 GW by 2030 and 63.1 GW by 2035. It adds that Saudi Arabia’s renewable power projects under construction exceeded 8 GW at the end of last year, primarily due to several projects being awarded through auctions in the past eighteen months.
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