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Following Huge Dip, Saudi Markets Rebound on Government’s Spending Plan
Saudi Arabia’s markets rebounded on Wednesday in response to the Government’s spending intentions in 2015, several news outlets reported today. Olzhas Auyezov of Reuters reports that markets reacted well to the Government’s plan, rebounding 4.2 percent “in a broad rally which included the petrochemicals sector.” The increase was echoed around the region as markets in […]
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Saudi Arabia’s Sheikh Ahmad al-Ghamdi Brings Unveiled Wife onto TV to Reiterate Women are Not Required to Wear the Niqab, Sparking Debate, Mufti Response
Saudi religious figure Sheikh Ahmad al-Ghamidi has stoked debate in Saudi society and piqued interest in foreign observers of the Kingdom and advocates of women’s rights, by appearing on Saudi television with his wife to reiterate the acceptability of unveiled women in the eyes of Islam, according to media reports. Al-Ghamidi appeared on “Badria,” a talk show […]
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Ashmore Investment: Decline in oil revenues has a ‘clear silver lining’ for Saudi fiscal policy
In Ashmore’s recently released weekly report, the investment firm points to a potential “silver lining” in the drop in oil’s price for Saudi fiscal policy: the drop might at last bring “meaningful fiscal discipline” for the Saudi 2015 budget and beyond. “The first ‘winner’ to emerge from falling oil prices is rationality,” writes John Sfakianakis, Regional Director for the […]
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Prince Muhammad bin Naif Meets with Obama, Biden at White House as Republican U.S. House Majority Leader McCarthy Visits Saudi Arabia
U.S. House of Representatives majority leader Kevin McCarthy met in Riyadh with Crown Prince Salman and Deputy Crown Prince Muqrin, the Saudi Press Agency reported. The visit comes on the heels of Prince Mohammed bin Naif’s meetings in Washington last week. The Minister of Interior of the Kingdom of Saudi Arabia met with several officials in the […]
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Jadwa Chartbook: Saudi Economic Data Show ‘Signs of Cooling’ in Economy
Jadwa Investment’s latest Chartbook monthly economic report said the Saudi economy showed signs of cooling with the non-oil Purchasing Managers Index (PMI) dipping lower following a 39-month peak in the previous month. Data on consumer spending also showed a seasonal decline, according to the Jadwa Investment report. Additionally, “bearish oil markets continued to affect sentiment […]
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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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Two US law firms push into Saudi Arabia under new attorney rules
Two major U.S. law firms are opening offices in Saudi Arabia following a change last year in the country's rules governing foreign lawyers practicing there.Quinn Emanuel Urquhart & Sullivan said on Thursday that it had been granted a license to practice in the country. Also on Thursday, Morgan Lewis said through a spokesperson it was preparing to open an office in Riyadh.Saudi Arabia has been a "key focus" for Quinn Emanuel, which has 1,000 lawyers, as it has "invested billions into diversifying its economy and encouraging international investment," firm founder John Quinn said in a statement.
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India’s oil imports from Russia drops 19% in February, Saudi Arabia 2nd largest supplier
The month-on-month decline in imports from Russia comes amid lower discounts offered by Russia. Russia has been the largest source of crude for India since its invasion of Ukraine in February 2022 sparked western sanctions, prompting it offer deep discounts.
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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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