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Oil sector pushes up overall growth for Saudi Arabia in 1Q 2015 – Jadwa Investment
According to a recently released report by Jadwa Investment, the Saudi economy saw 2.4% year-on-year growth in real terms in the first quarter of 2015. “The acceleration was mainly attributed to the oil sector, which grew following two consecutive quarterly declines,” Jadwa writes. “We assume that year-on-year economic growth will reach similar levels in the […]
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Opening of New Terminal at Prince Mohammed Bin Abdulaziz International Airport (PMIA) in Medina Shows Possibility of Public-Private Partnerships in Saudi Arabia
The General Authority of Civil Aviation (GACA) and Tibah Airports Development Company today announced the opening of the new terminal at Prince Mohammed Bin Abdul Aziz International Airport (PMIA) in Madinah Al-Munawarah, Kingdom of Saudi Arabia, according to a press release. The opening of the new terminal at Prince Mohammed Bin Abdulaziz International Airport (PMIA) […]
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Saudi Arabia Tops List of Military Spending as Percentage of Overall GDP
Saudi Arabia’s military budget grew by 17 percent last year, and the military now amounts to at least 10.4 percent of the kingdom’s GDP, according to an estimate from SIPRI. That is by far the largest military spending by GDP in the world. According to an infographic of the SIPRI data done by Forbes and […]
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Oil Prices and the Saudi Stock Exchange (Tadawul)
A recently released report by Jadwa Investment, entitled, “Oil Prices and the Saudi Stock Exchange (Tadawul),” examines both the real and sentimental changes in the Saudi stock market as a result of lower oil prices. “With Saudi Arabia being a predominantly oil-based economy, major changes in the price of oil are likely to be followed by […]
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Saudi Oil Export Revenues Down 46% in 2015 as Drawdown on Net Foreign Assets Continues
Saudi Arabia exported 1.4 billion barrels of oil in the first half of the current year for a total revenue value of SAR305 billion ($81.33 billion), according to latest figures. These revenue figures are down about 46% from the same period last year. The Kingdom also consumed about 23% of all the oil it produced for […]
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Laughing Off Daesh Threats: Saudi Comedian Uses Satire Against Self-Described Islamic State
A Saudi comedian threatened with beheading by Islamic State supporters on social media, and accused of apostasy by a Saudi Imam, says he will continue to use humor as a tool against the extremist group. Nasser al-Qasabi is a 53 year-old Saudi comedian. A recent sketch, entitled ‘Selfie’, which aired on the Saudi television channel MBC, […]
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Saudi Arabia’s Shura Council Votes ‘No’ On Proposed Unity Law
A new proposal to implement a new legal system to “protect national unity” was voted down by Saudi Arabia’s 150-member Shura Council as “unnecessary,” according to reports in the Saudi Gazette. Put forth by the Islamic and judicial committee, the proposal “implies the necessity of establishing an entire legal body to deal with one issue, which is […]
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Saudi Arabia Reduces Crude Exports, Refining More at Home
Saudi Arabia reduced crude oil exports in April but used record supplies domestically for a burgeoning refining industry, Bloomberg’s Wael Mahdi reports. Shipments in April fell by an average of 160,000 barrels a day, down to 7.6m BPD from 9m BPD in March. The March shipments were the highest in almost a decade, according to […]
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Fahad Nazer: ‘ISIS Will Fail in Saudi Arabia’
After two bombings hit two soft targets in Saudi Arabia, the self-described Islamic State, or Daesh, has its sights set on Saudi Arabia, but the extremist group is unlikely to succeed in the Kingdom, writes Gulf expert Fahad Nazer. Nazer, a Saudi writer based in the United States whose contributions are featured on CNN, Washington […]
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Video Released by King Abdulaziz Center for National Dialogue Asks Youth to Rethink Biases
A powerful video campaign released by the King Abdulaziz Center for National Dialogue asks Saudi youth to rethink their biases. Joseph Braude at the Foreign Policy Research Institute shares the video with English subtitles, which has garnered 150,000 views in 48 hours and sparked a discussion in the kingdom about how to stem sectarian conflict. As Braude […]
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Israel orders more Gaza evacuations after school shelter attack kills scores
Israel expanded evacuation orders in Khan Younis in the southern Gaza Strip overnight, forcing tens of thousands of Palestinian residents and displaced families to leave in the dark as explosions from tank shelling reverberated around them. The Israeli military said it was attacking militants from the Hamas group - which administered Gaza before the war - who were using those areas to stage attacks and fire rockets.
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China has spent at least $230 billion to develop its EV industry and ‘flood’ the market
At least $230.8 billion between 2009 and 2023, according to new research from the Center for Strategic and International Studies (CSIS). Funding over the first nine years the Washington-based think tank examined came out to about $6.74 billion per year, before tripling for the following three years, and then spiking again from 2021 onwards.
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Riyadh Air unveils Saudi Arabia’s first 47-seat electric coach
In an effort to support the United Nations’ 17 Sustainable Development Goals (SDGs) after signing onto the UN Global Compact earlier in 2024, Riyadh Air, in collaboration with the National Transportation Solutions Company (NTSC), has launched the first in a fleet of electric coaches for employee transport.
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Saudi Arabia’s $1T Bet on Tourism: Video
Saudi Arabia is investing hundreds of billions of dollars in an effort to bolster the nation’s tourism industry. Anita Mendiratta, UN Tourism Special Advisor to the Secretary General, joins Bloomberg's Lizzy Burden on "Bloomberg: Horizons Middle East and Africa" to discuss the challenges facing the Saudi government, as well as tourism's impact on the local economy.
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Sipchem to build new $189m Saudi petchem facility
Saudi International Petrochemical Company (Sipchem) has awarded a $189 million contract to a South Korean contractor to build a new petrochemicals facility in Saudi Arabia. The project was won by SGC Engineering & Construction, an engineering, procurement and construction contractor, The Korean Economic Daily, a financial news outlet, reported. The deal involves the construction of an ethylene-vinyl acetate plant in Jubail Industrial City.
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Saudi Arabia seeks to silence Neom project doubters with images and video
The intention is that Neom will be completed by 2039. Many experts are skeptical of the plan, and more recently, there have been many media outlets reporting that the project has been scaled back considerably. There's so much conflicting information going around on the internet that there's no agreed-upon amount of scaling back that we could find.
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Saudi Arabia makes significant moves in semiconductor sector with strategic investments
To this end, the Kingdom has launched a billion-riyal investment fund dedicated to semiconductor companies and established the National Semiconductor Hub. At least 50 semiconductor design companies will be established in Saudi Arabia by 2030, supported by a deep tech venture capital fund exceeding SR1 billion ($266 million) as part of a new tech hub.
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Saudi ports report 15.72% growth in container handling for July
According to Arab News, the latest statistics from the Saudi Ports Authority, known as Mawani, revealed that the Kingdom’s terminals received 271,465 standard containers in July, up from 234,592 in July 2023. The volume of handled tonnage also increased by 9.11 percent year on year, reaching 27.38 million tonnes.
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Driving Reductions in Emissions: Unlocking the Potential of Fuel Economy Targets in Saudi Arabia
The adoption of more stringent fuel economy standards represents a pivotal pathway toward achieving net zero emissions in the transportation sector. By steadily increasing the fuel efficiency of vehicles, this approach drives a gradual but consistent decline in emissions. When coupled with the simultaneous integration of electric and alternative fuel vehicles into the market, the goal of net zero emissions becomes increasingly feasible.
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Impacts of Ride-Hailing on Energy and the Environment: A Systematic Review
Ride-hailing has expanded substantially around the globe over the last decade and is likely to be an integral part of future transportation systems. Through a systematic review of the literature concerning the energy and environmental impacts of ride-hailing, we have identified a dichotomy between empirical findings and theoretical projections.
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