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ACWA Sets IPO Price at Top End of Range; Mulls Green Bond Options in 2022
Saudi Arabia’s ACWA Power International, one of the Kingdom’s main vehicles for building renewable energy projects, has set the offer price for its IPO at the top of a range, Bloomberg reports. According to that report, ACWA Power International will sell shares at 56 riyals ($14.93) apiece after the institutional part of the offering ended, and will raise $1.2 billion for […]
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After U.S. Withdrawal of Patriot Missiles, Greece Delivers System to Saudi
After the U.S. withdrawal of most of its advanced missile defense systems and Patriot batteries from Saudi Arabia in recent weeks, the Kingdom has turned to Greece to supply a Patriot battery and manpower to operate it, according to reports.
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Saudi Arabia Ranks 2nd in G20 in Digital Competitiveness — Report
Saudi Arabia has been ranked second among the G20 countries in the Digital Competitiveness Report for the year 2021, a publication issued by the European Center for Digital Competitiveness, according to a report. The reports findings are based on data provided by the Global Competitiveness Index issued by the World Economic Forum, and supporting data […]
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Saudi Arabia’s Non-Oil Exports Rise 52 Percent in Q2 2021, Data Show
Saudi Arabia’s non-oil exports rose a whopping 52 percent during the second quarter of this year as evidence the kingdom’s economy continues to recover from the pandemic continues to mount. The total value of exports for the three-month period to the end of June increased to 238.6 billion Saudi riyals ($63.62bn), the Saudi Press Agency […]
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Saudi Arabia Expands Available Covid Vaccines as Kingdom Sees Steady Decline in New Cases
Saudi Arabia on Tuesday approved two more COVID-19 vaccines for use by its citizens and residents as the Kingdom continues to see progress in battling the spread of the virus within its borders.
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Saudi Arabia Sees a Boom in the Kingdom’s Freelancer Workforce
The number of freelance workers in Saudi Arabia is growing quickly as the Kingdom’s economy continues to recover from the pandemic, according to fresh data from the Ministry of Human Resources and Social Development.
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Kingdom’s Sights Remain on Renewables as Energy Ministry Allocates Land Plots for Solar
Saudi Arabia’s Ministry of Energy is building two renewable energy plants on land plots with a total area of 12 million square meters (4.6 square miles) to generate 600mw of energy, according to Zawya via the Saudi Press Agency. The two announced plans fit into the Kingdom’s ongoing solar and renewable power ambitions. Saudi Arabia […]
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Cementing End of Rift, Qatar Appoints Ambassador to Saudi Arabia
Qatar’s Emir Sheikh Tamim bin Hamad al-Thani on Wednesday named an ambassador to Saudi Arabia, just weeks after the Kingdom named Prince Mansour bin Khalid bin Farhan to serve as the Saudi ambassador to Qatar.
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Fintech Saudi Releases National Fintech Adoption Survey Results in 5 Areas
Fintech Saudi, an initiative launched by the Saudi Central Bank (SAMA) in partnership with the Capital Market Authority (CMA), has announced the results of the National Fintech Adoption Survey, a first of its kind measurement in Saudi Arabia of the people’s interest in adopting fintech solutions.
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Saudi Aramco Posts Nearly 300% Jump in 2Q Profit on Soaring Energy Demand Recovery
Saudi Aramco generated a net income of $25.5 billion in the second quarter of 2021, beating expectations and boosting the company’s earnings to nearly quadruple its earnings from the same quarter last year. The income was a 288% increase in net income for the second quarter, and the company maintained its dividend of $18.8 billion.
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Saudi Arabia condemns military targeting of Iran, urges restraint amid regional tensions
In a statement, Saudi Arabia urged all involved parties to exercise maximum restraint and to de-escalate tensions, warning of the potential consequences of continued military conflicts. The Kingdom called upon the international community, as well as influential and active stakeholders, to fulfill their roles and responsibilities in mitigating escalation and working towards the cessation of conflicts within the region. Early Saturday, Israel announced that its military has executed "precise strikes" against military targets in Iran, with explosions reportedly heard in Tehran.
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Saudi deputy foreign minister engages in key diplomatic meetings at donors’ conference in Jeddah
Saudi Arabia’s deputy minister of foreign affairs Waleed Elkhereiji held a series of high-level meetings on Saturday on the sidelines of the Donors’ Conference to Support Internally Displaced People and Refugees in the Sahel and Lake Chad Region. The conference, held in Jeddah, brought together international representatives to address the humanitarian challenges impacting the region.
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‘He’s back’: Herve Renard returns as Saudi Arabia national team head coach
“I’m back,” Renard said in a social media video posted by the Saudi Arabia Football Federation. It will be the second spell in charge of the Green Falcons for the Frenchman. Renard led the national team to a memorable 2-1 win over eventual champions Argentina at the 2022 World Cup but left in March last year to take over France’s women’s team. The 56-year-old stepped down from the role in August following France’s quarter-final exit to Brazil at the Paris Olympics.
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How investment in solar capacity is powering Saudi Arabia’s sustainable energy future
By the end of the decade, Saudi Arabia aims to generate 58.7 gigawatts of renewable energy. This includes 40 GW from solar photovoltaics, alongside 16 GW from wind energy and 2.7 GW from concentrated solar power. In 2024, Abdulaziz bin Salman, the Saudi minister for energy, announced plans to tender new renewable energy projects with an annual capacity of 20 GW. This could potentially lead to a total capacity of 100-130 GW by 2030.
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Saudi weather authorities warn of thunderstorms, heavy rains across Kingdom
Temperatures plummeted to a low of 17 degrees Celsius, while the maximum temperature was pegged at 27 degrees. Thursday night also saw cold winds blowing at high speeds, heralding the onset of winter in Riyadh. Following the heavy rains forecast, the Civil Defense also issued a warning for potential flooding in multiple regions of Saudi Arabia.
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Saudi Arabia making ‘significant strides’ in health tourism, expert says
“The integration of digital health solutions, such as telemedicine and e-health services, further supports sustainability goals. These innovations reduce the need for travel, lowering carbon emissions and making healthcare more accessible,” he said. Saudi Arabia’s healthcare infrastructure also plays a pivotal role, he said. "The Kingdom’s commitment to achieving international accreditation for its healthcare facilities ensures that they meet rigorous quality standards,” Baslom said.
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Safeya Binzagr, a Saudi Artist Celebrated but Long Unseen, Dies at 84
The Saudi Arabian artist Safeya Binzagr’s groundbreaking moment came in 1968, when she had her debut exhibit, at a girls’ school in the coastal city of Jeddah. It was the first time a woman had shown her art publicly in the country, and the distinguished group of attendees included Saudi royals, diplomats and intellectuals. Despite the restrictions of Saudi society, though, Ms. Binzagr celebrated her heritage — advancing women’s role in Saudi Arabian art, starting classes and opening one of the first art museums in the country.
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BlackRock studies how to develop Saudi mortgage market
Bartholomew Nash, Director of Corporate Communications at BlackRock, said the asset management firm is studying mechanisms to develop the mortgage-backed securities market in Saudi Arabia, Al Eqtisadiyah newspaper reported. He added that the company is currently working on this mechanism to develop the Saudi market under the terms of the agreement signed with Saudi Real Estate Co. (SRC) on Aug. 24. In August, SRC signed an agreement with BlackRock to develop the mortgage sector in the Kingdom and boost international and local investor base, as well as achieve stability in the housing market and diversify financing options, according to data available with Argaam.
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Saudi Arabia to expand studies of ancient mustatil stone structures
Saudi Arabia’s Heritage Commission will expand research and excavation efforts at new mustatil sites in the Kingdom, scientists said at a recent meeting of the body. The commission held an open virtual meeting to discuss the recent findings on mustatils — some of the world’s oldest human-made stone structures — in the Hail region. During the meeting, scientists stressed the importance of expanding the scope of their studies, and presented some of their preliminary findings. They plan to focus on the environmental dimensions of mustatils, linking them to climate changes that affected the region during that period.
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Roberto Mancini out as coach of Saudi Arabia’s national team
Roberto Mancini has left his role as head coach of Saudi Arabia’s national team, the country’s soccer federation said Thursday. Mancini, who won the European Championship as Italy coach in 2021, left by mutual consent, it said. The former Inter Milan and Manchester City manager won multiple titles in a storied career as both player and coach. But he failed to lead Saudi Arabia to victory at the Asian Cup this year — exiting the tournament in the round of 16.
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