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Saudi Arabia’s Ministry of Investment, U.S. Chamber Host Giga Projects Webinar
Saudi Arabia’s Ministry of Investment (MISA) and the U.S. Chamber of Commerce hosted an online webinar on Wednesday to explore and discuss the range of giga-projects available for investment in the Kingdom.
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U.S., Saudi-Chaired Body Created to Fight Terrorism Financing Sanctions Six
Members of the Terrorist Financing Targeting Center (TFTC), a 2017-created body co-chaired by the U.S. and Saudi Arabia to fight terrorist financing, jointly designated six targets affiliated with the Islamic State of Iraq and Syria (ISIS), according to the U.S. Treasury Department.
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Saudi Company Behind Red Sea Tourism Development Awards Airport Contracts
Saudi Arabia’s Red Sea Development Company, whose mission is to develop and create a massive new tourism project on Saudi Arabia’s Red Sea coast, said it had awarded infrastructure contracts for an international airport that is due to open in 2022, Reuters reports.
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Despite Downturn, Kingdom Presses Ahead with Ambitious Goals for Saudi Capital Riyadh
Saudi Arabia is seeking to “double the size and population” of its capital Riyadh in the next decade, Reuters reports, citing comments from Fahd Al-Rasheed, president of Riyadh’s royal commission. Al-Rasheed said the government has “already committed some $266.6 billion for ongoing and new projects as part of total investments of some $800 billion over the […]
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Life in Saudi Arabia: After Weeks of Lockdown, Savvy Saudi Shoppers Hunt for Bargains Ahead of VAT Deadline
After weeks in lockdown with access to stores and malls restricted, Saudi shoppers found themselves under a time crunch to hunt for deals ahead of a planned increase in the Kingdom’s Value Added Tax (VAT) on July 1.
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Report: Kingdom Owns a Majority Stake in Tesla Rival Lucid Motors
Saudi Arabia has amassed a more than 50% stake in California EV startup and Tesla rival Lucid Motors, according to a report in The Verge.
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Aerial View of Jeddah Port Stars in NASA Earth Observatory’s Image of the Day
The NASA Earth Observatory made its image of the day a stunning aerial photo of Jeddah, Saudi Arabia’s port from directly above.
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New York-based Wahed Invest, an Online Halal Investment Platform, Secures Funding from Saudi Aramco
New York-based online Islamic investment platform Wahed Invest has secured backing from Saudi Aramco, the world’s biggest company, to expand into the Middle East and make Riyadh its hub for the region, according to Bloomberg.
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Analysis: With Saudi Arabia’s PIF Investment in Two Canadian Energy Companies, Strategic Investment Shift Continues
Saudi Arabia’s Public Investment Fund (PIF) invested in two Canadian energy companies in the first quarter of 2020, expanding its holdings in the sector likely at lower-than-usual valuations as oil prices hit cyclical lows this year.
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WTI, Brent set for biggest monthly gains in years
Despite a fall today, crude oil prices are set for their biggest monthly gain in years after historic production cuts and a rebound in demand. The U.S. crude benchmark (WTI) has jumped almost 80 per cent in May, Bloomberg reports, the biggest gain in exchange data compiled by Bloomberg going back to 1983. That comes after […]
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Secret Documents Show Hamas Tried to Persuade Iran to Join Its Oct. 7 Attack
Minutes of Hamas’s secret meetings, seized by the Israeli military and obtained by The New York Times, provide a detailed record of the planning for the Oct. 7 terrorist attack, as well as Mr. Sinwar’s determination to persuade Hamas’s allies, Iran and Hezbollah, to join the assault or at least commit to a broader fight with Israel if Hamas staged a surprise cross-border raid.
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Saudi media ministry launches initiative to showcase diverse lives of residents
The Global Harmony initiative aims to showcase the diverse lives of residents in the Kingdom, highlighting their professional and family life, social and recreational activities, contributions to the economy, success stories, and cultural integration in Saudi society, according to the Ministry of Media. It will also highlight government and private sector efforts to improve the quality of life in Saudi cities.
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Al-Jasser: Saudi Arabia spends SR 200 billion out of the planned SR1 trillion to implement National Transport Strategy
Inaugurating the first edition of the Global Logistics Forum at the King Abdullah Financial Center in Riyadh on Saturday, the minister said that the Kingdom's huge spending on transport and logistics sector has enabled Saudi Arabia to advance 17 places in global rankings on the “Logistics Performance Index” issued by the World Bank, and 14 places on the “Global Connectivity Index” of International Air Transport Association (IATA).
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Saudi Arabia launches e-karting racing tracks in 6 cities
Six cities in Saudi Arabia are set to get Hot Wheels e-karting racing tracks. The indoor e-karts will be a venture between Saudi Entertainment Ventures (Seven), part of Qiddiya Investment Company (QIC), and US toy maker Mattel. The Hot Wheels e-karting will be available in entertainment complexes such as Riyadh, Makkah, Taif, Al Madinah, Tabuk, and Jazan. In January, Seven and London-headquartered Formula E announced the building of four Formula E-branded indoor karting venues across the kingdom. These will come up in Riyadh, Jeddah, Dammam and Abha.
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Saudi reserve celebrates Green List recognition
The recognition came after a comprehensive assessment of the reserve by IUCN experts, who evaluated its environmental and developmental accomplishments, as well as its community engagement and preservation efforts. The authority has planted 2.4 million native seedlings and 4 tonnes of seeds, including yarrow, artemisia and haloxylon, the Saudi Press Agency reported on Sunday.
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Conor McGregor says he’s fighting Dan Hooker in Saudi Arabia, Hooker confirms plan
And in that time, after presumably healing a broken leg he suffered in a second straight TKO loss to Dustin Poirier, McGregor has promised his return seemingly countless times. A fight against Michael Chandler had been presumed for the better part of two years – including a booked headliner that led to the UFC's new all-time gate record, only for McGregor to pull out.
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Real Estate Transaction Tax will be exempted under 21 circumstances
The law revealed 21 cases in which real estate transactions are completely exempt from the tax, as the law includes specific exemptions, such as: real estate transactions related to the division of estates or gifts to relatives up to the third degree, and transactions for the purposes of endowments and charitable associations. It aims to combat tax evasion by imposing fines of up to three times of the tax due in the event of manipulation or providing inaccurate information.
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Saudi Arabia expands cloud seeding for water security
Ayman Ghulam, CEO of the National Center of Meteorology and general supervisor of the program, stressed that the program is crucial for water security and natural resource sustainability by utilizing global technologies to improve climate conditions and rainfall. Ghulam noted significant milestones, including the first rain-seeking flight in April 2022, and ongoing research to optimize weather elements in Saudi Arabia, complementing the Saudi and Middle East Green initiatives.
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Saudi Arabia condemns Israel’s decision to seize UNRWA headquarters land in Jerusalem
The Saudi Ministry of Foreign Affairs has strongly condemned the Israeli occupation authorities’ decision to confiscate the land on which the headquarters of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) is located in occupied Jerusalem, with the intent to transform it into a settlement outpost.
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How Nasrallah’s departure will impact Iraq
The departure of Hezbollah's Secretary-General Hassan Nasrallah has sent shockwaves throughout the region, especially as his pivotal role within the ‘resistance’ movement is expected to have a lasting impact. The absence of a towering figure such as Nasrallah is particularly significant for Iraq, where dozens of Shiite armed groups—many of which are now part of the government—are closely linked to the broader ‘resistance’ network that the late Lebanese cleric and politician influenced.
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