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  • Saudi Ministry Expands Nitaqat Saudization Program to Include Foreign Investors

    The expansion of the Nitaqat Saudization program to include foreign investors signifies a significant step towards creating a more favorable process for business setup in Saudi Arabia. This move not only enhances the country's competitiveness but also makes it easy for investors to meet Saudization requirements. It also underscores its commitment to embracing diversity and attracting foreign investment.

  • With $40B fund, Saudi Arabia looks to become world leader in AI

    Andreessen Horowitz regularly invests in AI, and the company’s co-founder, Ben Horowitz, is friends with PIF governor Yasir Al-Rumayyan, the sources told The New York Times. The pair have mooted the possibility of the Silicon Valley firm setting up an office in Riyadh, one source told the newspaper. Read more: https://www.al-monitor.com/originals/2024/03/40b-fund-saudi-arabia-looks-become-world-leader-ai#ixzz8V6wWnoWm

  • NDMC closes the March 2024 Issuance under the Saudi Arabian Government SAR-denominated Sukuk Program

    The National Debt Management Center announces the closure of March 2024 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The Total Amount Allocated was set at SAR 4.441 Bn (four billion and four hundred and forty one million Saudi Riyals)​

  • Record breaking Saudi Liebherr crane order

    Arabian Machinery & Heavy Equipment Co. (AMHEC) has ordered 55 new Liebherr mobile cranes. It is the biggest order ever received by Saudi Liebherr Co. Wheeled mobile telescopic cranes from five up to nine axles and from 100 to 800 tonnes capacity will be delivered to the lifting and transport specialist AMHEC.

  • Saudi Arabia distributes 1 million iftar meals in Riyadh, Jeddah and Dammam to curb road crashes

    A Saudi initiative has been launched to give away 1 million fast-ending iftar meals on main roads in the kingdom during Ramadan to reduce traffic accidents. Undertaken by the Saudi National Centre for Responsibilities and Studies and the Saudi Coffee Company Barn’s, the effort is aimed at distributing the meals at traffic signals and road intersections in the cities of Riyadh, Jeddah and Dammam during Ramadan to curb the pre-iftar accidents.

  • Saudi Arabia’s crude production rose to 8.96 mbpd in January: JODI

    According to the latest report by the Joint Organizations Data Initiative, the Kingdom’s crude exports in January declined by 11,000 bpd to 6.29 mbpd, signifying a 0.17 percent dip compared to December. Saudi Arabia’s decline in crude exports is attributed to the Kingdom’s decision to reduce oil output, aligned with an agreement by the Organization of the Petroleum Exporting Countries, and its allies, known as OPEC+.

  • U.S. to review Israeli assurances it is not violating international law

    The department now has until early May to formally assess whether those assurances are “credible and reliable” and report to Congress under a national security memorandum issued by President Biden in February. If Israel’s pledges are found wanting, Biden has the option at any point of suspending any further U.S. arms transfers.

  • Saudi Arabia greenlights IMF regional office in Riyadh

    Saudi Arabia has greenlit the International Monetary Fund’s (IMF) establishment of a regional office in the capital Riyadh, in a decision which is expected to enable further collaboration between the two and to boost the kingdom’s standing in the global financial community. According to the state-run Saudi Press Agency (SPA), the Saudi Cabinet – presided over by King Salman – approved the permission for the IMF to open its regional office in the Gulf state this week, around two years after they signed the initial agreement for the office back in 2022.

  • FIA clears Ben Sulayem of Vegas, Saudi race interference

    FIA president Mohammed Ben Sulayem has been cleared of interfering in last year's Formula One races in Saudi Arabia and Las Vegas, the sport's governing body said on Wednesday after investigating whistleblower claims. The Emirati had faced whistleblower accusations he sought to prevent circuit approval ahead of the showcase Las Vegas Grand Prix and had allegedly interfered in the outcome of the Saudi Arabian Grand Prix in Jeddah.

  • Anghami Shares Jump 59% After Saudi Media Company MBC Group Stake

    Shares of Abu Dhabi-based music streaming company Anghami soared 59% on Wednesday (March 20) after an SEC filing showed media company MBC Group has taken a 13.7% stake in the company. Anghami rose as high as $1.79 before closing at $1.59. Trading volume spiked to 11.3 million shares, over 300 times its daily average.