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Saudi Economy: Jadwa Investment Revises 2021 GDP Forecast Upward as Activity Rises
With both oil and non-oil economic activity in Saudi Arabia growing as the Kingdom’s economy bounces back from the pandemic, Riyadh-based Jadwa Investment said in a research note that it will upgrade Saudi Arabia’s 2021 forecasted GDP.
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Saudi Arabia’s Public Investment Fund Raises Stake in California-Based Activision Blizzard Inc.
Saudi Arabia’s Public Investment Fund (PIF) significantly increased its stake in California-based entertainment and games company Activision Blizzard Inc. last quarter, buying 37.9 million shares with a market value of $3.6 billion, according to Bloomberg.
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Saudi Arabia Suspends Privatization of the $2 Billion Ras Al Khair Desalination and Power Plant – Reports
Saudi Arabia has suspended the privatization plans for the Ras Al Khair desalination and power plant, valued at an estimated $2 billion, according to reports.
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Uncertainty Inside OPEC+ Causes Oil Price Flux
Oil prices continued to see increased volatility as traders attempt to understand how the Saudi-UAE chasm on production might affect supply in the coming months, according to reports.
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Prince Khaled bin Salman Visits Washington for High-Level Talks with Biden Administration; U.S. Talks with Saudi on Oil
Saudi Arabia’s deputy defense minister and former ambassador to the United States Prince Khaled bin Salman on Tuesday became the highest-ranking Saudi envoy to visit Washington since Joe Biden became president in January, Reuters reports. The prince represented the Kingdom in talks with senior Biden officials on the Yemen war and threats from Iran.
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May Economic Figures Show Positive Direction for Saudi Economy in Post-Pandemic Recovery
A number of non-oil indicators for the Saudi economy improved in May, including the non-oil PMI, which continued rising to 56.4 as activity and new orders grew, according to a recently-released Chartbook by Jadwa Investment for the month of May.
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Yergin: Saudi Leadership in OPEC+ Played Significant Role in ‘Incredible Strong Global Economic Recovery’
Saudi Arabia’s leadership in the OPEC+ group of oil-producing nations “brought a kind of predictability and stability and caution to the market” as the global economy recovers from the pandemic in 2021, Pulitzer Prize-winning historian of the oil industry Daniel Yergin told Arab News‘ Frank Kane in an interview.
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Saudi Arabia’s PIF Leads Investment in Gulf Infrastructure Fund from Aberdeen Standard Investments and Investcorp
Saudi Arabia’s Public Investment Fund (PIF) has emerged as the lead investor in a planned $800 million Middle East infrastructure fund being established by Aberdeen Standard Investments and Investcorp, Bloomberg reports, citing a statement.
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With PIF Backing, Saudi Ports Behemoth Red Sea Gateway Terminal Looks for Big Investments Abroad
The operator of Saudi Arabia’s Red Sea Gateway Terminal (RGST) is looking to invest in ports in Africa and the Middle East, following backing from the Kingdom’s sovereign wealth fund (PIF), Bloomberg reports.
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Saudi Arabia Eyes $55 billion by 2025 Through Privatization Program, Al Jadaan Says
Saudi Arabia hopes to raise about $55 billion over the next four years with a revitalized privatization program, the country’s finance minister Mohammed Al-Jadaan told the London-based Financial Times in an interview published over the weekend.
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Netanyahu promises more war, dashing peace hopes after Hamas leader killed
Prime Minister Benjamin Netanyahu's promises to press on with Israel's wars in Gaza and Lebanon dashed hopes on Friday that the killing of Hamas leader Yahya Sinwar might help end more than a year of escalating conflict in the Middle East. Lebanese militant group Hezbollah meanwhile vowed to escalate fighting against Israel and its backer Iran said "the spirit of resistance" would be strengthened by the death of its Palestinian ally Sinwar in Gaza.
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China’s Q3 GDP hits weakest pace since early 2023, backs calls for more stimulus
China's economy grew at the slowest pace since early 2023 in the third quarter, and though consumption and factory output figures beat forecasts last month a tumbling property sector remains a major challenge for Beijing as it races to revitalise growth. Authorities have sharply ramped up policy stimulus since late September, but markets are waiting for more details on the size of the package and a clearer road map to put the economy back on a solid longer-term footing.
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At BRICS summit, Russia to push to end dollar dominance
Russia is seeking to convince BRICS countries to build an alternative platform for international payments that would be immune to Western sanctions when it hosts the group's leaders at a summit next week. President Vladimir Putin is keen to build up BRICS - which has expanded to include Egypt, Ethiopia, Iran and the United Arab Emirates as well as Brazil, Russia, India, China and South Africa - as a powerful counterweight to the West in global politics and trade.
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World Bank predicts strong economic growth for UAE and Saudi Arabia in 2025
Saudi Arabia’s economy is projected to remain resilient, with GDP expected to grow by 1.6% this year and accelerate to 4.9% in 2025. Inflation in Saudi Arabia is anticipated to remain stable at 2.1% in 2024 and rise slightly to 2.3% in 2025. Both figures are below the Gulf Cooperation Council (GCC) average, forecasted at 2.2% in 2024 and 2.7% in 2025.
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Swizz Beatz’s guide to AlUla, Saudi Arabia
"My relationship with AlUla is like seeing a seed planted in the ground and watching a beautiful flower grow," says Dean, who was among the first invited to watch the construction of the city's massive Maraya performance venue – a mirror-clad behemoth rising out of the desert sands – and eco-friendly luxury accommodation resorts like Our Habitas. "Seeing the vision coming to life in front of my eyes has been magical to watch."
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Nadal-Alcaraz and Djokovic-Sinner are the Six Kings Slam exhibition matches in Saudi Arabia
Rafael Nadal starts his pre-retirement farewell tour against Carlos Alcaraz on Thursday at the Six Kings Slam, and Novak Djokovic faces Jannik Sinner at an exhibition event that awards money but no ATP ranking points and is Saudi Arabia’s latest foray into tennis. Riyadh will host the WTA Finals next month to open a three-year deal as the kingdom continues to invest in various sports, despite concerns about LGBTQ+ and women’s rights there raised by Hall of Famers Chris Evert and Martina Navratilova and others.
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Khashoggi death: Saudi ambassador reveals new details
Speaking to host Anne McElvoy, the kingdom’s top diplomat in London described the death and dismemberment of Khashoggi as “an awful crime — a stain on our country, not just the government but every Saudi out there,” while firmly denying any complicity by the powerful Saudi monarch. “A group of people did something pretty horrible,” he told McElvoy. “But this is not what we do. We’ve never done that. There are others in the region who do a lot of that, including Israel.”
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Saudi Arabia to raise localization rates in 4 health professions effective from April 17, 2025
This will initially apply to all hospitals and other health facilities in major cities of Riyadh, Makkah, Madinah, Jeddah, Dammam, and Al-Khobar, as well as to large health facilities in other regions, and this will be effective six months after announcement of the decision, from April 17 next year. The second phase will begin one year after the announcement of the decision, effective from October 17, 2025 when Saudization rates will extend to cover all health facilities nationwide.
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Saudis urge US to suspend weapons to Israel until Gaza aid resumes
Saudi Arabia’s ambassador to Britain has urged the United States government to deliver on its threat to suspend weapons supplies to Israel unless more humanitarian aid is allowed into Gaza within the next 30 days. In a strongly worded letter to Israel made public this week, Washington issued an ultimatum, warning that restrictions could be imposed on future support for the country unless the growing humanitarian crisis in Gaza is addressed. Speaking to POLITICO’s “Power Play” podcast, Prince Khalid bin Bandar Al Saud said Joe Biden’s administration now had to keep its word, adding: “We have to assume that the Americans mean what they say; it would be a terrible world if they didn’t.
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Saudi Arabia to localize 4 healthcare jobs
The Ministry of Human Resources and Social Development, in partnership with the Ministry of Health, decided to raise the Saudization rates for four healthcare jobs in the private sector. These include radiology (65%), medical laboratories (70%), clinical nutrition (80%), and physical therapy (80%).
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