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Report: Saudi Binladin Seeks Advisor for Financial Overhaul of Mecca Complex
The construction giant behind the Mecca skyscraper complex is seeking an advisor to cut costs as well as restructure the debt of the iconic project, sources familiar with the matter said and a document obtained by Reuters exclusively showed.
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Saudi Arabia’s SABIC Closes Deal to Establish JV to Build One of the World’s Biggest Utility-Scale Battery Factories
Saudi Arabia’s SABIC has established a joint venture company to build one of the world’s biggest utility-scale battery factories as global investment in the sector heats up, according to a report in Arab News.
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Saudi Arabia Taps Foreign Reserves to Weather Coronavirus Crisis
Saudi Arabia’s central bank foreign reserves fell in March at their fastest rate in at least 20 years and to their lowest since 2011, Reuters reports, as the Kingdom draws down on reserves to weather the Coronavirus crisis and keep citizens and residents safe.
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Saudi Arabia’s PIF Eyes Bargain Stakes in Blue Chip Companies Likely to Rebound – Report
A “shopping list is being readied” for potential investments by Saudi Arabia’s Public Investment Fund in healthcare, technology, and logistics companies around the world as the coronavirus pandemic creates potential opportunities for bargain investments, according to a Financial Times report.
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Saudi Arabia to Spend $4 Billion in Fight Against Coronavirus
Saudi Arabia will increase its spending to fight the spread of the coronavirus in the Kingdom, earmarking an additional 7 billion riyals (USD 1.8 billion) yesterday on top of the 8 billion riyals (USD 2.1 billion) earmarked at the beginning of the virus outbreak, according to Asharq Alawsat.
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Saudi Arabia Approves Government Asset Privatization on Local Stock Market
Saudi Arabia’s government approved the listing of government assets planned for privatization on its stock market, according to reports.
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G20 Finance Chiefs, Central Bankers Hold Digital Meeting for Second Time in a Week to Discuss Coronavirus Response
Finance ministers and central bankers from the Group of 20 major economies met by videoconference on Tuesday, the second such meeting in a week, to discuss a global response to the spread of the coronavirus the its impact on economy, Reuters reports.
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Saudi Arabia Enacts Curfew as Kingdom Seeks to Best COVID-19
Saudi Arabia has enacted a curfew to stop the spread of COVID-19 within the Kingdom’s borders, prohibiting citizens and residents from being outside the home at night for three weeks starting Monday.
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Saudi Arabia Widens Travel Ban; Coronavirus Cases Increase
Saudi Arabia has extended flight bans to the European Union and other countries as the Kingdom announced 24 new cases overnight, bringing its total to 45.
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Saudi Arabia launches Y20 summit as a Platform Connecting Youths with G20 leaders
Saudi Arabia launched the Y20 (Youth 20) summit on Sunday evening, a platform which seeks to bring youth voices to international decision-makers.
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Israel kills at least 50 in Gaza, tanks deepen raid in the north
Israeli military strikes killed at least 50 Palestinians across the Gaza Strip as Israeli forces tightened their squeeze around Jabalia in the north of the enclave on Tuesday, amid fierce battles with Hamas-led fighters. Palestinian health officials said at least 17 people were killed by Israeli fire near Al-Falouja in Jabalia, the largest of Gaza's eight historic refugee camps, while 10 others were killed in Bani Suhaila in eastern Khan Younis in the south when an Israeli missile struck a house.
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UN refugee agency says 25% of Lebanon under Israeli evacuation orders
Israel, which began incursions into south Lebanon two weeks ago to battle Iran-backed militant group Hezbollah, has issued military evacuation orders affecting more than a quarter of the country, the U.N. refugee agency said on Tuesday. The figures underscore the heavy price Lebanese are paying as Israel steps up its campaign to defeat Hezbollah and destroy its infrastructure in their one-year conflict.
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Global EV sales up 30.5% in September as China shines, Europe recuperates
Global sales of fully electric and plug-in hybrid vehicles rose by an annual 30.5% in September, as China surpassed its record numbers recorded in August and Europe resumed growth, market research firm Rho Motion said on Tuesday. Gains in the U.S. market have been slow and steady in anticipation of the Nov. 5 election, which makes it difficult to predict future trends in the country, data manager Charles Lester told Reuters.
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US missile system in focus as Iran warns against strike by Israel
The Joe Biden administration’s decision to deploy an anti-missile system to Israel and send US troops to operate it has drawn a strong reaction from Iran. This comes as a senior Islamic Revolutionary Guard Corps (IRGC) commander has warned of strong retaliation if Israel goes through with its pledged strike in response to Iran’s recent missile attack.
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Kremlin backtracks from comments on Saudi BRICS membership
The Kremlin rowed back on Tuesday from earlier comments describing Saudi Arabia as a member of the BRICS group of countries, and left open the question of whether the kingdom would be represented at a BRICS summit in Russia next week. Saudi Arabia has been invited to join BRICS but has not yet formally done so. Last week, however, Kremlin aide Yuri Ushakov described it as a BRICS member and said its foreign minister would attend the summit in the Russian city of Kazan.
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Saudi Arabia’s inflation rate inches up to 1.7% in September
Saudi Arabia's annual inflation rate edged up to 1.7% in September, from 1.6% in August, government data showed on Tuesday, with increases in housing rents the main driver once again. Overall housing rents rose by 11.2% in September, according to the General Authority for Statistics, driving up prices for the combined Housing, Water, Electricity, Gas and Other Fuels category which jumped 9.3%. Rental price hikes have been the key driver of inflation in Saudi Arabia for much of this year.
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US OKs Sale of 220 Sidewinder Missiles to Saudi Arabia
The US has approved the $251.8-million sale of AIM-9X Block II Sidewinder Missiles and related support to the Kingdom of Saudi Arabia. The deal includes 220 Raytheon AIM-9X Block II Sidewinder Tactical Missiles, missile containers, support equipment, spares, missile software, training, and related technical assistance and program support.
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Saudi Aramco Sponsorship of HackHarvard Sparks Criticism
“It’s very ironic that Aramco is sponsoring and one of the tracks is sustainability. Come on HackHarvard. Do a better job,” said Sami Nourji, a junior at Brown University. Aramco recruiter Kira Worysz, who spoke at the opening ceremony, defended Aramco’s involvement in the event in an interview. “We’re in the business of getting oil out of the ground and bringing it to the world, but at its root, we’re a technology company,” Worysz said.
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Ericsson and KACST Partner to Launch Advanced 5G Gaming Lab in Saudi Arabia
Ericsson and King Abdulaziz City for Science and Technology (KACST) in Riyadh, Kingdom of Saudi Arabia announce their partnership to establish a joint advanced connectivity lab for gaming and beyond at KACST’s premises, named as “Blink Lab”. The lab will feature a private 5G network and serve as a testbed for training, research, product development and commercialization of innovative gaming solutions from from global and local ecosystems.
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Saudi Civil Defense warns of thunderstorms until Friday
The General Directorate of Civil Defense has issued a warning that there will be thunderstorms in several regions of Saudi Arabia until Friday. The Makkah region is expected to experience moderate to heavy rainfall, accompanied by flash floods, hail and strong winds, the Saudi Press Agency reported on Monday. Taif, Maysan, Adham and Al-Ardiyat are particularly at risk, while Turabah may have light rainfall.
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