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Saudi Aramco Energy Ventures Prepares New $500m Fund, Opens Office in China
Saudi Aramco Energy Ventures (SAEV), a unit of the kingdom’s energy company, is preparing to start a new $500 million fund this year after completing $500m in investments, Bloomberg reports.
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Riyadh’s Night Skies Light Up with New Years Fireworks for the First Time
The night sky over Riyadh was illuminated with fireworks and light shows to celebrate the beginning of the new decade last night.
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Unemployment declines in Saudi Arabia, further gains seen in 2020 – Jadwa Investment
Unemployment in Saudi Arabia declined in the 3q 2019 and is likely to continue to improve as a pick-up in the non-oil private sector growth should translate to more jobs, according to a recent report from Jadwa Investment.
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Pensacola Shooting Puts U.S.-Saudi Relations in Spotlight; Trump Speaks with King Salman and Crown Prince
A Saudi soldier in training in the United States opened fire on a naval base in Pensacola, Florida on Friday, killing three and wounding 12. Second Lt. Mohammed Saeed Alshamrani was then killed by a sheriff’s deputy who responded to the attack. The attack shocked Saudis and Americans alike.
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Saudi Economy: Consistent Growth in Non-Oil Activity, Modest Overall Growth Forecasted for 2020 — Jadwa Investment
Jadwa Investment has revised downward its forecast for economic growth in Saudi Arabia this year from 1.6% to 0.2% based on recent data, the Riyadh-based firm said in a recently-released report.
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China’s Imports of Saudi Oil Soar 76% in October as Demand Increases
China’s crude oil imports from Saudi Arabia rose over 75% in October as demand from new refiners was met by the Kingdom, according to Reuters data. The 76.3% rise in October was boosted by demand particularly from from two new integrated refineries, the Hengli Petrochemical Co. in the north, and Zhejiang Petrochemical in the south, Reuters reports. […]
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Aramco Quickly Met Global Demand After Attacks, Saudi Arabia’s King Salman Says in Annual Address
Saudi Arabia’s King Salman said in his annual address to the Shoura Council on Wednesday that the ability of Saudi Aramco to quickly restore oil production capacity after attacks on its facilities in September “had proven the kingdom’s ability to meet global demand during any shortage,” Reuters reports. The King pointed a finger at Iran […]
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Saudi Arabia’s PIF Reportedly Invests $400m in Disruptive Food Startup Founded by Travis Kalanick
Saudi Arabia’s Public Investment Fund has invested $400 million into Uber founder Travis Kalanick’s new company CloudKitchens, according to the Wall Street Journal. CloudKitchens is a food and real estate startup that buys cheap properties across the U.S. and in India, China, the U.K. and elsewhere. “The hope is that their proximity to densely populated areas will make them […]
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Defense Secretary Esper in Riyadh for Surprise Visit; Kushner, Mnuchin to attend Future Investment Initiative
Secretary of Defense Mark Esper arrived Monday in Saudi Arabia for an unannounced visit as the U.S. and Saudi Arabia seek to bolster their joint defense in the face of rising regional tensions. Secretary Esper met with Saudi Arabia’s King Salman in Riyadh, photos show, and Esper said he discussed the deployment of U.S. forces and […]
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Law Firm Pillsbury Analyzes First Cases in Saudi Arabia’s New Bankruptcy Law
Law firm Pillsbury published a research note highlighting the recently passed bankruptcy law in Saudi Arabia that incorporated modern alternatives to liquidating businesses in the Kingdom, using the first cases decided by the Saudi judiciary as case studies. “For several years now, judges in [bankruptcy] courts have been involved in seminars and training workshops to help prepare them to rule […]
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MUST-READS
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Will the ailing Turkish economy bring Erdogan down?
Erdogan is facing growing warning signals that his idiosyncratic approach to running Turkey’s $765bn economy is not working. While economic growth looks good on paper, it has not translated into jobs. Inflation reached almost 20 per cent in September, and the currency is losing value. A decade ago it cost around 1.8 lira to buy a single dollar; today that figure is almost 10.
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A Middle East Quad? Scope for synergies, but divergences over Iran
The four countries can cooperate in areas like maritime security, infrastructure and, given the Abraham Accords, there is space for trilateral economic cooperation between India, the UAE and Israel.
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What does climate change tell us about ancient Saudi Arabia?
Climate change and the threat it poses to all life on Earth is a problem most people would associate with the modern world. But to a team of international archaeologists working in Saudi Arabia alongside the Saudi Heritage Commission, climate is central to understanding the mysteries of half a million years' of human evolution, including mankind's early migration from Africa to the wider world.
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Is India Abandoning Iran for a Middle Eastern Quad, or Merely Signaling China?
The talks initially began as a trilateral U.S.-Israel-UAE meeting on October 13 in Washington that focused on the Abraham Accords and Iran’s nuclear program. Another meeting was held virtually five days later, this time with India participating as a fourth member. Although India’s relations with Tehran have been bogged down by the impact of U.S. sanctions and commercial disputes, involving key projects such as the Chabahar Port railway and Farzad-B gas field, India nevertheless views Iran as an important partner.
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“Jeddah not ready in time?”: Concerns arise over the Saudi Arabian Grand Prix as officials are in a race against time to get the circuit ready for Formula 1
Formula 1 journalist Rosanna Tennant paid a visit to the under-construction circuit recently. Pictures posted on her Instagram story show us that there are still tons of work to do before FP1 on 3rd December.
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Where are the biggest investments in climate tech?
Between 2016 and September 2021, venture capital investment into climate tech companies in the US surpassed $48 billion, according to a new report released today (Oct. 26) by not-for-profit London & Partners and Dealroom.co, a data provider on startups. China was a distant second, with VCs spending $18.6 billion.
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Analysis: A net-zero Saudi Arabia? Not so fast
Saudi Arabia will become a test case of how to ramp up electrification, with massive solar projects and targets for renewable power production. If the kingdom can also become a site for solar panel production, it might be a market leader in both the construction and operation of solar power across a wide swath of the Middle East and Africa, the most important growing market for energy demand.
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Opinion: Where to now for Saudi-Iranian dialogue?
However, Saudi Arabia cautioned their Iraqi guest during his visit as previous talks with consecutive Iranian governments all failed because the acts of the regime and its security apparatus, including the Islamic Revolutionary Guard Corps (IRGC), violated their spirit.
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Is Saudi Oil Still Important? Interview with David Rundell.
New industries won’t turn Saudi Arabia into South Korea, but they don’t have to. They need only make the Saudi welfare state more sustainable and, in that regard, they have a reasonable chance of success.
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Aside from Saudi, UAE, how is the GCC faring with oil production?
Population growth in developing countries will ensure oil is the world’s number-one source of energy until at least 2045, when coal will still comprise almost 1/5th of energy demand, and only 1 in five cars on the roads will be electric. Fossil fuels’ combined share of the energy mix is forecast to fall to 70% in 2045 from 80% last year, but that will still mean an overall increase in oil and gas production.
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