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Saudi Arabia Set to Open Riyadh Metro ‘Soon’ — Report
The Riyadh Metro project, the game-changing public transportation project in Saudi Arabia’s capital, “will be opened soon,” Rai Al Youm reported on Wednesday, citing the German News Agency (DPA).
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PIF Assumes Control of $50 Billion Diriyah Project
Diriyah, a massive redevelopment of a historical site on the outskirts of the Saudi capital Riyadh, has become the fifth giga-project in the portfolio of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), according to reports.
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Saudi Arabia’s Sees Strong Labor Force Numbers for Nationals; PMI Holds at 56.9
Saudi Arabia’s job numbers witnessed their strongest growth rate since January 2018, and the unemployment rate for Saudi male citizens has fallen to its lowest level in more than 20 years, according to official data.
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New Draft Rules from Saudi Arabia’s CMA Set to Further Open Stock Market to Investors
Saudi Arabia plans to further open up its capital market to foreign investors by September 2023, with its capital market regulator, the Capital Markets Authority (CMA), proposing several changes to simplify requirements for qualified foreign investors (QFIs) and adding new channels for overseas retail investors in the country’s bourses, according to reports.
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2023 Budget: Saudi Arabia Exceeds Surplus Estimate, Economic Growth Forecasts in Strong Year for Kingdom’s Economy
Saudi Arabia has recorded a budget surplus for 2022 of 102 billion riyals ($27.13 billion), 12 billion riyals ($3 billion) higher than predicted figures, according to reports.
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Oil Prices Fall as WSJ Reports OPEC is Considering an Output Increase on December 4
Saudi Arabia and other OPEC countries are discussing an oil output increase to be determined at its next meeting, the Wall Street Journal reports, “a move that could help heal a rift with the Biden administration and keep energy flowing amid new attempts to blunt Russia’s oil industry over the Ukraine war.”
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Saudi Arabia Commits 2.5 Billion to Middle East Green Initiative, Agrees to Host HQ in Riyadh – Report
Crown Prince Mohammed bin Salman said on Monday that Saudi Arabia would contribute $2.5 billion to the Middle East Green Initiative over the next 10 years, and host its headquarters in the Kingdom, according to a report from Reuters.
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Crown Prince Mohammed bin Salman Unveils New Initiatives, Investments to Boost Supply Chain Resilience
Saudi Arabia’s Crown Prince Mohammed bin Salman has unveiled a new initiative designed to position Saudi Arabia as a global supply chain hub, called the “Global Supply Chain Resilience Initiative” (GSCRI).
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Saudi Aramco Pushes Ahead With IPO of Oil-Trading Unit – Bloomberg Report
Saudi Aramco is pushing ahead with plans for an IPO of its energy-trading business to take place as soon as the end of 2022 or early 2023, Bloomberg reports, citing people familiar with the matter.
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Saudi Arabia’s PIF Commits Over $2 Billion to New Long-term Football Sponsorship Deals this Year – FT Report
Saudi Arabia’s Public Investment Fund has committed more than $2 billion to new long-term football sponsorship deals this year, with much of that spent domestically in Saudi Arabia, the Financial Times reports, citing the PIF’s most recent financial statements.
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MUST-READS
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DIY futures in the Middle East: What if small got bigger?
Food security is one area where people-driven initiatives are on the rise. Challenges of water scarcity and limited arable land are exacerbated by government mismanagement and underinvestment in agricultural sectors. Over the last decade, home farming agriculture and a fledgling scene for agriculture-oriented start-ups have surfaced in the region.
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Will reopening of border crossing drive Saudi investment in Iraq?
Kazem added, “Iraq has started managing logistical, administrative and security operations and departments in Arar. It also provided the crossing with health services, including veterinary, as well as services required for people and vehicles, with the fruitful cooperation of Saudi Arabia.”
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The U.S. election is over. What did international observers think?
But Election Day was uneventful. Official international observers noted the “orderly” election, the “peaceful atmosphere without unrest or intimidation,” and the “professional” conduct of election administration.
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Saudi VAT increase: What are the long-term implications?
In a sudden decision, Saudi Arabia announced that from July 1, it would be hiking its value added tax (VAT) from 5 per cent to 15 per cent. The move, aimed at supporting the government as revenues plummeted due to the drop in oil prices, expectedly led to inflation in the market. From a legal perspective, these are the implications of the decision:
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Could other Gulf countries follow Oman’s income tax lead?
Scott Livermore, ICAEW economic advisor and chief economist at Oxford Economics, told Arabian Business: “It would be highly surprising if other GCC economies weren’t discussing ways of diversifying their tax base, including looking at personal and corporate income tax. Other GCC countries have a bit more breathing space and are likely to see the impact of Oman implementing the tax.”
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Podcast: Saudi Arabia’s health sector transformation: can it advance the domestic manufacture of pharmaceuticals?
In this podcast interview, Musaed Alkholief, Associate Professor at the College of Pharmacy, King Saud University, and Consultant at King Abdullah Institute for Research and Consulting Studies discusses how biopharmaceutical companies can unlock those undoubted opportunities presented by the proposed transformation of Saudi Arabia’s health sector.
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Can the Saudi G-20 be the final nail in the coffin for kingdom’s kafala system?
Saudi is set to announce major labor reforms that could effectively end its kafala system for foreign workers, the online Maaal (Money) newspaper reported. Foreign employees will no longer require their work sponsor’s permission to change jobs, travel abroad, or leave the country permanently, the medium said. The new rules are scheduled to be unveiled as early as next week and will come into effect from the first half of 2021 and will impact more than 10 million foreign residents.
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Commentary: Honeymoon over? Saudi Arabia-U.S. ties face reset with Biden win
Saudi Arabia’s crown prince enjoyed a near free pass under his personal relationship with U.S. President Donald Trump, but the kingdom’s brazen young leader will have to tread more carefully should Democrats take the White House and reset strategic ties.
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Will Qatar Airways’ A380 Fleet Ever Fly Again?
Qatar Airways grounded its 10-strong Airbus A380 fleet back in March, and the airline has gone so far as to attack other airlines for flying the A380 right now, calling it “unethical.” That being said, we haven’t heard much one way or another about when we should expect the A380 to return to the skies at Qatar Airways.
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Commentary: Why is Turkey absent from the table despite being in the field?
“We should be in the field in order to be at the table.” So goes the motto that has underlain Turkey’s foreign interventions in recent years. The policy, which upholds Turkey’s involvement in conflicts beyond its borders to boost its diplomatic say in the region, has achieved partial success in Syria but is failing to bear fruit in Libya and the Caucasus.
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