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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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Crown Prince Mohammed bin Salman Elevated to Prime Minister; New Education Minister Named in Cabinet Changes
Saudi Arabia’s King Salman bin Abdulaziz named his son and heir Crown Prince Mohammed bin Salman as the kingdom’s prime minister and promoted his second son Prince Khalid as defense minister, according to a royal decree on Tuesday.
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Solomon Islands agrees visa exemption for Saudis
At the outset of the meeting, Prince Faisal conveyed the greetings and appreciation of Custodian of the Two Holy Mosques King Salman and Crown Prince and Prime Minister Mohammed bin Salman, wishing the government and people of the Solomon Islands continued stability and prosperity. In turn, the prime minister of the Solomon Islands offered his greetings and appreciation to King Salman and the Crown Prince, wishing the government and people of the Kingdom steady progress and prosperity.
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Saudi Arabia intensifies its efforts to provide aid to Gaza
Since the conflict erupted on Oct. 7 last year, Saudi Arabia has directly donated $185 million in humanitarian aid to Palestine through the Saudi aid agency KSrelief, Foreign Minister Prince Faisal bin Farhan told the UN General Assembly. Prince Faisal also noted in his speech on Sept. 28 that Saudi Arabia is working with different UN agencies to raise a total of $106 billion for reconstruction and humanitarian aid.
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Saudi FM, Ukrainian Counterpart Discuss Developments of Ukrainian-Russian Crisis
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah received on Sunday a phone call from Ukraine’s Minister of Foreign Affairs, Andrii Sybiha. Prince Faisal congratulated his Ukrainian counterpart on the occasion of assuming his post, wishing him success in carrying out his duties. The two sides also reviewed bilateral relations and the latest developments of the Ukrainian-Russian crisis. They also discussed issues of common interest.
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AI is powering Saudi Arabia’s next wave of economic growth: Video
Saudi Arabia is betting big on AI to power its post-oil future, with the technology set to inject over $135 billion into the economy by 2030.
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Saudi Arabia’s e-commerce sees 9.4 per cent increase
Saudi Arabia's e-commerce sector is experiencing growth, with 39,769 new businesses registered in the third quarter of this year, reflecting a 9.4 per cent increase compared to last year. According to the latest data from the ministry of commerce, Riyadh topped the list with 16,274 registrations, followed by Mecca at 10,023 and the Eastern Province with 6,328. The regions of Medina and Qasim reported 1,897 and 1,302 registrations, respectively.
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Aramco Digital bets on partnerships to build Saudi Arabia’s AI ecosystem
Aramco Digital has also signed several Memorandums of Understanding (MoU) at the Global AI Summit held in Riyadh recently. It inked a deal with Cerebras Systems and FuriosaAI to explore collaboration in the supercomputing and AI domains and also partnered with South Korea's Rebellions to deploy Rebellions Neural Processing Unit chips in Aramco's data centers. In addition, Aramco Digital has signed an MoU with SambaNova Systems to accelerate AI capabilities, innovation and adoption across the country. It also announced the deployment of an AI supercomputer powered by NVIDIA GPUs, one of the region's first systems of its kind.
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Riyadh Air to fix Saudi’s ‘unacceptable’ lack of connectivity
Speaking at Routes World 2024, CEO Tony Douglas described the current lack of non-stop flights from Riyadh to many major cities as “unacceptable”. While Saudi Arabia’s current national carrier, Saudia, will primarily focus on connecting Jeddah with regional and some international destinations, Riyadh Air will provide more direct links between the capital, Riyadh, and mega-cities around the world. One of Riyadh Air’s key targets is to boost connections between Saudi Arabia and Asia, a region with booming economies and increasing travel demand. By offering new direct routes to capitals such as Tokyo, Seoul, and Singapore, the airline hopes to position Riyadh as a major hub for business and tourism.
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Saudi Arabia’s KSrelief continues volunteer surgery program
Saudi aid agency KSrelief has continued its voluntary medical work around the globe, the Saudi Press Agency reported. Medical services were provided for scores of patients at the Kidney Dialysis Center in Al-Ghaydah, Al-Mahrah Governorate, Yemen. During September, 126 patients were served. Among them, 54 underwent 446 scheduled dialysis sessions and six emergency sessions, while 75 patients received medical examinations and consultations at the clinic.
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Hezbollah supports ceasefire efforts in Lebanon, deputy leader says
Hezbollah's deputy leader said in comments broadcast on Tuesday that the group backs efforts to reach a ceasefire in Lebanon, and for the first time omitted any mention of a Gaza truce deal as a pre-condition to halting the group's attacks on Israel. Naim Qassem's remarks were shown on television after Israeli forces began ground operations in the southwest of Lebanon, expanding incursions into a new zone.
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Hamas faces dissent in Gaza as heavy toll weakens support for war, a year on
“Despite all the hardships, our life was going well. We had jobs, houses and a city,” said Samira, 52, who declined to give her family name for fear of retaliation. Samira describes Israel as “our prime enemy…the source of all our ills” but she also blames Hamas' leader Yahya Sinwar, the mastermind of the Oct. 7 attacks, for what she sees as a huge miscalculation. "What was he thinking? Didn't he expect that Israel would destroy Gaza?" she said.
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