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Major Reduction in Quarterly Budget Deficit Figures a Positive for Kingdom’s Economic Reforms
In an analysis of official data from the Kingdom, Bloomberg found a significant year-on-year reduction in Saudi Arabia’s budget deficit from Q1 2017, a sign that the Kingdom’s economic reforms coupled with an uptick in oil prices have positively impacted the government’s balance sheet. According to Saudi Arabia’s finance ministry and as reported in Bloomberg, […]
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Plans Move Ahead for Saudi Arabia’s ‘Fannie Mae’ Mortgage-Refinancing Firm
Saudi Arabia’s first mortgage-refinancing firm has started approaching banks to buy their mortgage portfolios as the state tries to boost lending for homes, Bloomberg reports. In 2015, Bloomberg and Reuters reported on Saudi Arabia’s plans to work with the Boston Consulting Group to help start a state-owned mortgage firm similar to the U.S.’s Fannie Mae and […]
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7 Major Changes to the Kingdom of Saudi Arabia that Happened This Weekend and What They Mean
Over the weekend, Saudi Arabia’s King Salman announced a series of major changes to key leadership positions, a new “national security center” for Saudi Arabia that is affiliated with the Royal Court, and more. Here’s what is different now for Saudi Arabia and what those changes mean for the Kingdom, U.S.-Saudi relations and Saudi Arabia’s […]
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Saudia Chief Al-Shibl: Saudi Arabian Airlines is Seeking to Become the Largest Carrier in the Middle East
Saudi Arabian Airlines is seeking to once again become the largest carrier in the Middle East and efforts are underway toward achieving this goal, Dr. Ghassan Al-Shibl, chairman of the board of Saudia told Asharq Alawsat around the U.S.-Saudi Arabia CEO Summit. Al-Shibl said that Saudia has reached a deal that will see the state-owned airline purchase 30 […]
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FULL TEXT: Secretary of State Rex Tillerson’s Remarks at the U.S.-Saudi Arabia CEO Summit
Full text of the Secretary of State’s remarks at the U.S.-Saudi CEO Summit, hosted by the U.S. Chamber of Commerce, the Saudi Committee for International Trade and the Council of Saudi Chambers of Commerce. *** SECRETARY TILLERSON: (Applause.) Well, thanks so much, Tom, and good afternoon to all of you. And Tom and I are old […]
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Demand for Homes in the Kingdom Soars, But Supply Falls Short
Saudi Arabia needs to build nearly 414,000 houses this year to meet the needs of its rapidly growing population, a report in Zawya.com said, citing a report in the Arabic language daily Al-Madina which based the information on official statistics from the Saudi Ministry of Housing. The Kingdom must play catch up in order to meet […]
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In Shift from Obama, Trump to Host Egypt’s President Sisi at the White House for Lengthy Lunch Meeting
Egypt’s strongman president Abdul Fattah al-Sisi will visit the White House for the first time since he led the military’s overthrow of his predecessor in 2013, marking a shift in U.S. policy under President Obama who never invited him to the White House. President Trump “wants to use President Sisi’s visit to reboot the bilateral relationship and […]
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The U.S. is ‘Significantly Increasing’ Support for the Saudi-led Coalition in Yemen as Conflict Enters Third Year
The Trump administration has “significantly increased” military support for the Saudi-led coalition fighting al Qaeda and Iranian-backed militias in Yemen, the Wall Street Journal reports. The increase in support by the Trump administration raises the stakes for the United States in the war in Yemen, now entering its third year. It also continues a warming trend in […]
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London Parliament Attacker Traveled to Saudi Arabia Three Times, was ‘Not on Security Services’ Radar’
The man who killed four people outside Britain’s Parliament building was in Saudi Arabia three times and taught English there, the Saudi embassy in the UK said in a statement released Friday. Khalid Masood taught English in Saudi Arabia from November 2005 to November 2006 and again from April 2008 to April 2009. The embassy […]
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JASTA Kicks in as Relatives of 9/11 Victims Sue the Saudi Government
The families of more than 2,000 victims of terrorism have filed a civil lawsuit against the government of Saudi Arabia, hoping for restitution for the September 11, 2001 attacks on the United States. The lawsuit follows the passing of the JASTA law permitting such lawsuits, which was vetoed by President Obama before his veto was overridden. […]
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Rory McIlroy, and ‘the next step’ if a Tour-Saudi deal doesn’t happen
Rory McIlroy says if a funding deal between the PGA Tour and the Saudi Arabia Public Investment Fund doesn’t happen soon, the PIF will look at “alternative options.” What those options would be was unclear as the Tour and PIF continue to negotiate, 14 months after the sides agreed to do so. McIlroy was speaking after Thursday’s play at the Tour’s season-ending event, the Tour Championship.
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K. Hovnanian to Enhance Saudi Arabia Housing Sector
Matawan-based Hovnanian Enterprises, Inc., a leading national homebuilder across the United States, announced the signing of a Memorandum of Understanding (MOU) between its subsidiary, K. Hovnanian M.E. Investments, LLC, and the Ministry of Municipalities and Housing of the Kingdom of Saudi Arabia. Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia.
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Al-Kheraiji: Saudi donations to Gaza surpass $185 million
Deputy Foreign Minister Eng. Walid Al-Kheraiji said that the value of donations extended by Saudi Arabia to Gaza reached more than $185 million. Addressing the 50th session of the Council of Foreign Ministers of the Organization of Islamic Cooperation (OIC), in Yaoundé, capital of Cameroon, on Thursday, the deputy minister renewed Saudi Arabia’s condemnation and rejection of all forms of crimes against the Palestinian people by the Israeli occupation forces.
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Saudi Ambassador to EU says Schengen visa issuance unchanged
Saudi Ambassador to the European Union Haifa Al-Jedea said that the Schengen visa is still issued in the usual way by visiting the headquarters of European embassies, denying the launch of a system to issue it electronically.
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Hail Governor Receives Torch of Saudi Games 2024
Governor of Hail region Prince Abdulaziz bin Saad bin Abdulaziz today received the torch of the third edition of the Saudi Games 2024 as it embarked on its promotional journey for the Kingdom's largest national sporting event. This year's torch tour is crucial in promoting the Saudi Games 2024. It aims to explore key cultural, historical, and tourist sites, covering 47 famous locations across the Kingdom. Accompanied by notable champions and influencers recognized for their significant contributions and accomplishments, local communities are joining in the festivities of the Kingdom's most prominent national sports event.
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How US Surged Forces to Middle East To Keep Iran at Bay
The United States shifted significant naval and air forces to the Middle East this month from bases at home and abroad, adding to 10 months of increased American military presence in the region amid tensions between Israel and Iran. The latest U.S. military deployments come after the killing of Ismail Haniyeh, Hamas' top political leader, sparked repeated Iranian threats of retaliation against Israel, which has neither confirmed nor denied its involvement in the July 31 airstrike that killed him in Tehran.
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US military turns to Tinder to issue warning amid rising tension in Middle East
In a unique move, the US military has turned to dating app Tinder to issue warnings about the potential escalation of the conflict in the Middle East. US Central Command, which oversees military operations in the Middle East and Central Asia, reportedly purchased ad space on Tinder to deter attacks on US forces and allies. “The United States will protect its partners in the face of threats by the Iranian regime and its proxies,” the ad read in Arabic, along with images of warplanes and the logo of CENTCOM. “Do not take up arms against the United States or its partners.”
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Saudi Arabia Signals Ambition to Host Olympic Games
Saudi Arabia’s potential interest in eventually hosting the Olympic games comes as the Gulf nation grows its portfolio of sports events, including the inaugural Esports Olympics in 2025. Riyadh clinched a 12-year deal with the International Olympic Committee in July to host that event, signaling a relationship already exists. The Saudis are also due to host the Asian Winter Games in 2029 and is on the brink of hosting the FIFA World Cup in 2034.
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Gulf investors launch $200 million Waad Investment firm to support regional startups
An alliance of investors and GCC-based family offices launched “Waad Investment," an investment firm with a targeted value of SAR750 million ($200 million), making it the largest private investment firm dedicated to supporting growth-stage startups. The alliance is led by investor Yaser AlGhamdi, the founder and Chief Investment Operations Officer of Waad Investment, in collaboration with the AlMajed and AlMisfer family offices.
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New twist in ‘heist of the century’ in Iraq as key figure ‘fakes accident’ in Beirut
Simmering controversy over the “heist of the century” in Iraq has been reignited as a businessman central to the multi-billion dollar corruption case has failed to appear for his court date. Raising further eyebrows, Noor Zuhair Jassim Al-Muthaffar is reported to have been involved in a “suspicious” traffic accident outside Iraq’s borders—in Lebanon—only days before his trial. The curious twists and turns of the case have brought speculations to a fever pitch, with observers warning of a potentially profound political fallout.
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