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Oil Dips Below $30 on Brent for the First Time Since 2004 as Iran, China Put Downward Pressure on Prices
The price of oil on Brent fell below $30 a barrel for the first time since April 2004, but eventually recovered to $30.22, according to reports. Oil prices have fallen by 70% in the past 15 months. A gusher of supply from around the world continues to put downward pressure on prices. According to CNBC, U.S. […]
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With 49 New Arrests, Saudi Arabia Continues Clamp Down on Domestic Extremists
Saudi Arabia has arrested 49 suspected terrorists over the past 10 days, according to Saudi officials and as reported in the Saudi Gazette. The arrests were “a preemptive crackdown in various parts of the Kingdom,” security sources said, adding that the suspected terrorists surrendered without any resistance. They consisted of 36 Saudis, six Syrians, four Yemenis, a […]
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Saudi Arabia’ Deputy Crown Prince Mohammed bin Salman Gives His First On-the-Record Interview
Saudi Arabia’s Deputy Crown Prince and defense minister Mohammad bin Salman spoke to The Economist on January 4th in his first on-the-record interview. [Full transcript of the interview available here] [Economist leader here] The interview touched on a wide range of subjects with the son of King Salman, beginning with 7 questions on Saudi Arabia’s […]
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Saudi Arabia’s 2016 Budget Features Prudent Fiscal Policy Decisions
Saudi Arabia’s 2016 budget marks a shift in fiscal policy toward prudent but tough decisions for the future of the Arab world’s largest economy. In a recently released note to investors, Riyadh-based Jadwa Investment said the 2016 budget still provides a high level of government spending to drive the Saudi economy. Budgeted at $226b, the amount is a […]
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King Salman’s Speech to Shura: The Kingdom is Committed to Decreasing Dependence on Oil as a Main Source of Revenue
Saudi Arabia’s King Salman said in a major speech today that Saudi Arabia will seek to diversify its sources of income and improve the efficiency of government spending as it strives to reduce its dependence on oil revenue, which has plunged since last year, Reuters reports. “The kingdom is committed to implementing programs to diversify […]
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Saudi Arabia Extends Financial Support of Egypt, Despite Fiscal Strains at Home
Saudi Arabia has extended its financial support of the Egyptian government to an added $8 billion in 5 years, along with energy concessions and other assistance, despite facing a budget crunch at home. The announcement followed a meeting between Deputy Crown Prince Muhammad Bin Salman, Second Deputy Premier and Minister of Defense, and Egyptian Prime […]
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9th Global Competitiveness Forum (GCF) in Riyadh Set for January 24-26, Will Examine ‘Key Drivers’ of Competitive Sectors
Business and political leaders will converge in Riyadh for the 9th Global Competitiveness Forum (GCF) to “discuss the key components that drive competitiveness” in the Saudi economy on January 24-26, 2016. The event is hosted by the Saudi Arabian General Investment Authority (SAGIA) and will take place at the Four Seasons in Riyadh.
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With Extreme Stance on Muslims, Trump Angers Arab Businessmen, Jeopardizes Global Business Interests
Arab businessmen and Gulf industry leaders are blasting Donald Trump for his extreme views on Muslims, with some of the region’s most powerful men branding Trump “the biggest enemy of Islam” and others eyeing a rethink of ties with the controversial Republican presidential candidate. Trump’s comments are having a very real impact on his business interests in the […]
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Saudi Aramco Aims to Redirect Dollars Spent on Western Oil service/Equipment to Saudi-Based Operations
Saudi Arabia, long reliant on western oil services and equipment to support its oil production, took an ambitious step to begin to onshore much of those services with a new program called the In-Kingdom Total Value Add (IKTVA). The program aims to give contracts typically assigned to western firms to locally-based firms, a decision that could […]
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Saudi Arabia to Host December Conference Seeking to Unite Syrian Opposition
Saudi Arabia will host a conference in mid-December to try to unite the Syrian opposition ahead of new peace talks, according to reports. The goal of the conference is to attempt to present various factions of the Syrian opposition as a united front in future negotiations. According to reports, the U.N. envoy to Syria, Staffan De Mistura, “informed the […]
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Saudi efforts to attract foreign educational companies and schools pay rich dividends
These efforts received a shot in the arm with the latest move to formulate an ambitious program to facilitate the attraction of the best foreign companies and schools from abroad. Three Saudi government agencies, represented by the Ministry of Education, Ministry of Investment and the Royal Commission for Riyadh City, are working on this program, according to Abdulaziz Al-Fahd, chairman of the National Committee for Training and Private Education at the Federation of Saudi Chambers.
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Saudi real estate: BlackRock signs major property financing deal
The minister and his accompanying delegation are in the US to discuss ways to boost Saudi-American partnerships in the urban development, construction, building, finance and real estate development sectors. The agreement was signed by SRC CEO Majid Fahd Al Abduljabbar and General Manager of BlackRock in the Middle and CEO of BlackRock KSA Yazeed Al-Mubarak. BlackRock President Robert Capito attended the signing ceremony.
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Saudi Telecom Jumps Most Since 2008 After Dividend Boost
Shares in Saudi Arabia’s top telecom company rose the most in almost 16 years after the company announced plans to boost quarterly dividends and said it may consider handing over more money to investors via special payments. Saudi Telecom Co. jumped 9.9% on the Saudi stock exchange on Sunday to 43.70 riyals ($11.65) a share, its biggest move on a closing basis since October 2008.
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US return of offensive weapons sales to top customer Saudi Arabia set to boost revenue
The Biden administration reversed the three-year-old policy this month, which was originally meant to pressure the kingdom over its involvement in the Yemen war – a move that the US may now be regretting given its own need to curb the Houthis now. Saudi Arabia – the main recipient of US arms exports from 2019-2023, according to the Stockholm International Peace Research Institute (Sipri), could boost revenue that made up 15 per cent of total US global arms exports at the time.
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Incredible photos reveal 75-mile canyon for £800 billion futuristic city
Also known as The Line, it aims to create a 75-mile long futuristic city that prioritises pedestrians and green spaces while minimising environmental impact. Once completed, it is set to feature towering skyscrapers, an artificial mountain and ski resort, an octagonal floating port, a dedicated swimming lane for commuters as well as a sophisticated AI and robots network designed to serve its uber-rich residents.
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Saudi Arabia’s Public Investment Fund (PIF) boosts economic diversification
Saudi Arabia's Public Investment Fund (PIF) has managed to double the value of its investment portfolio aimed at developing and enhancing emerging sectors, reaching 943 billion Saudi Riyals (equivalent to EUR 231 billion) by the end of 2023. This significant increase reflects a key strategy to strengthen its role in the Kingdom's economic transformation and diversification of its revenue sources, thereby reducing dependence on oil.
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Commentary: OPEC’s and Saudi Arabia’s moment of truth
In the next few weeks, Saudi Arabia and its OPEC allies must take a delicate decision about whether to proceed with planned production increases from October, or postpone them because of an uncertain economic outlook. The recent slides in front-month Brent futures prices, calendar spreads and refinery margins, amid concerns about the outlook for petroleum consumption, have dramatised the danger of getting it wrong. Boosting production despite downward revisions to consumption growth and a continued output increases from rivals in the United States, Canada, Brazil and Guyana risks another accumulation of inventories and a slump in prices.
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Turki Al-Sheikh unveils theme of 94th Saudi National Day
Advisor Turki Al-Sheikh, chairman of the General Entertainment Authority (GEA), announced on Thursday the theme of Saudi Arabia’s 94th National Day, which falls on September 23 each year. The theme “We dream, we achieve,” carried over from last year, highlights the significant projects related to the Saudi Vision 2030 and showcases the Kingdom’s leading role in various fields.
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Hornets defender Hoedt makes Saudi switch
Watford Player of the Year Wesley Hoedt has left the club to join Saudi Pro League outfit Al-Shabab. The 30-year-old - who has won six caps for the Netherlands - joined the Hornets from Belgian side Anderlecht in January 2023. Hoedt made himself a fans' favourite with a goal on his debut against Blackburn and went on to play 15 times in 2022-23, then every minute of 48 games last season, wearing the captain’s armband on 32 occasions.
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Israel and Hezbollah in major missile exchange as escalation fears grow
Hezbollah launched hundreds of rockets and drones at Israel early on Sunday, as Israel's military said it struck Lebanon with around 100 jets to thwart a larger attack, in one of the biggest clashes in more than 10 months of border warfare. Missiles were visible curling up through the dawn sky, dark vapour trails behind them, as an air raid siren sounded in Israel and a distant blast lit the horizon, while smoke rose over houses in Khiam in southern Lebanon.
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