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Jadwa Investment: A ‘Mixed Picture’ for Domestic Economic Activity in October 2015 Data
Riyadh-based Jadwa Investment’s December 2015 Saudi Chartbook finds a ‘mixed picture’ for Saudi domestic economic activity. While data on consumer spending pointed to healthy growth, PMI fell to its lowest point on record. The Data also show the first positive net monthly change to government accounts with SAMA: Real Economy: October data showed a mixed picture for domestic […]
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Saudi Forces Train to Fight in Rugged Mountain Terrain as War in Yemen Continues
Military personnel from Saudi Arabia were photographed by the official Saudi Press Agency (SPA) training in remote mountain terrain as the battle against the Houthi rebels in Yemen continues. Victory has remained elusive for the Saudi-led coalition fighting in Yemen, but steady gains on the back of coalition airstrikes have turned the tide in the […]
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Saudi Shoura Council Approves Tax on Vacant ‘White Properties’ in Saudi Arabia
Saudi Arabia’s Shoura Council has approved a plan to tax landowners on vacant properties following an earlier Saudi Cabinet decision to pursue a tax on so-called ‘white properties.’ The plan was approved by Saudi Arabia’s King Salman in March and the issue was sent to the Shoura council to be voted upon. It still awaits […]
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KAUST Announces New Partnership with Dow, Launches Venture Capital Fund with ICD
Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) announced two new partnerships this week, including a R&D agreement with Dow Chemical and the creation of a venture capital fund with the Islamic Corporation for the Development of the Private Sector (ICD). The university’s campus is now the future home of the new Dow Middle East […]
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Saudi Stock Market’s Key Players Undertake Roadshow to Promote Investment in Saudi Arabia’s Tadawul
Key players in Saudi Arabia’s stock market have embarked on a “global roadshow” abroad to show off the attractiveness of the investment climate in Saudi Arabia, according to reports, with officials meeting potential investors in New York, London, and Singapore. Saudi Arabia’s Tadawul opened to wider foreign investment in July 2015, but it did so […]
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Uber Eyes Fast-Growing MENA Markets for $250m Expansion
Uber Technologies Inc. is investing $250 million to expand in the Middle East and North Africa, which have some of the ride-sharing service’s fastest-growing markets, Bloomberg reports. Uber is already in Saudi Arabia, and the ride-sharing app is having a significant impact on the transportation economy there. And Uber is also making a social impact. Since […]
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Al-Jubeir: Yemen’s War in the ‘Final Stage’; But Victory May Still Prove Elusive
Saudi Arabia’s Foreign Minister Adel Al-Jubeir said that the Saudi-led coalition battling the Houthi rebels in Yemen is entering its final stages. “I am confident that the Yemeni conflict has entered its final stage, and I’m optimistic,” Al-Jubeir said. “There are indications that the war in Yemen is entering a final phase. The legitimate government […]
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Ahead of Critical Syrian Peace Summit, Saudi Arabia Looks to ‘Test’ Iran on Commitment to Peace
Vienna, Austria will play host to a crucial meeting on Friday on the future of Syria and international efforts to end the bloody 4-year civil war that has left hundreds of thousands dead and has served as a breeding ground for Daesh, or the self-described ISIS. For the first time, all the main powers with […]
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Bomb Rips Through Shia Mosque in Najran City, Saudi Arabia, Killing One; Daesh Claims Responsibility, Suspect Named
A bomb ripped through a Shia mosque in Najran City in Saudi Arabia yesterday, killing one and injuring at least 16 people in the latest in a spate of murderous attacks across Saudi Arabia in the last year. Daesh has claimed responsibility for the suicide bombing at the al-Mashhad mosque. Saudi Authorities have named a suspect. […]
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Report: U.S. State Department Approves Sale of $11.5b Littoral Combat Ships to Saudi Arabia, Latest in ‘Biggest Year Yet’ for U.S. Arms Sales
The State Department has approved the sale of as many as four Littoral Combat Ships for $11.25 billion under the Foreign Military Sales program according to an official cited by Bloomberg. The approval allows the Saudis to negotiate contracts for the ships unless Congress passes legislation to block the deal, the report said. The news […]
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Opinion: ‘The Line’ in Saudi Arabia Is a Spectacle, but That Doesn’t Make It Smart
While Saudi Arabia’s decision to build a very tall linear city may seem bizarre, there are clear benefits to stacking buildings atop one another and connecting them with walkways at different heights and transit lines. Residents can get from one end of the city to the other in just 20 minutes without ever setting foot in a car.
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Saudi Arabia, Brazil Hope to Kindle Investment With Deeper Ties
Their relationship started with chicken exports in the 1970s. And now the bond is becoming a way for the Global South heavyweights to diversify their trade ties and insulate their economies from geopolitical risk.
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Saudi Arabia’s move to allow non-Saudis to set up law firms
In a post on its X platform, the NCC sought opinion of the public with regard to a proposal by the Ministry of Justice for a project to amend the first paragraph of Article 50 of the Kingdom’s Code of Law Practice. The amendment aims to allow foreign law firms, licensed to practice the profession in the Kingdom, to establish a professional company, wholly owned by non-Saudis, to provide legal advice in Saudi regulations, and to plead before the courts in accordance with the controls specified by the regulations, through a Saudi lawyer registered in the register of practicing lawyers.
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Saudi Foreign Minister arrives in Russia to participate in BRICS meeting
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan arrived in Nizhny Novgorod, Russia, on Monday to participate in the BRICS ministerial meeting to be held on Tuesday. The Saudi minister's visit comes at the invitation of the Russian Foreign Minister. Saudi Arabia is attending the meeting as an invited country to join the group. During the meeting, the Foreign Minister will discuss with the BRICS countries issues and priorities of mutual interest, international developments, and global challenges. He will also hold a number of bilateral meetings on the sidelines of the conference.
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Saudi Arabia debt issuance ramps up to finance Vision 2030 projects
GCC governments have issued about $45 billion in bonds and sukuk so far this year, putting the region’s sovereigns on track for the most debt issuance since 2020. The volume has increased significantly this year, with the first half of 2024 alone reaching well above the $33 billion issued in the whole of last year.
Oil prices have averaged $83 per barrel so far this year, similar to the average for last year, and several countries that have issued bonds and sukuk this year are expected to run budget surpluses in 2024, including the UAE and Qatar.
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Saudis Said to Hand About 60% of Aramco Offer to Foreigners
Foreign investors were allocated about 60% of the shares on offer in Saudi Aramco’s $11.2 billion stock sale, people familiar with the matter said, marking a turnaround from the oil giant’s 2019 listing that ended up as a largely local affair.
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Saudi Arabia committed to cooperate in global efforts to protect marine resources, says climate affairs envoy
Saudi Arabia’s climate envoy, Adel Al-Jubeir, on Saturday said the Kingdom is committed to cooperate with the international community in enhancing efforts to protect oceans and marine resources. Al-Jubeir, who is also minister of state for foreign affairs and a member of the Council of Ministers, reaffirmed the Kingdom’s commitment in a speech at Ocean Action: Immersed in Change, a high-level event in the Costa Rican capital, San Jose, the Saudi Press Agency reported.
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Saudi Red Sea Authority Partners With The Khaled Bin Sultan Living Oceans Foundation
We are thrilled to announce a significant new partnership between the Khaled bin Sultan Living Oceans Foundation and the Saudi Red Sea Authority (SRSA). This collaboration marks a major milestone in our ongoing efforts to advance marine conservation and promote sustainable marine tourism in the Saudi Arabian Red Sea. The partnership was officially established today with the signing of a memorandum of understanding (MoU) in Riyadh, Saudi Arabia. The signing ceremony was attended by prominent representatives from both organizations, including Mr. Mohammed Al-Nasser, Acting CEO of SRSA, and HRH Princess Hala bint Khaled bin Sultan Al-Saud, president of the Khaled bin Sultan Living Oceans Foundation.
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Saudi Arabia to establish independent network to serve industrial and business sectors
The Communications, Space and Technology Commission (CST) announced that the Global Digital Integrated Solutions Company (Aramco Digital) has qualified to obtain a Specialized Radio Network License in the 450 MHz band after completing the regulatory procedures for the license. The license aims to serve the industrial and business sectors by establishing a dedicated network independent from mobile networks, operating on the latest global wireless technologies.
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Saudi GDP falls 1.7% in Q1 2024
Saudi Arabia’s real gross domestic product (GDP) dropped by 1.7% year-on-year (YoY) in the first quarter of 2024, data issued by the General Authority for Statistics (GASTAT) showed. Oil activities declined by 11.2% during the three-month period, while non-oil and government activities rose by 3.4% and 2% YoY, respectively. GASTAT earlier announced it adopted the chain-linked methodology in calculating the real GDP and issued the Q4 2023 bulletin based on the new methodology, transitioning from the traditional fixed base-year methodology.
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