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  • Saudi Arabia, US discuss Biden’s Gaza ceasefire proposal

    Saudi Foreign Minister, Prince Faisal Bin Farhan, received a phone call from US Secretary of State, Antony Blinken, during which they explored the latest developments in Gaza, and Biden’s proposal for a ceasefire and hostage swap between Hamas and Israel, the Saudi Foreign Ministry said in a statement.

  • Saudi Communications and Information Technology Exports Surpass SAR6 Billion in 2023, Backed by a Package of Programs and Capabilities

    The services export sector is one of the promising sectors contributing to the increase of Saudi non-oil exports. In light of this, the Saudi Export Development Authority (Saudi Exports) employs its efforts and capabilities to support and empower this sector by providing facilitated means to enhance the reach of Saudi services to new markets and expand them, thereby achieving national targets and increasing the percentage of non-oil exports. Services exports refer to the value of services exchanged between residents and non-residents in an economy, including services provided to customers from outside the economy offering the service.

  • Riyadh Air set to expand partnerships with more airlines

    Riyadh Air is expanding its network of partnerships with established carriers around the world as Saudi Arabia’s newest airline seeks to build global ties ahead of its market debut next year.

    The airline, which is owned by Saudi Arabia’s Public Investment Fund, is close to announcing an accord with a major southeast Asian carrier in coming days, according to people familiar with the plan. Riyadh Air is also working on agreements with an Indian carrier for long-haul flights as well as a US airline, said the people, who asked not to be identified discussing private deliberations.

  • Gulf IPO boom: Who’s next to go public in Saudi Arabia and UAE?

    Economic diversification strategies in the UAE and Saudi Arabia, coupled with increasing investor appetite are fuelling an enduring rush of stock market listings across sectors.
    After a tremendous year for the Gulf in 2022, which saw 48 IPOs raise a total of over $22 billion, another 47 companies went public last year though proceeds dropped to around $10 billion, experts said.

  • Saudi Arabia starts $13,300 fines and deporting expats over Hajj violations

    Saudi Arabia has introduced and is enforcing penalties for violating Hajj permit violations. The Public Security has started enforcing penalties for those violating Hajj regulations and instructions without a Hajj permit in the city of Makkah, the central area, the holy sites, the Haramain train station, security checkpoints, screening centres, and temporary security checkpoints.

  • Saudi Arabia to become 1st G20 country to replace all street lights with energy-saving LEDs: official

    Saudi Arabia is set to become the first G20 country to install LED street lights to conserve energy, said a top official of the National Energy Services Co., known as Tarshid. Speaking during a panel titled “Saudi Vision 2030 Outlook” on the first day of the Global Project Management Forum 2024 taking place in Riyadh from June 2 to 3, Mohammed Muaafa, technical services director of Tarshid, said the company has worked on a large number of projects to conserve electricity in various types of commercial and residential projects across the Kingdom.

  • Why Saudi Arabia Never Acquired The F-16

    Boeing hopes Saudi Arabia will choose the F-15EX Eagle II over rival bids for Eurofighter Typhoons from the United Kingdom and Dassault Rafale multirole fighter jets from France. The American aerospace giant pointed to Riyadh’s decades-long interest in and experience operating the F-15, of which the kingdom possesses approximately 230. The three-way fighter competition is also a striking reminder that Saudi Arabia never acquired the F-16, peculiar for a region that operates the second, third, and fourth largest fleets of the venerable Viper.

  • U.S. Presses To End The War In Gaza

    On May 31, in a formal statement at the White House, U.S. President Joseph Biden outlined what he termed an Israeli proposal for a three-phased roadmap toward a permanent end of hostilities in the war between Israel and Hamas in the Gaza Strip. Appearing to pressure both Israeli and Hamas leaders to back the roadmap fully, the Biden statement stressed that the plan, if fully agreed and implemented, meets the core demands of both sides and should be accepted. The proposal appeared to reflect the results of recent intensive negotiations between the United States, Qatar, and Egypt, on new initiatives to break the logjams that have blocked Israel-Hamas agreement on another temporary ceasefire and further hostage releases. The U.S. and some Arab officials have attributed the impasse mostly to Hamas’ demand for a complete end to Israel’s offensive in Gaza as a condition for freeing remaining Israeli hostages.

  • Saudi Aramco offered $12 billion worth of stock. It sold out in hours

    Saudi Arabia will still own the vast majority of the company, both directly and through its Public Investment Fund. The country is using some of the proceeds to help diversify its economy in anticipation of so-called “peak oil,” when the commodity’s demand and/or supply begin to fall for climate and alternative energy-related reasons. One big priority for the new economy has been tourism, which Saudi Arabia has been working to increase through the creation of new attractions and travel options.

  • Doctor’s Sons Turn Billionaires as Saudi IPOs Mint New Fortunes

    A hospital group is set to become the kingdom’s biggest listing of the year, turning its two top shareholders into billionaires. Brothers Mazen and Ammar Fakeeh, the sons of the physician who founded the Dr. Soliman Abdul Kader Fakeeh Hospital Co., will have a combined fortune of at least $2.5 billion after the sale, while their sister Manal will be worth some $600 million, according to the Bloomberg Billionaires Index.