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Sfakianakis on Bloomberg: How Much Longer Can Saudi Arabia’s Economy Hold Out Against Cheap Oil? – Video
With economists predicting a budget deficit of as much as 20 percent of GDP this year and the IMF forecasting the first Saudi current-account deficit in more than a decade, Saudi Arabia faces tough fiscal policy choices ahead as the price continues to stay low. Saudi finance expert and Ashmore Group Middle East Director John Sfakianakis spoke with Bloomberg […]
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Saudi-led coalition pounds key Yemen port as violence escalates on both sides of the border
Saudi-led coalition warplanes pounded a key supply city for the Houthi forces in Yemen as the Hadi-backed fighters continue to rely on recently introduced military equipment to make gains in the ongoing conflict. Warplanes hit the Houthi-controlled Red Sea port of Hodeida on Tuesday, destroying cranes and warehouses in the main entry point for aid supplies […]
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Saudi Drawdown on Reserves Continues, but Slows to Lowest in 8 months – Jadwa Chartbook
Saudi Arabia continued to drawdown on reserves in June, but at the lowest rate in 8 months, according to a recently released report by Jadwa Investment. Riyadh-based Jadwa found net withdrawals from Saudi government accounts fell to their lowest point in eight months, with $3 billion of net withdrawals in June while foreign reserves fell by $7.6 billion […]
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‘ISIS Offshoot’ Claims Responsibility for Terrorist Attack in Asir as Images Emerge of Aftermath
An alleged new branch of ISIS in Saudi Arabia has claimed responsibility for an attack that targeted a mosque used by police special forces in the kingdom’s southwest, according to latest reports. The suicide bomber attacked a mosque inside a local security force headquarters in Abha, the capital of Saudi Arabia’s south western province of Asir, […]
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Saudi Stock Market Faces Tough July: Value of Shares Traded Tumbles 25% but Market Seen As ‘Resilient’
The kingdom’s Tadawul All Share Index has retreated 4.2 percent since the end of June as value of shares traded for July decreased 25 percent over the previous month, according to reports. However, compared with the significant drop in Brent Crude oil of 21 percent in that period, the market has “shown its mettle” in what […]
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In Egypt, Deputy Crown Prince Mohammed Bin Salman Signs ‘Declaration of Cairo’ as Ties Strengthen
Deputy Crown Prince Mohammed bin Salman and Egypt’s President Sisi signed the “Declaration of Cairo,” a document said to “reinforce the strategic alliance between Egypt and Saudi Arabia,” according to reports. The pact aimed at boosting military and economic ties between the two Arab allies “stressed the need to exert all efforts to boost security […]
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Promising Breakthrough in MERS Vaccine as Infections Continue in Saudi Arabia
Two different animal studies yielded promising findings about a two-step vaccine strategy against the MERS-CoV virus, according to reports, as Saudi Arabia and South Korea continue to battle the disease. According to the Saudi Gazette and agencies, “vaccinated mice produced antibodies that neutralized MERS strains, according to a study from the US National Institute of […]
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Is SABIC Looking to Invest in U.S. Shale?
SABIC CEO Yousef al Benyan said the company is looking to expand its interests in U.S. shale gas through joint venture projects, according to a report in Bloomberg. SABIC has signed an agreement with Houston, Texas-based Enterprise Products Partners L.P. to get shale gas, according to the report, to be used in the United States or […]
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Eid Greetings from SUSTG
Best Wishes from the SUSTG Team on the Occasion of Eid Al Fitr.
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New Officials Named for Top Housing, Royal Court Posts
Saudi Arabia appointed a housing minister with a background as a real estate developer on Monday and appointed a new head of the Royal Court, according to decrees issued by King Salman and reports by the Reuters news agency. Majed al-Hogail, former managing director of Rafal Real Estate Development Co, a private firm owned by Saudi […]
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Saudi Arabia: Women’s fashion projected to become $53bn market by 2030
Rising female workforce participation, coupled with increasing westernisation of clothing, besides rising social media influence and mushrooming of online shopping platforms are the driving forces for the unprecedented growth in the fashion wear segment in Saudi Arabia, the research by global advisory firm RedSeer said.
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First Iraqi car enters Kuwait after 33 years
Iraqi Ambassador to Kuwait, Al-Manhal Al-Safi, announced yesterday the entry of the first Iraqi car into Kuwait in more than 33 years. This came ahead of the football match between the Iraqi and Kuwaiti national teams in the Asian qualifiers for the 2030 World Cup, scheduled to be held tomorrow. Al-Safi said on his account on X that the car belongs to an Iraqi citizen who came to attend the match, and thanked Kuwait for the warm reception.
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UAE completes Arab world’s first nuclear plant
Abu Dhabi's Barakah Nuclear Energy Plant will produce 40 terawatt-hours (TWh) of electricity annually after its fourth and final reactor entered commercial operation, the state-owned Emirates Nuclear Energy Corporation (ENEC) said in a statement. It will generate 25% of the electricity needs of the hot, desert Gulf state, where air-conditioning is ubiquitous – nearly the equivalent of New Zealand's annual consumption, ENEC said.
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Dr. Basma AlBuhairan: A Story of Cross-Sector Leadership
The Kingdom’s ranking in global innovation and technology indices is continuously improving. Saudi Arabia jumped 10 ranks to achieve 2nd place among the G20 countries according to ITU’s ICT Development Index (IDI) 2023
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How a Saudi university’s AI solution is revolutionizing Red Sea coral conservation
The groundbreaking technology, Coral-AI, combines real-time environmental monitoring with automated delivery of beneficial microorganisms, offering a proactive approach to preserving coral health not just in the Red Sea, but potentially across the world’s oceans. The Red Sea, the world’s northernmost tropical sea, is a semi-enclosed body of water connected to the Mediterranean Sea and the Arabian Sea through the narrow Suez Canal and Bab Al-Mandab Strait.
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Iran’s president visits Iraq amid Middle East tensions
Iranian President Masoud Pezeshkian visited Iraq on Wednesday on his first foreign trip, signalling the clerical establishment's intention to strengthen ties with a strategic ally of both Tehran and Washington as regional tensions rise. Pezeshkian, a relative moderate who was elected in July, met Iraqi Prime Minister Mohammed Shia al-Sudani at the start of a three-day visit that Tehran and Baghdad said would include the signing of a number of agreements and discussion of the Gaza war and the situation in the Middle East.
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23 years later, September 11 families continue quest for accountability from Saudi Arabia through civil lawsuit
Now, as survivors and the victims’ families commemorate another anniversary, they await a federal judge’s pivotal decision in their yearslong legal battle with the Kingdom of Saudi Arabia over their claim of KSA’s role in backing an extremist support network that assisted the hijackers in the US leading up to the attack on the World Trade Center and the Pentagon on September 11, 2001. The Kingdom denies the allegations.
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Saudi FM discuss Palestine, Syria and Somalia crises with counterparts in Cairo meeting
Saudi Foreign Minister Prince Faisal bin Farhan met with his counterparts at the sidelines of the Arab League foreign ministers meeting in Cairo on Tuesday. During the meeting, ministers discussed joint Arab action to intensify coordination on the Palestinian issue and other matters of concern. Regional and international developments were also discussed at the meeting that was attended by a Turkish foreign minister for the first time in 13 years.
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Saudi Arabia says Israel humanitarian aid blockade in Gaza amounts to ‘war crime’
Saudi Arabia said, Tuesday, that Israel’s obstruction of humanitarian aid to the Gaza Strip is a “war crime” and a “humanitarian catastrophe”, according to Saudi state channel, Al-Ikhbariya. The failure to reach a ceasefire in Gaza for nearly a year is evidence of the “repeated failure of the international security system,” Foreign Minister, Prince Faisal Bin Farhan, said at a news conference in Cairo with his Egyptian counterpart, Badr Abdelatty, Anadolu Agency reports. Bin Farhan criticised Israel’s intransigence and refusal to agree to a ceasefire.
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Saudi Arabia reopens embassy in Syria, completing reconciliation with Assad regime
At a reception held at Damascus’s Four Seasons Hotel on Monday, Saudi Chargé d’Affaires, Abdullah Al-Harith, stated that the reopening of the Kingdom’s diplomatic mission in Syria “represents an important moment in the history of relations between our two brotherly countries”. He also emphasised Riyadh’s commitment to developing bilateral relations with Damascus.
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