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Saudi Arabia’s Nayifat Finance Company Latest to Announce IPO Plans on Surging Tadawul
Saudi Arabia’s Nayifat Finance Company said on Tuesday it plans an initial public offering (IPO) on the Riyadh stock exchange with a free float of 35% of its shares, according to a Reuters report. Nayifat, a consumer-focused Islamic finance firm, said in a statement that it plans a sale of 35 million shares to institutional […]
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Saudi Arabia Adjusts Fiscal Outlook for 2022, Jadwa Investment Sees ‘Conservative’ Approach by Saudi Ministry of Finance
Saudi authorities released a preliminary budget statement for the 2022 fiscal year on 30th September 2021, and some fiscal and economic indicators were revised for the medium term. According to a report and analysis by Jadwa Investment, the main adjustment to Saudi Arabia’s fiscal outlook “relates to government revenue, with the upward revision to revenue from 2022 […]
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Residential Mortgages Soar in Saudi Arabia; Commercial Rents in Riyadh See Post-Pandemic Recovery
Roughly five years after the launch of the Kingdom’s National Transformation Plan (NTP), a key part of the Saudi Arabia’s Vision 2030 social and economic masterplan, Saudi is seeing major initial progress in the real estate sector, with new residential mortgages soaring 1000% since 2016, according to a report from industry powerhouse KnightFrank.
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‘Massive’ Coral Colony Discovered on Saudi Arabia’s Al-Waqadi Island is First in Region
A team of marine scientists and environment experts working for the Red Sea Development Company found a massive and unique coral reef south of Al-Waqadi Island off of Saudi Arabia’s coastline, Arab News and the Saudi Press Agency report.
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Report: Potential Showdown Looms as PGA Tour Says it Wont Allow Players to Compete in Saudi International
The PGA Tour will refuse to allow some of its biggest stars to play in the Saudi International golf tournament next year in response to the Saudi Public Investment Fund’s backing of a new challenging tour to rival the PGA, according to a report in Golf Week.
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Saudi Arabia’s Rock Art Complex Hima Gets Sought-After UNESCO World Heritage list Designation
Hima, one of the largest rock art complexes in the world located in Saudi Arabia, has landed on UNESCO’s World Heritage list, the sixth such location in the Kingdom to receive the sought-after designation, according to reports. Entered into UNESCO’s listings as the Ḥimā Cultural Area, the incredible rock art is located in an arid, mountainous area of […]
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Biden Administration, Saudi Arabia ‘Working Closely on Multiple Fronts’, Top Embassy Spokesman Fahad Nazer Says
Saudi Arabia and the Biden Administration are working closely on multiple fronts as strategic allies to resolve regional conflicts, the Royal Embassy of Saudi Arabia in Washington’s top spokesperson, Fahad Nazer, said in an interview with Frank Kane of Arab News.
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Saudi Screening of Hajj Applicants Enters Second Stage as 560k Apply for Only 60k Spots
The second stage of the selection process for 60,000 places available at the Hajj pilgrimage in 2021 began on Friday, The National reports, with applications being sorted according to health status.
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U.S. State Department Blasts Yemen’s Houthis, Says Iran-Backed Group Bears ‘Major Responsibility’ in Conflict
The Biden administration’s State Department on Friday blamed Iran-aligned Houthis for the failure of a ceasefire to take hold in Yemen and accused them of failing to take additional meaningful steps to end the conflict, Reuters and other news agencies report. “While there are numerous problematic actors inside of Yemen, the Houthis bear major responsibility for refusing to engage […]
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Saudi Arabia, Arab League Blast Israel’s ‘Excessive Force’ in Gaza
Saudi Arabia’s foreign minister on Tuesday condemned Israel’s attempts to evict Palestinians from their homes, as the Kingdom and the Arab League “angrily denounce” what they call the use of excessive force in Gaza.
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Saudia Group orders 105 A320neo Family aircraft to support Saudi Arabia’s aviation goals
Saudia Group, represented by Saudia, the national flag carrier of the Kingdom of Saudi Arabia, and flyadeal, the group’s low-cost carrier, has signed a firm order for an additional 105 A320neo Family aircraft. The order comprises 12 A320neo and 93 A321neo aircraft. This increases Saudia Group’s Airbus aircraft order backlog to 144 A320neo family aircraft.
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Saudi Arabia’s RSIFF hosts ‘Women in Cinema’ gala in Cannes
Saudi Arabia’s Red Sea International Film Festival (RSIFF) hosted the “Women in Cinema” Gala in partnership with Vanity Fair Europe in Cannes on Saturday, attracting celebrities from across the world.
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Saudi Arabia’s Treasured Mudflats
Nestled along Saudi Arabia’s beautiful coastline and islands lies a remarkable ecosystem of mudflats. Found in shallow waters where the land meets the sea, mudflats are not mere patches of mud but thriving ecosystems, teeming with life. They are home to an array of unique and resilient species, each adapted to the challenging and ever-changing conditions of the intertidal zone. As the tides ebb and flow, the mudflats transform from exposed surfaces to shallow water pools, creating a dynamic environment rich in biodiversity.
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In Saudi Arabia, an all-women psychedelic rock band jams out as its conservative society loosens up
“We didn’t know how people would react,” said Meesh, the band's bassist, who like other members asked to be identified by their stage names. “We believe strongly in self-expression. To our surprise, they really had open arms for us.”
The band's name, Seera, can mean “life” or “biography” in Arabic. Band members say they try to embrace the multiple meanings one can draw from a word in the language in its sound, whether through the driving drums and cymbals or the synthesizer backing the guitars.
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ICC prosecutor seeks arrest warrants for Israel’s Netanyahu and Hamas leaders
The International Criminal Court's prosecutor said on Monday he had requested arrest warrants for Israeli Prime Minister Benjamin Netanyahu, his defence chief and three Hamas leaders over alleged war crimes.ICC prosecutor Karim Khan said in a statement issued after more than seven months of war in Gaza that he had reasonable grounds to believe the five men "bear criminal responsibility" for alleged war crimes and crimes against humanity.
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Israeli troops push into Jabalia, airstrikes kill five in Rafah
Israeli forces thrust deeper into the Jabalia camp in northern Gaza on Tuesday, laying waste to residential districts with tank and air bombardments, residents said, while Israeli air strikes killed at least five people in the southern city of Rafah.Simultaneous Israeli assaults on the northern and southern edges of the Gaza Strip this month have caused a new exodus of hundreds of thousands of people fleeing their homes, and sharply restricted the flow of aid, raising the risk of famine.
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Saudi Arabia signs 2 PPAs for Al Ghat, Wa’ad Al Shamal wind projects
Saudi Power Procurement Co. (principal buyer) and a consortium led by the Japanese Marubeni Co. signed two power purchase agreements (PPAs) for the 600-megawatts (MW) Al Ghat and 500-MW Wa'ad Al Shamal wind farm projects.
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Big Airbus order overshadows Boeing at Riyadh conference
Saudia Group, owner of Saudia airline and budget carrier flyadeal, placed a hefty order for 105 Airbus (AIR.PA), opens new tab narrow-body aircraft on Monday, marking a bounce-back for the European planemaker just months after Boeing had been tipped to win more Saudi business.Ibrahim Al Omar, Saudia Group's director general, described the order for 12 A320neo and 93 A321neo single-aisle aircraft as the largest in the country's history.
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US, Saudis close to deal on defense pact, White House says
The United States and Saudi Arabia are close to a final agreement on a bilateral defense pact after the U.S. national security adviser made significant progress in talks with the Saudis over the weekend, the White House said on Monday.White House national security spokesperson John Kirby said the two sides are "closer than we've ever been" on a bilateral agreement that is now "near final."U.S. and Saudi negotiators are seeking to complete work on a bilateral accord expected to call for formal U.S. guarantees to defend the kingdom as well as Saudi access to more advanced U.S. weaponry, in return for halting Chinese arms purchases and restricting Beijing’s investment in the country.
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IBM makes more AI models open source and lands Saudi Arabia deal
International Business Machines (IBM.N), opens new tab on Tuesday said that it will release a family of artificial intelligence models as open-source software, and that it will help Saudi Arabia train an AI system in Arabic.The Armonk, New York-based company has taken a different approach to making money from AI than some of its rivals such as Microsoft (MSFT.O), opens new tab and others that are tightly guarding their AI models and charging for access to them. Similar to Facebook owner Meta Platforms (META.O), opens new tab, IBM is instead providing open access to the models themselves and on Wednesday opened its "Granite" family of AI models for companies to customize.
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