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Saudi Arabia’s Real Estate Refinance Co. to Acquire Mortgages Worth $800 Million
Saudi Arabia’s Saudi Real Estate Refinance Co. (SRC), an arm of the Public Investment Fund (PIF), will acquire mortgages worth SR3 billion ($800 million) from the Public Pension Agency (PPA), according to reports.
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Qiddiya Awards $2.6 billion In Contracts to ‘Speed Up Development’; Diriyah Gate ‘Full Speed Ahead’
Qiddiya, the mega-entertainment complex just outside of Riyadh that is set to transform the leisure landscape in the Saudi capital, announced on Thursday “at least SR10 billion ($2.66 billion) worth of contracts” will be awarded to various companies “to speed up construction,” according to reports.
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AMAALA, the Luxury Planned Seaside Resort on Saudi Arabia’s Northwest Coast, Picks Impressive Design for International Airport
AMAALA, the ultra-luxury planned travel destination located along Saudi Arabia’s northwestern coast has unveiled plans for a new international airport, employing an impressive design “inspired by the optical illusion of a desert mirage.”
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With Demand Recovery Accelerating, Oil Markets Tick Up
Stronger consumption of oil globally pushed markets higher on Friday as countries move forward with opening back up despite concerns about the Coronavirus pandemic.
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Report: PIF to buy 2.32% stake in India’s Jio Platforms for $1.49 billion
Saudi Arabia’s Public Investment Fund (PIF) will buy a 2.32% stake in Reliance Industries’ digital unit Jio Platforms for $1.49 billion, Reuters reports.
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Second Wave: Saudi Arabia Continues Battle Against COVID-19 Spread; 3,717 New Cases Reported
Saudi Arabia announced 36 more Coronavirus deaths and 3,717 new cases of the disease on Wednesday, a significant uptick in cases as the Kingdom deals with a second wave after initial successful efforts in flattening the curve.
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SAMA Uses Blockchain for Local Deposits of Announced Funds
The Saudi Arabian Monetary Authority (SAMA) used blockchain technology to deposit part of the liquidity that SAMA had previously announced to be injected into the banking sector “as part of SAMA’s actions aimed at enhancing the sector’s capabilities to continue its role in providing credit facilities,” the organization announced.
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Jadwa Chartbook: Saudi economic data from April shows Coronavirus impact
Economic indicators for the Saudi economy in April reflected the impact of COVID-19 containment measures on the local economy, with PMI remaining in contractionary territory, Jadwa Investment said in its recently-released chartbook.
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Sports Diplomacy in the Middle East: King Faisal Center for Research and Islamic Studies to Host Live Broadcast May 19th
The King Faisal Center for Research and Islamic Studies (KFCRIS) will host a live broadcast on Tuesday, May 19th at 3:00pm Washington, D.C. time (10:00 pm in Riyadh) on Sports Diplomacy in the Middle East, featuring speakers HRH Prince Faisal bin Bandar bin Sultan, president of the Saudi Arabian Federation for Electronic and Intellectual Sports (SAFEIS). The event […]
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‘Pockets of Demand’ Seen Returning for Oil as Suppliers Curb More to Boost Price
Areas of increased demand for oil are emerging as suppliers, lead by Saudi Arabia, cut additional output in hopes of boosting crude’s price, according to reports.
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The Saudi Artists Breathing New Life into Jeddah’s Oldest Neighborhood
Most of the buildings here date back between 200 and 300 years, when Al-Balad was the main entry point for Muslim travelers arriving by sea on their pilgrimage to Mecca. In recent years the district has hosted Ramadan-related events, the Red Sea International Film Festival, and the Balad Beast EDM festival. Three heritage houses, each more than 100 years old and named for the family that formerly lived in them, have been converted into small boutique hotels, the first of their kind in Al-Balad.
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LIV Golf will open its fourth season in Riyadh
LIV Golf, the circuit bankrolled by the Public Investment Fund of Saudi Arabia, will kick off its 2025 season by playing in the country's capital city, Riyadh, for the first time. The tournament, scheduled for Feb. 6-8, will be held at Riyadh Golf Club. Currently in its third season, LIV Golf has played three events in Saudi Arabia, all at Royal Greens Golf & Country Club near Jeddah. The tour's announcement Tuesday revealed the first four sites of the 2025 season.
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Saudi wealth fund raises $2bn to support mega-projects
The Public Investment Fund has raised $2 billion through a combination of sukuk (Islamic bond) and green bond offerings to support its mega-project pipeline. The Saudi wealth fund issued $1.5 billion in three-year sukuk and $500 million in green notes maturing in October 2032, Reuters said, citing a bank document. PIF has tapped into the global bond market for the fourth time this year.
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Tabby plans to go public on Saudi market in 2026
Fintech services provider Tabby plans offer shares to the public in Saudi Arabia in late 2025 or 2026, General Manager Abdulaziz Saja told Argaam on the sidelines of the 24 Fintech Conference.
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Saudi Arabia slams Israeli statements regarding Philadelphi Corridor
The Ministry of Foreign Affairs expressed the Kingdom’s strong condemnation and denunciation of the Israeli statements regarding the Philadelphi Corridor, and the futile attempts to justify the continued Israeli violations of international laws and norms. In a statement carried by the Saudi Press Agency, the ministry vowed its solidarity and support for Egypt in the face of these Israeli allegations.
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US charges Hamas leaders over Oct. 7 attack on Israel
The United States announced criminal charges on Tuesday against Hamas' top leaders over their roles in planning, supporting and perpetrating the deadly Oct. 7 attack in southern Israel. The charges against Yahya Sinwar, the militant group's chief, and at least five others accuse them of orchestrating the Oct. 7 attack, which killed 1,200 people, including more than 40 Americans. That attack triggered an Israeli assault on Gaza that has killed more than 40,800 Palestinians and laid waste to much of the territory.
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UN officials welcome progress in Gaza polio campaign, call for permanent ceasefire
The main United Nations agency for Palestinians said on Wednesday it was making good progress in rolling out a polio vaccine to children in Gaza, but called for a permanent ceasefire in the 11-month war to ease humanitarian suffering. UNRWA said that three days into the campaign in areas of central Gaza around 187,000 children have received the vaccine. The campaign will move to other areas of the enclave in the second stage.
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Opinion: Saudi marriages outside the clan have a profound effect on the Kingdom’s society
To westerners, marriages in the Muslim world are commonly perceived to be “arranged”, but that is a slight mischaracterisation because in a truly arranged marriage, the prospective husband and wife have zero input into the decision. In countries such as Saudi Arabia, a more accurate description is “family-mediated” or “family-facilitated” nuptials.
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Asia and the Middle East Lead the Skyscraper Race
Saudi Arabia is planning to build a two-kilometer-high skyscraper on a site north of the capital city of Riyadh. If completed, it will be the world’s highest building. According to architecture and design magazine Dezeen, UK studio Foster + Partners is the primary architecture firm on the proposal. As it stands, the Burj Khalifa is the tallest building worldwide at 828 meters (2,717ft). Based in Dubai, the UAE, the 163-stored building was completed in 2010. In second place comes the Merdeka 118 in Kuala Lumpur, Malaysia at 679 m (2,227 ft), followed by the Shanghai Tower in Shanghai, China at 632 m (2,073 ft)
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As Iran threatens Israel, the danger of Tehran’s long-vaunted missile program remains in question
As Iran threatens to attack Israel over the assassination of a Hamas leader in the Iranian capital, its long-vaunted missile program offers one of the few ways for Tehran to strike back directly, but questions loom over just how much of a danger it poses.
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