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The Not-So ‘Vanishing Prince’: Saudi Crown Prince Mohammed bin Naif’s Busy Public Schedule and the Dangers of Saudi Kremlinology
‘Kremlinology’ originally applied to the attempt by outsiders to understand Russia’s political inner-workings. It can also describe any attempt to understand a secretive organization or process, and the Saudi royal family certainly fits this bill. Conclusions about the inner-workings of Saudi Arabia’s government and royal family based solely on appearance, rumor or sources that may […]
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Trump Administration Taking ‘More Saudi-Friendly Approach to the Conflict in Yemen’
The U.S. State Department’s approval of a resumption of weapons sales to Saudi Arabia that would reverse a decision by President Obama is “a potential sign of reinvigorated U.S. support for the kingdom’s involvement in its neighbor’s ongoing civil war,” the Washington Post reports. President Trump must approve the reversal, which was ordered by Secretary of […]
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As Saudi Aramco Prepares IPO, Investors Speculate on Ultimate Value
Fund managers and institutional investors are split on the expected value of Saudi Aramco, with a majority saying the company will have a market capitalization of $1 trillion to $1.5 trillion when it sells shares to the public next year, Reuters reports, citing a survey of fund managers conducted by regional investment bank EFG Hermes. That […]
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King Salman Launches Month-Long Investment Tour in Asia
Saudi Arabia’s King Salman leaves Sunday for a month-long tour of key nations in Asia as the region grows in influence as an oil importer and potential investor in the Saudi economy. The King is expected to visit Malaysia, Indonesia, Japan and China. It is his first trip outside the Middle East and North Africa since […]
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Milestones in Saudi Arabia as Women are Appointed to Head the Kingdom’s Stock Exchange, Major Newspaper for the First Time
For the first time in Saudi Arabia, a woman will head up the Kingdom’s stock exchange and one of the country’s daily newspapers as incremental progress toward equality for women continues. The appointment of Sarah Al-Suhaimi to chair the Saudi stock exchange, or Tadawul, is in line with an ambitious economic and social reform program […]
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Photos Show Severe Floods Hitting Saudi Arabia’s Asir Region
At least one person was killed and hundreds rescued on Wednesday after severe flooding in Saudi Arabia’s Asir region. Videos and photos emerging online of the floods show fast-moving currents sweeping away cars and motorists stranded in water. Saudi Arabia’s Civil Defense said that 10 others were injured and over 280 people were rescued while dealing with […]
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In-Depth Tourism Report by Colliers Highlights Huge Saudi Potential
In a PDF available here entitled Destination Saudi – Leisure, Culture, and Tourism Potential, Colliers examines the potential for significant opportunities in the tourism sector for Saudi Arabia and whether Vision 2030, as an identifier of the potential for entertainment and cultural development, can be the vehicle for that growth. “There is a positive outlook for tourism […]
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Russia Takes Title of Top Oil Supplier to China for the First Time Ever in 2016; Unseats Saudi Arabia
Russia overtook Saudi Arabia as China’s top oil supplier last year for the first time ever amid the ongoing battle for market share in the world’s biggest energy market, Bloomberg reports. The recent takeover as top supplier to China comes as analysts parse comments made by Saudi Arabia’s Minister of Energy and Natural Resources Khalid al-Falih […]
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For Saudi Arabia’s 2017 Budget, Jadwa Investment Sees ‘Expansionary Fiscal Stance’
Saudi Arabia unveiled its 2017 budget last week with a budgeted SR890b ($237.2b) in spending, which is a SR50b ($13.3b) increase over the 2016 budget of SR840b ($223.8b). In a note sent to investors, Riyadh-based Jadwa Investment released a report outlining Saudi Arabia’s efforts to reduce its deficit despite the increase in spending. Based on revenues […]
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Saudi Arabia’s SIDF Gets New Investment Muscle to Enter New Industries
Saudi Arabia’s Energy Minister Khalid al-Falih said that Saudi Arabia plans to boost the capital of the Saudi Industrial Development Fund (SIDF) by SAR6bn ($1.6bn) to help finance the kingdom’s entry into new industries. The additional planned allocation would be on top of the SAR3bn ($800m) of capital recently injected in the fund, Falih said, […]
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Saudi Arabia and Japan to collaborate on digital economy growth, technology innovation
Saudi Arabia’s Minister of Communications and Information Technology Eng. Abdullah bin Amer Al-Swaha recently held a meeting in Jeddah with Taro Kono, Japanese minister for Digital Transformation, along with his accompanying delegation. During the meeting, Al-Swaha and Minister Kono discussed the potential for expanding investment opportunities in the digital field between their respective countries. The aim of this collaboration is to support the growth of the digital economy and foster innovation.
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Saudi budget deficit rises fourfold in Q1 2024
Saudi Arabia recorded a budget deficit in the first quarter of 2024 of SAR12.4 billion ($3.3 billion), four times higher than a year ago – confirming a revenue squeeze that has raised doubts about the funding of some of the kingdom’s giga-projects. The Q1 deficit in 2023 was SAR2.92 billion, the finance ministry’s quarterly budget review said, and the projected deficit for the whole of 2024 is SAR79 billion. Total Q1 revenue of SAR293.4 billion was 4 percent higher than last year’s SAR280.9 billion, but expenditure was up 8 percent at SAR305.8 billion.
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Saudi Arabia’s internet penetration reaches 99 percent in 2023: Report
Saudi Arabia witnessed in 2023 a notable surge in internet usage, reaching a penetration rate of 99 percent, indicating nearly universal access across its population.
According to the “Internet Saudi Arabia” report for 2023, published by the Communications, Space, and Technology Commission, both men and women demonstrated high levels of internet usage, with rates of 99.3 percent and 98.5 percent respectively.
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Saudi Arabia’s Qiddiya to build region’s largest water theme park
To be named Aquarabia, Qiddiya hopes to draw visitors from around the globe with 22 attractions and water experiences suitable for all family members, as well as some “world-first” attractions, Saudi Press Agency reported. These attractions include the world’s first double water loop, the tallest water coaster with the highest jump, the longest and highest water racing track, and the tallest water slide.
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Saudi Arabia warns against Rafah invasion, denounces Israeli ‘war machine’
Saudi Arabia warned Israel against targeting Rafah on Monday, calling it a “bloody and systematic” campaign aimed at forcefully displacing Palestinians from the Gaza Strip.
The deliberate targeting of civilian areas such as Rafah is a flagrant violation of international law and human rights principles, the Saudi Foreign Ministry said in a statement.
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Saudi Aramco maintains $31 bln dividend despite lower Q1 net income
Saudi Arabian state-owned oil giant Aramco (2222.SE), opens new tab expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold.The Saudi government, which directly holds about 82.2% of Aramco, relies heavily on the company's payouts, which also include royalties and taxes.The kingdom, the world's biggest oil exporter, is spending billions of dollars to diversify its economy away from crude.
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What’s behind Saudi Arabia’s increase in crude oil prices for Asian market?
According to Bloomberg, the increase is in line with Saudi Arabia’s efforts to keep prices up amid a fading risk of war in the Middle East. The outbreak of the war in Gaza in October led to spillover conflicts throughout the region, including strikes by the Iran-backed Houthi rebels in Yemen on international shipping in the Red Sea. Concerns of an all-out war rose further with Iran’s unprecedented attack on Israel last month, though Israel's response was perceived as limited, Al-Monitor reported at the time.
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Saudi Arabia’s Vision 2030 will need around $1 trillion in investments over several years: Report
Debt buildup in the Saudi economy will remain in focus. However, S&P expects its growth to be gradual and concentrated with companies in the PIF portfolio. Moreover, the report expects real gross domestic product (GDP) growth of 2.2 percent in 2024 and 5 percent in 2025 for Saudi Arabia. It also notes that the non-oil economy will continue to grow, contributing a larger share of the economy due to government investments in Saudi Arabia’s Vision 2030 projects. Saudi Arabia still faces some risks including higher-for-longer interest rates and geopolitical risks, which could mean higher spreads for the weakest companies. In addition, banks will have to find alternative ways to fund their growth. This is why the report expects the increase in leverage to be gradual.
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Saudi Arabia’s transformation from oil to green energy
Saudi Arabia, a country historically synonymous with oil production, is making strides toward sustainability. Once reliant solely on its vast oil reserves, it is now embracing a green energy revolution that promises to reshape its economic landscape while safeguarding its environmental future.
According to data released by the International Renewable Energy Agency (IRENA), Saudi Arabia experienced a staggering 219 percent year-on-year increase in renewable energy capacity in 2023. This surge, reaching 2689 MW, outpaced its regional counterparts.
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Saudi Aramco in Talks to Buy Shell Gas Stations in Malaysia
Four unnamed sources have told Reuters that Saudi state-run oil giant Aramco is in talks to potentially acquire Shell’s billion-dollar gas station business in Malaysia, where the Dutch supergiant owns a network of nearly 1,000 fuel stations. Neither Shell nor Aramco would comment on the rumor of the talks for Reuters; however, one source told the news agency that talks began late last year and could be finalized in a matter of months.
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