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Report: Saudi Arabia to Work with OPEC to ‘Stabilize Prices’
A Bloomberg report citing the Saudi Press Agency said the Kingdom would work with producers within and outside the Organization of the Petroleum Exporting Countries to stabilize the market. The news sent oil price futures higher on international indices on Monday, but speculation about a global supply glut and signs of rising U.S. stockpiles caused […]
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Land Tax Finalized: 2.5% Annual Fee on Property Approved in Cabinet Session Chaired by King Salman
Saudi Arabia’s cabinet, in a meeting chaired by King Salman, finalized a 2.5% fee on undeveloped land within city limits intended for residential or commercial use, according to the SPA and reports. Property experts told the Saudi Gazette that the fee could raise up to $13 billion (SR50 billion) worth of revenues annually for the government. The […]
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Storms Pound Saudi Arabia as Floods in Jeddah Claim 12 lives
At least 12 people are dead as torrential rains have flooded Jeddah, Saudi Arabia’s second-largest city, as thunderstorms reportedly turned “wadis into rivers and alleyways into raging torrents.” Local meteorologists report the city received 22 millimetres (.86 inches) of rain over a few hours. Two people were electrocuted when they touched a lamp post as they […]
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Consumers in Saudi Arabia Unaffected by Slump in Oil Price, Government Fiscal Policy Shifts
Consumers in Saudi Arabia are thus far reportedly feeling few effects of the fall in oil prices on the broader Saudi economy, Bloomberg reports, though the government is taking measures to curb spending and adjust its fiscal policy to new realities. “It’s Saudi policy in action,” writes Bloomberg. “When the revenue slows down, as it’s doing […]
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This is Damascus Now: Incredible Drone Footage Reveals Extent of Devastation in Damascus from Syria’s Bloody Civil War
Incredible aerial footage of Syria’s capital, Damascus, has emerged showing widespread devastation to a once vibrant city. The Associated Press reports that the original video was shot by RTR war correspondent Yevgeny Poddubny on October 18, noting, “thousands of Syrian army airstrikes and barrel bombs dropped from army helicopters throughout the country’s civil war have reduced […]
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In First Interview as Capital Markets Authority Chairman, Mohammed Al-Jadaan Indicates Willingness to Open Stock Market to Wider Foreign Investment
Saudi Arabia would be open to relaxing its rules on foreigners investing directly in its stock market to help it get included in global indices, the chairman of the Capital Market Authority told Reuters. In his first interview with international media, Al Jadaan told Reuters that “[o]ne of our objectives is to ensure we are […]
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CMA Tightens Curbs on Anonymous Investors in Preventive Measure to Curb Money Laundering and Terrorist Financing
Saudi Arabia’s Capital Market Authority has further tightened its restrictions on anonymous investors trading shares through brokers in a bid to prevent money laundering and financing of militant groups, Reuters reports. The new rules apply to Saudi and Gulf-based brokers and banks “which offer opportunities to invest in the Saudi stock market through funds called ‘nominee accounts’. […]
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Riyadh Metro Milestone Hit As Drilling Completed in First Tunnel Section
Saudi Arabia’s long-awaited Riyadh metro project has hit a major milestone as a consortium led by Spanish construction giant FCC said it has completed the drilling work related to the first tunnel section of Line Five (Green line). According to TradeArabia, FCC said these works “represent a new milestone for the consortium after becoming the […]
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Saudi Foreign Minister Adel Al-Jubeir Deplores World’s Inability to End Bloodshed in Syria in UN Speech
In a passionate speech to the members of the UN General Assembly yesterday, Saudi Arabia’s Foreign Minister Adel Al-Jubeir said “those whose hands are stained with the blood of the Syrian people” have no place in a “new Syria” and expressed deep concern that the international community has been unable to save innocent Syrians from the […]
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An Overview of the Conflict in Yemen, in Maps
The European Council on Foreign Relations published an extensive and informative overview of the conflict in Yemen using maps to show the country’s political history and ongoing conflicts. “Far from reaching a tidy conclusion,” the conflict is War in”growing, if anything, more complicated by the day,” the EUCFR writes. “Rather than being a single conflict, […]
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Hamas to stay out of Gaza truce talks, Iran considers Israel attack
The Palestinian Islamist group Hamas said on Wednesday it would not take part in a new round of Gaza ceasefire talks slated for Thursday in Qatar, dimming hopes for a negotiated truce that Iranian sources say could hold back an Iranian attack on Israel. The U.S. has said it expects indirect talks to go ahead as planned in Qatar's capital Doha on Thursday, and that a ceasefire agreement was still possible. However Axios reported that U.S. Secretary of State Antony Blinken has postponed a trip to the Middle East that had been expected to begin on Tuesday.
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United Airlines is halting flights to Israel as the threat of war with Iran looms
Middle East tensions have once again interrupted a key service route for United Airlines. Analysts at Deutsche Bank noted in a recent research note that the carrier has cancelled all service between the United States and Tel Aviv, as conflict between Israel and Iran threatens to escalate to all-out war.
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Saudi Arabia warns against ongoing violations of Jerusalem’s historical status
In a statement the Saudi Ministry of Foreign Affairs expressed its strong condemnation of the repeated and provocative incursions by Israeli occupation officials and numerous settlers into the Muslim holy site. “The ministry emphasises the importance of respecting religious sanctities and reiterates the kingdom’s warning of the consequences of continuing these violations of international law and the historical status of Jerusalem. These actions provoke millions of Muslims around the world, particularly in light of the ongoing humanitarian catastrophe faced by the Palestinian people,” the statement said.
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Ushaiqer Heritage Village In Saudi Arabia: An Insightful Escape Into Tradition
For those who are fascinated by old-world charm, Ushaiqer Heritage Village is a must-visit spot in Saudi Arabia. The group of yellow mud houses and a maze of different alleys in Ushaiqer welcome visitors to traditional architecture and lifestyle.The village is located 200 kilometers northwest of Riyadh, near the town of Shagra. It comprises seven districts with 400 mud houses and 25 mosques. The name ‘Ushaiqer’ meant ‘little blonde’, and it traced its origins to the nearby red mountain that gives shades to the mud houses.
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Saudi Arabia extends waiver on expat fees for industrial sector employees
The minister said the waiver has been instrumental in transforming the industrial landscape of Saudi Arabia. Since its inception, the number of industrial establishments has surged from 8,822 to 11,868 by April 2024. This substantial increase reflects the sector’s expansion and the positive impact of the government’s financial incentives, he added.
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Saudi Aramco and Kaust to invest $100m in R&D
Saudi Aramco, the world’s largest oil producer, and King Abdullah University of Science and Technology (Kaust) are to invest $100 million in research and development projects. The 10-year investment will support projects focused on energy transition, sustainability, materials innovation, upstream technologies and digital solutions, aiming for both environmental and commercial benefits.
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AP Race Launch Swimming Academy In Saudi Arabia
AP Race, a brand co-founded and built by three-time Olympic champion Adam Peaty that includes clinics and events, has launched a swimming academy in Saudi Arabia. Peaty and Ed Baxter founded the AP brand which has been delivering race clinics since 2019 and for the last two years have staged the AP Race London International at the Aquatics Centre, a three-day meet which features international and domestic swimmers through to grassroots initiatives.
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Saudi Wealth Fund Pumps More Cash Into Two Struggling Startups
In most cases, these projects have been key to the oil-rich region’s diversification push, meaning the sovereign wealth funds might not be solely focused on the dollars-and-cents aspect of their return on investment. But even on that front, some investors have started to focus on ensuring they’re not throwing good money after bad.
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Saudi Business Center Launches 2nd Phase’s QR-Code
The Saudi Business Center (SBC) has launched the 2nd phase of Unified QR-Code service to boost the attractiveness of the business environment in the Kingdom, reported the Saudi Press Agency (SPA). The current phase includes 120 licenses linked to the QR-Code document affiliated with nine government agencies. As part of a promising initiative launched by the SBC last January, the 2nd phase allows businesses to consolidate all licenses and certificates from concerned government partners into a single online document.
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Saudi Arabia boosts FDI landscape with new investment law updates
Saudi Arabia’s Council of Ministers has recently approved the updated investment law, building on previous reforms under Vision 2030 and the National Investment Strategy. The Kingdom’s latest investment law updates bring together several existing freedoms and rights and apply them to investors under one unified framework, ensuring greater transparency, flexibility, and confidence for investors.
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