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  • Saudi: New Fundraising Law to curb irregular fundraising practices and illicit financial activities

    The National Center for Non-Profit Sector (NCNPS) announced that the Fundraising Law, approved by the Saudi Cabinet on Tuesday, is designed to govern fundraising activities for non-profit organizations and the campaigns they undertake. The law aims to guarantee that donations are used for their designated purposes, and thus safeguarding non-profit organizations and donors from irregular fundraising practices and illicit financial activities.

  • Saudi Aramco Seeks More China Deals in Oil-to-Chemicals Push

    The world’s largest crude exporting company is targeting additional facilities that can turn oil into chemicals, Chief Executive Officer Amin Nasser said. Aramco sees demand for goods such as plastics outlasting the growth in consumption for gasoline and diesel amid the energy transition. “We are looking currently at a number of investments in China that will be announced in due course this year and next year,” Nasser said on an earning call Tuesday. He also mentioned South Korea and India as potential investment destinations.

  • Saudi Arabia’s Dammam port sets record with 20,645 containers handled on single ship

    The King Abdulaziz Port in Dammam has achieved a remarkable milestone, setting a new record for container throughput on a single vessel. The port handled a 20,645 TEUs on the COSCO SHIPPING AQUARIUS 036E, underscoring its pivotal role in supporting trade and the logistics sector.

  • Halo Space Plans Next Test Flight in Saudi Arabia

    Halo Space, a space tourism firm, will reportedly conduct its next test flight in Saudi Arabia. The test, scheduled for September, will feature a life-size prototype capsule named Aurora. This flight will reach an altitude of 30 km above Earth. This will be Aurora’s sixth test flight, a collaboration with the Kingdom’s Communications, Space, and Technology Commission (CST). The test flight aims to validate all critical systems developed over the past three years. Alberto Castrillo, the chief technology officer at Halo Space, stated that the chosen dates and location ensure reliable equipment operation and safe conditions for ground teams.

  • Improved labor laws benefit Saudi workers

    Saudi Arabia has enacted amendments to its labour laws to establish more clarity on hiring and firing and improve employee rights. The regulations, which cabinet approved on August 6, will “enhance job stability, protect the rights of all parties involved in employment contracts and increase job opportunities for Saudi citizens”, the state-owned Saudi Press Agency said. Among the new regulations, maternity leave has been set at 12 weeks, trial periods for new employees are fixed at 180 days, and notice periods for employees are locked in at 30 days and for employers at 60 days.

  • Non-institutional foreign ownership ex-Aramco down to 9.31% last week

    Non-institutional foreign investors’ ownership in Tadawul-listed equities, excluding Saudi Aramco, declined in the week ended Aug. 1 to 9.31% of the total market value, or SAR 319.9 billion, from 9.33% in the previous week, market data showed.

  • Arab States Urge Iran to Show Restraint in Conflict With Israel

    Several Arab countries are encouraging Iran to exercise restraint in responding to the assassination of Hamas’s political leader, Ismail Haniyeh, in Tehran last week, as fears of an unpredictable regional war expand. The diplomatic blitz, led by countries allied with the United States, came as the Biden administration was trying to lower tensions in the Middle East and renew efforts to achieve a cease-fire in Gaza.

  • US Leaders Call for Calm in the Middle East, Even as More American Forces Head to the Region

    Calling for calm in the Middle East, top U.S. national security leaders said that they and allies are directly pressing Israel, Iran and others to avoid escalating the conflict, even as the U.S. moved more troops to the region and threatened retaliation if American forces are attacked. “It’s urgent that everyone in the region take stock of the situation, understand the risk of miscalculation, and make decisions that will calm tensions, not exacerbate them,” Secretary of State Antony Blinken said at the close of a meeting with Australian leaders.

  • Mapping the Growing U.S. Military Presence in the Middle East

    The United States maintains a considerable military presence in the Middle East, with forces in more than a dozen countries and on ships throughout the region’s waters. That presence has expanded in 2024 as the United States focuses on deterring and defeating threats from Iran and its network of armed affiliates in the region, including Hamas (Gaza Strip), Hezbollah (Lebanon), the Houthis (Yemen), and several Iraq- and Syria-based militant groups.

  • Oracle’s second cloud region in Saudi Arabia to help kingdom harness AI’s full potential

    Oracle has opened its second cloud region in Saudi Arabia, giving a boost to Riyadh's digital transformation strategy, as it aims to help the kingdom's economy harness the full potential of artificial intelligence. The move, part of a $1.5 billion investment commitment announced by the US technology company in the Arab world's biggest economy, will help public and private organisations migrate to the cloud, Texas-based Oracle told The National on Tuesday.