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  • Saudi Arabia’s net foreign direct investment rises 5.6% in first quarter

    Net foreign direct investment (FDI) inflows to Saudi Arabia rose 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, government data showed on Sunday. Inflows were up 0.6% to 17 billion riyals in the first three months compared with a year earlier, while outflows fell by 5.1% to about 7.5 billion riyals.
    The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by de facto ruler Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on crude oil exports.

  • Saudi Arabia’s unemployment rate down to 7.6% in Q1 2024

    The unemployment rate in Saudi Arabia fell to 7.6% in the first quarter of 2024, compared to 7.8% in the fourth quarter of 2023, according to the General Authority for Statistics’ (GASTAT) labor force survey. However, the employment-to-population ratio rose to 47.5% on a quarterly basis in Q1 2024. Saudi women’s employment also rose to 35.8% in the same period.

  • Hevolution Foundation is Leading Saudi’s Drive for Longevity

    “Hevolution isn't about longevity or living longer. It is about living healthier for as long as possible. And if we can compress the years we spend with illness and loss of function, that can have a significant impact on quality of life," Mehmood Khan, CEO of Hevolution Foundation tells Inc. Arabia.

  • Tech Industry Wants to Lock Up Nuclear Power for AI

    The owners of roughly a third of U.S. nuclear-power plants are in talks with tech companies to provide electricity to new data centers needed to meet the demands of an artificial-intelligence boom. Among them, Amazon Web Services is nearing a deal for electricity supplied directly from a nuclear plant on the East Coast with Constellation Energy CEG -2.20%decrease; red down pointing triangle, the largest owner of U.S. nuclear-power plants, according to people familiar with the matter. In a separate deal in March, the Amazon.com AMZN -2.32%decrease; red down pointing triangle subsidiary purchased a nuclear-powered data center in Pennsylvania for $650 million.

  • Why GCC states are boosting their energy footprint in the region

    As geopolitical uncertainties rise, Gulf Arab states have adopted a two-pronged strategy for their energy investments. First, they are pivoting to Asian markets—a move aimed at securing buyers for their energy exports. This comes as the center of gravity for demand is moving away from member countries of the Organization for Economic Cooperation and Development (OECD) and towards developing Asia, which now represents the primary focus for growth. Second, Gulf states are broadening their oil and gas investments to include less politically stable countries in the region, such as Iraq and Lebanon, as well as emerging energy-rich economies in the South Caucasus—including Azerbaijan.

  • Christie’s celebrates Saudi artist Ahmed Mater and poetic power of art

    “This was the first language of art that told me that art is symbolic, that art is telling a story, that art is your voice,” Mater tells The National. “Here, art is from society, it's part of the family. Art was not inside a frame. It's art for life. It's coming out of the frame to be part of the walls, part of our lifestyle.”

  • Aramco to buy 10% stake in Renault-Geely thermal engines venture

    Oil producer Saudi Aramco (2223.SE), opens new tab will buy a 10% stake in a thermal engines joint venture between French carmaker Renault and Chinese automaker Geely, the companies said on Friday, valuing the business at 7.40 billion euros ($7.93 billion). Geely (0175.HK), opens new tab and Renault (RENA.PA), opens new tab will own around 45% each of the powertrain venture, called Horse Powertrain, which will supply gasoline engines, hybrid systems and gearboxes for thermal vehicles.

  • Saudi Arabia aims to triple Umrah pilgrims to 30 million annually

    Saudi Arabia is seeking to increase the number of Muslims performing Umrah, or the minor pilgrimage, to reach 30 million a year, an official has said. "Every year, there is an increase in numbers," Abdulrahman bin Fahd, an assistant undersecretary for Umrah Affairs, told Saudi television Al Ekhbariya. He cited a plan aiming to target more than 10 million Umrah pilgrims this year.

  • Why Saudi Arabia matters more than ever to the US in a volatile Middle East

    American critics often highlight a lack of "shared values" between the U.S. and the Kingdom when they argue against a security alliance between these two countries. What they mean is that Saudi Arabia is an absolute monarchy and, thus, not a worthy ally because it is not democratic. Focusing on this difference alone ignores the many values and interests actually shared between the two countries. Among these is a mutual desire for an open capitalist world economy, predictable energy markets, safe trade routes, the containment of rogue states that violate international law, and a stable Middle East.

  • The EU and GCC have embarked on a new era of strategic partnership

    The EU has become acutely aware of the absolute urgency of a fresh and coherent approach to reflect, strengthen and lead the growing strategic convergence with the GCC around trade, investment and new technologies; energy security, climate change and green transition; people to people; regional, global security and humanitarian challenges; and a new generation of dedicated institutional engagements.