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Future Investment Initiative (FII) Kicks Off 5th Annual Summit with Focus on Climate, Humanity, Energy
The first day of the Future Investment Initiative (FII) conference kicked off this morning in Riyadh with a focus on investing in humanity, sustainability, and impactful investing. The FII comes just a day after the Saudi Green Initiative and Middle East Green Initiative Launch Events that concluded yesterday in the Saudi capital.
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Saudi Arabia Joins Global Community with Pledge to Achieve Net Zero Emissions by 2060
Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Saturday at the Saudi Green Initiative (SGI) event that the world’s top oil exporter aims to reach “net zero” emissions of greenhouse gases, mostly produced by burning fossil fuels, by 2060, according to reports.
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The 966, Episode 8 – F1 Grand Prix in Jeddah, The Puzzle of U.S.-Saudi Ties, Tadawul Hits 15 Year High, Solar Costs Rise
This week, The 966 hosts discuss the upcoming COP 26 UN Climate Change Conference in Glasgow, the F1 race in Jeddah, an excellent recent commentary piece by Jon Alterman of the CSIS, Tadawul’s 15-year high, and the rising cost of solar energy components in Saudi Arabia.
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Will Oil Reach $100?
In June, Bank of America forecasted that oil may reach $100 by sometime in 2022 on surging demand and a rebounding global economy. At the time, the Charlotte, NC-based bank was the most bullish of the major forecasters for a return to triple digits by 2022.
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The 966 – Episode 6: A Multi-Billion Dollar EV Investment in Saudi Arabia, Power Demand in the Kingdom, and Economic Free Zones?
In episode 6 this week, the hosts discuss an Australian company that is making a big bet on electric vehicles in Saudi Arabia with a massive mining investment, the use of power in Saudi Arabia flattens out, and the Kingdom explores the possibility of economic free zones to attract foreign investment in Saudi.
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An Interview with the IMF’s Abdullah Hassan, Former Sous-Sherpa for Saudi Arabia for the G20 Meetings
In 2020, Saudi Arabia became the first Arab nation to assume the G20 presidency. Hosting the G20 is a massive undertaking, involving close to two years of event planning, policy development and strategy, and much more.
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Crown Prince Announces Launch of New National Investment Strategy to Attract FDI
Saudi Crown Prince Mohammed bin Salman gave details of a new investment strategy, called the National Investment Strategy, on Monday that aims to raise net foreign direct investment to 388 billon riyals ($103.45 billion) annually, the state news agency (SPA) reported.
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Mashable Review: ‘The Lucid Air is the Future of Cars’
Lucid Group, Inc., the electric car maker backed by Saudi Arabia’s Public Investment Fund (PIF), recently gave a sneak peak of its forthcoming Lucid Air Dream Edition to a small group of media representatives at its main factory in Casa Grande, Arizona. One of those media people, Chris Taylor from Mashable, gave the car a […]
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Unemployment Among Saudi Citizens Hits Lowest in the Decade as Economy Continues Recovery
Unemployment of Saudi citizens dropped to 11.3% in the second quarter of this year, the lowest in a decade, according to the government’s General Authority for Statistics, as signs continue to mount that the Saudi economy is continuing to recover from the global pandemic.
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ACWA Sets IPO Price at Top End of Range; Mulls Green Bond Options in 2022
Saudi Arabia’s ACWA Power International, one of the Kingdom’s main vehicles for building renewable energy projects, has set the offer price for its IPO at the top of a range, Bloomberg reports. According to that report, ACWA Power International will sell shares at 56 riyals ($14.93) apiece after the institutional part of the offering ended, and will raise $1.2 billion for […]
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Ethiopia just ended one war. Is another one beginning?
When Ethiopia's government and rebellious forces from the Tigray region agreed in November to end their conflict, diplomats hailed the peace deal as a new dawn for Africa's second most populous nation. For many in the Amhara region, which neighbours Tigray and fought in support of federal forces during the war, the deal was something very different - a stab in the back whose failure to account for Amhara concerns portended another war.
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Will Saudi Arabia make Friday a working day?
Currently, the Saudi weekend configuration stems from a 2013 royal decree issued by the late-King Abdullah that changed the weekend from Thursday-Friday to Friday-Saturday. This move was made to align the Saudi business and economic activities with international markets, which predominantly observe Saturday-Sunday as their weekend. Fellow Gulf Cooperation Council (GCC) member state Qatar was an early adopter, switching the public sector weekend two decades ago, followed by Bahrain in 2006 and Kuwait the following year. The Sultanate of Oman implemented the change one month before Saudi did in 2013, to align its banking and business days with other countries in the region.
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Why are Iran and the UAE feuding over these Gulf islands?
On Wednesday, Iran launched naval drills near strategic islands disputed with UAE after US boosted its military footprint in area
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Opinion: Biden wants to bring Israel and Saudi Arabia together. But why?
But the Biden administration is trying to formalize the fact that Israel and Saudi Arabia in recent years have quietly grown closer, in part due to their shared enmity for Iran’s Middle East influence and through less-public collaborations on technology and the military. And several other Arab states normalized relations with Israel under President Donald Trump’s Abraham Accords in 2020. Those transactional deals induced Arab states to make peace in return for the goodies they had sought from the US and Israel. The Biden administration initially distanced itself from that Trump policy but has since redoubled efforts, with Saudi Arabia as the prize.
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Opinion: Is Saudi normalization with Israel possible?
Much has been said about the recent visit of US National Security Adviser Jake Sullivan to Jeddah. According to US press reports, one of the topics on the table was the prospect of a US-brokered Saudi-Israeli normalization deal. Of course, there has been no official confirmation from the Kingdom. However, one has only to speculate, contextualize, and take recent developments into consideration to reach the conclusion that it is highly likely that such a deal might be possible.
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Saudi Arabia and Turkey: The new peace brokers of Russia-Ukraine war?
Nearly 300 prisoners of war – both Ukrainian and Russian – faced death or indefinite detention in late September of 2022. It was a fate that looked all the more real as Russian President Vladimir Putin announced the mobilization of some 300,000 Russian conscripts to fight on the Ukrainian front. But on that very same day, the warring countries made the shock announcement that they had come to an agreement on a prisoner swap, which would release the detained fighters and political prisoners from their respective captors.
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Commentary: Is the Middle East’s Makeover a Mirage?
From a conflict prevention perspective, the Middle East’s turn to diplomacy and normalization offers indisputable benefits. Several of the region’s intertwined conflicts—between Israel and Hamas, Israel and Iran, and Israel and Hezbollah—are only a hair trigger away from a major escalation. A single miscalculation or miscommunication, or a rocket that hits a school or shopping center rather than a military target or an open field, could set off an uncontrolled chain of events. In such a situation, having preexisting lines of communication and active diplomacy are critical, even if those channels do not involve the immediate belligerents.
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Why is Saudi Arabia so keen on hosting a Ukrainian peace summit?
The upcoming summit is "another example of Crown Prince Mohammed bin Salman's efforts to position himself as a global leader with influence beyond his region," The New York Times said, adding that it's not simply about his personal ambitions, but a broader effort to "carve out a role for the kingdom as a mediator" as well. The push comes as Saudi Arabia attempts to shed its reputation as a biased party after the "White House accused it last year of siding with Russia in keeping oil prices high — thus bolstering Moscow's finances," the Wall Street Journal reported. Western nations agreed to hold the talks in Saudi Arabia "partly in hopes of persuading China, which has maintained close ties to Moscow, to participate" as well.
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Saudi Arabia has the most profitable company in the history of the world, and $3.2 trillion to invest by 2030. Who will say no to that tidal wave of cash?
For the 100,000 or so people who jammed into VivaTech, Europe’s biggest tech trade show, in Paris earlier this summer, it was hard to miss the large green exhibition stand near the main stage. “Invest Saudi” was emblazoned on one wall, while a video monitor showed desert landscapes with gleaming robotics labs, solar farms, and skyscraper cities. “It’s a whole new world,” gushed Emon Shakoor, CEO and founder of Blossom Accelerator, a startup in Riyadh that seeds female founders.
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Will Iraq succeed in quest to join World Trade Organization?
Iraq’s 19-year-long push to join the World Trade Organization (WTO) is gathering pace. Baghdad initially submitted a request to join the international trade body back in 2004. It currently sits as an observer member, while it works through the process of implementing regulations, strategies, and internal policies necessary to meet the conditions for full membership.
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