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Saudi Aramco Inks Two Deals Worth Nearly $50 Billion
Saudi Aramco inked two deals yesterday totaling a whopping $49 billion as the state-run oil company ramps up to a planned public offering. The Wall Street Journal and Reuters report that India and Saudi Arabia on Wednesday signed an agreement to set up a “mega” crude-oil refinery with a capacity to process 1.2 million barrels a day, […]
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With Entertainment Opportunities in Focus, Saudi Pitches to 250 Hollywood Elite
Saudi officials on Wednesday pitched ambitious entertainment industry plans to about 250 representatives from major Hollywood financiers and players in Los Angeles. The event, organized by the Saudi General Entertainment Authority at the Four Seasons Hotel in Beverly Hills, featured Saudi investment and private-sector leaders who “promised a cadre of services to facilitate U.S. investment and partnerships […]
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Report Says ‘Comprehensive Solution’ for Yemen Civil War under Negotiation between Saudi Arabia, Houthis
Saudi Arabia and armed Houthi forces are holding heretofore secret talks to try to end the three-year-old war, diplomats and Yemeni political sources told Reuters. Two diplomats and two Yemeni officials said Houthi spokesman Mohammed Abdul-Salam had been in direct communication with Saudi officials in Oman on a “comprehensive solution” to the conflict, the report said. “There are consultations […]
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Saudi Government Aims for $57 Billion Growth in Mortgage Industry by 2020, Report Says
Saudi Arabia’s housing ministry has set a target for the mortgage market to reach a total value of 502 billion riyals ($134 billion) by 2020 from a current 290 billion riyals ($77.3 billion), according to a report in Reuters which cited the Kingdom’s minister of housing Majed al-Hogail. That goal can be reached through new efforts […]
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Flurry of Deals as Crown Prince Mohammed bin Salman Visits Egypt
After a unique military escort given by Egyptian fighter jets and a warm welcome from Egypt’s top leaders upon arrival, Saudi Arabia’s Crown Prince Mohammed bin Salman wasted little time in dealmaking with Egypt’s President Abdel Fattah El-Sisi. The two countries moved forward on several major agreements. Saudi Arabia and Egypt agreed to set up a $10 […]
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Reports Confirm Mohammed bin Salman to Visit U.S. in March; Schedule Remains Unclear
Conflicting reports have emerged in the U.S. media in the past 24 hours surrounding an expected visit by Crown Prince Mohammed bin Salman to the United States this month. Last night, an exclusive report by Joyce Karam for The National said the Crown Prince would visit the United States for a longer visit, starting March […]
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Another Opening for Saudi Women as Government OKs Women in Security Forces
Saudi’s General Security division announced that soldier rank positions will be available for Saudi women in several different regions of the country, as the Kingdom continues opening up new professions for Saudi women. Saudi women who meet twelve different standards will now be permitted to serve in security forces in soldier rank positions. According to reports, […]
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Saudi Arabia Aims for over 1000% Increase in Entertainment Sector Employment this Year as Massive Investment Planned
Saudi Arabia is betting big on the entertainment sector to boost job creation and provide for a more vibrant society with a whopping $64 billion planned to spend in the next decade, according to the head of the General Entertainment Authority Ahmed Al-Khatib. Al-Khatib said that the investment and development is already underway, and that the […]
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Russian, Chinese Interests ‘Eager’ to Invest in Saudi Aramco IPO as Cooperation Heats Up
The head of the Russian Direct Investment Fund (RDIF) said in Riyadh today there is “significant interest” to invest in the forthcoming Aramco IPO from Russia and from China, according to reports. Several banks and other groups in Russia are interested in investing in shares of Aramco, according to Bloomberg, which reported comments from Kirill Dmitriev, chief […]
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Saudi Embassy Spokeswoman: ‘The Kingdom is not Easternizing or Westernizing, it’s Modernizing’
The first spokeswoman for the Royal Embassy of Saudi Arabia, Fatimah Baeshen, said in an interview that the Kingdom is not sacrificing culture or values with its Vision 2030 economic and social reform program and that the program has “something for everyone” in Saudi Arabia. The well-spoken Baeshen, who was appointed by Saudi Arabia’s Ambassador to the […]
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MUST-READS
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First Look At Neom-Shot 1990s-Set Saudi Bedouin Drama ‘Hobal’
Saudi director Abdulaziz Alshlahei’s upcoming feature Hobal, about a Bedouin family living in isolation in the desert because its patriarch believes the end of the world is near, has unveiled first look images. The drama is Alshlahei’s third feature and collaboration with writer Mufarrij Almajfel after Zero Distance and The Tambour of Retribution which was Saudi Arabia’s Best International Feature Film Entry for the 94th Academy Awards in 2021.
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Saudi Arabia’s FM calls on world to publicly support Palestinian statehood
The Global Alliance for the Implementation of the two-state solution was unveiled during Prince Faisal bin Farhan’s speech at a meeting on the sidelines of last week’s UN General Assembly in New York that included the Arab League, the Organization of Islamic Cooperation (OIC) and Norway. “Self-determination is an inalienable right that the Palestinian people not only deserve but are entitled to. Our diplomats have worked tirelessly alongside others to secure recognition of Palestine as a sovereign state globally,” Prince Faisal wrote in the op-ed.
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Saudi poultry producer gets nod to sell 30% stake in IPO
Arabian Company for Agricultural and Industrial Investment (Entaj), a Riyadh-based poultry producer, has received the green light from the Saudi market regulator to list shares on the main market (Tasi). The company will float 9 million shares through an initial public offering (IPO), representing 30 percent of the total issued share capital.
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PGA Tour commissioner and Saudi fund governor paired at pro-am event in Scotland
Three weeks after PGA Tour commissioner Jay Monahan met with Saudi Arabia’s financial backer of LIV Golf, they will be together again this week in Scotland, this time inside the ropes. Monahan and Yasir Al-Rumayyan, the governor of the Public Investment Fund that supports the PGA Tour’s rival league, are playing together in the Dunhill Links Championship on the European tour. The tournament starts Thursday.
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Mapping Israel’s Invasion of Lebanon
Israel and Hezbollah were fighting at close range in southern Lebanon on Wednesday in at least two areas near the border, according to reports from the Israeli military, Hezbollah and Lebanon’s army.
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As Crisis Builds, Lebanon’s Government Is Nowhere to Be Found
Hezbollah, the Iran-funded Shiite Muslim militia that doubles as a major political party and social services organization, does not run Lebanon in any official sense. But under Mr. Nasrallah, it sometimes seemed as if it was the only force that mattered: a state within a state with its own military, schools, hospitals and youth programs.
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Nazaha investigates 289 suspects, arrests 136 in September
The Oversight and Anti-Corruption Authority (Nazaha) initiated investigations into a number of criminal and administrative cases through 3,903 inspection tours in September 2024. Nazaha said on the X platform that it investigated 289 persons and arrested 136 suspects, some of whom were released on bail for being involved in bribery and abuse of power. The arrested included employees at the Ministries of Interior, Justice, Health, Education, and Municipal, Rural Affairs, and Housing.
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Iran’s Khamenei warned Nasrallah of Israeli plot to kill him, sources say
Iran's Supreme Leader Ayatollah Ali Khamenei warned Hezbollah leader Syyed Hassan Nasrallah to flee Lebanon days before he was killed in an Israeli strike and is now deeply worried about Israeli infiltration of senior government ranks in Tehran, three Iranian sources said. In the immediate aftermath of the attack on Hezbollah's booby-trapped pagers on Sept. 17, Khamenei sent a message with an envoy to beseech the Hezbollah secretary general to leave for Iran, citing intelligence reports that suggested Israel had operatives within Hezbollah and was planning to kill him, one of the sources, a senior Iranian official, told Reuters.
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Saudi Vision 2030 reforms cut unemployment, boosted job creation: Analysts
The unemployment rate among Saudis fell to an all-time low of 7.1% in Q2 2024, from 7.6% in Q1 2024, based on data available since 1999, the General Authority for Statistics (GASTAT) Labor Force Survey showed. Analysts surveyed by Argaam attributed this downtrend to several factors driven by the Saudi Vision 2030’s goals. They said the vision-related programs helped achieve the goal of reducing unemployment six years ahead of schedule, in addition to the intense labor market reforms undertaken by the government.
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OPEC rebuts WSJ article on Saudi saying oil prices could drop to $50
OPEC rebutted a Wall Street Journal report on Wednesday, calling it wholly inaccurate and misleading in saying that Saudi Arabia's energy minister warned oil prices will drop to $50 per barrel if OPEC+ members do not stick to agreed-upon production limits. The report cited unidentified delegates from the oil producers group as saying they heard the minister, Prince Abdulaziz bin Salman, give the warning on a conference call last week. The WSJ cited the sources as saying he had singled out Iraq and Kazakhstan for overproduction.
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