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Saudi Arabia Suspends Privatization of the $2 Billion Ras Al Khair Desalination and Power Plant – Reports
Saudi Arabia has suspended the privatization plans for the Ras Al Khair desalination and power plant, valued at an estimated $2 billion, according to reports.
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Uncertainty Inside OPEC+ Causes Oil Price Flux
Oil prices continued to see increased volatility as traders attempt to understand how the Saudi-UAE chasm on production might affect supply in the coming months, according to reports.
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Prince Khaled bin Salman Visits Washington for High-Level Talks with Biden Administration; U.S. Talks with Saudi on Oil
Saudi Arabia’s deputy defense minister and former ambassador to the United States Prince Khaled bin Salman on Tuesday became the highest-ranking Saudi envoy to visit Washington since Joe Biden became president in January, Reuters reports. The prince represented the Kingdom in talks with senior Biden officials on the Yemen war and threats from Iran.
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May Economic Figures Show Positive Direction for Saudi Economy in Post-Pandemic Recovery
A number of non-oil indicators for the Saudi economy improved in May, including the non-oil PMI, which continued rising to 56.4 as activity and new orders grew, according to a recently-released Chartbook by Jadwa Investment for the month of May.
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Yergin: Saudi Leadership in OPEC+ Played Significant Role in ‘Incredible Strong Global Economic Recovery’
Saudi Arabia’s leadership in the OPEC+ group of oil-producing nations “brought a kind of predictability and stability and caution to the market” as the global economy recovers from the pandemic in 2021, Pulitzer Prize-winning historian of the oil industry Daniel Yergin told Arab News‘ Frank Kane in an interview.
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Saudi Arabia’s PIF Leads Investment in Gulf Infrastructure Fund from Aberdeen Standard Investments and Investcorp
Saudi Arabia’s Public Investment Fund (PIF) has emerged as the lead investor in a planned $800 million Middle East infrastructure fund being established by Aberdeen Standard Investments and Investcorp, Bloomberg reports, citing a statement.
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With PIF Backing, Saudi Ports Behemoth Red Sea Gateway Terminal Looks for Big Investments Abroad
The operator of Saudi Arabia’s Red Sea Gateway Terminal (RGST) is looking to invest in ports in Africa and the Middle East, following backing from the Kingdom’s sovereign wealth fund (PIF), Bloomberg reports.
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Saudi Arabia Eyes $55 billion by 2025 Through Privatization Program, Al Jadaan Says
Saudi Arabia hopes to raise about $55 billion over the next four years with a revitalized privatization program, the country’s finance minister Mohammed Al-Jadaan told the London-based Financial Times in an interview published over the weekend.
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Saudi Arabia’s Ultra-Lux Amaala Resort May Raise Up to $2.7 Billion Next Year
Saudi Arabia’s ultra-luxury Amaala tourism project may raise up to 10 billion riyals ($2.7 billion) in 2022, the CEO of the company, John Pagano said in an interview on the sidelines of Arabian Travel Market in Dubai.
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Startup Ecosystem in Saudi Arabia Begins to Thrive
Saudi Arabia’s startup ecosystem is beginning to thrive as new and increasingly larger investments into young Saudi companies continue to mount.
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MUST-READS
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Perspective: The Middle East Rush to Bury Hatchets: Is it sustainable?
The frenzy to reduce tension offers the United States a second chance to broaden its security and stability outreach to address issues that concern broad swaths of Middle Eastern populations and have forced themselves onto the agenda in recent years.
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Commentary: Arab Shia Communities in Transition: A Peacemaking Opportunity for the International Community?
The Arab Gulf States Institute in Washington and the Konrad-Adenauer-Stiftung held a workshop November 22-23, 2021 on Shia communities in Iraq, Lebanon, Saudi Arabia, and Kuwait.
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Will Sistani intervene to end Iraq’s political deadlock?
Amid the strong divisions within the ‘Shiite House’, ordinary people are awaiting an explicit position from the Marjaiya. The Najaf-based institution is headed by Grand Ayatollah Ali Al-Sistani, who continues to struggle with reducing dependence on foreign powers and keeping the country away from traps set by prowlers. Sistani commonly follows up on important developments in Iraq and is briefed on sensitive files through a variety of mediums.
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Iran’s new president just met with Vladimir Putin in Russia. What to make of it?
Iranian President Ebrahim Raisi met with Russian President Vladimir Putin in Moscow on January 19. It was the first meeting by an Iranian president with his Russian counterpart since 2017.
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Why are oil prices high, and is there any relief in sight?
Russia provides 30 to 40% of Europe's oil, gas and coal, noted Kevin Book, managing director at Clearview Energy Partners. In any given year, he said, Russia's exports supply 4% to 5% of the world's energy.
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Is Saudi Arabia entering a ‘Great Reshuffle’?
Unlike most high-income countries, labor force participation in Saudi Arabia actually increased during the pandemic. At the same time, foreign workers—who make up over 70 percent of the workforce in the private sector—are leaving employment in large numbers, driving a sharp and rapid contraction in total employment. Almost 1 million jobs have disappeared since the start of the pandemic.
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Is Saudi Arabia Closer to Releasing a Tender for New Nuclear?
The three bidders issuing breathless press releases touting their value to the customer include Rolls-Royce, a consortium from South Korea, and Rosatom, the export focused state owned enterprise from Russia.
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Is the GCC ready to embrace sustainable finance?
The Glasgow Financial Alliance for Net Zero (GFANZ), which represents a global coalition of leading financial institutions, announced that more than 450 firms in the financial services sector across forty-five countries—that represent more than $130 trillion of financial assets—have committed to aligning their activities to the transition to net-zero carbon dioxide emissions. The group will collaborate “to deliver the $100 trillion investment needed to achieve net zero over the next three decades.”
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Where is the United States? Military basing and energy are the real prizes in Libya
Libya’s post-Muammar Qaddafi instability attracted a range of regional actors looking to capitalize on the country’s transition. While the US looks solely at elections as both a means and an end to Libya’s future prosperity, key players such as Russia, Turkey, and the United Arab Emirates (UAE) have different ends in mind—their focus remains on Libya’s economic and strategic value. And, unlike the US, these countries have been willing to employ relatively limited resources to influence conditions on the ground.
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Inside story: Are Iran’s Iraqi allies turning against the Quds Force?
As the commander of the Quds Force arrived in Iran’s western neighbor on Jan. 16, Iraq’s political stage looked vastly different than in Jan. 2020, when the US assassinated his predecessor, Qasem Soleimani.
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