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G20 Trade and Investment Ministers Meet as Kingdom Reportedly Suggests Delay Main Summit until December
Trade and Investment Ministers from the G20 held a meeting today under the Saudi G20 Presidency to strengthen trade and investment policy cooperation towards an inclusive and sustainable economic growth amid the COVID-19 pandemic.
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Saudi Arabia’s Oil Exports to the U.S. Hit 35-Year Lows as Goldman Sees Oil at $65 Next Year
Saudi Arabia’s oil exports to the United States fell nearly 50% year-on-year in August 2020, reaching a 35-year low in oil imported from the Kingdom, according to CNN which cited info from ClipperData.
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Brent Oil Reaches 5 Month High as Saudi Aramco Announces Discovery of Two New Oil and Gas Fields
The price of oil on the UK’s Brent Oil index reached a 5-month high on Monday as supply output cuts continue to push the price of oil higher, according to reports.
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PIF Sets Up New Real Estate Subsidiary to Help Meet Increasing Local Demand for Housing
Saudi Arabia’s Public Investment Fund (PIF) said it had set up a new real estate subsidiary, called “Roshn,” to help meet increasing local demand for housing, according to reports.
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Saudi Mega-city NEOM Signs Agreement with US-based Bechtel for Executive Project Management Work
Saudi Arabia’s futuristic mega-city NEOM has awarded a contract to U.S.-based Bechtel for executive project management work on the development of the primary, base infrastructure for NEOM, according to a press release issued by NEOM.
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Death Toll Climbs from Beirut Explosion as Saudi, UAE Express Condolences, Solidarity with Lebanese People
The death toll from the massive explosion that rocked Beirut, Lebanon yesterday continues to climb as Saudi Arabia and the UAE pledge solidarity and support to the Lebanese people.
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New Mahd Sports Academy in Riyadh will Focus on Discovering and Developing the Kingdom’s Next Sports Talents
Saudi Arabian sports officials on Monday unveiled in Riyadh a new project to discover and nurture young sports talent in the Kingdom, according to reports.
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Saudi Arabia’s Stock Market to Launch ‘Saudi Futures 30’ on August 30th
Saudi Arbaia’s Stock Exchange (Tadawul) announced that it will launch an exchange-traded derivatives product, the Saudi Futures 30 (SF30), on August 30th in a bid to attract investment interest into the Kingdom, according to reports.
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Before the Pandemic, Saudi Arabia’s Tourism Sector Showed Encouraging Rates of Growth
Before the global pandemic and resulting economic slowdown, Saudi Arabia registered significant growth in one of its key industries of focus in 2019 as the Kingdom looks to diversify its economy away from oil, an encouraging sign of progress that could be resumed when Coronavirus fears wane. Inbound tourism in Saudi Arabia was up a […]
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Saudi Arabia’s Central Bank Governor Sees ‘Light at the End of the Tunnel’ for Saudi Economy
Saudi Arabia’s central bank governor said it’s “too early” to tell if the Kingdom’s economy will bounce back with a V-shaped recovery as the government loosens coronavirus-related restrictions, according to a Bloomberg report.
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MUST-READS
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Saudi King Salman to undergo medical tests for lung inflammation
Saudi King Salman will undergo medical tests on Sunday evening for lung inflammation, the state news agency said, citing a statement from the royal court.The brief statement did not reveal more details. The 88-year-old king of the world's biggest oil exporter, a major U.S. ally in the Middle East, also received medical care for lung inflammation in May.
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Iran-Israel escalation elicits divided reactions in region
Iran’s Oct.1 missile attack on Israel has elicited mixed reactions in the region. Amid jubilation among partners of the Islamic Republic, Gulf Arab states are urging de-escalation while stepping up engagement with Tehran. As Israel vows harsh retaliation and Iran threatens further strikes, some regional observers argue that the Islamic Republic had few options but to avenge Israel’s killing of Hezbollah leader Hassan Nasrallah. If Iran did not attack Israel, the argument goes, it would be on a path to see its influence among regional allies diminish.
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Are Households Quitting Electric Vehicle Ownership?
In this paper, we investigate the proportion of U.S. plug-in electric vehicle (PEV) owners who discontinued PEV ownership by disposing of their PEV and buying a non-PEV as their next vehicle, which is termed PEV “discontinuance.”
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Assessing the Potential and Feasibility of Carbon Dioxide Removal (CDR) Technologies in Saudi Arabia
As the Kingdom of Saudi Arabia strives to achieve its climate goals and transition its economy away from fossil fuel dependency, understanding the viability and impact of carbon dioxide removal (CDR) options becomes paramount. This paper reviews state-of-the-art CDR options and explores the potential applicability of such options within Saudi Arabia. Various CDR solutions, both conventional and novel, are investigated by using a multicriteria decision analysis (MCDA) methodology to compare CDR options relevant to Saudi Arabia. The MCDA methodology defines a set of performance, economic and environmental criteria.
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Gaza in rubble and ruin
Israel’s military campaign since Hamas’s Oct. 7 attack has devastated the Gaza Strip, leaving an estimated 42 million tonnes of debris piled where houses, mosques, schools and shops used to stand. In April a U.N. estimate reckoned that this would take 14 years to dispose of, while the U.N. official overseeing the problem said the clean-up would cost at least $1.2 billion.
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BP abandons goal to cut oil output, resets strategy
BP (BP.L), opens new tab has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said. When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40% while rapidly growing renewables by 2030. BP scaled back the target in February last year to a 25% reduction, which would leave it producing 2 million barrels per day at the end of the decade, as investors focused on near-term returns rather than the energy transition.
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NBA dismisses rumours of Saudi expansion plans
NBA deputy commissioner Mark Tatum acknowledged that while NBA games are broadcast across Saudi Arabia as part of the league’s media rights deal, there are no concrete arrangements to take pre-season or regular season games to the Kingdom at this stage -
Saudi ministry issues 135,000 commercial records in 3Q 2024
The rate of commercial registration issued during the third quarter of 2024 recorded an increase of 62 percent compared to the same quarter of 2023. A total of 135,000 commercial records were issued during the past three months, bringing the total number of commercial records to more than 1.5 million in all regions of the Kingdom.
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Nintendo Jumps After Saudi Fund Says Open to Bigger Stake
The stock climbed its most in more than a week, outpacing the market, after Kyodo News reported the Arab Gulf country’s Public Investment Fund was weighing deploying more capital to Nintendo and its sector peers. Prince Faisal bin Bandar, vice chairman of PIF subsidiary Savvy Games Group, said he would favor doing such a move with the support of the companies themselves.
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Israelis, scarred and battling on multiple fronts, mark a year since Hamas’ Oct. 7 attack
The war in Gaza rages on and Israel is fighting a new war against Hezbollah. There is also an escalating conflict with Iran — which backs both Hamas and Hezbollah — that threatens to drag the region into an even more dangerous conflagration. No formal commemorative event is planned in Gaza, where fighting is still underway, huge areas have been completely destroyed and most of the population have been driven from their homes.
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