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Saudi Central Bank Study: Digital Payments Exceed Cash for First Time in Saudi Arabia
Electronic payments exceeded the use of cash for the first time in Saudi Arabia in 2021, a study conducted by Saudi Arabia’s Central Bank found.
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Knight Frank’s Faisal Durrani on real estate trends in Saudi Arabia, the Saudi economy has a big 2Q, and more…
Episode 55! The 966 welcomes Faisal Durrani, Partner and Head of Middle East Research at Knight Frank, the London-based global real estate consultancy. Knight Frank just released two reports on Saudi Arabia’s commercial and residential real estate sectors, providing unique insights into one of the world’s fastest growing real estate markets. Faisal joins The 966 […]
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IMF Raises Saudi Economy Growth Forecast for 2023 to 3.7%, Despite ‘Gloomy’ Global Developments
The International Monetary Fund has raised its expectations for the growth of the Saudi economy in 2023 to 3.7 percent, up from its April forecast of 3.6 percent.
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Saudi Arabia’s Venture Capital Funding Soars Threefold to $584m in the First Half of 2022
Saudi Arabia’s nascent venture capital scene is beginning to roar to life, tallying a threefold year-on-year increase in venture capital investments in the first half of 2022, according to a report on the sector by Magnitt.
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Ahead of President Biden’s Visit, Administration Said to Mull Resumption of Offensive Arms Sales to Saudi Arabia
Ahead of President Biden’s visit to Saudi Arabia this week, the Biden administration is discussing the possible lifting of its ban on U.S. sales of offensive weapons to Saudi Arabia, four sources told Reuters in an exclusive item.
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Leading Saudi architect and urban designer Dhay Aldhawyan joins The 966, MBS visits regional powers, and much more…
In episode 49, The 966 welcomes Dhay Aldhawyan, a leading architect and urban planner based in Riyadh who is Head of the Center for Development of Urban Design and Planning of Saudi cities, to discuss her journey and some of the big projects and developments happening now across Saudi Arabia. The 966 hosts also discuss […]
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Saudi-Israeli normalization, women in family businesses in Saudi Arabia, and a conversation with management consultant Jack Fowler from YCP Solidiance
Episode 46! The 966 talks with Jack Fowler, director at the global management consulting firm YCP Solidiance and co-author of a new white paper on Saudi Arabia’s construction industry. But first, the hosts talk about “normalization” between Saudi Arabia and Israel, Saudi women in family businesses in the Kingdom, and then wrap up the week’s […]
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King Salman Appoints Former Ambassador to the United States Adel Al-Jubeir as Envoy for Climate Affairs
King Salman has appointed Adel Al-Jubeir as Saudi Arabia’s envoy for climate affairs, according to a royal order issued over the weekend. The appointment builds on the official portfolio of Al-Jubeir, who will continue holding his current positions of minister of state for foreign affairs and member of the Council of Ministers.
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Saudi Crown Prince, Ambassador Reema meet with U.S. Congress Members in Saudi Arabia; Biden Officials in Kingdom to Plan Potential Visit
Saudi Arabia’s Crown Prince Mohammed bin Salman and Saudi Ambassador to the United States Princess Reema bint Bandar Al-Saud met with a delegation of visiting US Congress members on Tuesday in Saudi Arabia.
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MBZ takes the reins in the UAE, the PIF’s Saudi Coffee Co., and much more…
Episode 44 📈 The hosts talk about the UAE’s long-time de facto ruler Sheikh Mohamed bin Zayed Al Nahyan, who was elected as president of the UAE a day after the death of former leader Sheikh Khalifa. They also discuss Saudi Arabia’s Public Investment Fund’s (PIF) new venture into the nascent coffee sector in caffeine-thirsty […]
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Commentary: Workplace child care in Gulf countries would help employed mums. What gets in the way?
As a result, it is much more efficient to have – hypothetically – two childcare facilities serving 30 children each than it is to have 10 childcare facilities serving six children each. Certainly, in the case of an office tower with thousands of employees, having a shared, building-level childcare facility is economically sound. However, for smaller workplaces such as a bank branch, a clothing store or a coffee shop – where many Gulf women work – mandating an establishment-level childcare facility is both costly and highly inefficient.
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Saudi oil giant spends well over a billion on ‘sportswashing,’ new report says
“Sportswashing isn't new,” Orr said, noting the practice was developed by Western oil companies to head off potential uprisings in local communities that were grappling with worker rights and public safety. “For decades, sports have been a very effective tool for selling things, from sports drinks to shoes, flights to cereal,” she added. According to the study, the sports that attract the largest sums include football, motor sports, rugby union and golf.
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Saudi Arabia is topper in region and 4th globally in UN digital services index
Saudi Arabia emerged topper in the region and fourth globally in the UN digital services index. The Kingdom jumped 25 places in the UN E-Government Development Index (EGDI) 2024, becoming one of the leading countries worldwide. It ranked second among G20 countries in the index. Additionally, the Kingdom secured 7th position in the e-participation index, while the city of Riyadh ranked 3rd among 193 cities worldwide.
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Saudi’s Aramco Digital announces multiple AI partnerships
Aramco Digital Company and Groq, a major name in the field of artificial intelligence (AI) inference, have announced a partnership to establish the world's largest inferencing data centre in Saudi Arabia. But it's far from the only recent AI news from the digital and technology subsidiary of Aramco, the giant global integrated energy and chemicals company.
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Egyptian cabinet says Saudi Crown Prince told PIF to pump $5 bln into Egypt as ‘first stage’
The Egyptian cabinet said in a statement on Monday that Saudi Crown Prince Mohammed bin Salman has directed the Saudi Public Investment Fund (PIF) to pump $5 billion worth of investment money into Egypt in what it called a "first stage". The statement came after Egyptian Prime Minister Mostafa Madbouly met the Saudi crown prince in Riyadh and discussed boosting bilateral relations. The statement contained no further details on when the funds are going to be invested, the nature of the investments or in how many stages the Saudi government is planning to make its investments.
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Transforming Saudi Arabia’s built environment
The MEPIC, MEP International Conference, and BEDIC, Building Envelope Design and Insulation Conference, started today showcasing the Kingdom's commitment to sustainability, innovation, and modernization in its built sector. These pivotal events brought together leaders from government, industry, and academia to explore the latest advancements in construction, energy efficiency, and smart building technologies—aligned with Saudi Arabia's Vision 2030.
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Tawaref series: Company formation in Saudi from A to Z
For a company to properly align itself in the Saudi market, it's crucial to implement these processes successfully. We find that sometimes even local Saudis struggle to grasp these concepts. Even one misstep can be costly in the long run, so we highly recommend hiring a knowledgeable lawyer/Saudi setup partner to guide you through the process.
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Saudi Arabia plans to allow tougher nuclear oversight by IAEA this year
Saudi Arabia plans to scrap light-touch oversight of its nuclear facilities by the U.N. atomic watchdog and switch to regular safeguards by the end of this year, the kingdom said on Monday, a step the watchdog has long been calling for. Saudi Arabia has a nascent nuclear programme that it wants to expand to eventually include activities like proliferation-sensitive uranium enrichment. It is unclear where its ambitions end, since Crown Prince Mohammed bin Salman has said for years it will develop nuclear weapons if regional rival Iran does.
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UK trade minister to meet Gulf state officials in Saudi Arabia
Reynolds will discuss ambitions for a trade deal with members of the Gulf Cooperation Council in Riyadh on Monday. The bloc is made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Talks began in July for a deal that would boost the UK economy by £1.6 billion ($2.1 billion), the Department for Business and Trade said.
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3 Customs Authority officials arrested in Rabigh over SR2.23 million bribery charges
An official source at the Oversight and Anti-Corruption Authority (Nazaha) has announced the arrest of three employees from the Zakat, Tax, and Customs Authority (ZTCA) at King Abdullah Port in Rabigh. The arrests were made in collaboration with the Ministry of Interior. The employees, identified as Rashid Mohammed Al-Shabrami, Mohammed Ahmed Al-Jizani, and Saleh Hamoud Al-Harbi, are accused of accepting a total of SR2,232,000 in bribes from a number of expatriates.
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