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QUOTED
“Since its establishment in 2015, KSrelief has carried out 3,105 projects in 104 countries, totaling more than $7.1 billion in value. These projects span various vital sectors, with Yemen receiving the largest share—63.12 percent of the center’s total aid—amounting to over $4.5 billion.” Dr. Al-Rabeeah: 170 countries benefited from $133 billion aid from Saudi Arabia [Saudi Gazette]
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TOP STORY
Saudi Arabia’s General Authority for Statistics’ (GaStat) Q2 2024 Labor Market report shows that unemployment dropped to 7.1 % down from 8.5% a year earlier. [more]
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MORE TOP STORYLINES
Via Adveith Nair in yahoo.com: For a sense of scale: Sovereign funds from Abu Dhabi, Saudi Arabia and Qatar made up 40% of the value of all deals done by global state-backed investors during the the first nine months of 2024, according to data from Global SWF. In all, regional entities oversee close to $4 trillion of assets, making them key players in global dealmaking. That means some of these moves, and any changes to investment strategies, could reverberate across the financial ecosystem.
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Via Laura Gardner Cuesta in yahoo.com: A $1 billion stake sale in Saudi Arabia’s largest mobile phone operator is the latest sign that the market for follow-on equity offerings is picking up in the Middle East. Until recently, a three-year rush of initial public offerings in the Persian Gulf had yet to generate the surge in secondary share sales seen in other markets. But for the region’s sovereign wealth funds focused on raising cash to finance their economic transformation plans, follow-ons broaden their options for state-owned assets beyond the initial listing.
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Via Grant Smith, Alex Longley in rigzone.com: Global oil markets face a surplus of more than 1 million barrels a day next year as Chinese demand continues to falter, cushioning prices against turmoil in the Middle East and beyond, the International Energy Agency said. Oil consumption in China — the powerhouse of world markets for the past two decades — has contracted for six straight months through September and will grow this year at just 10% of the rate seen in 2023, the IEA said in a monthly report on Thursday. The global glut would be even bigger if OPEC+ decides to press on with plans to revive halted production when it gathers next month, according to the agency.
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MORE ON THE KINGDOM AND BEYOND
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The study mapped 910 sponsorships in different sports and 1,412 positions in 207 Saudi entities, noting that the kingdom has significantly expanded its web of...[By Ed Dixon via sportspro.com]
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TotalEnergies will build an 0.3 gigawatt (GW) solar park in Saudi Arabia, while EDF Renewables will build...[By America Hernandez via reuters.com]
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The MoU outlines a roadmap to assess the deployment of new DAC systems in the Kingdom, focusing on availability of natural resources including subsurface CO₂...[via climeworks.com]
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The World Bank Group–Saudi Arabia Knowledge Hub (K-Hub) will serve as a platform for knowledge generation and exchange to drive greater development impact for countries....[via worldbank.org]
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Saudi Arabia today is synonymous with megaprojects. Since the launch of the Vision 2030 reform agenda, the Kingdom has rolled out a range of major...[By Zeina Zbibo via arabnews.com]
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Saudi Arabia unveiled five new initiatives, valued at $60 million (SR 225 million), reinforcing the Kingdom's leading role on climate and environment efforts. The initiatives were...[via saudigazette.com]
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A separate power purchase agreement for the Kingdom’s Al Masa’a solar power plant project was signed between the Saudi Power Procurement Company (SPPC), French state-owned...[via alarabiya.net]
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Crown Prince and Prime Minister Mohammed bin Salman inaugurated the “One Water Summit” in Riyadh on Tuesday evening in the presence of several presidents and...[via argaam.com]
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As FIFA approaches its December 11 vote to appoint the 2034 World Cup host, the football association is once again under fire for allegedly...[By Dario Sabaghi via law.com]
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Efforts to integrate carbon capture and utilisation (CCU) technologies into construction in Saudi Arabia’s futuristic Neom city have taken a major step forward as CarbonCure...[By Anthony Wright via gasworld.com]
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Saudi Arabia accounts for nearly 75 percent of Middle East investment in climate technology start-ups worldwide, according to a 2023 report by auditor PwC. But its...[via phys.org]
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Saudi Arabia’s Neo Space Group (NSG) is making an acquisition in the Earth observation space, acquiring UP42 from Airbus Defence and Space. Terms of the deal were not disclosed in...[By Rachel Jewett via satellitetoday.com]
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The development of electric vehicle (EV) infrastructure presents a promising pathway to reduce transportation emissions, particularly when integrated with low-carbon...[By Ryan Alyamani and Thomas Gertin via kapsarc.org]
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In October 2023, FIFA made a surprising move that effectively set the stage for Saudi Arabia’s bid to host a future FIFA World Cup...[via playthegame.org]
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On the same day that Benjamin Netanyahu fired Yoav Gallant, Israel’s wartime defense minister and an emerging political rival, the prime minister scored what...[By Charlotte Lawson via thedispatch.com]
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Delegates struggled for hours on the opening day to agree...[By William James via reuters.com]
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The managing director of Kuwait’s $1 trillion wealth fund is departing after three years, capping a turbulent tenure at the...[By Fiona MacDonald and Nicolas Parasie via bloomberg.com]
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30 years have passed since Israel and Jordan signed a peace treaty on Oct. 26, 1994. But instead of celebrations — and apart from a...[By Nimrod Goren via mei.edu]
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