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The U.S. military is "exploring the possibility of using a Red Sea port in Saudi Arabia and an additional two airfields in the kingdom" amid heightened tensions with Iran, the military said Tuesday, part of a preliminary agreement reached between the U.S. and Riyadh, according to several reports.

Saudi Arabia’s Public Investment Fund (PIF) announced a new five-year investment strategy, including its own Vision Realization Program (VRP) 2021-2025, with the goal of doubling its assets to 4 trillion riyals ($1.07 trillion) by 2025, according to comments made by Crown Prince Mohammed bin Salman.

Saudi Arabia's central bank, the Saudi Arabian Monetary Authority (SAMA), is introducing an open banking policy to advance digital innovation in the financial services sector, the body announced this week.

Saudi Arabia's energy minister Prince Abdulaziz bin Salman called this week's surprise oil output cut for February and March a "wonderful present" for the oil industry and will affect both domestic sales and exports, and said that the choice for a cut was commercial and not political.