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  • Energy Secretary Rick Perry Confirms KSA One of 16 Countries Approved for Unclassified Civil Nuclear Technology
     

    The Trump administration has approved seven applications for U.S. companies to sell nuclear power technology and assistance to Saudi Arabia, but did not reveal the particular companies or specifics of those authorizations, the Energy Department said Thursday. Energy Secretary Rick Perry told the Senate Armed Services Committee that the seven applications approved were among 37 […]

     
  • Saudi Aramco Agrees to Buy 70% Stake in SABIC from Kingdom’s Public Investment Fund
     

    Saudi Arabia’s national oil company Saudi Aramco has agreed to buy a 70% stake in Saudi Basic Industries Corporation (SABIC), the kingdom’s leading petrochemical firm, for $69.1 billion in a private transaction, SABIC said in a press release. The move continues Saudi Aramco’s plans to diversify away from oil to “generating more of its profits […]

     
  • Once Taboo, Valentines Day is Celebrated in Saudi Arabia
     

    Before 2018 in Saudi Arabia, Valentines Day was “an old tradition kept in the dark” and not openly celebrated by Saudis, instead being secretly observed by citizens in the privacy of their homes. Then, last year, Sheikh Ahmed Qasim Al-Ghamdi, former president of the Saudi “religious police” or Ha’ia, endorsed Valentine’s Day celebrations for the first time in […]

     
  • Tough Times for the Saudi Property Market, Study Shows
     

    Saudi Arabia’s Real Estate Market was one of only seven worldwide to show annual price declines in 2Q 2018, according to results released by the Knight Frank Global House Price Index as reported in ArabianBusiness.com. The property market in Saudi Arabia saw a 1.3 percent fall in prices in 2Q 2018, compared with a global […]

     
  • The Race is On for Ride Sharing Apps in Saudi Arabia to Hire Saudi Women ‘Captinahs’
     

    As Saudi women settle into the driver’s seat, ride-sharing apps like Uber and Careem are gearing up for a race to hire women, according to reports. Careem — the Middle East’s answer to Uber — is recruiting Saudi women to take the wheel and has received over 2,000 applications since announcing it would recruit so-called […]

     
  • In Win for Saudis, OPEC Agrees On ‘Modest’ Increase in Oil Production
     

    The Organization of the Petroleum Exporting Countries (OPEC) agreed on Friday on a modest increase in oil production from July, Reuters reports, after its de-facto leader Saudi Arabia “persuaded arch-rival Iran to cooperate” amid calls from major consumers to help reduce the price of crude and avoid a supply shortage. The increase followed days of […]

     
  • Saudi, Russia Say Oil Supply to Increase in ‘Near Future’ as Consumers Eye Increasing Prices
     

    Saudi Minister of Energy Khalid Al-Falih said OPEC and other producers are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, according to reports. The action would be a reverse of course from previous OPEC and non-OPEC producers’ decision two years […]

     
  • Tadawul IPO Pushed to ‘2019 at the Earliest’ as Kingdom Eyes MSCI Inclusion Bump
     

    Saudi Arabia is delaying the IPO of the Tadawul, the Kingdom’s stock exchange, “on hopes that a potential MSCI Inc. upgrade could boost its value,” according to Bloomberg which cited people with knowledge of the matter. The Tadawul has pushed back plans to sell shares “to 2019 at the earliest,” according to Bloomberg, because waiting until after MSCI’s […]

     
  • With Entertainment Opportunities in Focus, Saudi Pitches to 250 Hollywood Elite
     

    Saudi officials on Wednesday pitched ambitious entertainment industry plans to about 250 representatives from major Hollywood financiers and players in Los Angeles. The event, organized by the Saudi General Entertainment Authority at the Four Seasons Hotel in Beverly Hills, featured Saudi investment and private-sector leaders who “promised a cadre of services to facilitate U.S. investment and partnerships […]

     
  • Saudi Central Bank will Test Ripple Payments Technology
     

    Ripple has struck a deal with Saudi Arabia’s central bank on a pilot program that will see banks in the country test the company’s technology, according to reports. “This ground-breaking pilot program is the first of its kind to be launched by a central bank. Participating banks from the KSA will use xCurrent to instantly settle […]

     

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