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  • S&P Dow Jones to Upgrade Saudi Stocks to Emerging Market Next Year
     

    Global equity index compiler S&P Dow Jones Indices will upgrade Saudi Arabia’s bourse to emerging market status from a stand-alone market next year, becoming the latest in a series of index firms to promote Riyadh, according to Reuters and a statement released on S&P Dow Jones’ website. S&P Dow Jones will “add major Saudi stocks to […]

     
  • Saudi Digital Media Startup Raises $9 Million Series A Round with 20m Subscribers
     

    A Saudi Arabia-based digital media company raised $9 million in a Series A round of funding, according to reports. Telfaz11, with over 20 million subscribers on their network, and reporting more than 2 billion views on YouTube, is a leading Arabic Multi-Channel Network (MCN) which seeks to change the face of home-grown online entertainment. “As a pre-eminent […]

     
  • Oxford Business Group Survey of CEOs finds Confidence high in Saudi Arabia
     

    Executives have welcomed signs that change is afoot in Saudi Arabia, although many are also keen for the pace of economic reforms to be accelerated, a new survey by the Oxford Business Group finds. As part of its second survey on the Kingdom, the global research and consultancy firm asked over 100 C-suite executives from […]

     
  • CEDA Approves Privatization Program in Progress for Vision 2030 Implementation
     

    Saudi Arabia’s powerful Council of Economic and Development Affairs (CEDA) approved a Privatization Program that is one of 12 key elements of the Kingdom’s Vision 2030, according to reports. Saudi Arabia aims to generate 35 billion to 40 billion riyals ($9 billion to $11 billion) in non-oil revenues from the privatization program by 2020 and create […]

     
  • Catholic Cardinal meets Saudi king in Historic Visit to Riyadh
     

    Saudi Arabia’s King Salman has met French cardinal Jean-Louis Tauran during the first visit to the Kingdom by such a senior Catholic authority, according to the SPA. The move follows other overtures by Saudi Arabia’s leadership in recent weeks to other faiths, and a visit by Lebanon’s Christian Maronite Patriarch Beshara al-Rai in November. Interfaith dialogue has been […]

     
  • Saudi Aramco Earned $33.8 billion in the first half of 2017, Has ‘Virtually No Debts’, Data Reviewed by Bloomberg Says
     

    A first glimpse at Saudi Aramco’s finances by Bloomberg News reveals the state oil giant made a whopping $33.8 billion in net income in the first half of 2017 and has very little debt, according to a series of stories published by the news site. The figures have previously only been seen by top Saudi leadership and […]

     
  • U.S. State Department Approves $1.31 Billion in Artillery Sales to Saudi Arabia
     

    The State Department approved a sale of $1.31 billion in artillery to Saudi Arabia, giving “a vote of confidence to the Saudi military as young Crown Prince Mohammed bin Salman concludes a marathon tour of the United States,” the Washington Post reports. The possible sale is for “155mm M109A5/A6 Medium Self-Propelled Howitzer structures for conversion to M109A6 […]

     
  • State Department Approves $1 Billion in New Military Sales to Saudi Arabia
     

    The State Department approved a possible sale of $670 million in TOW 2B (BGM-71F-Series) missiles to Saudi Arabia, according to a release from the Defense Security Cooperation Agency (DSCA). Together, with a new $300 million sale for spare vehicle parts for the Royal Saudi Land Forces Ordnance Corps, the new deals announced amount to nearly $1 billion. Defense Secretary James Mattis on […]

     
  • Major Leap for Saudi Economy as Kingdom Set to Introduce Bankruptcy Laws
     

    Saudi Arabia’s cabinet has approved a bankruptcy law that is likely to be a boost to the Kingdom’s efforts to attract investment and provide protection for entrepreneurs, according to reports. King Salman has reportedly endorsed the new law. As Reuters reports, modern bankruptcy legislation does not currently exist in Saudi Arabia, which creates difficulties for struggling companies seeking to restructure […]

     
  • ACWA Power Wins First Utility-Scale Solar Energy Project in Saudi Arabia
     

    Saudi Arabia has announced that ACWA Power, the Saudi power generation and desalination company, has won the contract for the first utility scale solar power project in Saudi Arabia with a record-breaking tariff of 2.34 US-cents per kilowatt-hour, according to reports. ACWA Power announced the win on its website on Tuesday. “This plant is the first of what […]

     

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