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  • Saudi Arabia launches Phase I of Riyadh Parking Project

    Phase I of the project is to create and manage over 24,000 public parking spaces in public and commercial streets, in addition to the management of more than 140,000 parking spaces in nearby residential neighborhoods. The phase will cover 12 areas distributed across the Al-Wurud, Ar Rahmaniyyah, West Olaya, Al-Murooj, King Fahd, and Al-Sulaimaniyah districts, in addition to four other areas in the southern neighborhoods of Riyadh.

  • Saudi Arabia, US working on ‘history making agreement:’ US ambassador in Riyadh

    “We are now working with the Saudi government and Saudi companies in areas that we would not have imagined in the past, for example, space exploration for commercial purposes,” the US ambassador said. “The Kingdom has huge ambitions in the commercial space, and we as companies want to be there with them.”

  • Saudi Arabia launches Phase I of Riyadh Parking Project

    Phase I of the project is to create and manage over 24,000 public parking spaces in public and commercial streets, in addition to the management of more than 140,000 parking spaces in nearby residential neighborhoods. The phase will cover 12 areas distributed across the Al-Wurud, Ar Rahmaniyyah, West Olaya, Al-Murooj, King Fahd, and Al-Sulaimaniyah districts, in addition to four other areas in the southern neighborhoods of Riyadh.

  • BlackRock partners with Saudi Arabia to develop kingdom’s property finance market

    “We look forward to partnering with the Saudi Real Estate Refinance Company to advance mortgage securitisation and other capital markets solutions,” a BlackRock representative told The National. “SRC and BlackRock share the objective of enabling and unlocking institutional capital in this growing, high quality fixed income asset class.” The new deal comes after BlackRock announced a partnership with PIF in April to open a multi-class investment firm in Riyadh, anchored by an initial investment mandate of up to $5 billion from the Saudi wealth fund, to drive further growth of the kingdom's capital markets and attract more investment.

  • Here Are the People Who Lost Millions Backing Musk’s Twitter Takeover

    Elon Musk took Twitter private in 2022, but he didn’t do it alone: the deal was backed by his wealthy allies in Silicon Valley, embattled hip-hop mogul Sean “Diddy” Combs, and holding companies based in Saudi Arabia and Qatar, according to a court document ordered unsealed by federal judge on Tuesday, which were first seen by the public late Wednesday night.

  • U.S., Israel and Egypt meet on Gaza border security sticking point

    Israeli Prime Minister Netanyahu's demand that Israel Defense Forces continue to be deployed along the Philadelphi corridor on the border of Egypt and Gaza has become one of the main — and final — points of contention on the way to a deal to release hostages being held by Hamas and establish a ceasefire in Gaza.

  • Saudi Arabia’s profits from oil exports plunge as kingdom tightens purse strings

    Saudi Arabia’s revenue from oil exports have plummeted to a three-year low, testing the kingdom’s ability to support oil prices by choking supply. Saudi Arabia earned just $17.7bn from oil sales abroad in June, according to government data, or nine percent less than it did at the same time last year, and 12 percent less than in May. Bloomberg reported in July that Saudi Arabia exported about 5.6 million barrels of oil a day in June, just 250,000 barrels more than it was exporting during the start of the Covid-19 pandemic when global travel and oil demand crashed.

  • Here Are the People Who Lost Millions Backing Musk’s Twitter Takeover

    Elon Musk took Twitter private in 2022, but he didn’t do it alone: the deal was backed by his wealthy allies in Silicon Valley, embattled hip-hop mogul Sean “Diddy” Combs, and holding companies based in Saudi Arabia and Qatar, according to a court document ordered unsealed by federal judge on Tuesday, which were first seen by the public late Wednesday night.

  • Key Amendments to the Kingdom of Saudi Arabia Labour Law Announced

    The Council of Ministers in the Kingdom of Saudi Arabia (KSA) recently approved a number of amendments to the KSA Labour Law, which will come into effect six months from publication in the KSA Legal Gazette. The amendments to the Labour Law reference revisions to the Implementing Regulations, which also have yet to be published. This LawFlash considers how the key amendments will impact employers and employees once they come into force.

  • Saudi King Salman chairs cabinet meeting, state news agency says

    Saudi Arabia's King Salman bin Abdulaziz chaired a cabinet meeting on Tuesday, state media said, for the first time since a royal decree issued by him on Aug. 8 allowing the cabinet to convene in the absence of the king, crown prince or both. Crown Prince Mohammed Bin Salman chaired the Aug. 13 cabinet session.
    The 88-year-old king of the world's biggest oil exporter, a major U.S. ally in the Middle East, received medical care for lung inflammation in May. Prince Mohammed later postponed an official visit to Japan due to the king's health.