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With Hajj Beginning on Wednesday, Saudi Arabia Welcomes Millions from 178 Countries
Saudi Arabia is making final preparations and welcoming millions of pilgrims into its borders for the annual Hajj pilgrimage, which begins Wednesday and lasts until September 4. The hajj is one of the five pillars of Islam, which capable Muslims must perform at least once, marking the spiritual peak of their lives. Worshippers from over […]
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Looking East, Saudi Arabia Plans $20b Investment Fund with China, Al-Falih Says
Saudi Energy Minister Khalid al-Falih said that the Kingdom and China plan to establish and operate jointly a $20 billion investment fund, sharing costs and profits on a 50:50 basis, according to a Reuters report based on comments from the minister. H.E. Al-Falih, who is Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources, was […]
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Kushner Flies to Jeddah, Saudi Arabia to Meet with Crown Prince Mohammed bin Salman
Senior advisor to President Trump Jared Kushner was in Jeddah on Tuesday as part of a US delegation that met with Saudi Arabia’s Crown Prince Mohammed bin Salman. According to reports, the US delegation also included Jason Greenblatt, special presidential representative for international negotiations, and Dina Powell, deputy national security advisor for strategy. The delegation […]
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Saudi Government Says It Will Charge Offenders Accused of Spreading Hate Speech Online
Saudi Arabia’s Department of Public Prosecution will now have the “powers to charge offenders who are accused of spreading hate speech, creating social conflict and threatening peace and security through social media channels,” according to a Bloomberg story, which cited a government statement. The statement accompanied the “summoning” of social media users who were “called in” […]
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U.S., Saudi Forces Conduct Joint Military Exercise in Tabuk, Saudi Arabia
U.S. and Saudi Arabia’s ground forces on Thursday concluded a joint military exercise, translated as “Earnest Leader 2017” in Tabuk, Saudi Arabia. The exercise “aimed to develop and strengthen military relations, plans and programs between the two countries.” The joint exercise was held in the presence of Maj. Gen. Dhafer bin Ali Al-Shehri, commander of the Northwest […]
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Vision 2030 Opportunities ‘Unprecedented in the Region’, HSBC Exec Says as Bank Plans Saudi Expansion
HSBC is planning to add staff to its Saudi Arabian operations as the kingdom embarks “on one of the biggest economic transformations attempted by any country,” the bank’s regional chief Georges Elhedery told Reuters, via the New York Times. HSBC, which started as the Hong Kong and Shanghai Bank and is now based in London, is a […]
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Plans to Tap Massive Tourism Potential for Saudi Arabia’s Red Sea Unveiled
Saudi Arabia wants to turn hundreds of miles of its Red Sea coastline into a global tourism destination, according to an announcement by the government’s Public Investment Fund (PIF) and reports. The development will include “50 islands and 34,000 square kilometers — an area bigger than Belgium — between the cities of Umluj and Al Wajh […]
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WHO Says Saudis are ‘Well-Prepared’ To Handle Cholera Risk at September’s Hajj
The World Health Organization (WHO) said on Friday that Saudi Arabia’s authorities are “well prepared” to handle annual and new challenges surrounding the Hajj pilgrimage this year, taking place in September. Notably, a cholera epidemic in Yemen, which has infected more than 332,000 people, could spread during the world’s largest annual gathering, the World Health Organization […]
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New Labor Data from Saudi Government Shows Surge in Women in Workforce, High Expat Labor
More and more women are joining the workforce in Saudi Arabia, official data show, as the Kingdom looks to increase female participation in the workforce as part of its Vision 2030 economic and social reforms. From 215,000 in 2012, the number of women in the private sector jumped to 496,000 in 2016, an average of […]
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Reports Former Crown Prince Confined to Palace ‘Baseless’, Official Tells Reuters
A senior Saudi official on Thursday denied as “baseless” a New York Times report that Prince Mohammed bin Nayef has been confined to his palace in Jeddah and barred from traveling abroad, according to a Reuters report. The original report in the New York Times cited four current and former American officials and Saudis “close […]
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MUST-READS
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Catwalk aims to preserve Arabian leopards in Saudi Arabia
Catwalk, an initiative organized by Catmosphere, serves as an annual celebration in honor of the declaration last year by the UN designating Feb. 10 as the International Day of the Arabian Leopard. Through a variety of social activities such as this, the nonprofit organization Catmosphere, founded by Princess Reema bint Bandar, aims to prevent the Arabian leopard from becoming extinct, to educate participants about the animal, and connect people with their environment.
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Local content rate surges to 43% in Saudi Arabia , with a 20% jump in spending
Abdulrahman Al-Samari, CEO of the Local Content and Government Procurement Authority, said that the growth rate of local content in Saudi Arabia has now reached 43 percent. The spending on content has increased by 20 percent. This is in addition to activating signed agreements to serve companies operating in the Kingdom, he said. Al-Samari made the remarks while addressing a dialogue session at the PIF Private Sector Forum in Riyadh on Wednesday. The dialogue session is titled “Supporting local content to empower the private sector.” Those who addressed the session also included Ma’aden CEO Robert Wilt, Managing Director of Cisco Salman Faqeeh, and Director of the National Development Division at the Public Investment Fund Jerry Todd.
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Saudi companies win air defense subcontracts
US-based Lockheed Martin has awarded two key subcontracts to industry in Saudi Arabia for a second source of components in the Terminal High Altitude Area Defence (THAAD) weapon system, for which it is the original equipment manufacturer (OEM). The prime partners receiving subcontracts include Middle East Propulsion Company (MEPC), based in Riyadh, and Arabian International Company (AIC) for Steel, based in Jeddah. Several other Saudi industry partners have also received subcontracts in support of these efforts.
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Saudi Position on Arab-Israeli Peace Silences Rumors
A Saudi Foreign Ministry statement on the ongoing discussions between Saudi Arabia and the United States regarding the path of Arab-Israeli peace, has reaffirmed the Kingdom’s clear position, since the outbreak of the war in the Gaza Strip on Oct. 7, on peace in the Middle East. Saudi Arabia stressed on Wednesday that it “conveyed its firm position to the US administration and that there would be no diplomatic relations with Israel unless the independent Palestinian state is recognized on the 1967 borders, with East Jerusalem as its capital, the Israeli aggression against the Gaza Strip is stopped, and all members of the Israeli occupation forces are withdrawn from the Gaza Strip.”
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Saudi Arabia aims to produce 500,000 cars by 2030: PIF Official
In an interview with Al Arabiya on the sidelines of the second PIF Private Sector Forum, AlShiha stated that the PIF is working on five upcoming supply chain projects, and five international companies will begin operating in the Kingdom to produce parts for the Lucid, SER, and Hyundai factories. Ceer, Saudi Arabia’s first automotive brand to produce electric vehicles in the Kingdom, is currently working on engineering and designing cars, AlShiha said, expecting the designs to be announced soon. Ceer’s plant is under construction in King Abdullah Economic City (KAEC).
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Employees of western firms could face jail time for cooperating with LIV-PGA senate probe
Western executives defended themselves, saying that Saudi courts warned them company employees will face jail time if they comply with Congress. The executives said they have launched lawsuits against PIF, which is chaired by Crown Prince Mohammed Bin Salman, to release more information. "The PIF has been explicit that the disclosure of information relating to BCG’s work for PIF is a violation of Saudi law, which ‘imposes criminal penalties for disclosing or disseminating such information including imprisonment for a maximum of 20 years’,” Rich Lesser, of BCG, told lawmakers.
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Future Forum shows KAUST aligning to Saudi priorities
King Abdullah University of Science and Technology (KAUST) is proud to host the inaugural KAUST Future Forum in Riyadh on February 12-13, 2024. The event aims to bring together government, industry, investors and academia to a showcase of KAUST's 15 years of achievements in research and innovation through panel discussions and an interactive exhibition. The forum is under the patronage of H. E. Eng Abdullah Alswaha, Minister of Communications and Information Technology and Chairman of the Board of Directors of King Abdulaziz City for Science and Technology (KACST). It is scheduled to take place in Riyadh's startup district, "The Garage," with Saudi Press Agency as media partner.
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Alat: Spearheading Sustainable Technology Manufacturing with Clean Energy in Saudi Arabia
Through strategic partnerships with international manufacturing and technology leaders, Alat endeavors to transform the global industrial landscape by offering sustainable solutions powered by clean energy. By manufacturing a diverse range of products across vital sectors such as robotics, communication systems, and digital entertainment, Alat aims to strengthen local innovation, research, and development while creating job opportunities and boosting economic growth.
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Why is FinTech flourishing in Saudi Arabia?
Saudi Arabia, under its Vision 2030 and Financial Sector Development Program (FSDP) — with the FinTech strategy approved in May 2022 as its fourth pillar, aims to become a cashless society with a target of 70% by 2030. It also aims to make the Kingdom a global FinTech hub that attracts entrepreneurs from around the world as well as within the country. FinTech Saudi was established in 2018 as an ecosystem builder and catalyst under the supervision of the country's financial regulators, SAMA (Saudi Arabian Monetary Authority) and CMA (Capital Market Authority), to lay the foundation and further accelerate the sector's success journey. This initiative has led to an increase in the number of FinTech startups to 207 in 2023, up from only 10 in 2018—an increase of 20.7 times in five years.
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Young leaders, country in implementation phase gives Saudi edge in defense: GAMI CEO
The confidence in a “young” Saudi leadership coupled with a country that is past its planning and into the implementation phase is giving the country an edge in the defense sector, Saudi Arabia’s defense regulatory chief said Tuesday. Speaking to Al Arabiya English, the CEO of the General Authority for Military Industries (GAMI) Ahmad al-Ohali said: “From a geopolitical and economic perspective, [Saudi Arabia] has a young leadership, very focused leadership with a clear vision,” adding that the country is currently actively seeking to implement the plans that were made in the past few years.
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