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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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Crown Prince Mohammed’s Promotion, MSCI Announcement Jolts Saudi Stock Market to Big Gains
Saudi Arabia’s stock market soared for a second straight day following two big storylines that are giving investors confidence: the promotion of Prince Mohammed bin Salman to first-in-line to be King of Saudi Arabia, and news that the Kingdom may be considered for MSCI Emerging Market index inclusion as soon as 2019. The announcement of […]
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U.S. Senate Scrutinizes Precision-Guided Arms Package for Saudis
A proposed sale of $500 million worth of U.S. precision-guided missiles to Saudi Arabia is coming under growing scrutiny from Congress, according to reports, as a key vote looms in the U.S. senate today. Foreign Policy magazine reports that the planned sale of munitions would replenish the kingdom’s depleted stocks after two years of daily bombing […]
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President Trump, King Salman Speak Amid Qatar Diplomatic Fallout
U.S. President Donald Trump spoke by phone with Saudi Arabia’s King Salman amid a growing crisis between GCC states over allegations that Qatar is funding terrorism and extremist activities. Saudi Arabia, the UAE, Egypt and three other states have cut diplomatic ties with Qatar, threatening a socio-economic crisis for what Saudi Arabia’s leaders only recently […]
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Goldman Sachs Applies to Saudi CMA for Equities Trading License in Saudi Arabia
Goldman Sachs has applied to Saudi Arabia’s capital markets regulator for a license to trade equities in the kingdom, two sources familiar with the move said, in the latest step by Western banks to expand operations in the country, Reuters reports. The bank has been operating in Saudi Arabia since 2009 as an agent and underwriter, […]
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MUST-READS
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What are the implications of Saudi Aramco’s pause in expansion?
It’s like the entire oil industry of Oman or Angola was turned on and then off again. Saudi Aramco, the state oil giant, said on Wednesday that the Ministry of Energy had told it to cancel plans to expand its maximum sustainable capacity (MSC) from 12 to 13 million barrels per day by 2027. Speculations on motivation have abounded. Is this an attempt to drive up longer-dated future oil prices, a recognition that future demand will be weaker, or an acknowledgement of unexpectedly strong expansion from competitors? Is it to save cash? Is there a political angle? The higher target had originally been announced in March 2020, as the Covid-19 pandemic hit, with Saudi Arabia locked in a battle for market share. So perhaps it’s not surprising that four years later and with much water under the bridge, it’s time for a rethink.
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Prince Khalid bin Salman launches locally assembled new Hawk jet
On the occasion of the rolling out of the latest jet Hawk aircraft assembled in Saudi Arabia, the minister said on his X account: “I was pleased to inaugurate the latest advanced jet aircraft, the Hawk T-165, which was assembled totally in the Kingdom by the Saudi hands, and to honor those working on it. This achievement reflects the extension of the successes of the vision of Crown Prince and Prime Minister Mohammed bin Salman in transferring and localizing technology in the military industries sector.”
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Big Oil’s Optimism Faces Reality Check in Tech-Obsessed Stock Market
Exxon Mobil Corp. and Chevron Corp. are generating returns not seen since their heyday over a decade ago, with $58.7 billion handed to shareholders last year and more to come in 2024, even if crude prices drop. And yet, they’re struggling to compete in a stock market beholden to Silicon Valley. Chevron hit record production in 2023 while buying back 5% of its stock and forecasts oil and gas growth of as much as 7% this year, led by low-cost barrels from the Permian Basin. It was rewarded with a 3% bump in its shares Friday, slightly better than Shell Plc’s gain a day earlier. Exxon, which is gushing cash from the fast-growing oil discovery in Guyana, fell 0.4%.
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Land Routes Via UAE, Saudi Arabia Tested to Bypass Houthi-Menaced Red Sea
An Israeli software startup and one of the world’s biggest shipping lines are among companies that for the first time are opening up commercial trade routes running through the heart of the Middle East to bypass the Houthi-menaced Red Sea.
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Saudi defense minister inaugurates World Defense Show 2024
The defense minister toured the exhibition, which features participation from over 773 exhibitors representing more than 75 countries, alongside numerous government entities and leading local and international companies in the defense and security sector. He also viewed the aerial displays, static aircraft exhibitions, and ground equipment in the display area. Speaking on the occasion, GAMI Gov. Ahmad Al-Ohali, said that the Kingdom has begun to reap the benefits of the huge support extended by the country’s leadership, with localization rates in the defense sector increasing from 4 percent to 13.6 percent at the end of 2022.
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Huge draw for Saudi made Lucid EV, equipped with drone and AI, at Riyadh World Defense Show
The first ever Saudi made Lucid electric vehicle, equipped with drone and artificial intelligence technologies, is on display at the World Defense Show, which kicked off in Riyadh on Sunday. Large number of people are visiting this smart patrol vehicle, which is a major attraction at the pavilion of the Ministry of Interior in the show. The electric vehicle which will start being used within the fleet of security patrol vehicles in Saudi Arabia, would have several security features, supported by AI technologies, in the Saudi security forces’ drive in accomplishing their mission.
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Saudi business conditions slowed to 2-year lows in January – PMI
Business activities in Saudi Arabia have slowed to two-year lows, with increased cost pressures and softening demand affecting growth in the kingdom’s non-oil private sector, according to January’s Purchasing Managers’ Index (PMI). The Riyad Bank Saudi Arabia PMI for January dipped to 55.4 from December’s 57.5, signalling a weak improvement in the health of the country’s non-oil economy. Even though business activity levels expanded at their slowest pace since 2022, it continued to increase across sectors due to a rise in new business intakes. The rate of sales growth eased to a five-month low.
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View of historic and cultural district of Al-Balad in western coastal city of Jeddah, Saudi Arabia
This photo taken on Feb. 3, 2024 shows a view of the historic and cultural district of Al-Balad in the western coastal city of Jeddah, Saudi Arabia. Al-Balad is famous for its colorful architecture.
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25,000 artifact fragments from early Islamic period unearthed from Historic Jeddah
As many as 25,000 fragments of artifacts dating back the Islamic caliphates during the first two centuries of the Hijri Calendar, corresponding to the 7th to 8th centuries AD, have been discovered from the Jeddah Historic Area. The announcement in this regard was made by the Jeddah Historic District Program (JHDP), in collaboration with the Saudi Heritage Commission. The archaeological discoveries were announced as part of the Historic Jeddah Revival Project, initiated by Crown Prince and Prime Minister Mohammed bin Salman.
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Sah bonds: All you need to know about Saudi Arabia’s first dedicated savings product for individuals
Saudi Arabia has launched the subscription to its first savings product dedicated to individuals – Sah – with a yield reaching 5.64 percent on the first issuance. Registration for the Islamic-compliant bond, issued by the Ministry of Finance, started on Sunday, Feb. 4, at 10 a.m. and will end on Tuesday, Feb. 6, at 3 p.m. The Sah bonds are organized by the National Debt Management Center and designed as a savings product for individuals, offering attractive returns. The bonds are offered monthly according to the issuance schedule, with a one-year savings period, fixed returns, and profits disbursed at the end of the bond’s maturity date.
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