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Saudi Arabia Gains ‘Upper Hand’ in Competition for Asia Energy Demand with Massive $7b Aramco-Petronas Deal
Oil giant Saudi Aramco signed a $7 billion deal Tuesday to take a 50 percent stake in a mega Malaysian oil refinery project, in a pact expected to help Saudi Arabia increase trade in Southeast Asia and give the Kingdom an “upper hand” in the supply competition for Asia’s energy demand, according to reports. Saudi […]
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Saudi Arabia Makes Diplomatic Push to Warm Ties with Iraq
Saudi Arabia’s Foreign Minister Adel Al-Jubeir made a surprise trip to Iraq on Saturday, the first trip there by a Saudi foreign minister since 1990. While in Baghdad, Al-Jubeir met with Iraqi Prime Minister Haider Al-Abadi and his counterpart, Ibrahim Al-Jaafari. Al-Jubeir said that Saudi Arabia plans to appoint a new ambassador and resume direct flights […]
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Petrochemicals Sector in Saudi Arabia Remains Vital for Vision 2030 Aims
The Petrochemicals sector in Saudi Arabia makes up 60% of the Kingdom’s non-oil exports and remains vital to the Kingdom’s Vision 2030 aims, according to a recent study on the sector released by Jadwa Investment. The sector’s prominence in the non-oil economy means it has been identified by both the National Transformation Program (NTP) 2020 and […]
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“Ken of Arabia” Lands Moelis and Co. as Lead Advisor for Saudi Aramco IPO
Saudi Aramco has chosen New York-based boutique investment bank Moelis & Co as an adviser on its plans for what is expected to be the world’s biggest initial public share offer, Reuters reports. Moelis & Co secured the role of lead independent adviser. The selection is set to move the small newcomer, and its CEO, […]
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Raw Video Emerges of Houthi Attack on Saudi Frigate as U.S. Sends Destroyer to Red Sea
Raw video has emerged online of a Houthi attack on a Saudi frigate that damaged the ship and drew the condemnation of Saudi Arabia and its allies. Suicide boats belonging to the Houthi militias from Yemen struck the Saudi frigate off Hodeida port in the Red Sea. Two crew members were killed and three were […]
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Saudi Restarts Renewable Energy Investment Plans with up to $50b in Solar, Wind by 2023
Saudi Arabia appears to be re-starting its efforts to expand renewable energy projects to meet growing domestic power needs with up to $50b invested through 2023, according to reports and comments by the Kingdom’s energy and industry minister Khalid al-Falih. The projects, part of the National Renewable Energy Plan (NREP) will be managed under a […]
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Jeddah Cell Connected to ISIS Busted after Two Saudis Blow Themselves Up During Raid
Saudi Arabia has busted a large terror cell after two Saudis blew themselves up during a gun battle in Jeddah, the Kingdom’s second-largest city. In addition to the two dead, 16 suspected terrorists have been arrested, including three Saudis and 13 Pakistani nationals, according to the Saudi Gazette. The Kingdom has also named the two […]
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Saudi Arabia May Cancel $20b in Projects to Cut Costs, Hires PwC
Saudi Arabia is reportedly working with accounting and consulting firm PricewaterhouseCoopers (PwC) on plans to cancel up to $20 billion of projects as the Kingdom continues to seek ways to cut costs as part of economic reforms, Bloomberg reports. The Ministry of Economy and Planning has appointed PwC to review $69 billion of government contracts and aims […]
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Saudi 2017 Budget Will Seek to Reduce Deficit, Create Surplus by 2020
Saudi Arabia’s government will reportedly unveil a plan to balance its high deficit and work to achieve a surplus in 2020, according to a senior government official with knowledge of the matter as quoted in Bloomberg. The plan was devised by the powerful Council on Economic and Development Affairs (CEDA), which is chaired by Deputy Crown Prince […]
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Careem, an Uber Rival in the Middle East, is Newest ‘Unicorn’ Company with Saudi, Japanese Investments
Careem, one of Uber’s rivals in the Middle East, has taken in $350 million in investment led by Japanese e-commerce firm Rakuten and Saudi Telecom Company (STC), the second investment made by Saudi Arabia’s government into ride-sharing apps this year. Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in ride-hailing app Uber in June, […]
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US envoy sees rapid F-16s sale to Turkey after Sweden NATO bid sign-off
The U.S. ambassador to Turkey said he anticipates that President Tayyip Erdogan will give a final sign-off on Sweden's NATO membership within days, triggering rapid steps toward U.S. Congress endorsing a sale of F-16 fighter jets to Ankara.In an interview on Thursday, Ambassador Jeff Flake said that once the formal ratification document is received in Washington, the U.S. State Department will immediately send Congress notification of the $20 billion F-16s sale.
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Hevolution releases inaugural Global Healthspan Report
Back in November, we reported on Hevolution Foundation‘s two day Global Healthspan Summit in Riyadh; with over 1000 attendees and 100 speakers, Hevolution hoped the summit would serve as a trigger, shifting perception of aging and longevity and catalyzing a move towards global healthspan. To build on this event and scaffold the shift from sickcare to healthspan, Hevolution has released its inaugural Global Healthspan Report today; the report builds on the success of the summit and delivers needed insights to support progress for global healthspan goals.
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2 US-flagged ships with cargo for US Defense Department come under attack by Yemen’s Houthi rebels
Two American-flagged ships carrying cargo for the U.S. Defense and State departments came under attack by Yemen's Houthi rebels on Wednesday, officials said, with the U.S. Navy intercepting some of the incoming fire.
The attacks on the container ships Maersk Detroit and Maersk Chesapeake further raise the stakes of the group's ongoing attacks on shipping through the vital Bab el-Mandeb Strait. The U.S. and the United Kingdom have launched multiple rounds of airstrikes seeking to stop the attacks.
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It turns out oil gets more expensive to ship when boats go boom in the Red Sea
As the US continues—and escalates—its not-quite-a-war with the Houthi rebels in Yemen, shipping markets are ramping up the price to transport crude oil. Bloomberg reports that the cost of moving oil from the Middle East to Asia is up 182% since the US began leading “Operation Prosperity Guardian” to secure the important global shipping channel.
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Qatar, a key mediator in sensitive Israel-Hamas talks, lashes out at Netanyahu over critical remarks
Qatar said it was appalled Wednesday by leaked remarks made by Israeli Prime Minister Benjamin Netanyahu in which he criticized the country’s mediation efforts with Hamas, complicating already arduous negotiations meant to halt the hostilities in exchange for a hostage release. In a meeting with families of hostages held by Hamas, Netanyahu said Qatar’s role in the mediation was “problematic.” Qatar, a key mediator that also has deep ties to the militant group and hosts some of its exiled leaders, said Netanyahu’s remarks were “irresponsible and destructive.”
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Saudi Arabia to allow first alcohol sales in 72 years, dividing opinion
Located in the capital’s Diplomatic Quarter, the store will be accessible only to non-Muslim diplomats, meaning that for the vast majority of Saudi Arabia’s 32 million people, nothing will change for now.
Additionally, purchasing quotas will be enforced. Access to the store will be restricted to those who register via an application. And customers will be asked to keep their phones in a “special mobile pouch” while they browse for beer, wine and spirits.
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Why and when did Saudi Arabia ban alcohol? Why is its first liquor store a big deal?
Saudi Arabia is seeing revolutionary reforms under Crown Prince Mohammed bin Salman. He has ambitious plans to make the kingdom the go-to destination for business and tourism. It involves shedding the image of a conservative regime and being more open. And the latest move involves allowing alcohol. Yes, the country is all set to get its first liquor store in the capital Riyadh but it will serve only non-Muslim diplomats.
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Saudi Arabia, Hong Kong financial bodies ink MoU at AFF
Saudi Arabia’s Financial Sector Development Program signed a memorandum of understanding with Hong Kong’s Financial Services Development Council on Wednesday at the 17th Asian Financial Forum. The MoU aims to enhance cooperation and exchange experiences in accordance with best practices, the Kingdom’s Ministry of Finance said.
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Opinion: We did not help build women’s tennis for it to be exploited by Saudi Arabia
That work is now imperiled. WTA Tour officials, without adequate consultation with the players who are the very foundation of the sport, are on the verge of agreeing to stage the WTA Finals in Saudi Arabia. This is entirely incompatible with the spirit and purpose of women’s tennis and the WTA itself.
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Women At Wheel, Cinemas Reopened: 5 Key Reforms Under Saudi Arabia’s Crown Prince
The decision by Saudi Arabia to allow alcohol sales to non-Muslim diplomats, according to two sources, is the latest in a series of reforms aimed at projecting a more open, moderate image. Here are five other headline-grabbing changes implemented in recent years under Crown Prince Mohammed bin Salman, whose reputation was dealt a major blow by the 2018 murder of dissident journalist Jamal Khashoggi in the Saudi consulate in Istanbul.
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