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Deputy Crown Prince Mohammed bin Salman Departs for United States, Set to Meet with Donald Trump
Deputy Crown Prince Mohammed bin Salman is set to visit Washington, D.C. this week and will meet with President Trump. The Saudi Royal Court, in a statement carried by the official Saudi Press Agency, said that Prince Mohammed will meet with the President and a number of US officials to discuss “the strengthening of bilateral relations […]
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Saudi Arabia’s Fiscal Balance Program (FBP) 2020: The Kingdom’s Path to Fiscal Sustainability
Fiscal reforms already underway in Saudi Arabia could save the Kingdom as much as SR362 billion ($97 billion) annually by 2020, leading to a surplus of SR162 billion ($43 billion) annually, according to a recent analysis by Jadwa Investment. That amount is a significant increase as compared to if nothing was done to address Saudi Arabia’s fiscal […]
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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, Egyptian foreign ministers call for ceasefire in Gaza
Saudi Foreign Minister Prince Faisal bin Farhan on Sunday called for an immediate ceasefire in the Gaza Strip to allow for the entry of humanitarian aid and to pave the way for a political solution to the crisis based on a two-state solution. Speaking at a press conference alongside Egyptian Foreign Minister Sameh Shoukri in Cairo, the prince said: “Today, we discussed the mechanisms of cooperation and the situation in Palestine.” The two men had earlier chaired the Egyptian-Saudi Follow-up and Political Consultation Committee meeting, which included a review of their nations’ efforts at economic integration and removing obstacles to investment.
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Messi-Ronaldo rivalry is ending, but one between MLS and Saudi Pro League is just beginning
The second is the big one, though. Thursday's meeting with Cristiano Ronaldo and Al-Nassr would mark the 37th and final time the best two players of their generation square off if Ronaldo is available. It remains to be seen if he'll be recovered from the minor injury that has forced Al-Nassr to reschedule a pair of matches in China, but the appeal of that matchup is obvious if Ronaldo can participate.
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Houthi Hit on Russian Fuel Makes Oil Traders Reassess Red Sea Risk
A missile attack on Friday on a tanker taking Russian fuel through the Gulf of Aden may prove to be a defining moment for an oil market that had previously been somewhat immune to months of Houthi militants’ attacks on merchant trade. Why the calm? Because much of the oil flowing through the Red Sea and Suez Canal came from Russia and — so the theory went — it might be safe. The Houthis themselves signaled Russian ships had nothing to fear, and Moscow is an ally of their sponsor Iran. Oil tankers generally had been largely spared.
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Saudi Arabia detains public servant on corruption charges
Royal Commission for Al Ula Chief Executive Amr bin Saleh Abdulrahman AlMadani is accused of abuse of authority and money laundering prior to joining the public sector, the Oversight and Anti-Corruption Authority (Nazaha) wrote on X late on Sunday.
AlMadani allegedly illegally secured contracts for a company he co-owns from a government research entity via a relative, who along with two other accused had also been charged, Nazaha said.AlMadani was also accused of recommending the same company he co-owns to the commission, which secured contracts with it worth 1.3 million riyals ($346,685), the government agency said. -
WTA facing pushback on mulled Finals move to Saudi
Little more than two years after the WTA was lauded by human rights advocates for suspending its tournaments in China, the women's tour risks angering those same activists as it mulls moving its season-ending Finals to Saudi Arabia. Speculation about the event heading to the Gulf country has intensified and there has already been significant pushback from within the game, most notably from tennis greats Chris Evert and Martina Navratilova. Saudi Arabia has invested heavily in sports like soccer, Formula One and golf over the last few years even as critics accuse the kingdom of using its Public Investment Fund to "sportswash" its human rights record.
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PV may help CSP reduce its LCOE by 18% in Saudi Arabia
Researchers have found that the current levelized cost of energy (LCOE) for concentrated solar power (CPS) plant in Saudi Arabia could be as low as $0.137/kWh. However, combining the tech with PV would significantly enhance the cost competitiveness of CSP.
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Saudi AAM Initiative to provide safe and most developed means of air mobility in Mideast
This includes a wide range of innovative solutions ranging from small unmanned aircraft to aircraft with vertical take-off and landing. These technologies will be able to provide safe, sound, sustainable and faster means of transport for people and goods, characterized by high technical capabilities that contribute to alleviating congestion on the roads and facilitating easy access to remote areas in the country, and thus contributing to achieving overall economic and social development.
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Smart grids could improve Saudi Arabia’s renewables potential
Saudi Arabia’s traditional power grid faces challenges such as transmission losses, low efficiency, and limited ability to accommodate renewable energy sources, creating the need for a modernized smart grid.
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Top art exhibitions in the UAE and Saudi Arabia to see this spring
As the calendar ticked over to 2024, art institutions in the Gulf began setting the stage for some of their best exhibitions of the year.
The UAE will host Art Dubai and March Art Week, while Saudi Arabia has a growing fixture of events anchored by the Diriyah Biennale Foundation as well as exhibitions and biennials staged in AlUla.
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Saudi Aramco Looks to Secure More Downstream Oil Deals in Asia
Aramco is looking to seal more downstream deals in Asia, particularly in China and India, as it bets on continued demand growth in its most important market for long-term buyers of its crude, the Saudi oil giant’s Downstream President Mohammed Al Qahtani told Bloomberg in an interview. Saudi Aramco, the world’s top crude exporter and the biggest oil firm in terms of both production and market capitalization, has already struck several deals to buy stakes in Chinese refining and chemical projects and has recently entered Pakistan’s downstream sector. But it is on the hunt for more deals. “Really, the big growth markets for us are China, India and southeast Asia,” Al Qahtani told Bloomberg in an interview in Dhahran, Saudi Arabia.
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