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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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Saudi Arabia’s New Currency Offers Security Upgrades, Phases Out Small Notes
Saudi Arabia has unveiled newly designed banknotes and coins with added security features that make forgery difficult. The new issuance is the first step to addressing the preponderance of one-Riyal bills currently in circulation. Half of all Saudi paper notes are one-Riyal notes, which is worth a little more than a quarter U.S. dollar. A […]
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Surprise Early Gains for Saudi Leaders in Fight Against State Spending as Successful Deficit Cuts Seen Beyond Projections – Reuters
Saudi Arabia’s 2017 state budget is “likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy” next year, according to a report in Reuters by reporters Marwa Rashad and Andrew Torchia. After a tough year economically for the Kingdom, […]
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$800m King Abdulaziz Center for World Culture in Dhahran Opens
Saudi Aramco opened the $800 million King Abdulaziz Center for World Culture in Dhahran on Thursday, a large steel structure that aims to deepen knowledge and creativity among Saudi youth, according to reports. According to Reuters, the center, known as “Ithra” (“to enrich” in Arabic) is located close to Saudi’s “prosperity well” that tapped some of the […]
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Trump’s Complex Global Business Interests Could Present Problems for President-Elect
President-elect Donald Trump’s complex business dealings before and during his candidacy for the office, and now after his victory on November 8th, continue to draw scrutiny from the media and elected officials in the United States. The president-elect has drawn additional attention for his initial meetings with world leaders that apparently mix his business and family […]
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Three New Ventures by MiSK to Boost Innovation, Training and Investment
Deputy Crown Prince Mohammed bin Salman’s MiSK Foundation launched three new strategic ventures in Riyadh aimed “at comprehensively building the skills, knowledge and capability for economic growth within the Saudi Arabian tech sector,” Reuters and the Saudi Gazette reports. MiSK Academy, MiSK Technovation and MiSK Booster mark a significant new development in the foundation’s work to empower, […]
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Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]
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‘Downward Trend’ in Economic Activity Seen in Latest Jadwa Investment Chartbook
Jadwa Investment’s recently released economic chartbook for the month of November found a downward trend in economic activity and the fourth consecutive negative change in government accounts with SAMA. “Economic data for September showed a downward trend in economic activity,” Jadwa said it the report, pointing to negative growth in cash withdrawals from ATMs and […]
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U.S. Failed to Stop Drone Attack Because of Identification Mixup
The U.S. failed to stop a deadly attack on an American military outpost in Jordan because the enemy drone approached its target at the same time a U.S. drone was also returning to base, U.S. officials said Monday.
The return of the U.S. drone led to some confusion over whether the incoming drone was friend or foe, officials have concluded so far.
The enemy drone was launched from Iraq by a militia backed by Tehran, U.S. officials said. The outpost, Tower 22, sits in Jordan, near the borders of Iraq and Syria.
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Riyadh prepares construction tender for stadiums
Saudi Arabia's Sport Ministry is preparing to issue tenders for contracts to build sports stadiums as part of its SR10.1bn ($2.7bn) capital projects programme. "The prequalification process has been completed and the tender for the stadiums is expected to be issued in a week or two," sources close to the scheme told MEED. In July, the ministry invited construction companies to submit prequalification documents for the main construction contracts. The projects are slated for completion before the 2027 Asian Football Confederation (AFC) Asian Cup.
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Arab officials held secret meeting to discuss plans for post-war Gaza
Senior national security officials from Saudi Arabia, Jordan, Egypt and the Palestinian Authority secretly met in Riyadh 10 days ago to coordinate plans for the day after the war in Gaza and discuss ways to involve a revitalized Palestinian Authority in governing there, three sources with knowledge of the meeting told Axios.
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Messi fronts new global campaign for Saudi Arabia tourism
‘Saudi Welcome To Arabia’ has kicked off another global marketing campaign featuring football legend and Saudi Tourism ambassador, Lionel Messi. Launching across key target markets in Europe, India and China, the “Go Beyond What You Think” campaign is anchored on the common misconceptions about the destination. It invites audiences to experience the vibrant cultural transformation taking place across Saudi.
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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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