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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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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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Saudi Arabia’s grim 2023 growth shows why oil’s price is so important
One look at Saudi Arabia's latest growth figures explains why the Gulf giant has struggled mightily to boost global crude prices. Driving the news: With oil prices capped despite widespread geopolitical turmoil, Saudi Arabia's growth turned grim in 2023, with gross domestic product tumbling by -0.9 percent, compared with 8.7 percent in 2022. Why it matters: A core member of OPEC, the kingdom is one of the world's largest producers of crude, which plays a crucial role in its revenue picture. Oil accounts for 40 percent of Saudi's GDP, which saw a steep decline in oil activities.
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Saudi Arabia launches second edition of The PIF Private Sector Forum in Riyadh
Saudi Arabia on Tuesday launched its second edition of the “PIF Private Sector Forum,” the Kingdom’s premier event of its kind, alongside an exhibition at the King Abdulaziz International Convention Center in Riyadh. Spanning two days, February 6-7, 2024, the forum aims to foster enhanced partnerships and cooperation with the private sector. The initiative aligns with the Public Investment Fund’s strategic goal to boost the contribution of its projects and portfolio companies to the local content (PIF Projects) to 60 percent by the end of 2025, as stated in the Fund’s announcement on Monday.
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Saudi Arabia joint venture heralds big sea farming expansion
The aquaculture industry in Saudi Arabia is set for significant growth following the announcement of a new joint venture between NEOM, Saudi Arabia’s development organisation, and fish farming business Tabuk Fisheries Company. Trading as Topian Aquaculture, the new venture will include a hatchery that is expected to become the largest in the MENA (Middle East and North Africa) region by the end of 2024. The hatchery has a planned capacity of 42 million fingerlings and marine-pen production facilities, with production of finfish in the pens projected to reach 20,000 tonnes per year. The strategic agreement was unveiled at the Saudi International Marine Exhibition (SIMEC) in Riyadh.
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Blinken Meets Saudi Crown Prince on Mideast Push for Pause in Gaza War
Secretary of State Antony J. Blinken began a diplomatic push in the Middle East on Monday for a deal that would pause the war in the Gaza Strip and release the hostages there, even as a drone struck a military base used by American troops and allied forces in eastern Syria. Mr. Blinken, making his fifth trip to the region since the Oct. 7 attack on Israel, met in Riyadh with Saudi Arabia’s crown prince, Mohammed bin Salman, in the first stop on a trip that will also include meetings in Egypt, Qatar, Israel and the West Bank.
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Top US consultancies face scrutiny over role in Saudi Arabia’s sports push
Major US consultancies who have advised Saudi Arabia on its global sports spending spree – including its proposed takeover of golf’s PGA Tour – are coming under fire in Washington for possible violations of federal disclosure laws. Four prominent consulting firms, including McKinsey, have been accused of refusing to fully comply with subpoenas for information about their work for the oil-rich kingdom by the Senate permanent subcommittee on investigations. The Senate panel has been conducting an inquiry into authoritarian governments’ efforts to deploy soft power and other influence strategies in the US.
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Saudi Tourism Fund Enlists Local Bank for $346.7 Million Project
Saudi Arabia’s Tourism Development Fund will help finance a 1.3 billion-riyal ($346.7 million) project in the holy city of Medina together with Riyad Bank, as the kingdom steps up fundraising for a key part of Crown Prince Mohammed bin Salman’s program to diversify the economy. The 15 billion-riyal TDF signed an agreement with Medina-based Knowledge Economic City Co. and Public Investment Fund-backed Riyad Bank to finance a hub it called “the biggest of its kind.” TDF and Riyad Bank will each provide 391 million riyals in funding, according to a statement Thursday.
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Abu Dhabi Wealth Fund ADIA Considers Stake in Wanda Mall Unit
Abu Dhabi Investment Authority is considering buying a minority stake in Dalian Wanda Group Co.’s mall operator, people familiar with the matter said, as the unit revamps its shareholding structure. ADIA, as the Abu Dhabi wealth fund is known, has held initial discussions over the potential stake purchase in Zhuhai Wanda Commercial Management Group Co., the people said. ADIA may buy shares from existing holders, said the people, who asked not to be identified as the information is private.
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LuLu Seeks Pitches for $1 Billion IPO in Second Half of 2024
LuLu Group International, which operates one of the Middle East’s largest hypermarket chains, has invited banks to pitch for roles on a potential initial public offering that could raise at least $1 billion, people familiar with the matter said. The conglomerate is considering plans for a dual listing in Riyadh and Abu Dhabi, the people said, asking not to be identified discussing confidential information.
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Saudi Arabia’s investment ministry withdraws budget data
Saudi Arabia's investment ministry removed fiscal data from a monthly bulletin published earlier on Monday on its website that showed the kingdom would record a budget surplus in 2023. There was no fiscal data in an updated version of the report on the website. A government official told Reuters that the numbers published earlier were not based on the latest 2023 fiscal data forecasts calculated by the finance ministry and were published in error.
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Djokovic, Nadal to headline ‘Six Kings Slam’ in Saudi Arabia
Saudi Arabia will host a new elite tennis exhibition featuring Novak Djokovic and Rafa Nadal with three other Grand Slam winners in October, the country's General Entertainment Authority has announced. Carlos Alcaraz, Jannik Sinner, Daniil Medvedev and Holger Rune will also play at the 'Six Kings Slam', which will form part of the Saudi cultural and entertainment festival Riyadh Season, organisers said. With Sinner having recently won the Australian Open, Dane Rune is the only player on the six-man roster without a Grand Slam title. Spaniard Nadal, who signed up as an ambassador for the Saudi Arabian Tennis Federation last month, said he was looking forward to the event.
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