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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 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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Photos: US bolsters regional partnerships at Saudi World Defense Show
U.S. Air Force personnel assigned to the Air Forces Central Band pose for a photo during the Saudi World Defense Show at an undisclosed location in the Central Command area of responsibility, Feb. 4, 2024. U.S. military participation in the Saudi World Defense Show allows foreign military and civilian decision-makers an opportunity to evaluate and compare U.S. Air Force aircraft in a non-operational and threat-free environment.
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Saudi Arabia poised for new Aramco share sale -sources
Saudi Arabia is poised to sell more shares of energy giant Aramco, three people familiar with the matter said, which could boost the country's funding and its aim to wean the economy away from oil. The government has lined up Citigroup, Goldman Sachs and HSBC for the sale, one of the people said, which could take place in the second or third quarter of this year, a second person said. The share sale could raise about $20 billion, according to Bloomberg, which first reported the news. The preparations are ongoing and the details could change, the people said. The government's communication office did not have an immediate comment. Aramco declined to comment.
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Cease-Fire Emerges as Key to Israeli-Saudi Normalization
The Biden administration believes it is still possible to broker a historic normalization deal between Saudi Arabia and Israel, but the window for an agreement is closing with fighting still under way in Gaza and the U.S. presidential campaign ramping up. Saudi Arabia won’t agree to move forward until a cease-fire is in place, but talks to halt the conflict have stalled, according to U.S. and Saudi officials. Secretary of State Antony Blinken, who is traveling in the Middle East this week, is pushing a normalization deal in talks with Saudi and Israeli officials, as part of a broader effort to end the Gaza war, isolate Iran, and stabilize the region.
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In the Gulf, Is Civil Society Fighting for Climate?
Tracking the efforts and successes of civil society elements in underscoring the urgency of addressing climate change will remain a key bellwether for progress on issues relating to global warming, energy transition, and sustainability.
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How Should the U.S. Respond to a Middle East Crisis Threatening Its Policy and Personnel?
The October 7 Hamas attacks in southern Israel created an immediate crisis for the President Joseph R. Biden Jr. administration’s policy of promoting greater regional integration and upholding stability and security in the Middle East. That agenda is coming under intensified pressure, most dramatically by the killing of three U.S. service personnel and the wounding of dozens more by a drone strike in Jordan that the White House blames on Iranian-backed militias.
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How Should the U.S. Respond to a Middle East Crisis Threatening Its Policy and Personnel?
The October 7 Hamas attacks in southern Israel created an immediate crisis for the President Joseph R. Biden Jr. administration’s policy of promoting greater regional integration and upholding stability and security in the Middle East. That agenda is coming under intensified pressure, most dramatically by the killing of three U.S. service personnel and the wounding of dozens more by a drone strike in Jordan that the White House blames on Iranian-backed militias
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Arab Public Opinion about Israel’s War on Gaza
Arab Center Washington DC (ACW), in cooperation with The Arab Center for Research and Policy Studies (ACRPS), conducted a survey of public opinion in 16 Arab countries to gauge the Arab public’s views about the Israeli war on Gaza that began on October 7, 2023, and Arab perceptions of the US role and policies toward the war. The poll is the first of its kind to measure Arab public opinion on the topic.
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Saudi Arabia’s sovereign fund bolsters ties with private sector at annual forum
The PIF Private Sector Forum concluded on Wednesday and reaffirmed its commitment to foster strategic partnerships between the private sector Saudi Arabia’s sovereign fund and its portfolio companies. The second edition of forum held in Riyadh was attended by over 8,000 people who include princes, ministers, decision-makers, CEOs, and senior officials from both the public and private sectors.
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Pakistani firm shows off new drone during Saudi defense show
Global Industrial Defence Solutions describes the Ranger as a runway-independent tactical UAV. It was designed for intelligence, surveillance, target acquisition and reconnaissance missions, as well as for an artillery fire correction role.
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Saudi Arabia’s Visionary Biotech Strategy: Leap Towards Global Leadership
To reduce dependence on imported drugs, Saudi Arabia is focusing on localizing biomanufacturing. By reinforcing its domestic biomanufacturing platform, the Kingdom seeks to enhance self-sufficiency and facilitate the global export of biologics and biosimilars. The promotion of biosimilars adoption (>60%) is envisioned to make high-quality treatments more affordable and accessible to citizens. Recognizing the pivotal role of genomics in precision medicine, Saudi Arabia plans to expand its national genomic database and analytics platform. This initiative aims to foster research and improve disease prevention, with a strong focus on implementing policies that support genomics research and ensure effective access to genome data for more accurate diagnoses and interventions.
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