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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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MUST-READS
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How sports is inspiring Saudis to defy restrictive norms and expectations
In August 2023, the Saudi Sports for All Federation (SFA) launched the Museum of Extinct Mobility, a virtual reality experience that alerted Saudis to what a dystopian motionless life would look like if they were to continue with a sedentary lifestyle. Over 14,000 participants engaged with the virtual museum in just one month, and what has become an awakening campaign succeeded in driving 710,000 actions and sparking vital conversations about physical activity.
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Saudi Arabia hosts Arab consultative meeting on Gaza
facebook sharing buttontwitter sharing buttonreddit sharing buttonwhatsapp sharing buttonemail sharing buttonsharethis sharing button Saudi Arabia yesterday hosted an Arab Consultative Meeting to address the dire situation in the Gaza Strip, where Palestinians have suffered under more than 125 days of Israel’s genocidal bombing campaign. Attended by Saudi Foreign Minister Prince Faisal Bin Farhan Bin Abdullah and his counterparts from Egypt, Qatar, Jordan, and the UAE, the meeting also included the Secretary of the Executive Committee of the Palestine Liberation Organisation (PLO), Hussein Al-Sheikh. Earlier in the day, the Jordanian Foreign Ministry said: “Deputy Prime Minister and Foreign Minister Ayman Safadi is participating on Thursday in the Arab ministerial consultative meeting hosted by the Saudi Foreign Minister Faisal Bin Farhan in Riyadh to discuss the developments of the Israeli war in the Gaza Strip.”
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Unless Biden exerts real pressure on Israel, Saudi Arabia will not normalize relations
The administration’s inability to move Benjamin Netanyahu to focus on hostage release rather than indefinitely prolonging the four-month-old war, outlining a future for Gaza and curbing his extremist ministers’ more outlandish statements regarding that future — or, better yet, just firing them — has increasingly frustrated Riyadh.
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Saudi Arabia announces successful bidders for 3.7GW solar projects
The Saudi Power Procurement Company (SPPC) has unveiled the qualified bidders for the fifth round of 3.7GW solar projects under the National Renewable Energy Programme (NREP) in Saudi Arabia, including several major renewables developers. In an announcement published by the Saudi Press Agency, the SPPC announced that Masdar, EDF Renouvelables, Itochu Corporation, Total Energies Renewables, and Saudi Electricity Company were among the companies that won bids.
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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.
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From robots to gliding bombs, Saudi Arabia showcases growing domestic defence trade
“Even for college now we have new different streams for women, developing their talents and making them ready to work in the military industry,” Khawlah Alshmmari, vice president of human resources at the National Company for Mechanical Systems, told The National. NCMS has a large stand at the expo, showcasing everything from the high-tech weaponry – the unmanned armoured vehicle turret the Moreb 30, which can carry 30mm or 40mm canons that rapidly fire explosive shells – to less advanced but essential items including artillery shells currently in a large global demand.
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Rystad Energy Analyzes Saudi Arabia’s Pause in Oil Capacity Expansion Amid Market Uncertainty: Implications for Offshore Projects and Supply Stability
Saudi Aramco’s focus on offshore oil and gas expansion projects, including the Dammam and Berri, Marjan, and Zuluf developments, underscores its commitment to meeting production targets. However, the revised mandate necessitates a reevaluation of future investments, with potential implications for projects like Safaniya and Manifa. The decision also has implications for the composition of Saudi Arabia’s oil mix, as increased offshore volumes are expected to lead to a greater share of heavy grades. This shift underscores the importance of offshore expansion to maintain the country’s overall production levels.
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The Race to Make This Dying U.S. Lake the ‘Saudi Arabia of Lithium’
California’s toxic Salton Sea has enough lithium to make the U.S. self-sufficient in the mineral, which is a key component of rechargeable batteries. WSJ explores the tech being developed to extract it—and what it means for the future of domestic production
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Exploring the unseen: Desert X AlUla uncovers beauty of Saudi Arabia’s desert canvas
Contemporary art finds a gallery amid the dunes of Saudi Arabia’s ancient city as Desert X AlUla returns to the Kingdom for its third edition on Friday. Running until March 23, the event will feature 15 commissioned artworks exhibited under the curatorial vision of Maya El Khalil and Marcello Dantas, with artistic direction from Raneem Farsi and Neville Wakefield.
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Biden says Gaza fighting ‘over the top,’ pushing for a pause
U.S. President Joe Biden on Thursday suggested that Israel's military response in Gaza has been "over the top" and said he is seeking a "sustained pause in the fighting" to help ailing Palestinian civilians. "I'm of the view, as you know, that the conduct of the response in the Gaza Strip has been over the top," Biden told reporters at the White House. He added that he has been pushing for a deal to normalize Saudi Arabia-Israel relations, increased humanitarian aid for Palestinian civilians and a temporary pause in fighting to allow the release of hostages taken by Hamas. "I'm pushing very hard now to deal with this hostage ceasefire," Biden said. "There are a lot of innocent people who are starving, a lot of innocent people who are in trouble and dying, and it's gotta stop."
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