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Yemen’s Houthis Fire Another Missile into Saudi Arabia as Kingdom, Iran Spar at UN over War
Saudi Arabia says it has shot down a ballistic missile fired into the Kingdom by Houthi rebels and their Iranian allies in the latest incident in Yemen’s civil war that has raged for nearly 19 months. The missile targeted the southwestern city of Khamis Mushait and was destroyed Tuesday night without causing any injuries, the Saudi Press […]
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Saudi Arabia Switches to Gregorian Calendar
Saudi Arabia has shifted to the Gregorian or “Western” calendar as a basis for paying civil servants as part of broader fiscal changes, according to reports. The kingdom adopted the lunar Islamic calendar when it was founded in 1932, but the change places its payment schedule in line with the West. It also brings civil […]
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Saudi Arabia’s Foreign Ministry Criticizes JASTA, Congress Weighs Adjustment of Law
Although the Congressional override of President Obama’s veto on the controversial Justice Against Sponsors of Terrorism Act (JASTA) was anticipated, it’s reality has proved shocking to U.S. leaders as well as countries globally. Saudi Arabia’s foreign ministry has issued a statement strongly condemning the legislation and noted, as has been done frequently in the run-up […]
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Jadwa Investment Report Looks at ‘Significant Implications of Vision 2030 on Trade and Financial Flows’ for Saudi Arabia
A recently released Jadwa Investment report researches the impact that Vision 2030 is likely to have on international trade and investment flows with Saudi Arabia. This report looks at the evolution of the current account for the period 2016-30, which is forecast to reach a surplus of $135 billion (8 percent of GDP) by 2030. “While oil export […]
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Deputy Crown Prince Mohammed bin Salman Cracks Bloomberg’s 50 Most Influential in Finance
Saudi Deputy Crown Prince Mohammed bin Salman has been ranked 42nd Bloomberg’s list of the 50 Most Influential People in the world of finance. Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after […]
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New Desalination Technology at KACST in Saudi Arabia ‘Opens Doors to Higher Worldwide Clean Water Sources’
The first worldwide adsorption water desalination and cooling plant has been successfully implemented by King Abdulaziz City of Science and Technology (KACST) in August 2016, the university said in a press release, as the Kingdom continues to be a global leader in desalination technology. Adsorption Desalination and Cooling (ADC) is a newly invented technology, co-owned […]
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President Obama to Veto JASTA Bill
White House Press Secretary Josh Earnest said on Monday that U.S. President Barack Obama will veto the controversial Justice Against Sponsors of Terrorism Act (JASTA) passed by congress last week, setting up a showdown with Congress. Earnest reiterated the White House’s fear that the measure would expose U.S. citizens to legal action overseas if foreign countries pass […]
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Hajj 2016 Begins: Millions Gather in Saudi Arabia
An estimated two million pilgrims have converged in Saudi Arabia for the start of the annual Hajj pilgrimage today, lasting until Wednesday, September 13th. The hajj is one of the five pillars of Islam, which capable Muslims must perform at least once, marking the spiritual peak of their lives. Worshippers from more than 150 countries will embark on […]
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U.S. House to Allow Vote on Controversial JASTA Bill This Week
The U.S. House of Representatives will vote this week on a bill allowing the families of 9/11 victims to sue Saudi Arabia in U.S. courts, a Republican leadership source told Politico Wednesday. The highly-politicized Justice Against Sponsors of Terrorism Act (JASTA) bill, which President Obama said would receive his veto should it make it to […]
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Report: $20 Billion in Projects may be Canceled; Ministerial Budgets Squeezed as Saudis Adapt to Low Oil Prices
A report in Bloomberg today said that Saudi Arabia is considering canceling more than $20 billion of projects in addition to making deep cuts to ministry budgets as the Kingdom takes austerity measures due to low oil prices. The budget cuts to some ministries could be as much as 25%, the Bloomberg report said. Overall, the government is […]
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Saudi companies win air defense subcontracts
US-based Lockheed Martin has awarded two key subcontracts to industry in Saudi Arabia for a second source of components in the Terminal High Altitude Area Defence (THAAD) weapon system, for which it is the original equipment manufacturer (OEM). The prime partners receiving subcontracts include Middle East Propulsion Company (MEPC), based in Riyadh, and Arabian International Company (AIC) for Steel, based in Jeddah. Several other Saudi industry partners have also received subcontracts in support of these efforts.
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Saudi Position on Arab-Israeli Peace Silences Rumors
A Saudi Foreign Ministry statement on the ongoing discussions between Saudi Arabia and the United States regarding the path of Arab-Israeli peace, has reaffirmed the Kingdom’s clear position, since the outbreak of the war in the Gaza Strip on Oct. 7, on peace in the Middle East. Saudi Arabia stressed on Wednesday that it “conveyed its firm position to the US administration and that there would be no diplomatic relations with Israel unless the independent Palestinian state is recognized on the 1967 borders, with East Jerusalem as its capital, the Israeli aggression against the Gaza Strip is stopped, and all members of the Israeli occupation forces are withdrawn from the Gaza Strip.”
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Saudi Arabia aims to produce 500,000 cars by 2030: PIF Official
In an interview with Al Arabiya on the sidelines of the second PIF Private Sector Forum, AlShiha stated that the PIF is working on five upcoming supply chain projects, and five international companies will begin operating in the Kingdom to produce parts for the Lucid, SER, and Hyundai factories. Ceer, Saudi Arabia’s first automotive brand to produce electric vehicles in the Kingdom, is currently working on engineering and designing cars, AlShiha said, expecting the designs to be announced soon. Ceer’s plant is under construction in King Abdullah Economic City (KAEC).
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Employees of western firms could face jail time for cooperating with LIV-PGA senate probe
Western executives defended themselves, saying that Saudi courts warned them company employees will face jail time if they comply with Congress. The executives said they have launched lawsuits against PIF, which is chaired by Crown Prince Mohammed Bin Salman, to release more information. "The PIF has been explicit that the disclosure of information relating to BCG’s work for PIF is a violation of Saudi law, which ‘imposes criminal penalties for disclosing or disseminating such information including imprisonment for a maximum of 20 years’,” Rich Lesser, of BCG, told lawmakers.
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Future Forum shows KAUST aligning to Saudi priorities
King Abdullah University of Science and Technology (KAUST) is proud to host the inaugural KAUST Future Forum in Riyadh on February 12-13, 2024. The event aims to bring together government, industry, investors and academia to a showcase of KAUST's 15 years of achievements in research and innovation through panel discussions and an interactive exhibition. The forum is under the patronage of H. E. Eng Abdullah Alswaha, Minister of Communications and Information Technology and Chairman of the Board of Directors of King Abdulaziz City for Science and Technology (KACST). It is scheduled to take place in Riyadh's startup district, "The Garage," with Saudi Press Agency as media partner.
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Alat: Spearheading Sustainable Technology Manufacturing with Clean Energy in Saudi Arabia
Through strategic partnerships with international manufacturing and technology leaders, Alat endeavors to transform the global industrial landscape by offering sustainable solutions powered by clean energy. By manufacturing a diverse range of products across vital sectors such as robotics, communication systems, and digital entertainment, Alat aims to strengthen local innovation, research, and development while creating job opportunities and boosting economic growth.
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Why is FinTech flourishing in Saudi Arabia?
Saudi Arabia, under its Vision 2030 and Financial Sector Development Program (FSDP) — with the FinTech strategy approved in May 2022 as its fourth pillar, aims to become a cashless society with a target of 70% by 2030. It also aims to make the Kingdom a global FinTech hub that attracts entrepreneurs from around the world as well as within the country. FinTech Saudi was established in 2018 as an ecosystem builder and catalyst under the supervision of the country's financial regulators, SAMA (Saudi Arabian Monetary Authority) and CMA (Capital Market Authority), to lay the foundation and further accelerate the sector's success journey. This initiative has led to an increase in the number of FinTech startups to 207 in 2023, up from only 10 in 2018—an increase of 20.7 times in five years.
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Young leaders, country in implementation phase gives Saudi edge in defense: GAMI CEO
The confidence in a “young” Saudi leadership coupled with a country that is past its planning and into the implementation phase is giving the country an edge in the defense sector, Saudi Arabia’s defense regulatory chief said Tuesday. Speaking to Al Arabiya English, the CEO of the General Authority for Military Industries (GAMI) Ahmad al-Ohali said: “From a geopolitical and economic perspective, [Saudi Arabia] has a young leadership, very focused leadership with a clear vision,” adding that the country is currently actively seeking to implement the plans that were made in the past few years.
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Saudi Aramco in investment discussions with Indian companies – exec
State oil giant Saudi Aramco is in investment discussions with companies in India, a senior executive said on Wednesday. "Hopefully we will see some announcements soon on investment in Indian companies," Faisal Faqeer, senior vice-president, liquids to chemicals development, downstream, at Saudi Aramco, told delegates at the India Energy Week in Goa, without specifying its plans. The world's largest crude oil exporter and OPEC kingpin has been boosting its investments in refining and petrochemicals across Asia to secure new markets for its crude, as it sees growth in chemicals central to its downstream expansion strategy.
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McKinsey Places 3,000 Staffers on Review as Economies Slow
McKinsey & Co. has warned about 3,000 of the firm’s consultants that their performance was unsatisfactory and will need to improve. The firm gave these employees a so-called “concerns” rating as part of their performance reviews in recent months, according to people familiar with the matter. With that rating, employees are typically given about three months to show improved performance. If they’re unable to do so, the firm may begin counseling some of them to leave the company entirely.
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