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New Saudi Fund Created by Apicorp and Bahri Seeks to Create Biggest Tanker Fleet
A venture between Arab Petroleum Investment Corporation (Apicorp) and National Shipping Co. of Saudi Arabia (Bahri) “will create the world’s largest fleet of oil tankers and support the kingdom’s plan to boost crude exports,” according to a report in Bloomberg, which cited comments from Dr. Khalid al-Falih. The venture will create a $1.5 billion fund […]
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‘Saudi Arabia is among our closest counterterrorism partners’ CIA Chief Brennan Says
Director of the CIA John Brennan said that Saudi Arabia is “among our closest counterterrorism partners” at an event at the Brookings Institution yesterday. Brennan pointed to the enemies that both the United States and Saudi Arabia share, including the Islamic State and al-Qaeda terrorists. “The Saudi government and leadership today has inherited a history whereby there […]
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Aging Population, Pension System May Pressure Saudi Fiscal Policy, S&P Says
Saudi Arabia’s population could put greater pressure on the Kingdom’s fiscal policy and increase government debt as it ages over the next three decades, ratings agency Standard & Poor’s has warned. Saudi Arabia’s population is disproportionately young now, with over 70% of all Saudis under 30 years old. But even the smaller percentage of the population […]
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Millions Worldwide Celebrate Eid Al-Fitr, End of the holy month of Ramadan
Millions of Muslims worldwide celebrated the festival at the end of the holy month of Ramadan on Wednesday as the three-day Eid al-Fitr festival began. Eid al-Fitr festival traditionally means family gatherings and the exchange of gifts and a feast after a month of fasting from dawn until dusk. Despite two deadly terrorist attacks in […]
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‘Very Good News’ for Saudi Real Estate as Kingdom Gets Boost in Transparency Ranking, Citing Chambers of Commerce
JLL and LaSalle Investment Management’s 2016 Global Real Estate Transparency Index (GRETI) has increased Saudi Arabia’s standing to “Semi-Transparent” after recent efforts by the Chambers of Commerce in Saudi Arabia. “The formation of real estate committees in the Chambers of Commerce has highlighted the issue of low transparency in the market and encouraged more action […]
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First Ever Direct Crude to Chemicals Plant “One Step Closer” for Aramco, SABIC
State-owned Saudi oil giant Aramco and diversified chemicals company SABIC are “one step closer” to being the first ever to use crude oil directly, rather than using refined products such as naphtha or ethane gas as feedstock, to create chemicals, according to reports and announcements by the companies on Saudi Arabia’s stock exchange. The achievement […]
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Mohammed Bin Salman Departs U.S. for France, Sends Cable Thanking U.S. and Obama for Hospitality
Saudi Deputy Crown Prince Mohammed bin Salman sent a cable of thanks to US President Barack Obama on Sunday as he concluded his visit to the United States. “I am pleased as I am leaving your friendly country after the end of my official visit to extend to Your Excellency my deep thanks for the […]
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Deputy Crown Prince, Delegation Meet with Ban Ki Moon at the United Nations
Deputy Crown Prince Mohammed bin Salman and an eight-member delegation arrived at the U.N. yesterday for meetings with the Secretary General, Ban Ki Moon. The Prince and his delegation reportedly discussed Mr. Ban’s decision to cite the Saudi-led military coalition in the Yemen conflict for violating the rights of children. According to the New York Times, Prince Mohammed […]
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Concluding Trip to Silicon Valley, Deputy Crown Prince Mohammed bin Salman and Delegation Ink MOU with Microsoft
Saudi Deputy Crown Prince Mohammed bin Salman met with Satya Narayana Nadella, chief executive officer of Microsoft, at the company’s Silicon Valley offices in San Francisco on Tuesday and signed two deals with the IT giant, according to reports. The first MOU between Saudi Arabia and Microsoft “will train young Saudis and will support Saudi Arabia […]
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Deputy Crown Prince Mohammed bin Salman Meets with President Obama, Receives Praise for “Vision 2030”
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman met with President Obama on Friday at the White House to discuss regional and economic issues with the President, Vice President and other members of Obama’s cabinet. The President “commended” Prince Mohammed’s “Vision 2030” plans to reform Saudi Arabia’s economy and society, according to a readout. “The […]
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MUST-READS
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All about Saudi Founding Day
Saudi Founding Day or just Founding Day is all about celebrating Diriyah becoming the capital of the First Saudi State in 1727. Introduced in 2022, the holiday involves fireworks, drone shows, and people dressed in traditional outfits of their region. Folklore dances are an integral part of the Saudi national celebrations as well and you can find street performers on most major streets of the capital.
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French Rafale ‘Dogfights’ Eurofighter Typhoon For Lucrative Saudi Fighter Contract
The Dassault Rafale is a twin-engine multi-role aircraft that can carry out air-to-air combat or can drop bombs on targets in air-to-ground missions, and owing to its cameras, radars, and sensors, can be used for intelligence gathering. The French fighter jet has already been deployed in Afghanistan, Libya, Iraq, Syria, and Mali, where it flew its most extended mission in 2013, spanning nine hours and 35 minutes.
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Saudi-Backed Esports Firm to Run New ‘Overwatch’ Competitions
The series replaces the Overwatch League, an attempt by Activision Blizzard, now owned by Microsoft, to run city-based teams where fans could cheer their local franchises much as they do with football or baseball. After the league failed to live up to its ambitions, Activision Blizzard offered team owners $6 million each to exit — or $114 million. ESL is part of the Savvy Games Group, a video-game unit of the Saudi sovereign wealth fund.
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Saudi Arabia jumps 25 places in World Bank’s national statistics indicator
Saudi Arabia’s economic data is demonstrating increased availability and maturity, with the nation advancing 25 places on the World Bank’s most recent Statistical Performance Indicators report. The Kingdom ranked first in the Gulf region and advanced four places among countries of the G20 to rank 15th, compared to 19th in 2019. The World Bank’s ranking takes into account the maturity and performance of the statistical systems of 186 countries.
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Al Nassr postpones matches in Shenzhen due to uncontrolled circumstances
In an unexpected turn of events, Al Nassr Club has announced the postponement of its highly anticipated matches in Shenzhen, initially scheduled for Jan. 24 and 28.
The club cited unforeseen circumstances beyond their control as the reason for this delay, with new dates yet to be determined. Despite this setback, Al Nassr expressed deep respect for Chinese football enthusiasts, particularly fans of star player Cristiano Ronaldo. -
Saudi cabinet reaffirms Kingdom’s strong stance against Israel’s attacks on Gaza
King Salman on Tuesday chaired a session of the Saudi cabinet in Riyadh reaffirming the Kingdom's strong stance against Israel's attacks on the Gaza Strip. The Council of Ministers stressed the necessity of an immediate ceasefire and for the prevention of the displacement of the population of Gaza.
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Saudi Arabia set to allow foreign investments in real estate of companies in Makkah and Madinah
Mohammed Elkuwaiz, chairman of the Board of Directors of the Saudi Capital Market Authority (CMA), said that the authority intends to allow non-Saudis to invest for the first time in listed companies that own real estate in the holy cities of Makkah and Madinah. The authority is working to diversify financing products in the capital market during the current year by developing the debt market, real estate contributions, and a number of developments in the funds sector.
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Aramco awards $3.3bn gas facility contracts to Sinopec and Tecnicas Reunidas
Aramco has awarded contracts worth more than $3.3 billion to Chinese company Sinopec and Spain’s Tecnicas Reunidas to build a gas facility in Saudi Arabia. According to a disclosure on the Spanish Stock Exchange, Sinopec will own 65 percent of the project and Tecnicas Reunidas will have a 35 percent share. The contract includes the development of a new facility in Saudi Arabia called Riyas natural gas liquids at the Jafurah unconventional gas production project.
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E-Sports in Saudi Arabia receives $45 million investment
The rapidly growing gaming market in Saudi Arabia has received a huge boost after Dubai-based e-sports brand, True Gamers, signed a franchise deal worth $45 million with investment firm, Falak, reports Meed. The investment will involve the creation of 150 e-sports clubs across Saudi and seeks to capitalize on a market that is expected to expand by over 8% annually over the next three years, eventually meeting a market value of $1.3 billion by 2027.
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Arab Peace Proposal for Gaza Takes Shape as Top Biden Adviser Lands in Region
The proposal, submitted to Israel via the U.S., is the first joint plan by Arab states to end the war in Gaza and set a pathway toward a two-state solution. Saudi Arabia, which is one of five Arab countries making the proposal, is offering to normalize ties with Israel in return, a process derailed by the Hamas-led attack on Oct. 7.
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