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U.S. State Department Approves Potential $1.15b Sale of 130 Abrams Battle Tanks, 20 Armored Recovery Vehicles to Saudi Arabia
The U.S. State Department has approved the potential sale of more than 130 Abrams battle tanks, 20 armored recovery vehicles and other equipment, worth about $1.15 billion, to Saudi Arabia, the Pentagon said on Tuesday. “The State Department has made a determination approving a possible Foreign Military Sale to the Kingdom of Saudi Arabia for […]
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Gallup Poll on Saudi Attitudes About Economy, Prosperity Sees Hope after Oil, Divide Between Saudis and Expats
A recently released Gallup poll, conducted shortly after the announcement of Vision 2030, found that nearly half of adults (48%) rate their lives well enough to be considered “thriving,” up significantly from 35% a year earlier. Such a large shift in thriving rates in a single year “is rare in any country,” Gallup said. However, there is a sharp […]
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Saudi Presents Investigation into Coalition Bombings in Yemen
An investigative committee examining charges that the Saudi-led coalition fighting against Houthi rebels in Yemen has caused civilian casualties largely defended their actions, Reuters reports. According to the Saudi Press Agency (SPA), the coalition’s investigative committee is independent and composed of representatives from six countries, all members of the Gulf Cooperation Council, in addition to […]
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Reuters Poll: Non-Oil Business Activity Slows in Gulf as Governments Tighten Spending
A recently released Reuters poll of economists finds that non-oil business activity is slowing in the Gulf because of government austerity measures, causing some to revise their economic forecasts down for the region. In 2015, growth in the GCC “began to lose steam as governments reduced spending to limit big budget deficits caused by cheap oil,” […]
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Aramco Names Ibrahim Al Buainain as Chief Executive of Its Trading Arm
Saudi Aramco has named Ibrahim Al-Buainain as chief executive of its trading arm, the company said on Tuesday, as Al-Buainain’s star continues to rise within the ranks of the energy giant. Ibrahim Al-Buainain’s promotion to CEO of Saudi Aramco Trading takes effect this month. In November 2014, Aramco named Al Buainain as head of Saudi […]
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Flare Up on Saudi Border with Yemen as Saudi Shoots Down Missile
The Saudi-led military coalition said Sunday that it shot down a ballistic missile fired at the Kingdom from Yemen, according to reports. The missile targeting the southern city of Najran was intercepted at 9:30 a.m. Saturday, a statement carried on the official Saudi Press Agency says. On the same day, Saudi-led airstrikes hit hideouts of the […]
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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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Russian oil flows through Red Sea still face lower risks
Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data. Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine, which led to Europe imposing sanctions on Russian imports and forced Moscow to export most of its crude to China and India. Before the war, Russia exported more to Europe.
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Starbucks’ CEO says the Israel-Hamas war hurt sales — but keeps his stance vague
Starbucks has faced criticism for its messaging about the conflict in Gaza. After a New York store was painted with pro-Palestine graffiti, customers accused the company of standing against Israel. More criticism followed when Starbucks’ Workers United, the national union for the company’s baristas, posted a pro-Palestine statement on Instagram, sparking customer boycotts. The company sued the union over the post, saying it received more than 1,000 complaints from customers about the post and suffered “property damage, threats, and calls for a boycott.”
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Saudi investment fund fights Senate subcommittee subpoena
The Saudi Arabian Public Investment Fund (PIF) urged the leaders of a Senate subcommittee to back off on subpoenas issued to four of its U.S.-based consultants, according to a new letter disclosed Tuesday by the Senate Permanent Subcommittee on Investigations. The letter, dated Jan. 12, was included as an attachment to a Monday letter from subcommittee chairman Richard Blumenthal (D-Conn.) and ranking member Ron Johnson (R-Wisc.) to PIF Governor Yasir Al-Rumayyan.
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Saudi Hospitals Top Middle East and Africa According to ‘Brand Finance’ Ranking
Saudi hospitals maintained their top position in the Middle East and Africa for the second consecutive year in the global ranking of the best 250 hospitals for 2024, according to "Brand Finance." The ranking included seven Saudi hospitals, with five of them ranking among the top 100 globally. Leading the list of Saudi hospitals is King Faisal Specialist Hospital and Research Centre (KFSH&RC), which retained its top position in the local and regional healthcare sector. Mayo Clinic, an American hospital, claimed the top spot in the ranking, with the United States dominating 11 positions among the top 25 hospitals. The list also included several European hospitals.
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Gulf thaw with Syria gains steam: UAE sends envoy, Saudi diplomats plan visit
The restoration of diplomatic ties between Arab Gulf countries and Syria is currently witnessing renewed impetus more than a decade after President Bashar al-Assad’s regional isolation due to his government’s brutal crackdown of peaceful anti-regime protests. A delegation of Saudi diplomats is reportedly heading to Damascus later this week, days after the UAE dispatched its first ambassador to the Syrian capital in more than 10 years. The pro-government Syrian Al-Watan newspaper said in a Wednesday report that Saudi charge d'affaires Abdullah al-Haris, along with several other diplomats, will arrive in Damascus on Saturday to resume Saudi consular services. Read more: https://www.al-monitor.com/originals/2024/01/gulf-thaw-syria-gains-steam-uae-sends-envoy-saudi-diplomats-plan-visit#ixzz8QV41JpbP
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Saudi Arabia To Witness Surge In Number Of Millionaires In Next Decade
According to Henley & Partners’ BRICS Wealth Report, the Kingdom presently holds the sixth position within the bloc in terms of high-net-worth individuals. The consulting agency added that Saudi Arabia currently hosts 58,300 millionaires, encompassing 195 centi-millionaires and 22 billionaires, marking a significant 32 percent increase since 2013. Centi-millionaires, defined as individuals with assets exceeding $100 million, contribute to this affluent demographic.
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PGA Tour lands $3B investment from U.S. group as Saudi talks continue
The PGA Tour signed a $3 billion investment agreement with a consortium led by Fenway Sports Group, as talks with Saudi Arabia's Public Investment Fund remain ongoing. Why it matters: This will allow the pro golf group to beef up its commercial business and provide a financial stake to players. Details: The deal will see Strategic Sports Group become a minority investor in the newly-created PGA Tour Enterprises, a for-profit entity that will manage the PGA's commercial business.
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Mayer Brown enhances Middle East footprint with new cooperation agreement in Saudi Arabia
Mayer Brown announced today that it has entered into a cooperation agreement with Al Akeel & Partners, a Riyadh-based law firm that represents local, regional and international clients operating in Saudi Arabia and around the world. The agreement further enhances Mayer Brown’s Middle East capabilities and gives the firm’s clients access to a team of leading legal advisers in Saudi Arabia. Clients at Al Akeel will benefit from Mayer Brown’s international reach spanning Asia, the Americas, Europe and the Middle East.
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BRICS Gets Boost as Saudi Arabia Joins Group of Emerging Nations
South Africa’s foreign minister said Saudi Arabia and four other countries have accepted the invitation to join the BRICS club of nations that was extended during a summit last year. Minister Naledi Pandor said that Russia, who takes over as chair of the bloc this year from South Africa, has received written interest from 34 countries who want to join. Saudi Arabia, Iran, Egypt, Ethiopia and the United Arab Emirates are now full members, she said.
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Saudi Arabia to host largest-ever UN conference on land and drought
The Kingdom of Saudi Arabia and the United Nations Convention to Combat Desertification (UNCCD) signed an agreement paving the way for the 16th session of the Convention’s Conference of the Parties (COP16) in Riyadh from 2-13 December 2024. The Riyadh COP16 will be the largest-ever meeting of UNCCD’s 197 Parties, the first to be held in the Middle East region and the largest multilateral conference ever hosted by Saudi Arabia. 2024 also marks the 30th anniversary of the UNCCD, one of the three major environmental treaties known as the Rio Conventions, alongside climate change and biodiversity.
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