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Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman Receives Praise on Capitol Hill in Washington for Ambitious Economic Reforms
Deputy Crown Prince Mohammed bin Salman visited congressional leaders in Washington on Wednesday to discuss diplomatic and regional issues and talk about Saudi Arabia’s new economic reforms. Prince Mohammed met with Sen. Tom Cotton (R-Arkansas) along with the Senate Armed Services Committee, including Sen. John McCain (R-Arizona) and Sen. Lindsey Graham (R-South Carolina) as well as […]
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State Department Readout of Secretary Kerry’s Dinner with Deputy Crown Prince Mohammed bin Salman
Secretary Kerry hosted Deputy Crown Prince Mohammed bin Salman on June 13 for an iftar dinner in recognition of the Deputy Crown Prince’s visit to the United States. “The two reviewed the strong and enduring relationship between the United States and Saudi Arabia and discussed a broad range of regional issues, including Yemen, Syria, Libya, […]
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Deputy Crown Prince Mohammed Bin Salman Arrives in Washington to Busy Schedule
Deputy Crown Prince Mohammed bin Salman lands in Washington, D.C. today with a tightly packed agenda planned for his 4-day visit in the nation’s capital. The Deputy Crown Prince who is also Minister of Defense and head of the powerful Council on Economic and Development Affairs (CEDA) will meet with U.S. Secretary of State, John Kerry, […]
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Saudi Arabia Scales Back Renewable Energy Targets, Eyes Natural Gas to Fuel Economy
Saudi Arabia is seeking to scale back previous plans to develop large-scale renewable energy resources and is instead opting to rely more heavily on natural gas to meet demand, according to Bloomberg’s Anthony DiPaola and other reports. “We know that Saudi Arabia has been looking for natural gas supplies for a number of years now,” […]
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Internet Penetration in Saudi Arabia at 93%, Daily TV Viewership Down 16%
Internet penetration among Saudi nationals is “around 93 percent” but traditional TV viewership is down 16 percent, an indication of the continued rise of online media viewership and the rise of apps in Saudi Arabia, according to a report in the Saudi Gazette. “The increase in data use is also driven by the use of […]
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Report: $7.9 Billion Bid for KAFD by Saudi Arabia’s Public Investment Fund
Saudi Arabia’s Public Investment Fund (PIF) is reported to be prepared to make an offer for the King Abdullah Financial District (KAFD), situated between downtown Riyadh and the city’s King Khalid International Airport. The offer, reported by Bloomberg citing unnamed sources, is 30 billion riyals ($7.9 billion) — the amount already spent on KAFD by the Saudi Public […]
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Jadwa Investment: Recent Saudi Stock Market Changes ‘Pave the Way’ for Saudi Arabia’s Inclusion Into MSCI Emerging Market Index
The major announcements for Saudi Arabia’s economy and society in the last few weeks related to the release of its ‘Vision 2030’ strategy have given the Kingdom a roadmap and targeted benchmarks for achieving greater economic diversification and empowering Saudi Arabia’s youth. In addition to the ‘Vision 2030’ release and cabinet changes there was “an […]
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Report: Donald Trump Set Up Four Businesses Related to a Jeddah, Saudi Arabia Hotel Project While Campaigning for President in August 2015
Republican frontrunner Donald Trump set up four companies related to a possible hotel project in Jeddah, Saudi Arabia while campaigning for president in August 2015, according to a report by BuzzFeed news, citing the candidate’s latest financial disclosure filings released on Wednesday. According to the report, on August 21, 2015, Trump became president and owner of […]
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Secretary Kerry Meets with Saudi Leaders in Jeddah Ahead of Crucial Syria Talks
Secretary of State John Kerry travelled to Jeddah, Saudi Arabia to meet with Saudi Arabia’s King Salman and other Saudi officials ahead of critical talks on Syria, according to reports. The Secretary, who also met with Crown Prince Mohammed bin Naif and Foreign Minister Adel Al-Jubeir, “discussed a range of regional issues – Yemen, Libya, […]
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Difficult Times for the Saudi Binladin Group
The Saudi Binladin Group (SBG) is facing its toughest challenges in the construction giant’s 85 years of operation as tightened government spending and a 8-month restriction on new projects in the pipeline has undermined the company’s finances. Saudi Binladen has announced a reduction in jobs totaling 77,000, or about one-third of its total workforce. “The […]
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Formula E attracts backing from Saudi Arabia’s Public Investment Fund
Now the Saudi Arabian PIF has agreed a multi-year deal with Formula E, offroad electric series Extreme E and electric powerboat championship E1. The three series will be promoted under the new brand Electric 360. Formula E founder Alejandro Agag called the deal “a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology.” “PIF will not only play a strategic role in helping us leverage our unique technological platforms, but also foster global collaboration, education and skills development for the next generation worldwide.”
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Saudi Arabia leads IPOs in GCC region: KAMCO Invest
Saudi Arabia continued to lead initial public offerings in the Gulf Cooperation Councill region in 2023, with 35 out of the 46 IPOs occurring in the Kingdom. Saudi Arabia’s parallel market, Nomu, witnessed 27 IPOs in 2023, while the Tadawul All Share Index saw eight deals, according to research by KAMCO Invest. UAE continued its domination in terms of IPO proceeds, raking in almost 56.3 percent of the issuance proceeds at around $6.07 billion from its eight listings.
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Benzema wants to leave Saudi club after bust-up: source close to club
The 36-year-old former Real Madrid striker held a "raging" meeting with the club and its Argentinian coach Marcelo Gallardo last Friday, the source said. Benzema told his coach and club management "he doesn't feel he is able to give his best because of the current pressure at Ittihad". "Benzema asked to leave Ittihad temporarily to change the atmosphere," the source added. Al-Ittihad offered to loan the French striker to another Saudi Pro League club but he has refused, the source added.
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Saudi Arabia launches cutting-edge air mobility initiative
In an effort to redefine air travel and cargo transport, the General Authority of Civil Aviation (GACA) of Saudi Arabia released yesterday the "Enabling Advanced Air Transport in the Kingdom" initiative. The initiative promises to revolutionize the Saudi aviation sector, positioning it as a leader in Advanced Air Mobility (AAM) in the Middle East through sustainable and state-of-the-art technologies. The initiative comprises a spectrum of pioneering solutions, from unmanned aircraft systems to vertical take-off and landing (VTOL) aircraft. These advancements aim to enhance the safety, soundness, and sustainability of air transport, significantly accelerating the mobility of people and goods while addressing environmental concerns.
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stc, Saudi Railway Company Partner to Elevate National Cybersecurity
stc group has announced a strategic partnership between its subsidiary, sirar by stc, and the Saudi Railway Company (SAR), the owner and operator of railway networks in Saudi Arabia. This collaboration is set to revolutionize the realm of Information Technology and technological innovation within the Kingdom's critical infrastructure. This will facilitate an alliance for a strategic move to deepen the national expertise in cybersecurity and technology within critical infrastructure sectors.
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Saudi-Backed Esports Firm to Run New ‘Overwatch’ Competitions
ESL will operate the Overwatch Champions Series in North America, Europe, the Middle East and Africa starting in February. A Korean esports company, WDG, will run a circuit in Asia, where many professional Overwatch players live. A new “open” format will allow high-level players to compete regardless of whether they are amateur or professional. 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.
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Saudi’s Boutique Group to transform Jeddah’s Al Hamra Palace into ultra-luxury hotel
Boutique Group has partnered with the international architecture design firm, OBMI, and the renowned French interior designer Jacques Garcia for the transformation of historic and cultural palaces into ultra-luxury boutique hotels. The partnership includes Al Hamra Palace, originally built as a royal residence for King Faisal bin Abdulaziz. Found on Jeddah's corniche it was originally intended as a royal residence but, upon completion, it evolved into a royal hospitality palace hosting guests such as presidents of Arab and Islamic nations, as well as Richard Nixon, Diana Princess of Wales and King Charles the Third.
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Schiattarella Associati’s digital art center in Saudi Arabia draws from Najdi architecture
Schiattarella Associati has unveiled Diriyah Art Futures, a distinctive digital art ‘incubator’ in Saudi Arabia designed for exhibitions, education, and art production. Covering an area of 12,800 square meters, it is situated northwest of Riyadh, close to a significant historical and archaeological site in the Arabian Peninsula. The design approach of Schiattarella Associati emphasizes a connection with the surroundings, considering not only the physical characteristics of the context but also engaging with the cultural values and the memory of the location.
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Asian Financial Forum: Hong Kong and Saudi Arabia agree to deepen collaboration between their financial markets on first day of annual event’s 17th edition
A memorandum of understanding was signed between Saudi’s Financial Sector Development Program (FSDP) and Hong Kong’s Financial Services Development Council (FSDC). The FSDP was launched in 2018 with the aim of creating a diversified financial services sector in Saudi. The FSDC was founded in 2013 with the aim of further developing Hong Kong’s financial services industry. The agreement comes amid continuing efforts by the Hong Kong government over the past year to deepen financial ties with the Middle East.
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SoftBank Veteran Entrusted With Saudi, UAE Billions Readies Second Act
The Indian-born financier who helped open the floodgates to Middle Eastern wealth for Masayoshi Son’s $100 billion Vision Fund is attempting his second act. This time, he’s going solo. At SoftBank Group Corp.’s splashy tech vehicle, Rajeev Misra helped secure commitments worth $45 billion from Saudi Arabia’s Public Investment Fund and $15 billion from Abu Dhabi’s Mubadala Investment Co. Investments in high-flying startups ensued — Uber Technologies Inc. and WeWork Inc. among them — but many bets blew up as markets turned. Misra largely stepped back from that venture in 2022 after a tenure marred by internal clashes and investment writedowns.
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