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Deputy Crown Prince Mohammed bin Salman Opens Up on Personal History; ‘Vision for the Kingdom of Saudi Arabia’
In his second exclusive and wide-ranging interview with Bloomberg, Saudi Arabia’s deputy crown prince, chair of the Council of Economic and Development Affairs (CEDA), and minister of defense opened up on his rise to power, his initial struggles and ultimate acceptance under the late King Abdullah, and his fondness for Winston Churchill and Sun Tzu’s The […]
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As President Obama Heads to Saudi Arabia, Economic Cooperation and Enhanced Bi-Lateral Security Will be on Agenda
As President Obama heads to Saudi Arabia next week to meet with HRH King Salman and attend a GCC summit, familiar topics as well as new issues will be on the agenda for the President’s 3rd official visit to Saudi Arabia and second meeting with King Salman since September. Along with long-standing regional and security concerns that require U.S.-Saudi […]
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In Egypt, Saudi Arabia’s King Salman Reaffirms Commitment to Bi-Lateral Ties
In what is being hailed as a landmark visit, Saudi Arabia’s King Salman arrived in Egypt to re-affirm Saudi-Egyptian ties and engage a critical regional ally on key foreign policy concerns. King Salman, who was also accompanied by Deputy Crown Prince Mohammed bin Salman and dozens of Saudi officials and leaders, including 14 ministers, was received […]
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Crown Prince Mohammed bin Naif Joins Twitter
Following the lead of King Salman and other top Saudi government officials, Saudi Arabia’s Crown Prince has joined the social microblogging website Twitter using the handle @M_Naif_Alsaud. The Crown Prince chairs the Council of Political and Security Affairs (CPSA) and is Minister of Interior of Saudi Arabia. His first tweet, sent on April 5, 2016 […]
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Saudi Arabia was world’s third largest military spender in 2015, surpassing Russia
Saudi Arabia surpassed Russia in military spending for 2015 to be the world’s third largest spender on defense, according to a new report by the Stockholm International Peace Research Institute (SIPRI). The United States retained its top position globally in total military spending in 2015, accounting for almost one-third of all military spending globally. The […]
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Saudi Arabia taking ‘unprecedented hands-on role in housing finance and development’
Saudi Arabia’s housing minister Majed al-Hogail gave an interview with Bloomberg last week in which he discussed the government’s plans to create its own development company and start a mortgage-guarantee fund to encourage banks to increase lending for Saudis. “‘We are looking to improve the productivity of the local developers’ but also trying to attract international […]
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Throwback: Photos of King Salman at King Saud University, 40 Years On
Recently released photos by the Saudi Press Agency (SPA) show King Salman at the King Saud University roughly 40 years ago, as the then-prince assisted in shaping the Riyadh-based University to be what it is today. King Saud University (KSU) is billed as “the premier institution of higher education in the Kingdom of Saudi Arabia. Prince […]
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New Homeland Security Decision Allows Saudi Students to Stay in U.S. for 3 Years By Getting On the Job Training
The United States Department of Homeland Security (DHS) recently published a new rule allowing F1 students the opportunity to stay in the country longer “by getting training on the job at some companies for a period of 36 months,” according to a report in Arab News and information posted to the DHS website. According to DHS, […]
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What Will Be Saudi Arabia’s Next Tourist Destination?
Saudi Arabia’s King Abdullah Economic City (KAEC) attracted more than 100,000 visitors last year, a sign that the planned mega city about 100 miles north of Jeddah on the Red Sea might become Saudi Arabia’s next domestic tourist destination. Although Saudi citizens typically flock to Dubai, Bahrain, or elsewhere abroad for leisure trips, that might […]
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In Bid to Boost Transparency, Saudi Regulators Require International Banks to Disclose Financial Statements
Saudi Arabia’s Capital Markets Authority (CMA) is instructing international banks to publicly disclose financial statements for the first time as the kingdom seeks to boost transparency, according to a report in Bloomberg. The Bloomberg report says that companies under the regulation of the CMA in Saudi Arabia must publish the financial information on their websites […]
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MUST-READS
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Almosafer becomes inaugural travel partner of Riyadh Air, CEO reveals
Saudi ravel company Almosafer has become the inaugural partner of the Kingdom’s new flag carrier, Riyadh Air, according to a senior executive. Speaking to Arab News on the sidelines of the second Saudi Tourism Forum in Riyadh, the CEO of Almosafer – which is part of Seera Group – Muzzammil Ahussain noted that the companies will work together to merge their technologies. The integration aims to ensure that Riyadh Air’s content will be available for customers on the company’s platform.
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Saudi news: Aramco’s new VC money, a new Saudi doc on Netflix, Nadal + Saudi tennis, and more
6 top storylines on Saudi Arabia: •The 54th Annual Meeting of the World Economic Forum (WEF) is taking place in Davos-Klosters, Switzerland, from January 15–19. •Aramco, one of the world’s leading integrated energy and chemicals companies, has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures. •Analysts at real estate firm Savills KSA told Arabian Business that apartment rents in Riyadh surged by as much as 23 percent in northern neighborhoods last year. •Aramco Digital and Intel plans to establish Saudi Arabia’s first Open RAN (radio access network) development center •Konoz, an initiative of the Saudi Ministry of Media’s Center for Government Communication, launched "Horizon", a new documentary documenting the Kingdom’s rich biodiversity and natural resources. •Rafael Nadal's role in helping to grow tennis in the Gulf is set to increase significantly after the Spanish great was appointed ambassador of the Saudi Tennis Federation (STF).
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Riyadh’s multi-billion EV dream risks crashing into reality
Riyadh has spent billions to try to turn itself into a hub for electric vehicles and overcome obstacles including a lack of infrastructure, talent and raw materials, as it seeks to catch up in the global race to reap the profits of the new industry. As part of a broader plan by Saudi Crown Prince Mohammed bin Salman to wean the economy off oil and create jobs, the kingdom has invested at least $10 billion in U.S.-based Lucid Motors, set up Ceer, Saudi Arabia's own brand, and built an EV metals plant.
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World’s Most Ambitious Trade Route Stalls in Middle East Turmoil
A far-reaching plan to channel Europe-Asia trade through the Middle East is at risk of stalling before it even gets started. The Israel-Hamas war has halted progress on what’s known as the India-Middle East-Europe Economic Corridor — a project touted last year by Washington and key allies that envisages building new rail links across the Arabian peninsula. As Houthi attacks disrupt Red Sea shipping and turmoil spreads across the region, IMEC is effectively on ice. That’s a setback for US strategy, because the plan served multiple purposes – to counter China’s Belt and Road infrastructure program, build influence in the so-called “Global South,” and speed up the hoped-for rapprochement between Israel and Saudi Arabia.
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Saudi Arabia’s Wealth Fund PIF Joins EM Rush to Tap Dollar Bond Market
Saudi Arabia’s sovereign wealth fund raised $5 billion of high-grade bonds on Monday, the latest borrower to benefit from investors’ demand for emerging-market debt. The Public Investment Fund sold five-, 10- and 30-year senior unsecured notes in US dollars, according to a person familiar with the matter. Combined order books were above $27 billion, excluding joint lead managers’ interest, said the person, who asked not to be identified because they’re not authorized to speak about it.
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Saudi’s SABIC gives go-ahead for $6.4 bln China petrochemical plant
Saudi Basic Industries Corp (SABIC) (2010.SE), opens new tab will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.The project, expected to cost around $6.4 billion, will be developed in a joint venture with state-owned Fujian Fuhua Gulei Petrochemical.First proposed in 2018, the joint venture marks the latest in a series of tie-ups between Saudi firms and Chinese refiners.
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Saudi Arabia won’t recognize Israel without a path to a Palestinian state, top diplomat says
Saudi Arabia’s top diplomat said the kingdom will not normalize relations with Israel or contribute to Gaza’s reconstruction without a credible path to a Palestinian state — a nonstarter for Israel’s government. Prince Faisal bin Farhan’s remarks in an interview with CNN broadcast late Sunday were some of the most direct yet from Saudi officials. Israeli Prime Minister Benjamin Netanyahu — who faces mounting domestic pressure over the plight of Israeli hostages, including an angry protest inside a parliamentary committee meeting on Monday — has rejected Palestinian statehood and described plans for open-ended military control over Gaza.
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6 takeaways from the 2024 World Economic Forum in Davos
The annual meeting of the World Economic Forum in Davos, Switzerland, brought together 3,000 participants from around the globe. That included 1,600 business leaders, 350 heads of state and government ministers, and hundreds of academics, civil society leaders, and entrepreneurs. It was an elite affair as always, with sky-high lodging fees, champagne nightcaps, and chances to see and be seen by people holding some of the most influential jobs on the planet.
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Libya says production has resumed at its largest oilfield after more than 2-week hiatus
Libya’s state-owned oil company resumed production at the country’s largest oilfield Sunday, ending a more than two-week hiatus after protesters blocked the facility over fuel shortages.
The National Oil Corp. said in a terse statement that it lifted the force majeure at the Sharara oil field in the country’s south and resumed full production. It didn’t provide further details. Force majeure is a legal maneuver that releases a company from its contractual obligations because of extraordinary circumstances.
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U.S., Arab Allies Push Hostage-Release Plan Aimed at Ending Israel-Hamas War
The U.S., Egypt and Qatar are pushing Israel and Hamas to join a phased diplomatic process that would start with a release of hostages and, eventually, lead to a withdrawal of Israeli forces and an end to the war in Gaza, diplomats involved in mediating the talks said.
Taher Al-Nono, a media adviser to Hamas, said there was no real progress. After The Wall Street Journal’s report, Israeli Prime Minister Benjamin Netanyahu said on Sunday that he rejected Hamas’s demands because they included an end to the war.
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