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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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Saudi Tourism Fund Enlists Local Bank for $346.7 Million Project
Saudi Arabia’s Tourism Development Fund will help finance a 1.3 billion-riyal ($346.7 million) project in the holy city of Medina together with Riyad Bank, as the kingdom steps up fundraising for a key part of Crown Prince Mohammed bin Salman’s program to diversify the economy. The 15 billion-riyal TDF signed an agreement with Medina-based Knowledge Economic City Co. and Public Investment Fund-backed Riyad Bank to finance a hub it called “the biggest of its kind.” TDF and Riyad Bank will each provide 391 million riyals in funding, according to a statement Thursday.
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Abu Dhabi Wealth Fund ADIA Considers Stake in Wanda Mall Unit
Abu Dhabi Investment Authority is considering buying a minority stake in Dalian Wanda Group Co.’s mall operator, people familiar with the matter said, as the unit revamps its shareholding structure. ADIA, as the Abu Dhabi wealth fund is known, has held initial discussions over the potential stake purchase in Zhuhai Wanda Commercial Management Group Co., the people said. ADIA may buy shares from existing holders, said the people, who asked not to be identified as the information is private.
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LuLu Seeks Pitches for $1 Billion IPO in Second Half of 2024
LuLu Group International, which operates one of the Middle East’s largest hypermarket chains, has invited banks to pitch for roles on a potential initial public offering that could raise at least $1 billion, people familiar with the matter said. The conglomerate is considering plans for a dual listing in Riyadh and Abu Dhabi, the people said, asking not to be identified discussing confidential information.
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Saudi Arabia’s investment ministry withdraws budget data
Saudi Arabia's investment ministry removed fiscal data from a monthly bulletin published earlier on Monday on its website that showed the kingdom would record a budget surplus in 2023. There was no fiscal data in an updated version of the report on the website. A government official told Reuters that the numbers published earlier were not based on the latest 2023 fiscal data forecasts calculated by the finance ministry and were published in error.
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Djokovic, Nadal to headline ‘Six Kings Slam’ in Saudi Arabia
Saudi Arabia will host a new elite tennis exhibition featuring Novak Djokovic and Rafa Nadal with three other Grand Slam winners in October, the country's General Entertainment Authority has announced. Carlos Alcaraz, Jannik Sinner, Daniil Medvedev and Holger Rune will also play at the 'Six Kings Slam', which will form part of the Saudi cultural and entertainment festival Riyadh Season, organisers said. With Sinner having recently won the Australian Open, Dane Rune is the only player on the six-man roster without a Grand Slam title. Spaniard Nadal, who signed up as an ambassador for the Saudi Arabian Tennis Federation last month, said he was looking forward to the event.
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Turkey earthquake survivors struggle to rebuild their lives one year on
Abdullah Yanar planted flowers in front of his container home to make it feel more like a real home for his family, who have been living in temporary shelters in southern Turkey since last year's devastating earthquake. The 7.8-magnitude quake that struck last February, modern Turkey's deadliest, killed several of Yanar's relatives and damaged his apartment, forcing him and his wife, daughter and son to move first into a tent then to one container home after another.
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Saudi Arabia pushes for US defense pact as 2024 presidential election looms
To create some wiggle room in talks about recognizing Israel and to get the U.S. pact back on track, Saudi officials have told their U.S. counterparts that Riyadh would not insist Israel take concrete steps to create a Palestinian state and would instead accept a political commitment to a two-state solution, two senior regional sources told Reuters.
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Turkey Names Fatih Karahan Central Bank Chief, Hafize Gaye Erkan Resigns
Turkey’s central bank Governor Hafize Gaye Erkan abruptly resigned late Friday night, and President Recep Tayyip Erdogan quickly appointed Deputy Governor Fatih Karahan to replace her, signaling a continuation of the transition to more investor-friendly, orthodox economic policies that Erkan helped to spearhead. Karahan has been a member of the central bank’s rate-setting Monetary Policy Committee since July, and had previously worked at the New York Fed and as a principal economist at Amazon.com, according to his biography on the central bank website. Prior to the announcement, Bloomberg reported that he was being considered for the central bank’s top job. Erdogan’s decision was published in the Official Gazette at midnight.
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US launches series of airstrikes in Iraq, Syria
The U.S. military hit dozens of targets across Iraq and Syria on Friday and dozens more in Yemen on Saturday, targeting Iranian forces and Iran-backed militias. The strikes in Iraq and Syria were a direct reaction to an explosive drone attack Sunday that killed three American soldiers and wounded more than 40 others at a remote base in Jordan. Those targets included facilities for Iran’s elite Islamic Revolutionary Guards Corps Quds Force, as well as infrastructure for Iran-backed militias that operate collectively as the Islamic Resistance in Iraq.
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Israel says it has struck more than 50 Hezbollah targets in Syria since Oct 7
The Israeli military said on Saturday that since the outbreak of the Gaza war on Oct. 7 it had struck more than 50 targets in Syria linked to the Iranian-backed Lebanese movement Hezbollah. The remarks, in a briefing by chief military spokesperson Rear Admiral Daniel Hagari that mainly discussed efforts to beat back Hezbollah attacks launched in solidarity with Hamas, were a departure from Israel's usual reticence about Syria operations. "Everywhere Hezbollah is, we shall be. We will take action everywhere required in the Middle East," Hagari said.
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