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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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The 5 Major Changes Saudi Arabia’s Capital Markets Authority Made to Increase Foreign Investment in the Saudi Stock Market
Saudi Arabia’s Capital Markets Authority (CMA) has significantly lowered the barriers to entering the Saudi stock market as a foreign investor and increased the amount which a foreigner may own of a Saudi company, the bourse announced in a release today. “These rules were implemented with the aim of raising the bar in relation to investing […]
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Commentary: Saudi Arabia’s Vision 2030, Don’t Miss the Point
While Saudi Arabia’s Vision 2030 was formally endorsed by the Saudi Council of Ministers and published on April 25, 2016, anticipation about the plan had been building for months. McKinsey & Company’s 165-page Moving Saudi Arabia’s Economy Beyond Oil in December 2015 confirmed the depth of the analysis underway within the Saudi government while Deputy […]
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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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MUST-READS
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PGA Tour announces $3 billion investment by SSG, negotiations continue with PIF
The PGA Tour has finalized a $3 billion deal with Strategic Sports Group (SSG), the Tour announced Wednesday. It held meetings with the PGA Tour Player Advisory Council as well as the larger membership of the PGA Tour, Korn Ferry Tour and Champions Tour to announce the news. PGA Tour commissioner Jay Monahan touted the deal as a win in a memo to the players. “By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour,” Monahan said. “Fans win when we all work to deliver the best in sports entertainment and return the focus to the incredible — and unmatched — competitive atmosphere created by our players, tournaments and partners.”
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Iran’s Guards pull officers from Syria after Israeli strikes
Iran's Revolutionary Guards have scaled back deployment of their senior officers in Syria due to a spate of deadly Israeli strikes and will rely more on allied Shi'ite militia to preserve their sway there, five sources familiar with the matter said. The Guards have suffered one of their most bruising spells in Syria since arriving a decade ago to aid President Bashar al-Assad in the Syrian war. Since December, Israeli strikes have killed more than half a dozen of their members, among them one of the Guards' top intelligence generals.
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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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