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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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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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Red Sea attacks increase shipping times and freight rates
Ships transiting between Europe and Asia via the Suez Canal must pass through the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden. The Bab el-Mandeb Strait is an important oil and natural gas chokepoint, accounting for 12% of seaborne oil trade and 8% of liquefied natural gas (LNG) trade in the first half of 2023. Major oil and natural gas companies that are avoiding the Red Sea include Equinor, which operates mostly natural gas carriers, and bp, which operates both oil and natural gas carriers. As of January 23, 2024, other major energy companies pausing Red Sea transits include Euronav, QatarEnergy, Torm, Shell, and Reliance.
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McKinsey and BCG warn staff face jail if they reveal Saudi work
The heads of consulting giants McKinsey and BCG told US lawmakers on Tuesday that their employees in Saudi Arabia could face jail if the firms handed over details of their work for the country’s sovereign wealth fund without approval from the kingdom. Bob Sternfels of McKinsey and Rich Lesser of BCG had been summoned to appear before Congress, along with the chief executive of smaller consultancy Teneo and the dealmaker Michael Klein, after the four firms failed to comply with a subpoena demanding information about their work for the $700bn Public Investment Fund. A Senate committee is investigating how Saudi Arabia is using “soft power” such as sports investments to extend its influence in the US, and lawmakers assailed the consulting groups for their work in the kingdom at a hearing on Tuesday.
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Saudi Arabia achieves historic reduction in dust and sand storms in January 2024
Saudi Arabia has witnessed the most significant reduction in dust and sand storms in January 2024, marking the highest decrease in 21 years. The reduction, which stands at an impressive 94%, is a direct result of the concerted efforts by the Ministry of Environment, Water and Agriculture (MEWA), alongside the initiatives under the Kingdom's Vision 2030. The Sand and Dust Storm Warning Regional Center highlighted in its latest report remarkable reductions across various regions. Riyadh experienced a complete cessation of dust and sand storms, recording a 100% decrease. Similarly, Dammam also achieved a 100% reduction in such environmental phenomena during the same period. Meanwhile, Wadi Al-Dawasir Province and Al-Ahsa Province saw significant decreases of 81% and 83%, respectively
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Expat remittances in Saudi Arabia at all-time low in a decade
Remittances of foreigners working in Saudi Arabia showed a downward trend in 2023 for the second year in a row, standing at SR124.9 billion, their lowest in more than a decade, according to a Saudi report. In 2022, the remittances reached SR143.2 billion against SR153.5 billion the previous year. Their highest level was recorded in 2015 when they surged to SR156.9 billion, Al Eqtisadia reported, citing data from the Saudi Central Bank. Last year’s figure was the lowest since 2011.
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Saudi Arabia joint venture heralds big sea farming expansion
The aquaculture industry in Saudi Arabia is set for significant growth following the announcement of a new joint venture between NEOM, Saudi Arabia’s development organisation, and fish farming business Tabuk Fisheries Company. Trading as Topian Aquaculture, the new venture will include a hatchery that is expected to become the largest in the MENA (Middle East and North Africa) region by the end of 2024. The hatchery has a planned capacity of 42 million fingerlings and marine-pen production facilities, with production of finfish in the pens projected to reach 20,000 tonnes per year.
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What Israeli Soldiers’ Videos Reveal: Cheering Destruction and Mocking Gazans
Since Israel’s invasion in October, soldiers have shared videos from Gaza on social media, offering a rare, unsanctioned look at operations on the ground. Some have been viewed by small circles of people; others have reached tens of thousands. The New York Times reviewed hundreds of these videos. Some show unremarkable parts of a soldier’s life — eating, hanging out or sending messages to loved ones back home.
- Foreign direct investment inflows to Saudi Arabia hit $4.53bn in Q3 2023
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Saudi Arabia Taps Former Dell Executive to Run $100 Billion Firm
Saudi Arabia named a former executive at Dell Technologies to lead a new investment firm backed by $100 billion in capital from the Public Investment Fund, that’s been set up to plow money into everything from technology to semiconductors and capital goods. Amit Midha, formerly president for Asia Pacific and Japan, Global Digital Cities at Dell Technologies, was named as chief executive officer of the new entity. “Alat is a company focused on the transformation of leading global companies and building a world-class sustainable industrial and electronics hub in Saudi Arabia,” Midha wrote in a post on LinkedIn.
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Saudi Business Owners Can Open Payment Accounts Remotely in the USA
Zil US (ZilBank), a leading B2B payments platform, has announced that it will facilitate international transactions for Saudi entrepreneurs and freelancers. Through Zil US, Saudi business owners can now remotely open a US banking account without the need to be physically present in the United States. This initiative marks a significant advancement in financial connectivity, providing Saudi businesses unparalleled access to the US market.
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China Grabs Spotlight With Major Presence at Saudi Weapons Show
A Chinese-made J-10 fighter aircraft soared into the sky as part of a showcase at Saudi Arabia’s annual arms exhibition, demonstrating the growing defense ties between the Asian power and the world’s fifth-biggest weapons spender. While US companies like Boeing Co. and Lockheed Martin Corp. dominated the World Defense Show in the Saudi capital of Riyadh this week, China’s presence dwarfed that of most other countries.
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