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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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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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Jabeur Backs Saudi Arabia After Criticism From Tennis Greats
Tunisian tennis star Ons Jabeur on Saturday threw her support behind the potential staging of the WTA Finals in Saudi Arabia, urging critics to be "more informed" on the Kingdom's interest in the sport. Jabeur, a three-time Grand Slam finalist and former world number two, said she was impressed by the response of Princess Reema bint Bandar Al Saud, Saudi Arabia's ambassador to the United States, to criticism from Martina Navratilova and Chris Evert of the WTA's possible deal with the Kingdom.
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A Shifting Tone on Palestinian Statehood
The US, by far the most important country when it comes to swaying Israel, says it hasn’t shifted its official stance regarding an independent state in the West Bank and Gaza. But its calls for one to be created eventually are getting louder. For now, Israel isn’t listening as it continues with its campaign to destroy Hamas and ensure Oct. 7 is never repeated. But the pressure is mounting, including from its closest supporters.
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US intends further strikes against Iran-backed groups, White House says
The United States intends to launch further strikes at Iran-backed groups in the Middle East, the White House national security adviser said on Sunday, after hitting Tehran-aligned factions in Iraq, Syria and Yemen over the last two days. The United States and Britain unleashed attacks against 36 Houthi targets in Yemen, a day after the U.S. military hit Tehran-backed groups in Iraq and Syria in retaliation for a deadly attack on U.S. troops in Jordan.
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OECD raises global growth outlook on US strength
The global economy is on course to hold up better this year than expected only a few months ago as an improved outlook in the United States offsets euro zone weakness, the OECD said on Monday. World economic growth is expected to ease from 3.1% in 2023 to 2.9% this year, better than the 2.7% expected in November in the Organisation for Economic Cooperation and Development's last outlook. In an update of its forecasts for major economies, the Paris-based OECD left its 2025 global estimate unchanged at 3.0%, when growth is expected to be boosted by major central banks rate cuts as inflation pressures subside.
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ExxonMobil’s CEO doesn’t care about his growth plans annoying Saudi Arabia
“We expect to grow our volumes in 2024 to about 650,000 barrels per day, and then we’re going to continue that growth through to the targets that we’ve laid out in 2027 of about a million barrels a day,” CEO Darren Woods said on a call with investors.
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Saudi Arabia’s non-oil business activity slows to 2-year low in Jan-PMI
Non-oil business activity in Saudi Arabia grew at its weakest rate in two years last month, a survey showed on Monday, as a sharp slowdown in new order growth indicated weakening demand. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 55.4 in January, down from 57.5 in December, and the lowest reading since January 2022. The subindex for Output dropped to 58.1 last month, from 61.0 in December, and remained firmly in growth mode, but the pace of expansion in new orders dropped to 60.5 last month, from December's 68.3 reading, signalling a weakness in demand momentum.
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Saudi GAMI Signs 11 Agreements with Global Military Defense Industry Companies
Minister of Investment Eng. Khalid Bin Abdulaziz Al-Falih and Governor of the General Authority for Military Industries (GAMI) Eng. Ahmad Abdulaziz Al-Ohali witnessed on Monday the signing ceremonies of 11 cooperation agreements and several joint memoranda of understanding with various international companies specialized in military and defense industries. The ceremonies took place on the sidelines of the World Defense Show, which is being held in Riyadh from February 4 to 8. The agreements focus on building the capacity of vital fields. They entail, among others, transfer and localization of technology, establishment of local production lines, and training and developing national talent in these fields. These agreements and MoUs contribute to the strategic objectives of the Kingdom's military industries, such as localizing defense manufacturing, improving military readiness, enhancing industrial participation, and creating investment opportunities that support the Vision 2030 goal of localizing 50% of military equipment and services spending by 2030.
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What are the implications of Saudi Aramco’s pause in expansion?
It’s like the entire oil industry of Oman or Angola was turned on and then off again. Saudi Aramco, the state oil giant, said on Wednesday that the Ministry of Energy had told it to cancel plans to expand its maximum sustainable capacity (MSC) from 12 to 13 million barrels per day by 2027. Speculations on motivation have abounded. Is this an attempt to drive up longer-dated future oil prices, a recognition that future demand will be weaker, or an acknowledgement of unexpectedly strong expansion from competitors? Is it to save cash? Is there a political angle? The higher target had originally been announced in March 2020, as the Covid-19 pandemic hit, with Saudi Arabia locked in a battle for market share. So perhaps it’s not surprising that four years later and with much water under the bridge, it’s time for a rethink.
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Prince Khalid bin Salman launches locally assembled new Hawk jet
On the occasion of the rolling out of the latest jet Hawk aircraft assembled in Saudi Arabia, the minister said on his X account: “I was pleased to inaugurate the latest advanced jet aircraft, the Hawk T-165, which was assembled totally in the Kingdom by the Saudi hands, and to honor those working on it. This achievement reflects the extension of the successes of the vision of Crown Prince and Prime Minister Mohammed bin Salman in transferring and localizing technology in the military industries sector.”
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Big Oil’s Optimism Faces Reality Check in Tech-Obsessed Stock Market
Exxon Mobil Corp. and Chevron Corp. are generating returns not seen since their heyday over a decade ago, with $58.7 billion handed to shareholders last year and more to come in 2024, even if crude prices drop. And yet, they’re struggling to compete in a stock market beholden to Silicon Valley. Chevron hit record production in 2023 while buying back 5% of its stock and forecasts oil and gas growth of as much as 7% this year, led by low-cost barrels from the Permian Basin. It was rewarded with a 3% bump in its shares Friday, slightly better than Shell Plc’s gain a day earlier. Exxon, which is gushing cash from the fast-growing oil discovery in Guyana, fell 0.4%.
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