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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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Surge in Flights from Saudi Airports as Kingdom’s Aviation Sector Booms
Saudi Arabia’s airports have seen a “substantial growth in international traffic” as the number of international flight services from the Kingdom’s airport surges 50% since last year. The number of international flight services from the domestic airports jumped by 51.5 percent to 26,361 at the end of 2015 from 17,405 in 2014, according to a […]
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Construction Payment Delays Draw International Attention, Report Says
Foreign governments are pressing both government authorities and company executives in Saudi Arabia “to ensure that local construction firms make delayed salary payments to thousands of workers, a sign of pressure on the kingdom’s economy due to low oil prices,” according to a Reuters report. Construction firms in Saudi Arabia are have been squeezed as […]
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Saudi Arabia Eyes Privatization of Power, Opening Opportunities for International Power Companies
Saudi Arabia is heading towards privatizing the electricity sector and “shifting towards solar and alternative energy in the framework of its efforts to reduce the use of fossil fuels in production rates,” according to a report in Asharq Al-Awsat citing “informed sources.” The Saudi Electricity Company plans to “split into four units with local and […]
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More than 50 Members of U.S. GOP ‘Foreign Policy Community’ Write Open Letter Calling Donald Trump Unfit for Office
An open letter signed by over 50 members of the Republican foreign policy community, including former Department of Homeland Security Secretary Michael Chertoff and former Deputy Secretary of State Robert Zoellick, has called Donald Trump unfit for office and pledged to work to stop him from receiving the Republican nomination. “We the undersigned, members of […]
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Nitaqat Effort Suffers Setback: 2015 was the ’Slowest Annual Increase on Record for Saudi Net Employment’ as Most New Jobs Still Going to Non-Saudis
A recently released Jadwa Investment report on Saudi Arabia’s labor market found little headway being made in Saudi Arabia’s goal of increasing employment of Saudis. According to Jadwa Investment, although Saudi Arabia’s unemployment rate fell slightly from 11.7 percent in 2014 to 11.5 percent in 2015, “of these positions, 368 thousand (or 88 percent) […]
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Saudi Central Bank Announces an ‘Affordable Mortgage’ Program Intended to Boost Housing Sector
Saudi Arabia’s central bank said in a statement it plans to launch an “affordable mortgage” program to finance residential real estate purchases by Saudi citizens, according to reports. Home buyers would be responsible for a down payment of 15 percent of the property’s value, and commercial banks would supply a further 70 percent. An additional […]
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‘Saudi Student Boom’ for U.S. Colleges and Universities may be Slowing as Scholarship Program Evolves
A number of reports have indicated that the popular King Abdullah Scholarship Program (KASP) that has placed hundreds of thousands of Saudi students at academic institutions all over the world is being reviewed and can anticipate significant changes with regard to the program’s size and scope. In 2014 over 207,000 Saudi students and dependents were […]
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State Department Approves $200m Services Contract Request from Saudi Arabia which will ‘Increase U.S. – Saudi Arabia Military Interoperability’
The State Department has approved a request for continued support services to Saudi Arabia at an estimated cost of $200 million. According to a release from the Defense Security Cooperation Agency (DSCA), the sale “will enhance the foreign policy and national security objectives of the United States by helping to improve the security of an […]
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Saudi Arabia’s War in Yemen Could Put Pressure on Future European Arms Deals
On February 25th, European Union lawmakers are gearing up for a vote on whether to call for an embargo on weapons sales to Saudi Arabia, according to a report in the Canada-based Globe and Mail. Concern in Europe is mounting over Saudi Arabia’s war in Yemen, and the use of European military equipment sold to […]
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Ronaldo-less Al Nassr beats Messi’s Inter Miami 6-0 in Saudi Arabia
Lionel Messi came on as an 83rd-minute substitute but could do nothing to stop Inter Miami suffering a 6-0 drubbing by an Al Nassr team without Cristiano Ronaldo in Riyadh on Thursday. The match, billed as possibly the last chance for the multiple Ballon D’Or winners to face each other on the pitch, was part of a friendly tournament also involving Brazilian Neymar’s Al Hilal, the Saudi Pro League leaders.
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Watch: Saudi Arabia’s Cool Crew Give You a Glimpse of Hai Vogue in Al Balad
It’s almost time for Hai Vogue, where Vogue Arabia will take over Jeddah’s picturesque UNESCO heritage site — Al Balad — for a two-day block party. And the best part? It’s open to the public, so get ready to celebrate the best food, culture, fashion, and celebrities the region has to offer. As we gear up for the one-of-a-kind event, a selection of Saudi Arabia’s coolest names — from actor Sarah Taibah and designer duo Alia and Abeer Oraif, to Olympic rower Husein Alireza and beyond — take you on a tour through Hai Vogue‘s venue.
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McKinsey and BCG accused of withholding information on ties with Saudi Arabia
Four consulting firms, including McKinsey and BCG, have been accused of failing to comply with a US congressional subpoena of documents related to their work with Saudi Arabia’s sovereign wealth fund. The chief executives of the firms, which also include Teneo and the deal advisory business led by Michael Klein, have been summoned to explain themselves at a Senate committee hearing next week, as lawmakers step up a probe into Saudi Arabia’s use of “soft power” in the US. The inquiry began as a result of an agreement by the Saudi Public Investment Fund to take a stake in golf’s US-based PGA Tour, but has grown into a broader examination of the PIF’s investments in the US.
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Saudi project win caps record year
US-based project management firm Hill International ended 2023 on a high with a major contract win in Saudi Arabia. In a joint venture with Italy’s Italferr and Spain’s Sener, the firm was awarded the contract to provide project management services for the Saudi Landbridge. The estimated $7bn railway project will connect the east and west coasts of the kingdom and is one of the region’s largest infrastructure schemes. For Hill International’s CEO Raouf Ghali (pictured), the award confirms Saudi Arabia’s position as one of the world’s most important and exciting construction markets.
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Saudi’s PIF sets up new company to manufacture robotic systems and heavy machinery
Alat will focus on manufacturing products for domestic and international markets within seven business units, the PIF said in a statement on Thursday. These include advanced industries and semiconductors, as well as smart appliances, health, devices and buildings, as well as next generation infrastructure. It will manufacture more than 30 product categories including robotic systems, communication systems, advanced computers and digital entertainment products, as well as advanced heavy machinery used in construction, building and mining. The company, chaired by Saudi Crown Prince Mohammed bin Salman, aims to create 39,000 direct jobs in Saudi Arabia and achieve a direct non-oil gross domestic product contribution of $9.3 billion by 2030.
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Backs to the wall, Gazans fear Israeli assault on last refuge
Israeli forces shelled the outskirts of the last refuge on the southern edge of the Gaza Strip on Friday, where the displaced, penned against the border fence in their hundreds of thousands, said they feared a new assault with nowhere left to flee. More than half of Gaza's 2.3 million residents are now homeless and crammed into Rafah. Tens of thousands more have arrived in recent days, carrying belongings in their arms and pulling children on carts, since Israeli forces launched one of the biggest assaults of the war last week to capture Khan Younis, the main southern city, just to the north of Rafah.
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Saudi Arabia pushes for U.S. defence pact ahead of presidential election
Saudi Arabia would be willing to accept a political commitment from Israel to create a Palestinian state, rather than anything more binding, in a bid to get a defence pact with Washington approved before the U.S. presidential election, three sources said. Months of U.S.-led diplomacy to get Saudi Arabia to normalise relations with Israel and recognise the country for the first time were shelved by Riyadh in October in the face of mounting Arab anger over the war in Gaza.
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Exxon, Chevron Surpass Forecasts as Shale Drilling Lifts Output
Exxon Mobil Corp. and Chevron Corp. surpassed earnings forecasts as bigger-than-expected oil output from shale fields helped cushion the blow from weakening crude prices. Exxon rose more than 2% and Chevron climbed 1.9% in pre-market stock trading. Exxon’s outsized result also was aided by a $1.14 billion boost from unsettled derivatives and record fuel production at its refineries. Chevron, meanwhile, posted adjusted earnings of $3.45 a share that exceeded the Bloomberg Consensus estimate by 23 cents. The oil explorer also raised its dividend by a higher-than-forecast 8%.
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First Saudi Arabian Grand Prix concert headliners announced
Turn up the volume because the Saudi Arabian Grand Prix concerts have just been announced and you are going to be happy. The concerts will feature Pharrell Williams and Martin Garrix. Saudi Arabian Grand Prix is racing back into the Red Sea City from Thursday March 7 to Saturday March 9 and will be the second race of the season.
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Events in January will shape Saudi market in 2024
As the economic outlook cools, Riyadh has tapped the debt markets. At the start of January, the Finance Ministry said it expects to borrow $23bn in 2024. The financing will be used to finance the deficit in the state budget and to pay existing debt that matures. The ministry added that by the end of 2024, it expects the kingdom’s total debt portfolio to reach SR1.115tn, which is about 29 per cent of GDP. That announcement was quickly followed by the issuance of $12bn of bonds under Saudi Arabia’s Global Medium-Term Note Issuance Programme (GMTN). Later in January, the Public Investment Fund (PIF) completed a $5bn bond issuance.
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