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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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Popular King Abdullah Scholarship Program Reported to have New Restrictions along with Reduced Budget
Saudi Arabia’s King Abdullah Scholarship Program (KASP) has reportedly been narrowed to include only top universities and programs, months after the program was expanded to include all students and their families. Founded in 2005 and one of the late King Abdullah’s legacy programs, the scholarship fund covers full tuition, medical insurance, a monthly stipend for living expenses, and […]
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Little Upside in Latest Jadwa Saudi Chartbook
Riyadh-based Jadwa Investment’s latest monthly chartbook overviewing the Saudi economy contains mostly negative economic data on consumer spending, activity, government accounts, and inflation. Economic data for the month of December 2015 indicates a slowdown in activity, and data on consumer spending continued to point to a softening trend, while PMI fell to a record low, […]
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With affordable housing in short supply, new JV set to provide mortgage loans to low and middle-income Saudis
A new joint venture between Saudi Arabia’s Ministry of Finance (MoF) and the Islamic Corporation for the Development of the Private Sector (ICD) has received approval to provide loans to low and middle-income Saudis, in what could be a much-needed boost for access to mortgages in the Kingdom. Bidayaa Home Finance was launched to provide […]
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U.S. Chamber of Commerce and Council of Saudi Chambers Kick-off U.S.-Saudi Arabia CEO Summit
On January 24, 2016 at the Council of Saudi Chambers of Commerce building the U.S.-Saudi CEO Summit kicks off a focused, high-level private-sector initiative to assess the U.S.-Saudi commercial and business environment in order to enhance bi-lateral trade, investment and cooperation. The Saudi-US Trade Group team is in Riyadh to participate in the inaugural U.S.-Saudi […]
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FM Al-Jubeir: Most Effective Way to Solve Regional Crises ‘Through our close partnership and alliance with the United States of America’
U.S. Secretary of State John Kerry on Thursday stood by ally Saudi Arabia in its widening rift with Iran over the execution of a Shiite cleric while urging the regional rivals to pursue a diplomatic solution, the Associated Press reports. Kerry said Washington stands by its friends, “but we also want to see diplomacy work. […]
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Saudi Aramco Considers IPO, but Scope of Listing Unknown
As Saudi Arabia appears to actively consider a potential IPO for its state-owned oil company, Saudi Aramco, two conflicting reports emerged today about the potential scope of the offering. On Thursday of last week, Saudi Arabia’s deputy crown prince Mohammed bin Salman told the Economist in an interview that he was optimistic about the potential […]
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Saudi Stocks Hit 4-Year Low as Global Markets Shudder at China’s Second Halt in Trading This Week
Saudi Arabia’s stock market has continued a tumultuous start to the new year, with the Kingdom’s benchmark index falling another 4.8 percent on Thursday to a four-year low. According to the Financial Times, the drop this year has totaled 10.6 percent, and leaves it 44 per cent weaker than its post financial crisis peak in 2014. The TASI […]
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Video Released Shows Timelapse Construction on Riyadh’s Metro Project
A recently released video by the leading construction partners on Riyadh’s metro project highlighted the progress made on the mega-project that will change the way the city’s residents get around. In October, the Riyadh metro project hit a major milestone as a consortium led by Spanish construction giant FCC said it has completed the drilling […]
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MUST-READS
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Saudi Arabia plans 250k new hotel rooms by 2030, says minister of tourism
“The quality of the rooms and projects is very excellent and will place the Kingdom among the best in the world. The target for 2030 is approximately 550,000 hotel rooms,” the minister said, adding: “Today, we continue to reach 10 percent contribution to the gross domestic product, and we have reached 7 percent contribution to the non-oil GDP.”
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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.
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Big Oil’s Boring Quarter Was Great News for Investors
Big Oil has delivered a set of remarkable earnings. Without fanfare, ExxonMobil Corp., Chevron Corp. and Shell Plc all did in the fourth quarter what they’d promised: Start new oil and gas projects; cut costs; return lots of money to shareholders. It’s a model for the notoriously boom-and-bust industry. Together, the three companies at the top of the global energy industry returned more than $80 billion to shareholders last year, up from $78 billion in 2022 despite lower oil and gas prices, lower refining margins and fewer trading opportunities.
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Commentary: Going after UNRWA is a charade the world must reject
Ten days ago, Israel began circulating accusations that 12 employees of the UN Relief and Works Agency (UNRWA) in Gaza had involvement in the Hamas-led attack on southern Israel on October 7. This led to a crisis of indispensable, largely western, funding for this crucial humanitarian services provider for Palestinian refugees, especially in Gaza, where a large majority are refugees from what has become southern Israel. But this latest campaign is just part of a decades-long attack on the agency by Israel, which is itself just a subset of the broader campaign to eliminate the Palestinian refugee issue by eliminating Palestinian refugees as an internationally monitored and protected group.
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Pakistanis’ Discontent Reaches Record High Before Election
Ahead of the election on Thursday, Gallup surveys show that Pakistanis are more discouraged than they have been in decades about a multitude of economic, political and security challenges that are threatening their country’s stability. The country’s failing economy will likely be central to the vote, although it is far from the only issue on the electorate’s minds. In late 2023, Pakistanis were more pessimistic about their economy than they have been at any point in the past 18 years that Gallup has polled them. A record-high 70% said economic conditions where they live are getting worse.
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LIV Golf had a big opportunity Sunday. Did it take advantage?
The PGA Tour’s final round was pushed off due to some truly gnarly weather conditions at Pebble Beach, giving LIV’s first event of the 2024 season the full stage. And it was Jon Rahm’s first event as a LIV golfer, with Rahm in contention for the win at Mayakoba, Mexico. As much money as LIV has spent to get off the ground and fill its 54-man roster, sometimes luck still brings the greatest chances you’ll get.
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Blinken meets MBS in Saudi Arabia as U.S. pushes for post-war deal
During his previous visit to Israel last month, Blinken told Israeli leaders that Saudi Arabia wants to normalize relations with Israel after the Gaza war ends, but it won't agree to any deal if the Israeli government doesn't commit to the principle of a two-state solution.
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Saudi Arabia discussing potential F-15EX buy, Boeing says
“We have a number of products in our portfolio that are of interest,” he said at the event on 5 February. The discussions also involved Boeing Defense, Space & Security (BDS) chief executive Ted Colbert. Vince Logsdon, BDS vice-president, international business development, confirms that the F-15EX is “one of the biggest things that we’re talking about right now”.
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Blinken returns to Mideast in push for hostage deal and postwar plan for Gaza, but obstacles loom
U.S. Secretary of State Antony Blinken met with Saudi Arabia’s crown prince Monday at the start of his fifth visit to the Middle East since the outbreak of the war in Gaza, hoping to press ahead with a potential cease-fire deal and postwar planning while tamping down regional tensions. But on all three fronts he faces major challenges: Hamas and Israel are publicly at odds over key elements of a potential truce. Israel has dismissed the United States’ calls for a path to a Palestinian state, and Iran’s militant allies in the region have shown little sign of being deterred by U.S. strikes.
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Fitch Affirms Saudi Arabia at ‘A+’; Outlook Stable
Saudi Arabia's ratings reflect its strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the 'A' and 'AA' medians, and significant fiscal buffers in the form of deposits and other public sector assets. Oil dependence, low World Bank governance indicators and vulnerability to geopolitical shocks remain relative weaknesses. Nonetheless, governance is improving with social and economic reforms and efforts to bolster effectiveness across government institutions.
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