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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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GE secures $1b contract to produce gas and steam turbines to power more than 500,000 homes in Saudi Arabia
GE has been awarded what the company called a “landmark contract” with Saudi Arabia valued at nearly US$1 billion for the engineering, construction and provision of gas turbine services for the Waad Al Shamal combined cycle power plant of Saudi Electricity Company (SEC). The plant, scheduled for completion in 4 years, will support the phosphate mining […]
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An ‘Islamic NATO?’ Recently Formed Defense Coalition Faces Challenges in Fighting Extremism
Writing in Al Monitor, Washington-based analyst Fahad Nazer comments that Saudi Arabia may be aiming to form an Islamic NATO of sorts, in part because of the turmoil and instability surrounding the Kingdom from virtually all sides. Saudi Arabia’s government sees a more active foreign policy as essential, especially in the absence of a physical American presence in the region. “For much of […]
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Saudi companies to make parts for Lockheed’s THAAD defense system
U.S. weapons maker Lockheed Martin (NYSE:LMT) has signed agreements for Saudi Arabian companies to manufacture parts of its Terminal High Altitude Area Defense (THAAD) system, the company said on Monday. These sub-contracts will enhance manufacturing capabilities in Saudi Arabia and transfer expertise to strengthen the country’s defence industry, Lockheed said in a statement. State-owned Saudi Arabian Military Industries (SAMI) signed 11 agreements at the Saudi defence show in Riyadh, according to the country's state news agency. The contracts come at time of rising tension in the region as some shipping companies suspended transit along the busy Red Sea route to avoid being attacked by Yemen's Iranian-backed Houthi group.
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Saudi Air Defenses Down Six Houthi Ballistic Missiles In 48 Sec
A Saudi Patriot battery shot down six Houthi ballistic missiles in 48 sec. in a dramatic illustration of the rapid advancements the country's armed forces have made. The Royal Saudi Air Force (RSAF) 290th Patriot unit was protecting the city of Jazan near the Yemeni border on Aug. 26, 2019, when Houthis fired a swarm of ballistic missiles that threatened civilian areas. In an engagement which has now become legendary within the service, according to officials, battery commanders launched an undisclosed number of Patriots to intercept the incoming missiles, with one missile being launched every six seconds.
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Saudi Arabia pushes for US defense pact as 2024 presidential election looms
Saudi Arabia may be willing to accept a non-binding commitment from Israel to create a Palestinian state in its push to get a defense pact with the United States ahead of the 2024 presidential election. Saudi Arabia had been heading toward normalizing relations with Israel and recognizing the country for the first time thanks to U.S.-led diplomacy. But those efforts were shelved in October after Hamas’ Oct. 7 attacks on Israel, and Israel’s subsequent counter-offensive that enraged the Arab world.
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Airbus in Talks With Saudi Arabia for Air Tanker Order
Airbus SE said it’s in talks to sell Saudi Arabia more A330 tanker military planes as the nation looks to boost its air force capabilities. The country is also considering purchasing the A400M military transport aircraft, according to Jean-Brice Dumont, head of Air Power at Airbus. “We know there is an interest in the A400M, and we will address it with the Saudi Air Force and the Ministry of Defense,” Dumont said in an interview on the sidelines of the World Defense Show that is taking place in Riyadh.
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South Korea, Saudi Arabia sign agreement on defense cooperation
South Korea and Saudi Arabia on Sunday signed a memorandum of understanding to expand defence cooperation, Seoul's Defense Acquisition Program Administration (DAPA) said, as Seoul looks to ink further arms sales in the region. The agreement will see the two establish a joint committee to form a working group for weapons systems research and development as well as production to continue cooperation in defence, DAPA said in a press release on Monday.
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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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