A segment of Israeli society is furious with Netanyahu over his seeming unwillingness to prioritize the release and repatriation of dozens of Israeli hostages remaining in Hamas captivity in Gaza, where Israel has carried out more than a half-year-long relentless military campaign. Families and friends of the hostages staged an alternative “torch-dousing” ceremony to convey their rage and disquiet.
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Saudi Space Agency and WEF Establish Space C4IR Center
The World Economic Forum has signed an agreement with the Saudi Space Agency to establish a Centre for the Fourth Industrial Revolution (C4IR) focused on space. The Centre for Space Futures, set to open in autumn 2024, will be hosted by the Saudi Space Agency.
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Special World Economic Forum Convenes in Riyadh
The World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh convenes 1,000 global leaders from 92 countries on 28-29 April, to support global dialogue and find actionable, collaborative and sustainable solutions to shared global challenges.
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Vision 2030 Marks 8th Year Since Launch
Launched on April 25, 2016, Vision 2030, Saudi Arabia’s blueprint for economic and social transformation marks it 8th year and the halfway point between 2016 and 2030.
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IMF Launches New Regional Office in Saudi Arabia
The goal of the new office is to strengthen the IMF’s collaboration with governments and institutions in the Middle East including promoting economic stability, growth, and regional integration. It also underscores the growing economic importance of the region.
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Saudi’s Regional Headquarters Program Moves Forward
In February the Zakat, Tax and Customs Authority published guidelines specifying RHQ tax rules. Under the new rules, specific activities qualify for tax incentives. The new RHQ tax rules aim to clarify the scope and conditions of tax relief for RHQ entities, as announced by MISA in December 2023.
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EU announces five-year Schengen visas for Saudi, Omani and Bahraini citizens
The EU will now allow citizens from Saudi Arabia, Oman, and Bahrain to apply for five-year Schengen visas. This marks a significant step forward in strengthening people-to-people relations between the EU and the GCC.
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Global Defense Spending Spikes in 2023
According to a study by Forecast International in 2023 global defense spending grew at its fastest pace in the last decade as governments respond to security crises unfolding around the world.
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IMF Sees OPEC+ Turn on Oil Production as Boon for Saudi Economy in 2025 – Report
The International Monetary Fund said it expects OPEC and its partners to start increasing oil output gradually from July, “a transition that’s set to catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year,” according to a report in Bloomberg. “We are assuming the full reversal of cuts is happening at the beginning of 2025,” […]
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Prospects for Saudi Arabia hitting 2030 Renewable Energy Targets
In 2016 Saudi Arabia’s Vision 2030 had an initial target of deploying 9.5GW of green energy by 2030. The latest revision made in 2023 targets 130GW of renewable power capacity by 2030. GlobalData, a leading data and analytics company, says the Kingdom can come close to that target.
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Saudi Arabia Moves Closer to $1 Billion stake in a Pakistani mine – Report
Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp., people with knowledge of the matter told Bloomberg.
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Sullivan plans talks in Saudi Arabia, Israel amid tensions over Rafah
National Security Adviser Jake Sullivan plans to travel to Saudi Arabia and Israel this weekend amid the rising tensions over the Israeli military operation in Rafah, three U.S. and Israeli officials with knowledge of the plans tell Axios.
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Saudi Arabia ‘conservative’ on oil revenue as it pares back Vision 2030 plans
Speaking at the Qatar Economic Forum in Doha on Tuesday, Jaadan warned that being a resource-rich country was a curse as well as a blessing because being dependent on one commodity such as oil can hold a country "hostage" to the volatility of global demand and prices. "We are not complacent; obviously we need to push through the momentum of reforming and transforming our economy, but we see the results," he added.
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Sunak: British, Saudi trade exchange crosses $21 billion
British Prime Minister Rishi Sunak revealed that trade exchange between the United Kingdom and Saudi Arabia exceeded 17 billion pounds ($21 billion). “Today we are launching the next phase of the deep and growing partnership between Saudi Arabia and the United Kingdom. Over the next two days, we will hear from Saudi leaders and companies about how to make Vision 2030 a reality, and the tremendous opportunities it presents to all of us,” he said while addressing, through a video conference, the opening session of the GREAT Futures Initiative Conference, which kicked off at the King Abdullah Financial District in Riyadh on Tuesday.
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Saudi Arabia expands PPP pipeline
Speaking at the MEED Mena Construction Summit in Riyadh, Badr said that NCP has a “healthy pipeline” of over 200 approved projects in different stages of development. He noted that another 300 projects are currently under review. It is understood that the pipeline includes more than 180 schools, following the award of contracts to develop and operate 60 schools each in Jeddah and Medina in 2020 and 2022. “New sectors like healthcare and education have been opened up for public-private partnerships beyond the traditional water and power sectors,” said Badr.
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Seven and Qiddiya combine to form Saudi entertainment giant
Saudi Entertainment Ventures (Seven) and Qiddiya Investment Company (QIC) are combining to become a lifestyle and entertainment giant in Saudi Arabia. Seven, a wholly owned public investment fund (PIF) company, has now become a wholly owned subsidiary of Qiddiya, which remains wholly owned by the PIF. By transferring ownership of Seven to Qiddya, the PIF aims to enhance the offerings of both companies and support its wider strategy for the entertainment, leisure and sports sector.
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Saudi Arabia Diversifying Air Defenses And Boosting Local Industries
Lockheed Martin awarded two subcontracts to Saudi Arabia’s defense industry in February. Under these subcontracts, Saudi companies will manufacture the interceptor canister and missile round pallet for the Terminal High Altitude Area Defense system. These subcontracts make Saudi Arabia the first country outside the United States to produce THAAD components locally.
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Unemployment rate in Saudi Arabia’s labor market at 8.6 percent, women’s participation reaches 34.2 percent
The unemployment rate dropped from 12.8 percent in 2017 to 8.6 percent in the third quarter of 2023
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Saudi cement sales up 13% YoY in April
Saudi Arabian cement sales increased by 12.5 per cent YoY in April 2024 but fell 18.4 per cent compared to the previous month. According to Aljazira Capital, domestic cement dispatches in April stood at 2.92Mt, compared to 2.6Mt in the same month in the previous year, due to the base month having 11 extra days of Ramadan. The 18.4 per cent MoM decrease was due to the Eid Al-Fatir holidays. Total cement and clinker exports in April 2024 came in at 554,000t, down 30 per cent on the 790,000t seen in April 2023.
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Biden Moves Forward on $1 Billion in New Arms for Israel
The Biden administration notified Congress on Tuesday that it was moving forward with more than $1 billion in new weapons deals for Israel, U.S. and congressional officials said, a massive arms package less than a week after the White House paused a shipment of bombs over a planned Israeli assault on Rafah.
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For Netanyahu, Gaza’s ‘day after’ must wait
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