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  • Putin delivers a nuclear warning to the West over Ukraine

    Russian President Vladimir Putin on Tuesday delivered a nuclear warning to the West over Ukraine, suspending a landmark nuclear arms control treaty, announcing new strategic systems had been put on combat duty and warning that Moscow could resume nuclear tests. Speaking nearly a year to the day since ordering an invasion that has triggered the biggest confrontation with the West since the 1962 Cuban Missile crisis, Putin said Russia would achieve its war aims and accused the West of trying to destroy Russia.

  • NEOM launches Saudi Arabia fundraising tour in Jeddah

    NEOM has kicked off its Discover NEOM KSA tour in Jeddah, as it looks to raise funds to build the $500bn megacity. The tour, which will take place in cities in around the Kingdom, forms part of the project’s ongoing efforts to promote investment opportunities and highlight the rapid progress it has been making across its various sectors. The opening of the Discover NEOM KSA tour in Saudi Arabia’s second-largest city saw industry pioneers, entrepreneurs and investors meet with top executives to explore future opportunities.

  • ADNOC to sell 4% of gas business in IPO to raise $2bn

    The final offer price is scheduled for 3 March 2023 while trading is planned to commence ten days later. People familiar with the matter told the news agency that the deal would give the business a valuation of $50bn, making ADNOC Gas one of the world’s largest listed gas firms. For 2023, ADNOC Gas is expected to pay $3.25bn in dividends. ADNOC Gas has a pipeline network of over 3,250km, as well as eight onshore and offshore assets. It has a production capacity of approximately ten billion standard cubic feet of gas per day.

  • New details revealed for major media hub in Saudi Arabia

    “We’ll have 10 soundstages by the end of 2023, including a volumetric stage,” said Borg, adding that its “end-state” media hub will have a footprint of around 1 million square metres. “We’ve hosted nearly 30 productions in the last 18 months, ranging from multimedia shoots for Vogue right through to Desert Warrior, a $150m feature film that is the region’s largest ever film and on which we had 450 to 500 cast and crew on set every day for nearly six months,” said Borg.

  • New details revealed for major media hub in Saudi Arabia

    “They ask about facilities and I say we’ve got dedicated cast and crew accommodation today of about 350 units, in addition to the hotels in the area. That’s going to continue to grow and we’ll have about 500 units by the end of this year. The other big question is access. We’ve got our own international airport with direct flights to London Heathrow weekly and direct flights to Dubai.”

  • Container price war underway, freight rates plummet

    The falling contract rates mark the end of a costly COVID hangover for shippers. The high freight rate environment caused by equipment and personnel shortages, terminal congestion and increased consumer demand in the wake of the pandemic was locked in by longterm contracts signed when shippers feared further rate rises and needed to secure space on vessels.

  • Saudi Arabia’s Almarai completes acquisition of International Dairy and Juice for $68m

    A unit of Saudi Arabia's Almarai, the Middle East's largest dairy company, completed the acquisition of International Dairy and Juice Limited, its former joint venture with PepsiCo in Egypt and Jordan. Almarai Investment Holding bought PepsiCo's 48 per cent share in IDJ, increasing Almarai's stake in the company to 100 per cent ownership from 52 per cent previously, in a deal worth 255 million Saudi riyals ($68 million), it said in a filing to the Tadawul stock exchange on Sunday.

  • Saudi Arabia aims for huge new downtown in Riyadh by 2030

    Saudi Crown Prince Mohammed bin Salman on Thursday launched a company to carry out a hugely ambitious development in downtown Riyadh, as part of the leading oil exporter's plans to make its capital a global metropolis and diversify the economy. The kingdom aims to double the size and population of its capital city with total investments of $800 billion under its Vision 2030 plan to modernise the Gulf Arab state and reduce its dependence on oil export revenues.

  • Ukraine war spurs European demand for U.S. arms, but not big-ticket items

    European demand for U.S. weaponry is soaring, but instead of big-ticket items like jets and tanks, shopping lists are focused on cheaper, less-sophisticated items such as shoulder-fired missiles, artillery, and drones that have proven critical to Ukraine's war efforts. Countries close to Russia like Poland, Finland and Germany are striking deals to build U.S. weapons in Europe, negotiating new deals to buy arms and looking to speed up existing contracts, according to interviews with military officials and industry executives, and a Reuters review of recent announcements by governments and defense manufacturers.

  • Muslims Rush to Aid Turkey, Syria

    An online donation campaign launched by Saudi Arabia has raised more than $100 million from over 1.6 million individuals and companies in just over a week. The Saudi government has also delivered planes loaded with food, medicine and shelter supplies, and has deployed search and rescue teams, according to the kingdom’s relief agency. Other wealthy Arab kingdoms responded similarly. Only a day after the quake, the United Arab Emirates announced $100 million in humanitarian assistance for some of the millions of people displaced in Turkey and Syria amid punishing low temperatures.