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Saudi-backed Softbank Technology Investment Fund Hits $100b Mark Ahead of Schedule
Oracle founder Larry Ellison will join Apple, Qualcomm and Foxconn in backing SoftBank’s record-setting technology fund, allowing the Japanese telecoms group to hit its $100 billion goal weeks ahead of schedule, the Financial Times reports. According to the report, the Saudi-backed fund may be oversubscribed by the time it closes. Abu Dhabi’s sovereign wealth fund is […]
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Careem, an Uber Rival in the Middle East, is Newest ‘Unicorn’ Company with Saudi, Japanese Investments
Careem, one of Uber’s rivals in the Middle East, has taken in $350 million in investment led by Japanese e-commerce firm Rakuten and Saudi Telecom Company (STC), the second investment made by Saudi Arabia’s government into ride-sharing apps this year. Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in ride-hailing app Uber in June, […]
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Monetary and Financial Developments in the Kingdom
A recently released report by Jadwa Investment finds that, following the US Federal Reserve’s second rate hike since 2008, the US’s path to policy normalization “is expected to accelerate.” For the Saudi monetary system, the Saudi Arabian Monetary Authority (SAMA) has passed several measures to enhance liquidity in the domestic financial system, which has contributed […]
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Saudi Prince Alwaleed bin Talal: ‘Stop the Debate…It’s Time for Women to Drive’ in Saudi Arabia
In a 4-page essay entitled, “It’s High Time Women Started Driving Their Cars,” billionaire Saudi businessman Prince Alwaleed bin Talal urged an end to the debate about women’s driving in Saudi Arabia. The essay is as much a short treatise on modern Saudi feminism and the progress of women’s rights in the Kingdom as it […]
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Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]
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Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]
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Is Saudi Arabia’s Economy Turning the Corner?
Saudi Arabia’s non-oil private sector may be showing signs of stabilization after roughly two years of uncertainty and significant economic policy changes, according to new data. A recently published Saudi Arabia PMI by Emirates NBD shows growth in Saudi Arabia’s non-oil private sector accelerated to an eight-month high in July. “July’s survey is encouraging as it suggests […]
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First Ever Direct Crude to Chemicals Plant “One Step Closer” for Aramco, SABIC
State-owned Saudi oil giant Aramco and diversified chemicals company SABIC are “one step closer” to being the first ever to use crude oil directly, rather than using refined products such as naphtha or ethane gas as feedstock, to create chemicals, according to reports and announcements by the companies on Saudi Arabia’s stock exchange. The achievement […]
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Concluding Trip to Silicon Valley, Deputy Crown Prince Mohammed bin Salman and Delegation Ink MOU with Microsoft
Saudi Deputy Crown Prince Mohammed bin Salman met with Satya Narayana Nadella, chief executive officer of Microsoft, at the company’s Silicon Valley offices in San Francisco on Tuesday and signed two deals with the IT giant, according to reports. The first MOU between Saudi Arabia and Microsoft “will train young Saudis and will support Saudi Arabia […]
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Deputy Crown Prince Mohammed bin Salman Meets with President Obama, Receives Praise for “Vision 2030”
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman met with President Obama on Friday at the White House to discuss regional and economic issues with the President, Vice President and other members of Obama’s cabinet. The President “commended” Prince Mohammed’s “Vision 2030” plans to reform Saudi Arabia’s economy and society, according to a readout. “The […]
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As famine looms in Sudan, the hungry eat soil and leaves
Nearly five million people are close to famine as the country’s civil war passes the one-year mark. Aid officials say the warring parties – the army and the Rapid Support Forces – are looting aid or blocking it from reaching areas where starvation is taking hold. But ‘the world’s largest hunger crisis’ is drawing little global attention.
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Biden is facing political pressure to make gas more expensive
Cheap gas is becoming politically expensive for President Joe Biden during a challenging election year. Pressure is building on Biden to ramp up sanctions enforcement against Russia, Iran, and Venezuela, Bloomberg reports — three major oil producers whose supplies have tamped down rising crude prices despite OPEC production cuts and a U.S. production glut.
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SecDef: I haven’t seen a full Israeli plan to protect civilians in Rafah
U.S. officials have “not seen a number of things that we believe that will have to happen” for the operation to proceed, Secretary Lloyd Austin told a House Armed Services Committee hearing. There are “some signs" of such preparations, Austin said, but he wants more assurances and planning, such as “making provisions for the civilians [so that] wherever you direct them to, you have sustainment in that area…so, you know, that the housing, the medical care, all that stuff that, that needs to be in place.”
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Arctech to build 3 GW factory in Saudi Arabia
Arctech Solar has launched a new partnership with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to set up a production facility in Jeddah, Saudi Arabia. The factory will cover an area of approximately 97,000 square meters and will have a production capacity of 3 GW, with the potential to reach up to 10 GW through localized production. It will focus on PV-supporting tracker products for local customers.
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US, Britain urge Hamas to accept Israeli truce proposal
U.S. Secretary of State Antony Blinken on Monday urged Hamas to swiftly accept an Israeli proposal for a truce in the Gaza war and the release of Israeli hostages held by the Palestinian militant group.Hamas negotiators were expected to meet Qatari and Egyptian mediators in Cairo on Monday to deliver a response to the phased truce proposal which Israel presented at the weekend."Hamas has before it a proposal that is extraordinarily, extraordinarily generous on the part of Israel," Blinken said at a meeting of the World Economic Forum in the Saudi capital Riyadh.
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‘Let’s help Yemen regain ability to chart its own future,’ US envoy Tim Lenderking tells Arab News
“The onus (is) on the Houthis to stop the Red Sea attacks,” he said. “That can prompt us all to begin to dial back, to de-escalate, to return the situation in Yemen to where it was on Oct. 6, which had considerably more promise and possibility than what exists now, and that’s where we want to return the focus.”
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Saudi Arabia may raise prices for most oil grades to Asia for June
Top oil exporter Saudi Arabia may raise prices for most of the crude grades it sells to Asia in June to their highest levels in five months after Middle East benchmarks strengthened this month, trade sources said on Monday.The June official selling price (OSP) of flagship Arab Light crude may rise by 70 to 90 cents to close to a $3 per barrel premium to the average of Dubai and Oman quotes, seven refining sources said in a Reuters survey, which would be the highest level since January.
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Insights into establishing RHQs in Saudi Arabia
It has been three years since Saudi Arabia first introduced the Regional Headquarters Programme (RHQ), aiming to position itself as a leading global hub for multinational corporate operations. With the Ministry of Investment of Saudi Arabia releasing application guidelines in early 2022, and commencing the acceptance of applications, numerous multinational enterprises have since obtained RHQ licences. These include prominent Chinese companies such as China Harbour Engineering, China Civil Engineering Construction Corporation, China Railway Construction Corporation, China Geo-Engineering Corporation, China Communications Services Corporation, Huawei, Nuctech, and DiDi.
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MAWANI launches first railway transport between major Saudi ports
The Saudi Ports Authority (MAWANI) has announced the first container shipment via railway from Jubail Commercial Port to Riyadh Dry Port. This shipment, consisting of 78 containers, utilised the railway link between the Jubail Commercial Port and the East Railway network. The railway has a maximum load capacity of 140 TEU per trip. MAWANI collaborated with the Zakat, Tax, and Customs Authority (GAZT), Saudi Arabia Railways (SAR), and Mediterranean Shipping Company (MSC). This collaboration aims to promote seamless transportation of containers, bulk materials, and general goods by establishing rail connections between ports.
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Saudi Arabia to Launch a Centre for Space Futures in the Forum’s Fourth Industrial Revolution Network
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. It aims to facilitate public-private discussions on space collaboration, incorporating best practices from the Forum and its communities into the global space sector and generating contributions to accelerate space technologies.
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