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For Second Straight Year, Saudi Arabia Puts Safety First with Plans for Scaled Back Hajj in 2021
Saudi Arabia announced over the weekend that this year’s Hajj pilgrimage will be limited to no more than 60,000 people, all of them from within the kingdom, as authorities seek to build on progress combatting the ongoing coronavirus pandemic.
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Saudis Surge Investments into U.S. Stock Market in Q1 2021 as Overseas Inflows Reach Record Highs
The total amount invested by Saudi traders in the U.S. stock market through companies licensed by the Capital Market Authority (CMA) surged 162 percent, year-on-year, to SR77.4 billion ($20.64 billion) in the first quarter, Zawya reports, citing data compiled by financial website Argaam.
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Eid Al-Fitr to Start Thursday, Saudi Scholar Says; Saudis to Look for Crescent Moon
A Saudi scholar and advisor to the Royal Court predicts that Ramadan will end on Wednesday May 12th and the Eid Al-Fitr will begin on Thursday May 13th, according to a report in Gulf News. The precise ending of the 30 days-long Ramadan for the world’s 1.8 billion Muslims will depend on the sighting of the youngest […]
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Saudi Arabia’s Stock Market Revamps Corporate Structure Ahead of Highly-Anticipated IPO
Saudi Arabia’s stock exchange, the Tadawul, has announced a revamped corporate structure as it prepares for a much anticipated IPO, converting to a holding company called the Saudi Tadawul Group, according to reports. The change was announced by the Tadawul Group CEO Khalid al-Hussan said on Wednesday.
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‘Red Sea Rainforests’: Astronaut Captures Striking View of Saudi Arabia’s Northwest Coastline from Space Station
An astronaut captured a striking view of the northwest coastline of Saudi Arabia, showing the extent of a coral reef where Saudi Arabia hopes to boost sustainable tourism and where up to 260 reef species thrive, according to a post the NASA Earth Observatory blog.
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Saudi Arabia’s Stock Market Amends Rules, Allows All Qualified Investors to Sell Short
Saudi Arabia’s stock exchange, Tadawul, has widened access to short-selling and stock-lending, while tightening some other rules as of March 25, according to a report in Arab News.
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New Paper Highlights Deep U.S.-Saudi Economic Relationship Beyond Defense and Energy
A new paper from authors David Kenner and Kameal Al-Ahmad of the King Faisal Center for Research provides a fresh overview of the US-Saudi economic relationship beyond the headline-dominating oil and arms sales.
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Saudi Civil Aviation Authority Chief Replaced as Kingdom Set to Reopen International Flights on May 17
Saudi Arabia’s civil aviation authority said the Kingdom will resume international flights on May 17 after they have been earlier suspended due to coronavirus travel restrictions, according to reports citing a circular.
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Saudi Arabia is Improving its Air Defenses Against Missile Attacks
Saudi Arabia’s air defenses “appear to be coping better with long-range attacks on the kingdom,” defense and security publication IHS Jane’s said, as Saudi Arabia continues to fend off cross-border attacks from Yemen’s Iran-backed Houthis.
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Saudi Arabia Now the ‘Top Theatrical Market in the Middle East’ and is now a ‘Major Driver for Arabic Film Production’ – Variety
Saudi Arabia’s historic re-opening of cinemas three years ago was the start of a major cinema and film boom in the Kingdom, making the Kingdom “the top theatrical market in the Middle East and is turning into a major driver for Arabic film production,” a top Hollywood publication reports.
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Senior executives of GCC construction industry raking in basic pay up to US$ 1.2 mn a year
“Top-level executives within these sectors are now in a position to reap the benefits of this momentum. Companies too stand to benefit as these talented executives are capable of adding value in terms of leading organisational development and augmenting income and profits,” he said in a statement.
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Saudi defense minister announces construction of a naval base in Jazan
Saudi Defense Minister Prince Mohammad Bin Salman has ordered the construction of a naval base in Jazan in which he arrived on Monday to inspect the armed forces in the southern military zone.
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Saudis continue to opt for government jobs: Construction sector shows improvement
But the construction industry – the most labour intensive part of the private sector – has seen even better results under the Nitaqat system, with a 34% jump in the number of Saudis employed. Saudi workers now represent 10.3% of the construction workforce which is still some way off the 12% the government is targeting, and considerably short of the more ambitious targets set under phase three of the programme, due to be implemented in April 2015.
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POSCO to sell stake in construction unit to Saudi fund
South Korean steelmaker POSCO has signed a preliminary deal with Saudi Arabia's Public Investment Fund (PIF) to sell part of its construction unit for about 1.5 trillion won ($1.36 billion), Korea Economic Daily reported.
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Construction Market in Saudi Arabia compound annual growth rate (CAGR) of 10.06% to 2018
The Saudi Arabian construction industry recorded a compound annual growth rate (CAGR) of 10.06% during the review period (2009-2013). During the review period, growth in the construction industry was supported by the Ninth Five-Year Development Plan implemented for the period 2010-2014.
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Saudi construction sector to record 11pc growth
A rising population, plans to overcome the housing shortage, and efforts to develop the transport network and renewable energy infrastructure will set the Saudi Arabian construction industry on track to record a growth of 10.98 per cent CAGR compound annual growth rate until 2018, a report said.
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Saudi market forecast 2015: Construction
In terms of infrastructure, the Kingdom continues to assign billions of dollars towards development of transport and utilities networks, including new roads, railways, and sea ports, as well as for the rollout of infrastructure at new industrial cities such as Ras Al-Khair. Airport infrastructure works include expanding capacity in Riyadh's King Khaled International Airport, Jeddah's King Abdulaziz International Airport and the construction of a new airport in the holy city of Madinah.
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Gaza reconstruction facing obstacles despite aid
Winter is coming in Gaza, and the long nights and heavy rains will deepen the misery of thousands of families whose homes were destroyed in the fighting of summer. Newly homeless in a place already peopled with the descendants of refugees from the war that followed Israel's creation in 1948, their plight is desperate.
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Donors pledge $5.4bn for Gaza reconstruction
Global donors have pledged a sum of $5.4bn in aid to reconstruct the Gaza Strip amid warnings that the Palestinian territory remains a "tinderbox" following the summer war between Hamas and Israel. The pledged amount surpasses the $4bn which Palestinians had asked for during the conference to reconstruct the enclave, after the 50-day Israeli military campaign Operation Protective Edge in July and August. "The participants pledged approximately $5.4bn," Boerge Brende, Norwegian foreign minister, said during the closing statement at the Cairo conference which Norway co-hosted.
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Gaza Reconstruction Will Take 20 Years, Says Post-Conflict Housing Group
It will take 20 years for Gaza's housing to be rebuilt following the mass devastation caused by fighting between Hamas and Israel over the summer, according to a post-conflict housing reconstruction and assessment organization.
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