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Saudi Arabia’s National Transformation Program Released
Saudi Arabia has unveiled its long-awaited National Transformation Program (NTP), a 112-page document outlining Saudi Arabia’s strategic objectives in achieving its previously-announced “Vision 2030” initiative as well as identifying the challenges faced by government bodies in the economic and development sectors. “The National Transformation Program is one of the executive programs supporting Vision 2030. The program […]
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Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman to Visit Washington Mid-June
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman will visit Washington, D.C. and other cities in the U.S. in June, as the influential Saudi official plans to discuss both foreign policy and economics, according to sources cited by several news outlets. Because Prince Mohammed is both Minister of Defense and President of the key Council […]
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Uber Scores the Largest Single Investment Ever Made in a Private Company from Saudi Arabia’s Public Investment Fund; Snags $3.5b
In what is being called the largest single cash investment ever made into a private company, Saudi Arabia’s Public Investment Fund (PIF) has invested $3.5 billion for 5% of the on-demand car service Uber. The investment is the first of likely many more investments into technology as Saudi Arabia looks to act on its ‘Vision 2030’ […]
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Report: $7.9 Billion Bid for KAFD by Saudi Arabia’s Public Investment Fund
Saudi Arabia’s Public Investment Fund (PIF) is reported to be prepared to make an offer for the King Abdullah Financial District (KAFD), situated between downtown Riyadh and the city’s King Khalid International Airport. The offer, reported by Bloomberg citing unnamed sources, is 30 billion riyals ($7.9 billion) — the amount already spent on KAFD by the Saudi Public […]
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G.E. Jumps Into Saudi Economic Reforms with $1.4b in Deals, Doubled Workforce
General Electric (G.E.) has won a series of deals in Saudi Arabia worth $1.4 billion and said it would double its workforce in the Kingdom from 2,000 to 4,000 by 2020, according to reports. The deals amount to “support” for Saudi Arabia’s “Vision 2030” reform plan, according to Reuters, and were announced by the company’s […]
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How Riyadh’s King Abdullah Financial District’s Future Has Shifted
Riyadh’s unfinished King Abdullah Financial District (KAFD) located halfway between downtown Riyadh and King Fahd International Airport is headed for new ownership and a revised master plan. KAFD – the city within a city that was originally designed to be home to the Kingdom’s banks and international financial houses – will soon be owned by […]
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Graphic: Saudi Arabia Reshuffles Government Leaders, Modifies Ministries
Saudi Arabia’s King Salman issued a Royal Order on Saturday, May 7th, 2016 making changes to the government structure and key leaders. The Royal Order follows the recently released ‘Vision 2030’ economic and development plan to transform the Saudi economy and society into the 21st Century. The full text of the changes as issued by […]
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Mining in Focus for ‘Vision 2030’ as Ma’aden Appoints Health Minister Khalid al-Falih Chairman, Reshuffles Board
Saudi Arabia’s ‘Vision 2030’ plan to diversify its economy identifies the mining and minerals sector as one of the top non-oil growth sectors for the Kingdom. Days after the Vision 2030 plan was announced the Saudi Public Investment Fund (PIF) reshuffled the board of the Saudi Arabian Mining Company – known as Ma’aden – and […]
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Commentary: Saudi Arabia’s Vision 2030, Don’t Miss the Point
While Saudi Arabia’s Vision 2030 was formally endorsed by the Saudi Council of Ministers and published on April 25, 2016, anticipation about the plan had been building for months. McKinsey & Company’s 165-page Moving Saudi Arabia’s Economy Beyond Oil in December 2015 confirmed the depth of the analysis underway within the Saudi government while Deputy […]
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The 13 ‘Programs’ in Saudi Arabia’s Vision 2030
Saudi Arabia’s Vision 2030 document, released on Monday April 25th, provides an ambitious roadmap for significant changes to the Kingdom’s economy and society over the next 15 years. The document highlights three general themes: a “vibrant society“, a “thriving economy“, and an “ambitious nation,” under which the document makes commitments to achieve progress on both […]
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Judge dismisses lawsuit against Saudi Arabia over 2019 Navy station attack
A Florida judge has dismissed a lawsuit against Saudi Arabia over a 2019 mass shooting at the Pensacola Naval Air Station that killed three US service members and wounded several others.
U.S, District Judge M. Casey Rodgers ruled last month that Saudi Arabia is protected from the lawsuit under the Foreign Sovereign Immunities Act, which limits court actions against foreign governments. The plaintiffs, who are relatives of those killed and wounded, are planning an appeal.
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Saudi Arabia And EU Forge Energy Cooperation At World Economic Forum
During the World Economic Forum held in Riyadh, HRH the Minister of Energy of Saudi Arabia, Abdulaziz bin Salman Al Saud, engaged in bilateral discussions with European Commissioner for Energy, Kadri Simson. The focus of their meetings revolved around enhancing energy and clean technology cooperation to fortify bilateral relations and advance the objectives set forth by the Paris Agreement and the outcomes of the UAE Consensus reached at COP28 in Dubai the previous year.
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Uganda to get $295m loan from Saudi’s Islamic Development Bank
The money will finance construction of a bridge crossing the River Nile in northwest Uganda and roads totalling 105 kilometres, according to the ministry.
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Videos: Saudi Arabia hit by heavy rains, widespread flooding reported, more rains forecast in Medina
Heavy rains and thunderstorms have lashed Saudi Arabia over the past 24 hours, causing widespread flooding and significant damage.
Amidst the downpour, visitors at the Prophet’s Mosque in Medina were seen enjoying the rain and engaging in prayer, embracing this natural occurrence with a sense of reverence. -
Racing against time, US seen putting final touches on Saudi-Israeli normalisation deal
The United States is nearly ready with a security package to offer Saudi Arabia if it normalises relations with Israel, US Secretary of State Antony Blinken said Monday, as he worked on a strategic deal, including a Palestinian state, that could change the landscape in the Middle East. Blinken visited the kingdom on his seventh trip to the region since the October 7 Hamas attack on Israel, which has responded with a relentless offensive in Gaza that has drawn vehement criticism around the world.
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Blinken, Saudi crown prince discuss achieving peace, security in Gaza, US says
U.S. Secretary of State Antony Blinken met with Saudi Crown Prince Mohammed bin Salman on Monday in Riyadh, where they discussed the urgent need to reduce tensions in the region, the U.S. Department of State said in a statement.
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BlackRock signs agreement with PIF to accelerate growth of capital markets in Saudi Arabia by launching a Riyadh-based multi-asset investment management platform
BlackRock Saudi Arabia and PIF have expressed the intention to establish BlackRock Riyadh Investment Management (BRIM), which will encompass investment strategies across a range of asset classes, all of which are expected to be managed by a Riyadh-based portfolio management team and supported by BlackRock’s industry-leading global asset management platform.PIF is playing a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as driving global economies and shaping the future of industries. Locally since 2017, PIF has created 94 new companies and created over 644,000 direct and indirect jobs.
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Saudi banks’ aggregate profit down 7% to SAR 6.9B in March
Banks operating in Saudi Arabia reported a 6.7% decline in aggregate net profit before Zakat and tax to nearly SAR 6.93 billion in March, compared to SAR 7.4 billion a year earlier, monthly data issued by the Saudi Central Bank (SAMA) showed.
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US approves sale of blanket order training for Saudi Arabia’s Naval Forces: Pentagon
The US on Tuesday approved a blanket order of training for Saudi Arabia’s Naval Forces in a deal worth $250 million. The Pentagon says the training will enhance Riyadh’s ability to defend itself against regional malign actors and support US Navy efforts to enforce freedom of navigation.
The Pentagon said the Defense Security Cooperation Agency delivered the required certification, notifying Congress of this possible sale on Tuesday.
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Perspective: On the stalling of major projects in Saudi Arabia
In general, and despite the succession of these loans, it is certain that the Kingdom’s economy has not slipped into danger, as the Kingdom’s debts constitute only about 26.5 per cent of the GDP by the end of 2023 (compared to 65 per cent in Germany and 112 per cent in France). The Saudi budget still enjoys large areas of manoeuvrability by reducing expenditures, supported by increasing possibilities for at least stable, and perhaps increasing, oil prices in light of the increasing geopolitical risks around the world and the increase in demand for black crude. This, in short, means that the debt risks to the Kingdom are still within the calculated and safe range, but it remains very important to anticipate what is coming.
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