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Saudi Private Sector Grows At 5.2% Off The Back Of Increased Private Consumption
According to preliminary estimates, the real GDP of Saudi Arabia recorded a 5.2% growth in the output of its private sector in Q4 2019, which pushed non-oil sector growth to 3.8% compared to Q4 2018. The overall GDP contracted by 0.3% as the oil sector contracted by 5.8%. The GDP stood at $182 billion for Q4.
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Saudi Arabia’s digital transformation program makes bureaucratic procedures faster, more efficient: Report
Part of the report focused on the smart government sector. More than 26 million operations were carried out on the “Absher” platform in 2019, with an estimated value of SR15 billion. Over 44 million other operations were carried out through the “Unified National Access” service.
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Saudi Aramco Supports Health Endowment Fund with $53 Million
Saudi Aramco and its subsidiaries announced the support of the Health Endowment Fund in the Ministry of Health with 200 million riyals ($53 million). The oil giant said the support comes in line with the efforts of the government of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, to combat the outbreak of the novel coronavirus, and in support of the ministry’s initiatives to face this global crisis.
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Saudi Arabia restricts driver jobs at ride-hailing apps to Saudis only
The Saudi Ministry of Human Resources and Social Development announced on Wednesday that it will restrict jobs for transporting passengers through ride-hailing apps to Saudis only.
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IOC declares force majeure on oil purchases from Saudi, UAE, Iraq, Kuwait
India's top oil firm IOC has declared force majeure on crude purchases from four of its biggest suppliers - Saudi Arabia, Iraq, UAE and Kuwait - as refinery run rates have been cut down in view of plummeting fuel demand following a nationwide lockdown. Sources said IOC has asked the four suppliers to defer some of the volumes they were to deliver in April.
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Commentary: Saudi Arabia’s big oil gamble will hurt the kingdom — but it’ll likely pay off
Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi Arabia and others turn on the taps following the expiration of the OPEC+ output cut deal on April 1 that had reined in production to boost the market.
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Shipping U.S. Oil to China Costs Half as Much as the Cargo
The cost of hauling oil from the U.S. to China has skyrocketed to nearly $10 a barrel -- almost half of what the American benchmark crude is currently valued at -- as the price war spurs a rush for ships.
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Saudi Arabia Deploys Clerics to Help Fight Spread of Virus
On a show that dispenses religious edicts on state-run Saudi television, Sheikh Abdullah al-Mutlaq told a woman she had every right to kick her husband out of bed if he doesn’t comply with social-distancing rules to tackle coronavirus. Another woman wanted to know if she could cede her conjugal rights to her husband’s second wife if she’s concerned about being infected. She could, said the cleric, who is a royal court adviser, with a smile.
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Oil rallies as Trump talks up truce hopes for Saudi-Russia price war
Trump also said he has invited U.S. oil executives to the White House to discuss ways to help the industry “ravaged” by slumping energy demand during the coronavirus outbreak and a price war between Saudi Arabia and Russia.
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As coronavirus spreads, U.N. seeks Yemen urgent peace talks resumption
The United Nations and Western allies are pointing to the threat of coronavirus to push Yemen’s combatants to agree to fresh talks to end a war that has left millions vulnerable to disease, the U.N. and sources familiar with the matter said on Thursday.
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