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  • SACM Career Fair and Graduation Ceremony Begins in Washington
     

    Saudi students from around the United States are descending on the U.S. capital for a graduation ceremony and career fair organized by the Saudi Arabian Cultural Mission (SACM) on May 26-27. SACM, in coordination with the Saudi Ministry of Higher Education, will host the SACM Career Fair and Graduation Ceremony this weekend at the Gaylord […]

     
  • Global Markets Drag on TASI
     

    The TASI has dipped over the past month, primarily due to global factors. First quarter results of listed companies point to ongoing strength in the domestic economy, with profits 14.9 percent higher than in the first quarter of 2011. Nonetheless, the TASI is down by 10 percent since the end of March, mirroring falls on […]

     
  • USTR: Saudi Continues to Protect Intellectual Property Rights
     

    The Office of the U.S. Trade Representative on Monday released the 2012 Special 301 Report reviewing the intellectual property protection policies of foreign nations.  Saudi Arabia is not named on the “Watch List” again this year and has not been since a successful Out-of-Cycle Review in 2009 to resolve IP issues in cooperation with the […]

     
  • How Gulf Countries Are Splurging at Home
     

    Asa Fitch, writing in the Wall Street Journal, details the extent to which oil dollars are fueling economic growth “at home” for GCC countries: Booming oil prices are flooding Arab countries with money, but where the lion’s share of that wealth would once have been pumped into the world’s financial markets, much of it is […]

     
  • Island in the Gulf – A Film of Juraid Island
     

    One of the great joys of living in Saudi Arabia has always been the natural environment itself – the dunes, the jebals and especially the Gulf with its beaches, reefs and islands. For those lucky enough to visit Juraid Island, fifteen miles offshore from Jubail, the experience has always been unforgettable. A pristine island shaped […]

     
  • Foreign Military Sales Keep Production Lines Hot
     

    “Partnership building is part of one of the largest benefits that we see,” Hunt said. “It’s building and maintaining friendships, it’s about building allies. United States Central Command, or CENTCOM, is obviously a very busy place for the United States now. The more that we can help those countries not only defend, but operate amongst […]

     
  • SEC unveils SR452b projects
     

    The Saudi Electricity Company (SEC) has allocated SR452 billion to implement energy projects until the year 2021 according to SEC Chairman of the Board of Directors Dr. Saleh Bin Hussein Al-Awaji. These projects will provide services consistent with international standards, including building up an adequate power at a peak time about 10 percent of combined capacity. The […]

     
  • US and Saudi team up for renewable energy projects
     

    The United States and Saudi Arabia are prepared to sign a number of deals related to the establishment of investment and service projects depending on renewable energy resources, Arab News reported. US Assistant Secretary of Commerce for Manufacturing and Services, Nicole Lamb, said the US would support the Kingdom on its drive to develop clean […]

     
  • The arms spending map of the world
     

    How much do countries spend on their militaries? This data from the Stockholm International Peace research Institute shows the world in arms spending – both in dollars over time and as a percentage of GDP.

     
  • Major Banks Expanding in Saudi Arabia
     

    “We’d be crazy to limit ourselves to a handful of bankers when we can see oil prices are going to sustain the Saudi economy for the foreseeable future,” Rory Gilbert, the head of Middle East and North Africa at London-based Barclays’s wealth management unit, said in an interview this week in Dubai. “In four or […]

     

MUST-READS

  • Beyond the bottom line: How PIF is finding value in operational efficiency

    “If you go back 20-plus years in the private equity arena, value is mainly driven by financial leverage. I buy it at a multiple of X and sell it at a multiple of Y,” says Raid Ismail, Head of Direct Investments for the Middle East and North Africa at PIF. “Fast forward to where we are today, and value creation is driven by operational enhancements – improving systems and processes and culture.”

  • Biden welcomes deal to free hostages from Hamas

    Biden thanked Qatari Sheikh Tamim bin Hamad Al-Thani and Egyptian President Abdel-Fattah El-Sisi “for their critical leadership and partnership in reaching this deal,” as well as Israeli Prime Minister Benjamin Netanyahu and the Israeli government “for supporting an extended pause to ensure this deal can be fully carried out and to ensure the provision of additional humanitarian assistance to alleviate the suffering of innocent Palestinian families in Gaza.”

  • Israel, Hamas agree four-day truce, 50 hostages to go free

     Israel and Hamas agreed on Wednesday to a ceasefire in Gaza for at least four days, to let in aid and release at least 50 hostages captured by militants in exchange for at least 150 Palestinians jailed in Israel.

    The first truce in a brutal near seven-week-old war, reached after mediation by Qatar, was hailed around the world as a sign of progress that could ease the suffering of Gaza's civilians and bring more Israeli hostages home. Israel said the ceasefire could be extended further, as long as more hostages were freed.

  • The secret negotiations that led to the Gaza hostages deal

     Shortly after Hamas militants took hostages during their deadly assault on southern Israel on Oct. 7, the government of Qatar contacted the White House with a request: Form a small team of advisers to help work to get the captives freed.

    That work, begun in the days after the hostages were taken, finally bore fruit with the announcement of a prisoner swap deal mediated by Qatar and Egypt and agreed by Israel, Hamas and the United States.

  • ‘We’re staying away from Gaza’: Palpable silence at the Dubai Air Show

    Two major Israeli companies—Israel Aerospace Industries and Rafael Advanced Defense Systems—left their booths empty on the first day of the show. On the second day, a few representatives manned IAI’s booth, but they wouldn’t comment on the extent of the company’s presence at the show. There is “sensitivity” surrounding the conflict, said Eric Fanning, CEO of the Aerospace Industries Association, which convenes industry and government officials at international trade shows.

  • Despite public outrage, Iran moves to raise retirement age

    The Iranian parliament has voted to increase the retirement age. The move has been strongly criticized by both the media and the public. Lawmakers insist that details of the plan have been misrepresented. Meanwhile, the labor minister has argued that the measure will help “stabilize” the crisis-hit retirement funds in the country. Though passed by the parliament, the plan needs to be vetted by the Guardian Council before becoming law.

  • SAMI exec on Saudi Arabian localization push, Turkish deal prospects and future plans

    A top executive for Saudi Arabia’s state-owned defense conglomerate told Breaking Defense that the kingdom has managed to localize about 15 percent of its defense production so far, in what he says will be a springboard for hitting the nation’s goal of 50 percent localization by 2030. For instance, Walid Abukhaled, CEO of Saudi Arabia Military Industries (SAMI), pointed to a recent deal with Turkey’s Baykar Technology to first directly purchase the company’s Bayraktar Akinci drones, but then domestically produce them in the kingdom beginning in 2026. Abukhaled sat down with Breaking Defense during the Dubai Airshow to discuss SAMI’s wider localization efforts, prospective cooperation agreements, and the organization’s plans for the upcoming second edition of World Defense Show that will take place in Saudi Arabia in February 2024.

  • Saudi Crown Prince calls on all countries to stop arms exports to Israel

    Saudi Arabia’s Crown Prince Mohammed bin Salman urged all nations during an extraordinary BRICS summit on Tuesday to cease weapon exports to Israel.

    South Africa is hosting a virtual meeting of BRICS -- a group of major emerging economies that includes Brazil, Russia, India, China and South Africa -- aimed at drawing up a common response to the Israel-Hamas conflict.

  • Saudi Arabia begins ‘significant’ income tax reform: Everything you need to know

    Saudi Arabia is proposing major reforms to its income tax laws through amendments to the ‘Income Tax Law’. Late last month, the kingdom’s Zakat, Tax and Customs Authority (ZATCA) released draft laws seeking public input on changes that aim to overhaul the tax code in line with its Vision 2030 economic agenda. “The proposed law represents a significant reform, aiming to modernise the tax system in line with global best practices,” Jean Abboud, Partner and Head of KSA at BSA Legal, told Arabian Business.

  • Hamas chief says truce deal with Israel is ‘close’

    The chief of Hamas said on Tuesday that the Palestinian militant group was near a truce agreement with Israel, even as the deadly assault on Gaza continued and rockets were being fired into Israel.

    Hamas officials were "close to reaching a truce agreement" with Israel and the group has delivered its response to Qatari mediators, Ismail Haniyeh said in a statement sent to Reuters by his aide.

    A source briefed on the negotiations told Reuters the agreement was in its "final stages" and "closer than it has ever been".