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Saudi Film Commission Reports Impressive 2023 Growth Statistics
Published in Screen Daily, the Saudi Film Commission reported on topline 2023 metrics for Saudi Arabia’s growing film industry. With more than 50% of the Saudi population under 25, there is a significant appetite for cinema, particularly for US action films, Egyptian comedies, and Saudi narratives.
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FIFA Series 2024 Friendly Matches Kick Off in Jeddah
The FIFA Series: Saudi Arabia A will be held in Jeddah, Saudi Arabia from March 21–26, 2024. The event will feature two groups, including Cambodia, Equatorial Guinea, Guyana, and Cape Verde. The series is designed to help national teams that do not often play teams from other confederations, and FIFA will cover the teams’ travel costs. There will be […]
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NYT Reports on Proposed $40B Saudi AI Investment
The New York Times’ Maureen Farrell and Rob Copeland report that Saudi Arabia is working with Wall Street banks to establish a $40 billion AI-focused investment fund.
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U. S. Secretary of State Antony Blinken to Visit Middle East this week Seeking Ceasefire Agreement
U.S. State Department spokesman Matthew Miller said, “The Secretary will discuss efforts to reach an immediate ceasefire agreement that secures the release of all remaining hostages, intensified international efforts to increase humanitarian assistance to Gaza, and coordination on post-conflict planning for Gaza, including ensuring Hamas can no longer govern or repeat the attacks of October 7.”
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OPEC and IEA Agree on Something
The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), two of the leading global energy forecasters, have long disagreed on demand growth. They agree on this however.
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Saudi Non-Oil Activity reaches 50% of GDP as Economy Continues to Diversify
Non-oil economic activity in Saudi Arabia contributed 50 percent to the Kingdom’s gross domestic product in 2023, the highest level ever, the Ministry of Economy and Planning said on Thursday. The total non-oil economy was worth $453 billion at constant prices, driven by continued growth in investment, consumption and exports.
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Already a Riyadh Centerpiece, KAFD CEO Gautam Sashittal Discusses Future Plans
Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Company (KAFD DMC), sits with Imogene Lillywhite of Zawya for an extensive interview outlining what is next for the exciting city hub.
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Al-Hilal’s Streak and Saudi Professional League Spending
Saudi Pro League league standings leader, Al-Hilal, just notched it’s 28th straight win to break the world record for most consecutive wins by a top-flight team.
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Saudi Arabia was The Second-Largest Arms Importer in the World from 2019 to 2023 — SIPRI DATA
Saudi Arabia was the second-largest arms importer in the world from 2019 to 2023, accounting for 8.4% of all imports, according to recent data from the Stockholm International Peace Research Institute’s (SIPRI).
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Gidori, a New Private Golf-Focused Community and Destination at NEOM, Announced with A Focus on Lush Landscaping
The Board of Directors of NEOM has announced Gidori – an exclusive private golf community set amidst the breathtaking coastal hills of the Gulf of Aqaba – as the latest addition to NEOM, the evolving regional development in northwest Saudi Arabia, according to a press release.
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MUST-READS
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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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Saudi Aramco CEO says 80% of oil demand to come from Global South by 2050
"They [Global North] are putting a lot of funds to create the transition," Nasser said in a special meeting of the World Economic Forum in the Saudi capital Riyadh. "It doesn't work where the demand is today. Fifty to 60% of the demand is in the Global South. By 2050, 80% of the hydrocarbon demand is going to be in the Global South. So, we need to take that into consideration if we are worried about emissions. We need to focus on a mission rather than picking winners or losers."
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BlackRock to launch PIF-backed Saudi investment platform
The world's largest asset manager BlackRock (BLK.N), opens new tab said on Tuesday it plans to launch a new investment platform in Saudi Arabia, backed by up to $5 billion from Saudi sovereign wealth fund the Public Investment Fund (PIF).BlackRock and PIF said they had signed a memorandum of understanding under which BlackRock would establish a Riyadh-based multi-asset investment platform, anchored by PIF's initial cash injection, subject to certain agreed milestones being hit.
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