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The 966 – Episode 6: A Multi-Billion Dollar EV Investment in Saudi Arabia, Power Demand in the Kingdom, and Economic Free Zones?
In episode 6 this week, the hosts discuss an Australian company that is making a big bet on electric vehicles in Saudi Arabia with a massive mining investment, the use of power in Saudi Arabia flattens out, and the Kingdom explores the possibility of economic free zones to attract foreign investment in Saudi.
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Introducing The 966 – A New Show from the SUSTG Team Discussing All Things Saudi Arabia
The SUSTG Team launched a new podcast and show, The 966, and will be publishing weekly updates and exclusive interviews and conversations with Saudi business leaders, officials, newsmakers and others. Episodes are available on the show’s website, 966.transistor.fm, and on Apple Podcasts, Spotify, YouTube, and several other platforms.
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U.S. National Security Adviser Jake Sullivan Visits Saudi Arabia, Meets with Crown Prince Mohammed bin Salman
President Joe Biden’s national security adviser, Jake Sullivan, visited Saudi Arabia on Monday and met with Crown Prince Mohammed bin Salman, according to reports.
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Saudi Arabia’s ACWA Power International, Key in Kingdom’s Renewable Plans, Set to IPO
Saudi Arabia’s ACWA Power International, described as one of Saudi Arabia’s main vehicles for building renewable energy projects, is set to raise up to 4.55 billion riyals ($1.21 billion) in its initial public offering, Bloomberg reports.
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Saudi Arabia Emphasizes ‘A New National Mind-Set’ for $1 Trillion in Mining Opportunities
Saudi Arabia is re-energizing its efforts to attract foreign investment into local mining and minerals opportunities, with the Kingdom’s Vice-Minister of Mining Affairs declaring that Saudi has a “a new national mind-set” on the sector.
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Saudi Arabia’s Technology Ministry Announces ‘LaunchKSA’ to Power Digital Innovation with $1 Billion Backing
Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) announced the launch of LaunchKSA, which promises to enhance innovation, augment digital know-how, support youth, and transform Saudi Arabia into the region’s largest digital economy.
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Saudi Arabia’s June Non-Oil Exports Rise by 41%; Oil Exports Rise 123% to Over $16 billion
The value of Saudi Arabia’s non-oil exports, a key indicator for the Kingdom’s ongoing effort to diversify its economy, soared 41% in the month of June, according to reports citing official data released by the government on Tuesday.
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IATA Lauds Saudi Embrace of Travel Pass for Covid Vaccination Clearance
The International Air Transport Association (IATA) said in a press release that it welcomed the decision of the General Authority of Civil Aviation (GACA) of the Kingdom of Saudi Arabia to accept IATA Travel Pass to confirm pre-departure COVID-19 test results for departing and arriving passengers starting 30th of September 2021.
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Saudi Issues Record Number of Foreign Investor Licenses in a Single Quarter, MISA Says
Saudi Arabia’s Ministry of Investment (MISA) reported issuing 478 new licenses in the first quarter of 2021, “the most number in a single quarter since records began in 2005” and a 36% increase from the same quarter last year, according to reports.
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Daily New COVID-19 Cases in Saudi Arabia Fall Below 1,000 for First Time in Two Months
Daily new COVID-19 cases in Saudi Arabia fell below the 1,000-mark on Thursday for the first time since June 6, according to official figures, with 986 individuals infected over the past 24 hours.
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Saudi Arabia airline Flynas confirms plans to launch IPO this year
Saudi Arabia's low-cost airline Flynas on Tuesday confirmed plans to list its shares on the Tadawul stock exchange this year, amid the kingdom's ambitions to grow its aviation sector and a boom in initial public offerings in the country.
Flynas, which is backed by billionaire businessman Prince Alwaleed bin Talal, recorded a 32 per cent annual increase in revenue to reach 6.3 billion Saudi riyals ($1.68 billion) in 2023, its chief executive Bander Al Mohanna told the Airline Economics conference in Riyadh.
The carrier revealed its financial results for the first time ahead of the anticipated IPO.
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Saudi Arabia braced for heavy rainfall, Civil Defense issues warning
Saudi Arabia is set to receive more rainfall toward the weekend, with Riyadh and its outskirts likely to witness heavy rains from Friday to next Tuesday. In addition, the National Center for Meteorology said on Tuesday: “May forecasts indicate a chance of higher than average rainfall.” More rain is forecast this week in Makkah, Jazan, Aseer, Al-Baha, the Eastern Province, and regions in Riyadh, the NCM added.
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Blinken planning to visit Saudi Arabia this weekend
Blinken is expected to participate at a special meeting of the World Economic Forum that will take place in Riyadh on April 28-29, the sources said. U.S. officials say Blinken is also considering traveling to Israel as part of this trip and meeting with Prime Minister Benjamin Netanyahu and other senior officials.
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Saudi Arabia’s cinema revenue soars to over $986 million in just six years
Saudi Arabia’s cinema industry has generated revenue of SAR3.7 billion ($986.42 million) just six years after the opening of its first cinemas. According to government data from the General Authority of Media Regulation, the industry sold from April 2018 to March of the current year, over 61 million tickets, screening a total of 1,971 films, including 45 local productions. This growth highlights the rapid adoption of cultural activities in Saudi Arabia, aligning with the goals of Vision 2030 to diversify the economy and improve the quality of life.
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Saudi ministry shuts 67 erring hospitality facilities in 3 months
The Ministry of Tourism has shut down as many as 67 tourism hospitality facilities, including hotels and residential apartments, across the Kingdom during the first three months of 2024. The punitive measures were taken after detection of various violations during inspection tours carried out by the ministry officials, the Saudi Press Agency reported.
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Inside the White House’s Scramble to Avert a Bigger Middle East War
Over the course of 19 days, U.S. officials raced to contain escalating tensions between Israel and Iran amid a series of attacks. WSJ’s Michael R. Gordon on what was going on behind the scenes as the White House worked to prevent a bigger conflict.
- Saudi Arabia’s King Salman in hospital for routine check up – TV
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Israel’s Iran attack carefully calibrated after internal splits, US pressure
Israel's apparent strike on Iran after days of vacillation was small and appeared calibrated to dial back risks of a major war, even if the sheer fact it happened at all shattered a taboo of direct attacks that Tehran broke days earlier.Prime Minister Benjamin Netanyahu's war cabinet had initially approved plans for a strike on Monday night inside Iranian territory to respond forcefully to last Saturday's missile and drones from Iran, but held back at the last-minute, three sources with knowledge of the situation said.
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Perspective: Newcomers Bring New Rules
The world’s challenges are increasingly complex. Borders could not stop the spread of the Covid-19 pandemic, but Russia’s 2022 invasion of Ukraine demonstrated that the kinds of national wars that characterized the 20th century were still relevant. Ideology has faded, and the states of the Global South have grown larger and wealthier. They now expect a larger share of the global pie. While cooperation has become more necessary, the world has entered an era of increased national contestation.
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Saudi Aramco in talks to buy 10% of China’s Hengli Petrochemical
Saudi oil giant Aramco said on Monday it is in talks to acquire a 10% stake in China's Hengli Petrochemical (600346.SS), opens new tab, a deal which would further bolster Aramco's growing downstream presence in China.Aramco (2222.SE), opens new tab is in talks with parent Hengli Group Co and signed a memorandum of understanding over the proposed transaction, which is subject to due diligence and regulatory approvals, Aramco said in a statement.
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