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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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Ramadan Fasting Projected to Begin March 11, Muslims Worldwide Prepare
Based on the Islamic lunar calendar, the dates for Ramadan move through the year which can result in significantly different daily fasting periods depending on where you live. Since there are 12 lunar months superimposed over 12 solar months, Ramadan “moves back” about 11 days per solar year.
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Saudi Arabia Transfers 8% of Aramco to Kingdom’s Public Investment Fund
Saudi Arabia has moved a roughly $160 billion stake in its state oil giant Aramco into its main sovereign wealth fund, the Public Investment Fund, according to a report in the Wall Street Journal.
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New Imagery Released of F1 Circuit at Forthcoming Entertainment City Qiddiya
Saudi Arabia has released computer-generated images of its planned new racing circuit in the forthcoming mega entertainment project Qiddiya, which will feature a 20-story-high elevated first corner and a swimming pool overlooking a section of track, according to reports.
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Saudi PIF, Bahraini Counterpart Mumtalakat Sign Agreement to Boost Cooperation and Investment
Saudi Arabia’s Public Investment Fund (PIF) and its Bahrani counterpart, Mumtalakat, have signed a memorandum of understanding (MoU) to expand cooperation and enable new and promising investment opportunities in Bahrain.
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Education minister: 3-semester system is under study
Saudi Minister of Education Yousef Al-Benyan said that the three-semester system is under the ministry’s evaluation and study and the results of the study will be announced upon its completion. “This is a very important matter at the level of the minister and the ministry, as well as at the government level,” he said. 0 seconds of 0 secondsVolume 0% Loading ad Al-Benyan said this while replying to a question from Dr. Aisha Zakri, head of the Education and Scientific Research Committee, at the Shoura Council session, chaired by Speaker Sheikh Abdullah Al-Sheikh in Riyadh on Wednesday. “The Ministry of Education is working to evaluate the three-semester experience according to scientific and educational foundations in partnership with teachers, parents, and relevant authorities, and the ministry will announce the result of this study after its completion,” he said.
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Saudi Banks Profit from Rising Lending, Deposit Volumes
Financial analysts connect the 8.2% increase in net profits for Saudi banks in the first quarter of 2024 to strong lending, higher demand for loans, and increased deposits. They point out that rising interest rates in recent years have boosted bank profits, especially from long-term loans with fluctuating interest rates. By the end of the first quarter of 2024, the top 10 Saudi banks listed on the Saudi stock market (Tadawul) saw their combined net profits rise by 8.2 percent, reaching about 18.65 billion Saudi riyals ($5 billion).
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Saudi Banks Profit from Rising Lending, Deposit Volumes
Financial analysts connect the 8.2% increase in net profits for Saudi banks in the first quarter of 2024 to strong lending, higher demand for loans, and increased deposits. They point out that rising interest rates in recent years have boosted bank profits, especially from long-term loans with fluctuating interest rates. By the end of the first quarter of 2024, the top 10 Saudi banks listed on the Saudi stock market (Tadawul) saw their combined net profits rise by 8.2 percent, reaching about 18.65 billion Saudi riyals ($5 billion).
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Saudi Arabia Stock Exchange (Tadawul) CEO Sees Further Blitz of IPOs
Saudi Arabia has more than ten companies waiting to pursue initial public offerings on its stock exchange, while upwards of 50 firms have applied for listings, in a sign that the frenzy of IPO activity in the kingdom is set to continue. “We have more than ten IPOs approved but waiting for book building and dealing with the asset managers to determine listing and offering dates,” Mohammed Al-Rumaih, chief executive officer of Tadawul stock exchange, said in an interview.
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Hong Kong and Saudi Arabia explore funds to track Hong Kong stock indices
Hong Kong and Saudi Arabia are exploring the creation of an exchange-traded fund (ETF) tracking Hong Kong indices, Hong Kong Deputy Financial Secretary Michael Wong said in a statement on Thursday. The Hong Kong government is currently working with several financial institutions to develop the ETF, Wong said. The statement was released on the sidelines of an event jointly held by the Saudi Tadawul Group, the owner of the Saudi Exchange, and Hong Kong Exchanges and Clearing Ltd (HKEX).
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Saudi Arabia’s $100bn tech investment shows global leadership on AI, says Microsoft executive
Saudi Arabia’s plan to invest $100 billion in technology is propelling the Kingdom to the forefront of innovation and talent development worldwide, said a senior Microsoft Arabia executive. In February, the Kingdom launched Alat, a technology and artificial intelligence firm backed by the Public Investment Fund, with the aim of pouring funds into Saudi Arabia’s technological sector.
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Saudi Arabia broadens e-visa eligibility to include visitors from three new countries
Saudi Arabia’s Ministry of Tourism announced on Wednesday it has expanded its e-visa ambit to include nationals from three new countries, as the Kingdom moves forward with its efforts to boost its tourism sector. Nationals of Barbados, Commonwealth of Bahamas, and Grenada can now apply for a visitor visa electronically or upon arrival at one of the Kingdom’s ports, the ministry said in a post on X.
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Saudi Arabia leads Q1 IPO activity in MENA: EY report
Saudi Arabia emerged as a dominant force in initial public offering activity for the region in the first quarter of 2024, according to multinational professional services EY. With nine IPOs launched during this period, the Kingdom, along with the UAE, contributed to a total of 10 listings, generating combined proceeds of $1.2 billion, as detailed in the MENA IPO Eye Q1 2024 report.
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Saudi Arabia records 16% surge in credit card loans in Q1 2024
Saudi Arabia recorded a 16 percent annual surge in credit card loans in the first quarter of 2024 to reach SR27.25 billion ($7.3 billion), the latest central bank data showed. The Saudi Central Bank, also known as SAMA, figures indicate a shift in consumer behaviors about cashless payment options and show that the Kingdom is on track to become a cashless society. Advertisement In an April report by GlobalData, Ravi Sharma, a banking and payments analyst, emphasized the transition from cash to electronic payments, noting: “While cash has traditionally been a preferred method of payment in Saudi Arabia, its usage is on the decline in line with the rising consumer preference for electronic payments.”
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Saudi Industrial Production Index drops 8.7% in March
Saudi Arabia’s Industrial Production Index (IPI) declined by 8.7% year-on-year (YoY) in March. Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 104.48 points in March 2024, according to the base year 2021, compared to 114.47 points in March 2023. The index was directly affected by the decline in the mining and quarrying activity, which accounts for 61.4% of the index, the authority said. The IPI measures the relative change and reflects the production quantities of materials and goods, which have been converted from raw materials to consumables in their final form as goods, for the purpose of achieving a return.
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