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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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Saudi FM: Israel’s war on Gaza has weakened credibility of international bodies
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan said that the Israeli occupation forces’ ongoing aggression and violation of all international laws and norms in the Gaza Strip has exacerbated the scale of the humanitarian catastrophe and weakened the credibility of the rules of the international law and its institutions.
He made the remarks while chairing the meeting of the Arab foreign ministers, preparatory for the 33rd Summit of the Arab League, which will be held in Manama, Bahrain on Thursday. -
Bahrain signals willingness to join Arab multinational force in Gaza, US official says
Bahrain has signalled its willingness to be a member of an Arab multinational force that would administer security in Gaza once Israel ends its war on the embattled enclave, a US official familiar with the Biden administration's plans for the region has told Middle East Eye. US officials have made several overtures in recent weeks to see if Bahrain would be a member of the force that will fill the security vacuum in Gaza until a Palestinian governing authority can be formed, the US official said on condition of anonymity as he was not authorised to speak to the media. Manama has said it wants to take a bigger role in post-war Gaza's governance, pointing to its position as the fourth country to normalise ties with Israel in 2020 as part of the Abraham Accords agreements, the official said.
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Nadhmi Al-Nasr: 140,000 workers involved in NEOM projects around the clock
NEOM CEO Nadhmi Al-Nasr said that about 140,000 workers are involved in implementing various projects on the NEOM giga city site around the clock.
Addressing the GREAT FUTURES initiative conference at King Abdullah Financial District in Riyadh on Tuesday, Al-Nasr expected that the number of project workers would rise to 200,000 by 2025. “We have about 5,000 full-time employees from more than 100 countries,” the NEOM chief said. -
Saudi Arabia approves new tax scheme at arrivals duty-free stores
In big breaking news for the fast-growing Saudi travel retail industry, the Zakat, Tax and Customs Authority (ZATCA) has approved a tax scheme that allows travellers to be exempted from customs duties and taxes when purchasing at duty-free arrivals stores at all land, sea and air customs points in the Kingdom.
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Saudi Arabia issues royal decrees
Saudi Arabia issued various royal decrees on Wednesday. They are as follows: Prince Abdulaziz bin Mohammed bin Abdulaziz bin Ayyaf Al-Muqrin was appointed special adviser to King Salman at the rank of minister. He is also responsible for carrying out the work of deputy minister of the National Guard. Abdul Mohsen bin Abdulaziz Al-Tuwaijri was relieved of his position as deputy minister of the National Guard and appointed as an adviser to the Royal Court at the rank of minister.
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Saudi’s new mining vehicle picks industry veteran as first CEO
Saudi Arabia’s Manara Minerals Investment Co. hired veteran dealmaker Pierre Chenard to be its first permanent chief executive officer, as the mining investment firm searches for more assets.
Manara, backed by the Saudi sovereign wealth fund, is spearheading the kingdom’s ambitious plan to become a major player in metals and mining. The vehicle has been tasked with snapping up stakes in mines overseas and funneling the raw materials back to Saudi Arabia for processing. -
How Do You Solve a Problem Like the Houthis?
The last seven months have made two things clear. First, the Houthi threat to commercial shipping and freedom of navigation is not going to disappear. This will remain true whether there is a cease-fire in Gaza or not – the genie is out of the bottle, and it will be very hard to contain it. Second, the United States does not have a good toolbox to counter the Houthi threat. As Haines told Congress, U.S. actions have “been insufficient to really stop the Houthis from going down this road.” All of this raises the key question: How can the United States deal with a long-term and enduring challenge like Houthi attacks on commercial shipping?
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How new Saudi Pro League rules could have huge Liverpool transfer implications
The quota for foreign players joining Saudi clubs has been extended from eight to 10 for next season, giving them more freedom to target big names. They could be helped further by plans to attract sponsorship from private businesses for teams not backed by the country’s Public Investment Fund (PIF).
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US Senator Graham says Saudi Crown Prince has clear vision that will change Mideast
Saudi Arabia’s Crown Prince Mohammed bin Salman has a clear vision that will change the face of the Middle East and help achieve peace in the region, US Republican Senator Lindsey Graham told Al Arabiya in an exclusive interview.
Noting that he traveled to the Kingdom and Israel four times since Oct 7, Graham said the purpose of his visits was not only “to find a way to end the war, but [also] create peace.”
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Saudi Wealth Fund Slashes Reported Holdings of US Equities
Saudi Arabia’s sovereign wealth fund slashed the number of US stocks it reported owning at the end of the first quarter, roughly halving its direct holdings in those equities.
The Riyadh-based Public Investment Fund held US-traded stocks with a market value of about $18 billion as of March 31, down from $35 billion at year-end, according to an analysis of a Form 13F filed Wednesday with the US Securities and Exchange Commission.
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