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Science Museum Group to create ‘museum hub’ in Saudi Arabia
The Science Museum Group is to create a Museums Hub in Saudi Arabia which it says will become a “center of excellence for science and culture and support the wider museum sector”. The new hub, to be located in Riyadh, hoped to enable the Science Museum Group to work with museum professionals, researchers and educators […]
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Saudi Family Office Mithaq Capital Buys Majority Stake in Struggling Retailer Children’s Place
Saudi Arabia’s Mithaq Capital, a family office owned by the Al Rahji Family, snapped up shares in struggling children’s retailer The Children’s Place to take a majority stake in the company, Semafor reports.
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House Prices in Riyadh Continue Climb into Record Territory — Knight Frank Report
Global real estate consultancy Knight Frank released today its Winter 2023/24 Saudi Arabia Residential Market Review, available now on the company’s website.
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A Look at Saudi Arabia’s Latest Tourism Figures
Tourism minister Ahmed bin Aqeel Al Khateeb recently revealed Saudi Arabia’s latest tourism figures — key numbers for the Kingdom as it looks to diversify its economy in part by attracting visitors to the Kingdom.
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Discussing Saudi Arabia’s growth and construction projects with Waleed Abdel-Fattah, President of the MENA Region at Hill International
Waleed Abdel-Fattah, President of the MENA Region at Hill International, joins The 966 to talk about Saudi Arabia’s building boom and Hill’s traction in KSA since entering the market to help build out what is now known as KAFD. Hill has 100 offices across 42 countries, and its main geographical areas are the US, Europe […]
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Saudi Arabia Leads Arab Push for Palestinian State as Anger over Israel’s Brutality Mounts in East and West
Saudi Arabia is pushing for Arab states to take “a common position on how to end Israel’s war on Hamas as fears grow over its attacks on the refugee haven of Rafah — while increasing calls for an independent Palestinian state,” Bloomberg reports.
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Local content rate seen at 43% in Saudi Arabia with a 20% jump in spending – PIF
The growth rate of local content in Saudi Arabia has now reached 43 percent, a top PIF official noted at the Private Sector Forum in Riyadh yesterday, noting that overall spending on content has increased by 20 percent.
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2nd PIF Private Sector Forum Concludes; Expands Private Sector Interaction with PIF Portfolio Companies
Saudi Arabia concluded its second edition of the “PIF Private Sector Forum” in Riyadh, an event that brought together stakeholders from the PIF and its portfolio companies to engage directly with private sector companies at the King Abdulaziz International Convention Center in Riyadh.
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Fitch Affirms Saudi Arabia at ‘A+’ with Outlook Stable
Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook, the ratings agency said. “Saudi Arabia’s ratings reflect its strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers […]
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The Public Investment Fund’s Head of National Development, Jerry Todd, talks PIF investment strategy, localization and more…
Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement. Jerry Todd, who is also on the PIF’s Management […]
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Saudi Arabia announces stringent penalties for unauthorised Hajj pilgrims
Saudi Arabia has announced stringent penalties against individuals attempting to perform the annual Islamic Hajj pilgrimage without an official permit. The Ministry of Interior said that enforcement would begin next month, targeting those violating Hajj rules in Mecca, the Central Area, and sacred places from June 2 to June 20.
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When is Eid al-Adha? And when will Hajj 2024 begin? All you need to know
The Muslim world is gearing to celebrate Eid al-Adha this year on or around Sunday June 16, according to various astronomical calculations. The date, however, can change depending on the beginning of the Dhu al-Hijjah month. It is expected that Saudi Arabia will call on Muslims in the Kingdom to sight the crescent moon on June 6.
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Expat remittances surge in Saudi Arabia, hit two-year high
Monthly remittances of expatriates in Saudi Arabia reached SR11.9 billion in March, marking their highest in nearly two years, according to official figures. The remittances in March increased by 4 per cent against the same month last year, figures from the Saudi Central Bank showed.
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Saudi Arabia AI development head reveals they will divest from China if US steps up and asks them to
Amit Midha, CEO of Alat, Saudi Arabia’s new investment fund for semiconductor and artificial intelligence technology, stated that the country would divest from China if requested by the US. Alat is an investment firm backed by $100 billion in capital from the Public Investment Fund. Midha emphasized that while current requests focus on maintaining separate manufacturing and supply chains, Saudi Arabia would comply with US concerns and divest if partnerships with China posed issues.
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Alipay+ expands to Saudi Arabia. Good news for luxury?
Chinese fintech giant Ant Group is aggressively expanding abroad, with its eyes now on Saudi Arabia. Singapore-based Ant International, which extends the group’s innovative fintech solutions to global markets, has signed a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) to facilitate business growth in the kingdom.
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Saudi Arabia readies six airports to receive Hajj 2024 pilgrims
Saudi civil aviation authorities said they have designated six main airports for receiving Muslims, who will attend next month’s annual Hajj pilgrimage. They are King Abdulaziz International Airport in the Red Sea city of Jeddah; Prince Mohammed bin Abdulaziz Airport in Medina; Taif International Airport in the western city of Taif; King Khaled International Airport in Riyadh; Prince Abdulmohsen International Airport in the coastal city of Yanbu; and King Fahd International Airport in the western city of Dammam.
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Saudi Aramco maintains $31 billion dividend despite lower Q1 net income
Saudi Arabia's state oil giant Aramco (2222.SE), opens new tab expects to pay $31 billion in dividends to the Saudi government and its shareholders despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold. The Saudi government, which directly holds about 82.2% of Aramco, relies heavily on the company's payouts, which also include royalties and taxes. The kingdom, the world's biggest oil exporter, is spending billions of dollars to diversify its economy away from crude.
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Exclusive: Shell in talks to sell Malaysia fuel stations to Saudi Aramco, sources say
Energy giant Shell is in talks with Saudi Arabia's state-owned Saudi Aramco to sell its gas station business in Malaysia, the second-largest such network in the country, four industry sources aware of the discussions said, and a deal could be worth up to $1 billion. Shell said Malaysia is important to the company. "We remain committed to the mobility business in the country," it said in an updated statement on Tuesday, without elaborating.
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Opinion: A U.S. Deal Could Make Saudi Arabia the Next Egypt
Will they, or won’t they? That is the question that the Middle East-watching world has been asking for the past few weeks. Will the United States and Saudi Arabia announce the big defense pact-plus deal that officials in both countries have been working on since at least mid-2023?
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Saudi Arabia’s Donia Abu Taleb set to make historic step for women at Paris Olympics
Donia Abu Taleb took an historic step for Saudi women when she earned direct qualification for the taekwondo competition at the Paris Olympics and is determined to take another huge stride in France later this year. The 27-year-old punched her ticket to the Games at the Asian qualifiers in March and her achievement was celebrated by Prince Abdulaziz bin Turki Al Faisal, the minister of sport and head of the Saudi Olympic Committee.
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