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  • Saudi Arabia records 6 percent surge in SMEs after expanding startup ecosystem

    Saudi Arabia’s quickly growing startup ecosystem is motivating small and medium enterprises in the nation, with the amount of these kind of companies jumping to 1.14 million by the end of the fourth quarter of last year. The most recent SME Monitor report issued by Saudi Arabia’s General Authority for Small and Medium Enterprises, also recognized as Monsha’at, issued that the nation saw a 6 percent quarter-on-quarter expansion in the amount of SMEs throughout the fourth quarter of 2022.

  • Prince Faisal, Cleverly review aspects of historic Saudi-British partnership

    Saudi Arabia's Foreign Minister Prince Faisal bin Farhan met on Monday with his British counterpart James Cleverly during an official visit to the United Kingdom.During the meeting, the two sides reviewed aspects of the deep-rooted and historical Saudi-British partnership and ways to enhance and develop them in various fields.They also exchanged views on the Russian-Ukrainian crisis, in addition to the latest developments on the regional and international arenas, and efforts exerted to tackle them.

  • Saudi Arabia’s PIF Set to Start Investor Meetings for $1 Billion ADES IPO

    Saudi Arabia’s wealth fund plans to kick off investor meetings for the initial public offering of oil and gas driller ADES International Holding as soon as this month, people familiar with the matter said. The Public Investment Fund is targeting a first-half listing for ADES and is likely to soon file with the Saudi regulator, the people said, asking not to be identified as the matter is private. The PIF has picked Lazard Ltd. as a financial adviser to work on the IPO, they said.

  • AMEX Saudi Arabia signs golf tournament partnership with AmCham

    The American Chamber of Commerce Saudi Arabia signed a partnership with American Express Saudi Arabia to merge communities, spark networking and strengthen business corporations through golf during a signing ceremony at AMEX Saudi headquarters on Sunday. “I couldn’t be happier to renew this great partnership between American Express and the American Chamber. It’s a win-win situation for us and for American Express, and for the wider Saudi golf and sports community,” said Bill Foster, American Chamber of Commerce Saudi Arabia chair.

  • Charting a Path for Cycling the Arab World

    As part of their regional economic diversification plans, Gulf countries are increasingly investing in sports-related ventures. Qatar hosted the 2022 FIFA World Cup. Saudi Arabia won a bid to host the 2029 Asian Winter Games, purchased England’s Newcastle United Football Club, and attracted football, or soccer, star Cristiano Ronaldo to the Saudi Al-Nassr Football Club. However, another sport has been the focus of considerable, yet quiet, investment in recent years: cycling.

  • Turkey Earthquake Spending Risks Returning Inflation to Upward Path

    Turkish inflation is expected to be at its lowest in a year when the statistics office reports data on Friday, though state spending following deadly earthquakes and looser monetary policy risk a return to an upward path. Consumer prices probably rose an annual 55.7% last month, down from 57.7% in January, according to the median forecast in a Bloomberg survey. Inflation has been slowing in Turkey for the last three months after reaching more than 85% — the highest level since 1998 — a fall attributed to the easing of a 2021 currency crisis that prompted prices to spiral.

  • Designating Iran Sanctions Evaders – United States Department of State

    The United States is committed to significantly reducing Iranian energy exports and will sanction those facilitating Iran’s petroleum and petrochemical trade. Today, the Department of the State is designating six entities that have engaged in the transport or sale of Iranian petroleum products or petrochemical products, pursuant to Executive Order (E.O.) 13846, and is identifying 20 vessels as property or interests in property of these entities. Specifically, the Department is designating Vietnam-based company Golden Lotus Oil Gas and Real Estate Joint Stock Company, pursuant to Section 3(a)(ii) of E.O. 13846, for knowingly engaging in a significant transaction for the transport of petroleum products from Iran.

  • Saudi Arabia to make new residential buildings earthquake resilient

    According to the Saudi Gazette, the housing ministry has instructed engineering and construction agencies about the changes, which are in line with the newly passed Saudi Building Code. The directive comes as an earthquake measuring 4.1 on the Richter scale was measured in the southeast of the country by the Saudi Geological Survey, as reported by Zawya.

  • Brent Oil Slumps After WSJ Report on UAE Debating OPEC Departure

    The global benchmark retreated as much as 2.8% after earlier trading little changed. The Wall Street Journal, citing Emirati officials, reported that a growing rift between Saudi Arabia and the United Arab Emirates means the UAE is having internal discussions about quitting the alliance, a move that could potentially leave it free to lift production. The UAE has said publicly and privately it is sticking to the current OPEC deal for at least this year.

  • Inside Saudi Arabia’s New Andy Warhol Art Exhibit

    The second edition of Saudi Arabia’s AlUla Arts Festival has wrapped. But some installations remain on view among the Ashvar Valley’s canyons, including Fame, a show of 70 works by famed pop artist Andy Warhol. The Andy Warhol Museum in Pittsburgh curated the exhibition, on display in a mirrored mirage of a concert hall called the Maraya—the world’s largest mirrored building—through May 16. Themed “Living In Color,” this year’s AlUla Arts Festival presented four exhibitions, nine workshops, and three tours, with “film screenings and a lively program of performing arts.”