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U.S. Probe of Saudi Oil Attack Shows it Came From the North – Reuters Report
The United States said new evidence and analysis of weapons debris recovered from an attack on Saudi oil facilities on Sept. 14 “indicates the strike likely came from the north, reinforcing its earlier assessment that Iran was behind the offensive,” Reuters reports in an exclusive. The attacks on September 14th were significant. Two of Saudi […]
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Global Construction Giant Bechtel Opens New Office in Al-Khobar, Saudi Arabia
Global engineering, procurement and construction (EPC) firm Bechtel has re-opened its office in Al-Khobar to “meet the increasing demand for quality services in the Oil and Gas sector in Saudi Arabia and in the region,” SUSTG has learned.
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Saudi Aramco Officially the World’s Biggest IPO, Raises $25.6 Billion
Saudi Aramco sold 3 billion shares at 32 riyals ($8.53) each in its IPO, raising $25.6 billion, making it the world’s biggest IPO. The IPO values Aramco at roughly $1.7 trillion, making it the most valuable publicly traded company in the world ahead of Apple, which is worth about $1.15 trillion. It also soared past the previous […]
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Saudi Authorities Direct Vision 2030 Realization Committees to Submit Plans to Boost Private Sector Funding
Saudi authorities have directed all the Vision 2030 Realization Program (VRP) Committees to submit an action plan within 90 days to CEDA to “activate the role of the private sector as an investor and a financing element in implementing its initiatives,” a report in the Saudi Gazette/OKAZ said. According to the report, action plans submitted by […]
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Saudi Arabia, World Economic Forum to set up ‘Fourth Industrial Revolution Center’
Saudi Arabia signed an agreement with the World Economic Forum (WEF) on Wednesday to establish a branch in the Kingdom of the WEF’s Center for the Fourth Industrial Revolution, a program focused on new technologies that will power economic change in the immediate years to come. The deal was signed by Mohammed Al-Tuwaijri, the Saudi […]
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Saudi Arabia to Cut Spending, Deficit Projected to Widen as Economic Reforms Kick In
Saudi Arabia’s finance minister Mohammed Al-Jadaan said in his pre-budget statement for fiscal year 2020 yesterday that the Kingdom would cut spending and widen its projected deficit in a vote of confidence in Saudi Arabia’s economic reforms. He also said efforts will be made to “improve the efficiency of spending without any disruption to diversification and […]
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Announcement of New IPO Date for Saudi Aramco IPO Creates Buzz on FII’s Opening Day
Saudi Aramco’s long-planned IPO will see its first shares traded on Riyadh’s stock exchange in December, several news outlets are reporting, citing the Saudi-owned satellite news channel Al Arabiya. Al Arabiya said a final price for the stock will be set Dec. 4, with shares then beginning to be traded on the Tadawul stock market on Dec. 11. It added […]
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Issue Brief Explores Saudi Aramco-SABIC Merger, SABIC’s ‘Importance to Energy and Chemical Businesses Worldwide’
A new issue brief written by Jean-François Seznec for the Atlantic Council explores the Saudi Aramco-SABIC merger and Aramco’s strategy to make the Saudi oil giant “like most other large international oil companies, except much bigger.” This issue brief studies “SABIC’s importance to energy and chemical businesses worldwide, and it raises questions about whether the merger […]
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Russia’s Putin Arrives in Saudi Arabia to Discuss Oil Market Stability, Regional Tensions
Russia’s President Vladimir Putin is in Saudi Arabia to visit with top Saudi leaders, his first trip to the Kingdom in over a decade. The visit is a sign of Russia’s “growing Middle East clout,” Reuters reports, as tensions brew in regional hotspots where Russia and Saudi Arabia’s interests diverge. Putin will sign oil agreements, which will […]
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Range of ‘Positive Developments’ Seen in Latest Saudi Economic Data for August 2019
Economic data for Saudi Arabia for the month of August revealed a number of “positive developments” in several areas, according a recently-released monthly chartbook report by Jadwa Investment. The Riyadh-based bank noted that POS transactions rose by 18 percent year-on-year, while non-oil PMI index edged up, and cement sales and production rose by 12 percent and […]
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MUST-READS
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White House says Bibi picking a fight
The White House suggested that Israeli Prime Minister Benjamin Netanyahu chose to hysterically overreact to a U.S. abstention today on a UN Security Council resolution that calls for a pause in fighting in Gaza during Ramadan as well as for the unconditional release of Israeli hostages held by Hamas. Netanyahu in response abruptly canceled the planned visit of two top advisors to Washington this week to discuss alternative options than a ground invasion for targeting Hamas battalions in the southern Gazan city of Rafah.
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Houthis threaten Saudi Arabia’s oil installations for ‘supporting US aggression’
Yemen's Houthi rebels have threatened to target Saudi Arabia's oil installations should the country allow a US-led coalition to use its airspace to counter the group's attacks, a Houthi spokesperson said in an interview with al-Masirah TV on March 25.
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Lucid stock rises as luxury EV maker raises $1 billion from Saudi sovereign wealth fund affiliate
Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a regulatory filing with the U.S. securities regulator. The California-based company, which has been facing weaker-than-expected demand, said it intends to use the proceeds for corporate purposes and capital expenditure among other things.
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Saudi Arabia’s wheat production continues to grow
Saudi Arabia continues to ramp up its wheat production and is expected to produce 25% more in 2024-25 for a total of 1.5 million tonnes. This is the maximum allowed production quota and may be reduced or increased by the Ministry of Environment, Water and Agriculture (MEWA) depending on the underground aquafer and the world wheat supply, the Foreign Agricultural Service (FAS) of the US Department of Agriculture said in a report.
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2nd phase of Saudization of consulting service professions by 40% comes into force
The Ministry of Human Resources and Social Development announced that the second phase of the Saudization of consulting services professions has come into force on Monday, March 25. The second phase covers 40 percent of professions related to consulting services, notably financial consulting, engineering and architectural consulting, health consulting, and senior management consulting. This move is part of the ministry’s efforts aimed at providing more stimulating and productive job opportunities for male and female citizens in various regions of Saudi Arabia.
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US and Israel both leave key questions unanswered in the Gaza war
The biggest question of all that remains unanswered is one that Israel has sought to avoid answering with precision and the US has failed for years to define in clear and achievable terms. The Biden administration recently restated the long-term goal of a two-state solution, something Israel’s current government rejects. Military campaigns that fail to define a clear, pragmatic end goal often result in long, costly wars that weaken rather than increase security for those engaged in those wars.
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The Cost of Green Hydrogen Production in Saudi Arabia and Germany: A Model-Based Approach
With over seventy countries setting net-zero commitments by or around mid-century, low-carbon hydrogen (H2) is expected to play a pivotal role in the decarbonization of the global economy, especially sectors less dependent on electricity, which are often termed as hard-to-abate industries. Unlike most fossil fuels, H2doesn’t produce greenhouse gas emissions when burned, instead it yields water.
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Saudi Arabia’s Revealed Comparative Advantage in Non-Oil Exports
The revealed comparative advantage (RCA) is based on Ricardian trade theory, which postulates that trade flows between countries are determined by their relative productivity differences. The RCA index provides a general indication and a first approximation of a country’s competitive strength in exports. This study examines Saudi Arabia’s global and regional export competitiveness for selected nonoil export products from 2010 to 2020 via/ RCA indices.
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Saudi Arabia’s Rising Scientific Talents Honored with KAUST’s 2024 Ibn Rushd Fellowship
King Abdullah University of Science and Technology (KAUST) takes great pride in announcing its distinguished 2024 cohort of Ibn Rushd Fellows: Abrar Aljahani, Abdulrahman Aljurbua, Ahmed Alahmed, and Yara Alshwairikh. These early-career researchers have been chosen for their remarkable scientific achievements and research proposals that resonate with the Kingdom's research and innovation goals. KAUST will provide each recipient with a generous stipend to pursue their cutting-edge postdoctoral research overseas, with the opportunity for annual renewal for up to three years.
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Iran: Meet the ultra-conservative election winners taking over parliament
Iran's recent parliamentary elections have seen prominent ultra-conservatives secure top positions, marking a significant shift in their favour on the benches of the Islamic Republic's Consultative Assembly. The 1 March elections, the first held since protests swept the nation following the death in police custody of 22-year-old Mahsa Amini in September 2022, recorded a turnout of just 41 percent, the lowest figure since the 1979 revolution. With reformists mostly boycotting the ballot and voters abstaining in protest, the principlist Omana coalition, backed by President Ebrahim Raisi, and the Endurance Front, allied with former Islamic Republic Guard Corps (IRGC) commander and parliamentary speaker Mohammad Baqer Qalibaf, were the notable contenders.
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