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U.S. and Saudi Arabia enhance energy cooperation agreement
Building on the Partnership for Advancing Clean Energy Agreement signed in Jeddah on July 15, 2022, Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy of Saudi Arabia, met with U.S. Secretary of Energy Jennifer Granholm in Riyadh to set a detailed timeline for collaborative projects.
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Saudi Entertainment Ventures (Seven) and Qiddiya Combine
Seven, a wholly owned public investment fund (PIF) company, has now become a wholly owned subsidiary of Qiddiya to enhance the offerings of both companies and support its wider strategy for the entertainment, leisure and sports sector.
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Fakeeh Care Group 119 times oversubscribed as Saudi IPO market heats up
Investors put in $91 billion of orders for Fakeeh Care Group’s IPO which is set to be the Tadawul’s biggest listing of the year.
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Wamda’s Tawaref Series Provides Blueprint for Expanding in KSA
Wamda has partnered up with Tawaref, a Saudi Arabia-based tech investment community that also provides startup advisory, legal consultancy and due diligence support, to publish a series of articles to help entrepreneurs navigate the Saudi market.
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Saudi Aramco Expects to Pay Full Dividends Despite Lower Earnings – Report
Saudi Arabia’s Aramco said it expects to pay full dividends to its shareholders, including the Public Investment Fund of Saudi Arabia, “despite reporting lower earnings for the first quarter on Tuesday, hit by lower oil prices and volumes sold,” Reuters reports.
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PIF and BlackRock Launch $5bn Investment Fund
BlackRock and Public Investment Fund signed a non-binding MOU that calls for the sovereign fund to invest up to $5bn in stages as the new firm hits agreed milestones. Investments will provide capital for a variety of funds invested in public equities and bonds as well as alternative assets.
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Vision 2030 Marks 8th Year Since Launch
Launched on April 25, 2016, Vision 2030, Saudi Arabia’s blueprint for economic and social transformation marks it 8th year and the halfway point between 2016 and 2030.
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Saudi’s Regional Headquarters Program Moves Forward
In February the Zakat, Tax and Customs Authority published guidelines specifying RHQ tax rules. Under the new rules, specific activities qualify for tax incentives. The new RHQ tax rules aim to clarify the scope and conditions of tax relief for RHQ entities, as announced by MISA in December 2023.
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Global Defense Spending Spikes in 2023
According to a study by Forecast International in 2023 global defense spending grew at its fastest pace in the last decade as governments respond to security crises unfolding around the world.
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Saudi Arabia Moves Closer to $1 Billion stake in a Pakistani mine – Report
Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp., people with knowledge of the matter told Bloomberg.
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MUST-READS
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Will Saudi Arabia’s sports investment trigger an athleisure boom?
By 2030, the government aims to increase the ratio of individuals exercising at least once a week to 40 percent. With an expanding base of sports practitioners, the country’s sportswear and athleisure apparel market is set to boom. In 2022, the category generated $1.3 billion (SAR 4.9 billion) in sales, and by 2027, it is expected to reach $1.5 billion. Could Saudi Arabia be the next frontier for sportswear?
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Al-Khateeb: Saudi Arabia has become a global hub for innovations with SR800 billion investments
Saudi Minister of Tourism Ahmed Al-Khateeb said that Saudi Arabia has become a hub for innovations around the world with investments reaching SR800 billion. In his speech at the inaugural session of the GREAT FUTURES initiative conference at King Abdullah Financial District in Riyadh on Tuesday, he said that the Kingdom has witnessed a robust growth with regard to the issuance of tourist licenses by about 90 percent. “This vital sector contributes 5 percent of the gross domestic product,” he said. GREAT FUTURES is one of the initiatives of the Saudi-UK Strategic Partnership Council, co-chaired by Crown Prince and Prime Minister Mohammed bin Salman and British Prime Minister Rishi Sunak.
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Saudi Esports Investment: $1.5 Billion Merger Finalized
Rick Horrow breaks down the state of Esports after the $1.5 billion Saudi Arabian merger. This now includes college scholarships and an Esports World Cup.
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Saudi Arabia plans $100 billion investment to develop aviation sector
A significant portion of the investments, over $50 billion, will go to developing the country’s airports. Moreover, the Kingdom expects airlines to place new aircraft orders worth around $40 billion. The remaining $10 billion will go to other aviation projects across Saudi Arabia, including $5 billion to special logistics zones in the major airports of Riyadh, Jeddah and Dammam.
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Saudi Arabia to boost private sector investments in manufacturing: deputy minister
Saudi Arabia aims to bolster private sector investment in the manufacturing industry, capitalizing on the Kingdom’s swift growth, according to a top official. During his opening speech on the second day of the Riyadh International Industry Week 2024, Deputy Minister of Industry and Mineral Resources for Industrial Affairs Khalil bin Salamah pointed out that partnership with non-government bodies is of great importance in achieving industrial development in the Kingdom.
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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’s Vision 2030 will need around $1 trillion in investments over several years: Report
Debt buildup in the Saudi economy will remain in focus. However, S&P expects its growth to be gradual and concentrated with companies in the PIF portfolio. Moreover, the report expects real gross domestic product (GDP) growth of 2.2 percent in 2024 and 5 percent in 2025 for Saudi Arabia. It also notes that the non-oil economy will continue to grow, contributing a larger share of the economy due to government investments in Saudi Arabia’s Vision 2030 projects. Saudi Arabia still faces some risks including higher-for-longer interest rates and geopolitical risks, which could mean higher spreads for the weakest companies. In addition, banks will have to find alternative ways to fund their growth. This is why the report expects the increase in leverage to be gradual.
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Saudi-Uzbek energy investments reach $14B: Minister
Prince Abdulaziz bin Salman, Minister of Energy, stated that the energy sector represents an important aspect of the growing relationship between Saudi Arabia and Uzbekistan, especially in the field of renewable energy. The size of investments between the two countries in this sector exceeded $14 billion, aimed at producing more than 11 gigawatts of electricity from renewable energy.
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Saudi Arabia sees 16% increase in net direct foreign investment
During a meeting of the Council of Economic and Development Affairs (CEDA), the Ministry of Economy and Planning reported a notable 16% increase in net direct foreign investment inflows for the fourth quarter of 2023 compared to the previous quarter.
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BlackRock to launch Saudi investment firm after $5bn deal with Riyadh
BlackRock has struck a deal with the Saudi Arabian government to open a multi-class investment firm in Riyadh, anchored by a $5bn mandate from the kingdom’s Public Investment Fund. BlackRock Riyadh Investment Management will be a wholly owned subsidiary of the $10.5tn US asset manager. Riyadh-based professionals will manage funds that invest primarily in Saudi Arabia but also the rest of the Middle East and north Africa. The goal is to attract additional overseas capital to Saudi Arabia and deepen its capital markets through a range of investment funds managed by BlackRock.
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