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  • Saudi Arabia to Start Building Green Hydrogen Plant in Neom

    Saudi Arabia will start construction of a green hydrogen plant as soon as this month as it pushes ahead with plans to export the fuel in about four years. The kingdom is on track sell carbon-free hydrogen from a $5 billion project in Neom by 2026, according to Peter Terium, the head of energy and water for the new region. Engineers have finished flattening the site in northwestern Saudi Arabia and U.S.-based Air Products & Chemicals Inc. will soon begin building the facility, he said.

  • Saudi Arabia’s Economy Expanded 1.6% in the Fourth Quarter

    Saudi Arabia’s gross domestic product expanded 1.6% in the fourth quarter compared to the previous three months, as high oil prices help the kingdom recover from the impact of the pandemic. The non-oil sector -- the engine of job creation -- grew 1.2% on a quarterly basis, according to data released by the General Authority for Statistics. On an annual basis, non-oil growth hit 5.1%, with the overall economy expanding 6.7%. The figures were in line with preliminary estimates released last month.

  • Saudi-US Business Council Seeks Boosting Partnership in 4 Sectors

    Abdulqader explained that the Saudi Chambers are working to attract significant US investments, pointing out that there are enormous opportunities for US companies in various sectors that are a priority for the Kingdom and are linked to Vision 2030, such as renewable energy, industry, agriculture, mining, tourism, and entertainment. The head of al-Shorouk Center for Economic Studies, Abdul Rahman Baeshen, explained that the geopolitical and geoeconomic conditions and developments in the world, and their impact on energy markets and supply chains, further deepen the strategy of Saudi-US relations.

  • Saudi Issues New Guidance For Regional Headquarters Program

    According to the new guidance, an RHQ is defined as "a unit of a multinational group that is duly established under the laws of Saudi Arabia for the purpose of supporting, managing and providing strategic direction to its branches, subsidiaries and affiliates operating in the MENA region." It will act as the centre of administrative power for the multinational group over the MENA region and is required to have at least two subsidiaries or branches located in two different countries other than Saudi Arabia and its country of incorporation.

  • Saudi-US business forum to focus on defense, artificial intelligence

    The Federation of Saudi Chambers will host the Saudi-US Business Forum at its headquarters in the Saudi capital with participation from the US Embassy in Riyadh. Around 200 American and Saudi businesspeople from the defense, renewable energy, informational technology and various other sectors will attend, the official Saudi Press Agency reported.

  • Saudi-US business forum to focus on defense, artificial intelligence

    The Federation of Saudi Chambers will host the Saudi-US Business Forum at its headquarters in the Saudi capital with participation from the US Embassy in Riyadh. Around 200 American and Saudi businesspeople from the defense, renewable energy, informational technology and various other sectors will attend, the official Saudi Press Agency reported.

  • Lockheed Martin to invest $1 billion in manufacturing in Saudi Arabia

    Piselli said Lockheed Martin had big contracts with Saudi Arabia. In addition to collaborating on building parts, it wants to include the kingdom in global supply chains and create an export market. Revenues from Gulf Arab countries reached $4 billion in 2020, he said, without giving a more recent figure.

  • Saudi Arabian Grand Prix introduces modifications to Jeddah Corniche Circuit, shifts race start time forward

    The venue, which made its début last December, will have Turns 2, 3, 14 and 21 altered by bringing the barriers back between one to two metres. These changes are expected to improve visibility for drivers, as blind corners proved to be a flaw of the circuit in 2021. The track limits of these turns will remain as they were. The track limits of turn 27 will be widened, with the right-side barrier being pushed back by 1.5 metres. On Turns 4, 16, 22 and 24 steel plates will be installed to give drivers a smoother barrier to skim past, a change made as a result of driver feedback.

  • Raytheon to move Patriot missile parts production to Saudi Arabia

    Raytheon Technologies Corp RTX.N plans to move Patriot missile parts production to Saudi Arabia, Asharq Business news website reported on Monday, citing Thomas Laliberty, the vice president of Land Warfare & Air Defense at Raytheon Missiles & Defense.

  • Lockheed Missile-Defense System Parts Will Be Made in Saudi Arabia

    Components for Lockheed Martin Corp.’s Thaad missile-defense system sold to Saudi Arabia will be built locally to develop the kingdom’s defense industry. Under the agreement, interceptor launchers and canisters for the so-called Terminal High Altitude Area Defense batteries will be manufactured in Saudi Arabia, the kingdom’s military industry regulator and the U.S. defense group said in a joint statement. They didn’t give an exact time frame for production.