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QUOTED
“PwC Middle East’s 28th Annual CEO Survey showed that 77% of business leaders in Saudi Arabia expect the local economy to grow over the next 12 months, outpacing their peers in the GCC (71%), the Middle East (64%), and the world (57%).” 77% of Saudi businessmen expect economy to grow in next 12 months: PwC survey [Argaam]
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TOP STORY
Fresh off being named 2024 Asset Manager of the Year at the recent Saudi Capital Market Awards, Jadwa Investment has released its Saudi Economy in 2025 macroeconomic report. [more]
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MORE TOP STORYLINES
Via Kareem Chehayeb in apnews.com: Lebanon’s president said Monday that he hopes to strengthen ties with Saudi Arabia during a visit to the kingdom following years of strained relations between the countries. Joseph Aoun became Lebanon’s first head of state to visit Riyadh in six years. Saudi Arabia has been vocal about its concerns over the Iran-backed militant Hezbollah group and Lebanon’s positions on some regional issues. In recent years, it imposed a travel and import ban on Lebanon. Aoun’s appointment as president as well as that of a diplomat and former head of the International Criminal Court, Nawaf Salam, as prime minister are both seen as major blows to Hezbollah. As relations slowly thaw, Lebanon hopes that Saudi Arabia will lift the travel ban on the cash-strapped country, restore trade and help its reconstruction efforts after the war between Hezbollah and Israel left southern and eastern Lebanon in ruins.
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Via Miguel Hadchity in arabnews.com: US President Donald Trump’s $5 million “gold card” visa is expected to draw wealthy Arab investors seeking economic stability, US market access, and residency prestige, experts say. With Gulf nations, including Saudi Arabia, successfully running their own golden visa programs, Trump’s initiative positions the US as a competitive destination for high-net-worth individuals from the region, offering them a gateway to business expansion, real estate investment, and financial security. “Saudi investors have always been keen on expanding into the US market, particularly in sectors like technology, real estate, and energy. A more accessible visa process could encourage even greater collaboration and economic integration between both countries,” Al-Ansari said. The new initiative will replace the existing EB-5 visa program, which was established in 1990, and is expected to help reduce the national deficit. The EB-5 program grants foreign investors a green card for investing around $1 million in a US business that creates or sustains at least 10 full-time jobs for local workers.
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Via Colin Foreman in meed.com: US-based Turner has been appointed as the project manager for the 1,000-metre-plus Jeddah Tower in Saudi Arabia. Turner was the project manager for the Burj Khalifa in Dubai, which at 828 metres tall has been the world’s tallest building since 2010. The appointment comes amid other signs of clear progress on the Jeddah Tower. The concrete pouring works for Jeddah Tower began on 20 January, marking the official recommencement of construction works. The project’s contractor, the local Saudi Binladin Group (SBG), has received a payment of SR712m ($190m) for work on the tower. Last year, the project development company, Jeddah Economic Company (JEC), signed an estimated SR8bn 42-month contract with the local SBG to resume construction work on the tower. SBG then began engaging with the supply chain to work on the project. SBG awarded Beijing-headquartered Jangho Group a facade works contract that involves engineering design and technical services for the project’s structural glass and adhesive curtain walls.
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MORE ON THE KINGDOM AND BEYOND
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Saudi Arabia’s real GDP grew by 4.4% y-o-y in Q4 2024, the highest growth rate in two years, driven by a 4.6% rise in non-oil...[via zawya.com]
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Saudi Arabia condemned on Sunday the decision of the Israeli occupation government to block the entry of humanitarian aid into the Gaza Strip. In a statement,...[via com.sa]
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Riyadh: Saudi Arabia has embraced the arrival of Ramadan with festive decorations, as streets and public spaces glow with illuminated crescents and...[via gulfnews.com]
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As Ramadan progresses through the seasons, fasting hours in Saudi Arabia are gradually shortening each year. This trend will continue until 1454 AH (2032),...[By Khitam Al Amir via gulfnews.com]
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Saudi Aramco’s 2024 full-year results due this week are likely to again underline the importance of the world’s largest...[By Matt Smith and Eva Levesque via agbi.com]
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PwC Middle East's 28th Annual CEO Survey showed that 77% of business leaders in Saudi Arabia expect the local economy to grow over the next...[via argaam.com]
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The Saudi Central Bank (SAMA) has decided to ban the use of instant messaging applications such as WhatsApp by the local banks for their communications...[via com.sa]
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It's expected to handle 12 million TEUs (twenty-foot equivalent units) when completed. For reference, the Port of Los Angeles, known as America's Port, is...[By Joe Salas via newatlas.com]
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Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha) has launched a sweeping crackdown on corruption, arresting 131 individuals and investigating 370 others as part of...[By Khitam Al Amir via gulfnews.com]
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Israel is blocking humanitarian aid from reaching Gaza until Hamas agrees to a proposal to extend phase one of the ceasefire, which expired...[via pbs.org]
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World number one Aryna Sabalenka praised on Friday the WTA's mission to highlight the personalities of its athletes and called Saudi Arabia's investment in the...[via channelnewsasia.com]
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The number of transactions carried out through the Absher Individuals platform has reached 23,319,656, and these include 16,667,488 document review transactions through the digital wallet...[via com.sa]
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Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, reported a 59 percent jump in...[By Pramod Kumar via agbi.com]
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Saudi Arabia has taken another major step in modernizing its aviation sector with the launch of seventy AI-powered e-gates at King Abdulaziz International Airport (JED)...[via travelandtourworld.com]
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The American Doroni Aerospace company announced that it has decided, in partnership with Saudi entities, to manufacture H1-X ‘flying car.’ Designed for personal use, the HX-1 is...[via saudigazette.com]
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Global pop sensation Jennifer Lopez is set to headline the Formula 1 STC Saudi Arabian Grand Prix 2025, taking place April 18-20 over the Grand...[via saudigazette.com]
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The global ocean shipping industry that handles 80% of world trade is navigating a sea of unknowns...[By Lisa Baertlein via reuters.com]
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Saudi Arabia condemned on Thursday recent Israeli strikes targeting Syria, accusing it of attempting to destabilize the situation in the country. The Kingdom’s foreign ministry issued...[By Ghinwa Obeid via alarabiya.net]
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The larger question is though, can Europe develop a more cohesive foreign policy as essentially the European Union toward the Middle East? Because when you...[via csis.org]
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US President Donald Trump appears to have finally accepted that his scheme to expel all 2.2 million Palestinians permanently from Gaza and have...[By Hussein Ibish via thenationalnews.com]
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More than 1,000 Syrians died in detention at a military airport on the outskirts of Damascus, killed...[By Reade Levinson and Feras Dalatey via reuters.com]
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Militant group Hamas said on Thursday it was ready to begin talks on the second phase of...[By Rami Amichay, Nafisa Eltahir, Yomna Ehab, Maayan Lubell, Ali Sawafta, Nidal al-Mughrabi, Ahmed Tolba and Alexander Cornwell via reuters.com]
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The U.S. Agency for International Development, Washington's primary humanitarian aid agency, has been a top target of a government reduction program spearheaded by billionaire and...[By Sumanta Sen via reuters.com]
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Hamas agreed to release the last hostage bodies included in phase one of the Gaza ceasefire deal,...[By Nafisa Eltahir and Rami Amichay via reuters.com]
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"The war in Gaza and the disastrous situation in the Middle East have led to a freeze in cooperation between Arab countries and Israel," Youssef...[By Ignacio Cembrero via middleeasteye.net]
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Syria's interim president has told a national dialogue conference that the country has a "historic" opportunity to rebuild after the overthrow of Bashar...[By David Gritten via bbc.com]
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