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QUOTED
“Saudi Venture Capital Company (SVC) released its “Impact Report”, which revealed that the total committed investments of SVC amounted to $0.7 billion since its inception in 2018, while the total investments including partners is estimated at $3.6 billion. SVC invested in 40 funds that have invested in 700+ startups and SMEs so far, including several vital sectors such as e-commerce, fintech, healthcare, education technologies, transport and logistics.” Saudi Venture Capital invests in 40 funds [Maal]
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TOP STORY
In 2016 Saudi Arabia’s Vision 2030 had an initial target of deploying 9.5GW of green energy by 2030. The latest revision made in 2023 targets 130GW of renewable power capacity by 2030. GlobalData, a leading data and analytics company, says the Kingdom can come close to that target.
[more]
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MORE TOP STORYLINES
Via Parisa Hafezi and James Mackenzie in reuters.com:
Explosions echoed over an Iranian city on Friday in what sources described as an Israeli attack, but Tehran played down the incident and indicated it had no plans for retaliation – a response that appeared gauged towards averting region-wide war.
The limited scale of the attack and Irans muted response both appeared to signal a successful effort by diplomats who have been working round the clock to avert all-out war since an Iranian drone and missile attack on Israel last Saturday.
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Via Michael R. Gordon, Summer Said and Gordon Lubold in wsj.com:
As inducements to recognize Israel, the White House is offering Riyadh a more formal defense relationship with Washington, assistance in acquiring civil nuclear power and a renewed push for a Palestinian state—a package that U.S. officials say they are in the final stages of negotiating.
The U.S.-brokered effort offers Israel a prize it has long sought: a historic normalization deal with Riyadh, Israel’s most powerful Arab neighbor.
U.S. officials say the successful multicountry effort to shoot down Iranian missiles and drones on Saturday should make it clear to Israel that its security against threats from Tehran can be enhanced through closer integration with Saudi Arabia.
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Via Grant Smith and Abeer Abu Omar in yahoo.com: Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 million barrels a day this year, the Washington-based Fund said in its regional economic outlook on Thursday. That’s up 21% from a previous forecast in October, when the IMF predicted that the kingdom would pump 10 million barrels a day in 2024. It’s also higher than the current price for international benchmark Brent futures, which are trading near $89 a barrel.
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MORE ON THE KINGDOM AND BEYOND
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For decades, Saudi Arabia’s power sector has heavily relied on hydrocarbons for electricity generation. Their abundant supply, affordability, and differential...[via kapsarc.org]
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Saudi officials confirmed in a statement to the United Nations high commissioner for human rights that Manahel al-Otaibi was sentenced on 9 January for...[By Stephanie Kirchgaessner via theguardian.com]
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The entertainment industry in Saudi Arabia has seen a serious boost in recent years as the country continues on its course to becoming a hub...[via consultancy-me.com]
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The world's largest asset manager BlackRock (BLK.N), opens...[By Iain Withers via reuters.com]
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"They are putting a lot of funds to create the transition," Nasser said in a special meeting of the World Economic Forum in...[By Jennifer Gnana and Rosemary Griffin via spglobal.com]
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In general, and despite the succession of these loans, it is certain that the Kingdom’s economy has not slipped into danger, as the Kingdom’s debts...[By Ahmed Zikrallah via middleeastmonitor.com]
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The US on Tuesday approved a blanket order of training for Saudi Arabia’s Naval Forces in a deal worth $250 million....[via alarabiya.net]
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Banks operating in Saudi Arabia reported a 6.7% decline in aggregate net profit before Zakat and tax to nearly SAR 6.93 billion in March, compared...[via argaam.com]
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BlackRock Saudi Arabia and PIF have expressed the intention to establish BlackRock Riyadh Investment Management (BRIM), which will encompass investment strategies across a range of...[via pif.gov]
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U.S. Secretary of State Antony Blinken met with Saudi Crown Prince Mohammed bin Salman on Monday in Riyadh, where they discussed the urgent need to...[By Humeyra Pamuk via reuters.com]
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The United States is nearly ready with a security package to offer Saudi Arabia if it normalises relations with Israel, US Secretary of State Antony...[via thearabweekly.com]
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Heavy rains and thunderstorms have lashed Saudi Arabia over the past 24 hours, causing widespread flooding and significant damage.
Amidst the downpour, visitors at the...[By Khitam Al Amir via gulfnews.com]
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The money will finance construction of a bridge crossing the River Nile in northwest Uganda and roads totalling 105 kilometres, according to the ministry....[via theeastafrican.co]
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During the World Economic Forum held in Riyadh, HRH the Minister of Energy of Saudi Arabia, Abdulaziz bin Salman Al Saud, engaged in bilateral discussions...[By Pooja Chandak via solarquarter.com]
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A Florida judge has dismissed a lawsuit against ...[via go.com]
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The Saudi Film Festival has unveiled exciting details about its upcoming tenth edition, which will take place from 2 to 9 May. The event has...[via factmagazines.com]
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Officials said in a press release that the credit line will support Neom's short-term financing requirements, including the development of Trojena, The Line, and the...[By Beatrice Nolan via businessinsider.com]
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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...[By Brooke Masters and Ahmed Al Omran via ft.com]
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US fertilizer company Mosaic (NYSE: MOS) is selling its 25% stake in an $8 billion Saudi Arabian phosphate production joint venture to the...[By Cecilia Jamasmie via mining.com]
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Fars news agency, which is affiliated with Iran's Islamic Revolutionary Guard Corps (IRGC), reported explosions were heard in the city of Isfahan in central Iran...[By Barak Ravid via axios.com]
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The Iranian air force has 37,000 personnel, but decades of international sanctions have largely cut the country off from the latest high-tech military equipment, according...[By Andrew MacAskill and Dan Williams via reuters.com]
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International Monetary Fund Managing Director Kristalina Georgieva bemoaned the slow pace of global growth on Thursday, saying...[By David Lawder and Andrea Shalal via reuters.com]
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“For other countries in the region, the Iranian attack on Israel is a preview of the nightmare scenario involved in a direct confrontation with Iran,”...[By Riad Kahwaji via breakingdefense.com]
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Each flooding incident will have its own specific issues, but the reasons will come from three key areas: design, construction and maintenance.
Many projects will not...[By Colin Foreman via meed.com]
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Dubai, a city in the desert proud of its modern gloss, faced the towering task on Thursday of clearing its waterclogged roads and drying out...[By Alexander Cornwell, Federico Maccioni, Yousef Saba, Abir Ahmar and Amr Alfiky via reuters.com]
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The United States on Thursday effectively stopped the United Nations from recognizing a Palestinian state by casting...[By Michelle Nichols via reuters.com]
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Morocco has yet again locked a place in the “Big 5” wealth markets in Africa in 2023, according to an annual report from the...[By Jihane Rahhou via moroccoworldnews.com]
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Although Sharjah has its share of generic office towers, its leaders are preserving swaths of the city. Its original center is undergoing a rebirth as...[By Ziad Daoud via bloomberg.com]
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The U.S. Congress moved closer on Thursday to ending a months-long stalemate and voting on legislation to provide billions of dollars in security assistance to...[By Patricia Zengerle via reuters.com]
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