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10 months ago
NEOM has opened its first US office in New York City, one of the world’s foremost financial centres, which will serve as a base for NEOM’s business across the United States. NEOM’s latest international office at 50 Hudson Yards in Manhattan follows the launch of its London office in November 2023. Honoured guest, Ambassador Reema Bandar Al Saud, Saudi Arabia’s Ambassador to the United States, attended the official opening at the invitation of Nadhmi Al Nasr, CEO of NEOM, who hosted the occasion, and addressed the distinguished guests and strategic partners in attendance. The New York City office will further strengthen existing relationships between NEOM and US entities and present an opportunity to explore new partnerships and sources of investment from the United States. Close collaboration with innovative and world-leading US industries, corporations, and investors, will accelerate NEOM’s efforts to address global challenges by redefining liveability, business, and conservation. Ambassador Reema Bandar Al Saud, said: “We are delighted for NEOM to open an office in New York. The potential impact of NEOM extends far beyond Saudi borders. “By serving as a catalyst for innovation, sustainable development, and economic diversification, NEOM has the power to inspire similar initiatives around the world – driving […]
10 months ago
Al Nassr Football Club and adidas have agreed on a multi-year partnership that will see the sportswear brand becoming the club’s official kit partner from the 2024-25 season onwards. Adidas will outfit all teams and staff under the expansive Al Nassr umbrella. The three-year deal underscores adidas’ unwavering commitment to advancing football excellence in the Kingdom, aligning with a club that shares profound ambitions to further elevate the football sector across the country. Adidas sponsor Al Nassr The partnership represents clear evidence of the club’s ambition to consolidate its global positioning. Bilal Fares, adidas Regional General Manager, said: “We are thrilled to announce the partnership between adidas and Al Nassr FC, which represents two entities committed to shaping the future of football in Saudi Arabia. “As Al Nassr Football Club embarks on a new chapter for the men’s and women’s team, adidas is honoured to provide them with cutting-edge sportswear technology. “With a comprehensive apparel agreement covering all teams and staff, we are not only outfitting a football club; we are empowering a movement. “The influx of international players and the shared commitment to excellence positions this collaboration as a catalyst for elevating the sport’s status in the Kingdom and beyond.” CEO […]
10 months ago
Saudi Arabia has said in a statement on Wednesday that there will be no diplomatic relations with Israel unless an independent Palestinian state is recognised on the 1967 borders with East Jerusalem and Israeli “aggression” on the Gaza Strip stops. The statement was also put out through the X account of the Saudi Arabian Foreign Ministry, which said: “The Ministry of Foreign Affairs stated that regarding the discussions between the Kingdom of Saudi Arabia and the United States of America on the Arab-Israeli peace process, and in light of what has been attributed to the US National Security Spokesperson, the Ministry of Foreign Affairs affirms that the position of Kingdom of Saudi Arabia has always been steadfast on the Palestinian issue and the necessity that the brotherly Palestinian people obtain their legitimate rights.” On Tuesday, White House National Security spokesperson John Kirby said that the Biden administration has received positive feedback that Saudi Arabia and Israel are willing to continue to have normalisation discussions. The Kingdom issued the statement to affirm its steadfast position with Washington on the Palestinian issue in light of the comments attributed to Kirby, the ministry said. “The Kingdom reiterates its call to the permanent members […]
10 months ago
One look at Saudi Arabia’s latest growth figures explains why the Gulf giant has struggled mightily to boost global crude prices. Driving the news: With oil prices capped despite widespread geopolitical turmoil, Saudi Arabia’s growth turned grim in 2023, with gross domestic product tumbling by -0.9 percent, compared with 8.7 percent in 2022. Why it matters: A core member of OPEC, the kingdom is one of the world’s largest producers of crude, which plays a crucial role in its revenue picture. Oil accounts for 40 percent of Saudi Arabia’s GDP, which saw a steep decline in oil activities. Meanwhile, crude has shrugged off conflicts in the Middle East, with markets focused on worries about demand. Catch-up quick: Rising supply from non-cartel economies—including the U.S. — has steadily chipped away at OPEC’s advantage in setting the global energy market agenda and is taking a toll on Saudi Arabia’s economy. In recent years, the kingdom has taken strides to diversify its economic mix, leaning more on tourism to drive growth. Saudi Arabia is also among the top three petroleum producers in the world, the other two being the U.S. and Russia. By the numbers: The kingdom’s oil activities included crude oil, natural gas, and […]
10 months ago
Saudi Arabia witnessed the most significant reduction in dust and sand storms in January 2024, marking the highest decrease in 21 years. The reduction, which stands at an impressive 94%, is a direct result of the concerted efforts by the Ministry of Environment, Water, and Agriculture (MEWA), alongside the initiatives under the Kingdom’s Vision 2030. The Sand and Dust Storm Warning Regional Centre highlighted in its latest report remarkable reductions across various regions. Riyadh experienced a complete cessation of dust and sand storms, recording a 100% decrease. Similarly, Dammam also achieved a 100% reduction in such environmental phenomena during the same period. Meanwhile, Wadi Al-Dawasir Province and Al-Ahsa Province saw significant decreases of 81% and 83%, respectively.
10 months ago
In 1943 President Franklin Roosevelt declared that “the defense of Saudi Arabia is vital to the defense of the United States.” The reason: Ten years earlier the desert kingdom had granted a concession to Standard Oil of California to explore for oil. It turned out there was some, in fact, a lot. Roosevelt visited with the kingdom’s monarch, King Ibn Saud, early in 1945 to further cement relations between the two countries, paving the way for a mutual defense treaty in 1951. The idea was to provide protection for Saudi Arabia in exchange for access to the country’s oil. Fast forward to last week. The Saudi Ministry of Energy ordered the government-owned oil company, Saudi Aramco, not to exceed its current so-called Maximum Sustainable Capacity of 12 million barrels per day (mbpd) of oil production. In other words, stop any expansion plans. Petroleum geologist and consultant Art Berman cut through all the speculation about the reason behind this move by pointing out that the energy ministry was only directing Aramco to comply with the law. This latest reminder that Saudi Arabia is no longer a wholly-owned gas station of the United States has been hard for the U.S. government to […]
10 months ago
Whistleblowers in Saudi Arabia who report unauthorized endowments valued at more than SR9 million ($2.4 million) will be rewarded with a financial cut of any resulting seizure. The new strategy was announced by the General Authority of Endowments in line with its existing rules covering unauthorized and unknown endowments. The authority also approved new legislation to protect whistleblower rights in a bid to encourage the public to report unauthorized endowments. Rewards for tipoffs that result in a seizure will have a maximum value of 5 percent of the confiscated funds, or SR1 million. Reports must meet criteria, including online submission, ensuring that the endowment has no supervisor, and that appropriate documentation is provided. The authority seeks to establish the endowment industry in Saudi Arabia and streamline services offered to the public.
10 months ago
The Saudi Falcons Club is showcasing the heritage of falconry at the second World Defense Show in Riyadh, which continues until Feb. 8. The club’s pavilion offers an engaging cultural journey, highlighting the connection between falconry and its enthusiasts. The pavilion provides insights into the birds, including their breed and heritage, and publicizes annual events. These occasions include the International Auction of Falcon Farms, the International Saudi Falcons and Hunting Exhibition, and the King Abdulaziz Falconry Festival, the world’s largest gathering of its kind. The club gives visitors the opportunity to photograph falcons, promoting environmental awareness aligned with the objectives of Saudi Vision 2030. Organized by the General Authority for Military Industries, the five-day defense event features more than 750 exhibitors from more than 75 countries, alongside numerous government entities and leading local and international companies in the defense and security sector. The Saudi Falcons Club, in collaboration with the Royal Commission for AlUla, recently organized the AlUla Falcons Cup with a prize pool of SR60 million ($16 million). The partnership aims to promote the legacy of the Kingdom’s falconers and celebrate the culture of falconry internationally while raising environmental awareness and supporting local enthusiasts. The Al-Kharj Falcon Competition, organized […]
10 months ago
The money transfers of expatriates in Saudi Arabia recorded their lowest levels in five years at the end of the year 2023. The total value of remittances during the last year amounted to about SR124.9 billion, with an average daily transfers of SR342.18 million. This figure shows a fall of 12.81 percent, amounting to SR18.34 billion, compared to the total remittances of the year 2022 that reached SR143.24 billion, with a daily drop in remittances amounting to SR50.25 million, according to a monitoring carried out by Okaz/Saudi Gazette based on the data provided by the Saudi Central Bank (SAMA). During the last five years, the remittances of foreigners reached its peak in 2021 immediately after subsiding the fallouts of the coronavirus pandemic, when its value soared to about SR153.57 billion, with an average daily transfer value of SR421.56 million. Remittances of expatriates in 2023 recorded a decline of 18.83 percent from their levels in 2021, a decrease of SR28.97 billion. The monthly statistical bulletin of SAMA showed that personal transfers from non-Saudis amounted to about SR10.65 billion during last December. 7 conditions to exempt from tasattur penalties In a related development, the National Anti-Commercial Concealment Program has outlined seven conditions […]
10 months ago
Saudi Arabia celebrated the milestone of being among the first countries to start the construction of its pavilion for Expo 2025 Osaka in Japan. Saudi Arabia’s delegation to this celebration was headed by the Commissioner General of the Kingdom’s Pavilion at Osaka Expo 2025 Eng. Othman Al-Muzaiad and Head of the Construction Track of the Kingdom’s Pavilion Eng. Firas Al-Turki at Expo 2025 Osaka’s official exhibition site on Yumeshima Island. The Saudi pavilion, designed to showcase heritage, traditions, and values, serves as a reflection of the Saudi identity and its historical significance as a nurturing ground for ancient civilizations spanning thousands of years. Moreover, the pavilion emphasizes the ongoing transformation aligned with Saudi Arabia’s Vision 2030, aimed to achieve economic and social objectives while unlocking future capabilities. The construction of the pavilion symbolizes the Kingdom’s commitment to the environment, emphasizing its dedication to sustainable design and a better future. In its design, the Kingdom’s pavilion draws inspiration from traditional urban formations, presenting a representation of Saudi Arabia’s history, culture, and heritage. The design is both distinctive and sustainable, showcasing the Kingdom’s commitment to a shared future and incorporating cutting-edge sustainability technologies. These features include the use of renewable materials and […]
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