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PIF to invest up to 1 trillion riyals in Saudi Arabia by 2025

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Saudi Arabia’s Public Investment Fund plans to invest up to 1 trillion riyals ($266.57 billion) in the domestic economy by 2025, Yasir al-Rumayyan, the sovereign wealth fund’s governor said on Monday.

He was speaking at a forum in Riyadh following Saudi Arabia’s announcement of its 2022 budget.

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Saudi Arabia said on Sunday it expected to post its first budget surplus in nearly a decade next year, as it plans to restrict public spending despite a surge in oil prices that helped to refill state coffers hammered by the pandemic.

After an expected fiscal deficit of 2.7 percent of gross domestic product this year, Riyadh estimates it will achieve a surplus of 90 billion riyals ($23.99 billion), or 2.5 percent of GDP, next year – its first surplus since it went into a deficit after oil prices crashed in 2014.

“The surpluses will be used to increase government reserves, to meet the coronavirus pandemic needs, strengthen the kingdom’s financial position, and raise its capabilities to face global shocks and crises,” Crown Prince Mohammed bin Salman was quoted as saying by Saudi state press agency SPA.

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US considering moving troops from Western Europe to Eastern Europe: NATO diplomat

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The United States is considering transferring some troops stationed in Western Europe to Eastern Europe in the coming weeks, a NATO diplomat told Reuters, amid escalating tensions between Ukraine and Russia.

“This has to do with American troops that are already in Europe,” the diplomat said, speaking on condition of anonymity, confirming a New York Times report that said US President Joe Biden was considering sending US troops to the Baltics and Eastern European allies.

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NATO said on Monday it was putting forces on standby and reinforcing eastern Europe with more ships and fighter jets, in what Russia denounced as an escalation of tensions over Ukraine.

The diplomat said the potential troop movements would be gradual and that any filling of NATO gaps on its eastern flank could take place in the coming weeks.

Read more: From Kyiv, top US diplomat warns Russia against Ukraine aggression

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Several wounded in shooting in German city; gunman dead

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A lone gunman wounded several people at a lecture theater in the southwestern German city of Heidelberg on Monday, police said.

Police said in a brief statement that the perpetrator was dead, but didn’t give details of how that happened. They had earlier asked people on Twitter to avoid the Neuenheimer Feld area of Heidelberg, where the city’s university campus is located.

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Police didn’t specify how many people were wounded, or how seriously, and there was no information on their identities or that of the suspected shooter. The university’s press office declined to give any details on the shooting and referred all inquiries to police.

German news agency dpa cited unidentified security sources as saying that the gunman killed himself.

Police said the weapon used in the shooting was a long-barreled firearm.

Heidelberg is located south of Frankfurt and has about 160,000 inhabitants. Its university is one of Germany’s best-known.

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Aramco CEO says oil demand nearing pre-pandemic levels: Report

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Saudi Aramco CEO Amin Al Nasser said that the demand for oil is nearing pre-pandemic levels, Asharq Business reported in a tweet on Monday.

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Saudi Aramco signs 50 agreements during IKTVA conference

Saudi Aramco to establish presence in China to focus on non-metals in construction

EIG-led investors in Aramco oil pipelines hire banks for dual-tranche bonds

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