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Fitch Affirms Saudi Arabia at ‘A+’ with Outlook Stable
- February 6,2024
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- SUSTG Team
Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook, the ratings agency said. “Saudi Arabia’s ratings reflect its strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers […]
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The Public Investment Fund’s Head of National Development, Jerry Todd, talks PIF investment strategy, localization and more…
- February 5,2024
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- SUSTG Team
Lucien Zeigler sits down with an exclusive conversation with Jerry Todd, Head of the National Development Division at the Public Investment Fund (PIF) of Saudi Arabia, in a new format and program called 966 Live, recorded at PIF studios in a fireside chat style of engagement. Jerry Todd, who is also on the PIF’s Management […]
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The PIF’s biggest event of the year in Riyadh, the latest on the Saudi peace plan, and alcohol in Saudi Arabia? — The 966 Episode 120
- January 30,2024
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- SUSTG Team
In episode 120, The 966 once again has on offer a menu of excellence discussing some of the most important topics happening in Saudi Arabia this week — a tough decision for the editorial team as Saudi Arabia continues to create headlines as it marches forward with economic and social reforms.
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At Davos, Kingdom Pushes Diplomacy and PIF Talks 2024 Investment Strategy
- January 17,2024
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- SUSTG Team
Saudi Arabia’s strong presence at the World Economic Forum in Davos, Switzerland is emblematic of an increasingly confident Kingdom on the global stage, with top officials from both the government and Saudi Arabia’s Public Investment Fund on the ground to promote Saudi Arabia’s interests.
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Palestinian State a Must for Any Saudi-Israel Deal after Israel Invasion of Gaza – Ambassador
- January 10,2024
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- SUSTG Team
Saudi Ambassador to the United Kingdom Prince Khalid bin Bandar discussed the status of Saudi-Israel relations in light of the ongoing Israeli invasion of Gaza, telling the BBC a pact was “close” when the the kingdom paused US-brokered talks after Hamas’s deadly attacks on Israel on 7 October.
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Saudi Arabia Issues $12 Billion Bond
- January 9,2024
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- SUSTG Team
Saudi Arabia sold $12 billion of bonds — its largest deal since 2017 — amid a record start to a year for emerging-market countries, according to a report in Bloomberg.
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Secretary Blinken to Visit Saudi Arabia on Regional Diplomatic Tour to Contain Regional Spread of Violence
- January 5,2024
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- SUSTG Team
U.S. Secretary of State Antony J. Blinken will travel to the Middle East region this week to “discuss urgent mechanisms to stem violence, calm rhetoric, and reduce regional tensions,” according to a press release from the State Department. The State Department said that Blinken will visit Istanbul, Türkiye; Crete, Greece; Amman, Jordan; Doha, Qatar; Abu Dhabi, the […]
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Saudi Non-Oil Business Activity Expands in December 2023, New Orders Rising at Fastest Pace in Six Months
- January 3,2024
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- SUSTG Team
Non-oil business activity in Saudi Arabia grew solidly in December with new orders rising at the fastest pace in six months, and the seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index stood at 57.5 in December ending 2023 well above the 50 mark signaling economic growth, Reuters reports. The data show a Saudi economy that is […]
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Bechtel Expands Partnerships to Develop Local Talent in Saudi with Agreements with Prince Sultan University, Saudi Women Engineering Society
- December 22,2023
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- SUSTG Team
US-headquartered Bechtel, a leading engineering, procurement, construction, and project management company, has rolled out two new local partnerships in Saudi Arabia as it expands its operational relationships and seeks to develop local talent in the Kingdom as it marks its 80th year doing business in KSA.
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New Royal Decrees in Saudi Arabia Change Up Regional Leadership Posts
- December 13,2023
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- SUSTG Team
A number of Saudi royals and officials were given new jobs on Tuesday as authorities issued a raft of royal decrees, according to reports by the SPA and Arab News.
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MUST-READS
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Israel’s Shifting Policies Toward the West Bank
The current government is taking advantage of the situation created on October 7, 2023, to bring about a fundamental change on the ground in the West Bank, seizing the opportunity to implement the goals laid out when the present cabinet was formed. These goals include attempting to abandon the Oslo Accords status quo, advancing the process of weakening the PA economically, financially, and in security matters—possibly as a prelude to its complete dismemberment—expanding the settlements, further boosting the number of settlers, and de facto annexing Palestinian lands in Area C. While the events of October 7, 2023 did not bring about this shift on their own, they boosted this agenda and gave it a sheen of legitimacy within Israeli society, accelerating its implementation and the extent to which it is publicly expressed.
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Israeli strike kills journalists in Lebanon, Blinken sees urgent need for resolution
An Israeli strike killed three journalists in south Lebanon on Friday, Lebanon's health ministry said, and the UN refugee agency warned that Israeli airstrikes on a border crossing with Syria were hindering refugees attempting to flee the war. U.S. Secretary of State Antony Blinken said there was an urgency to get a diplomatic resolution to the conflict, a day after he said Washington did not want to see a protracted campaign in Lebanon by its ally Israel.
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Israeli strike kills Lebanese troops as France rallies support for army
An Israeli strike killed three Lebanese troops in south Lebanon on Thursday as France hosted a conference to rally support for Lebanese state forces which are seen as vital to any diplomatic resolution of the war between Israel and Hezbollah. The Lebanese soldiers were killed as they were evacuating wounded people on the outskirts of southern village of Yater, the Lebanese army said. They were killed at around 4:15 a.m. (0115 GMT), a security source said. There was no immediate comment on the strike from the Israeli military, which has previously said it is not operating against the Lebanese army.
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Eleventh Saudi Relief Plane Departs for Lebanon with Essential Aid Supplies
An eleventh relief plane of the Saudi air bridge, operated by the King Salman Humanitarian Aid and Relief Center (KSrelief), left King Khalid International Airport for Lebanon today, carrying food, shelter, and medical supplies.
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Lebanon’s cash economy surge drives FATF grey-listing concerns
Lebanon is set to be placed on a financial crime watchdog’s grey list this week, with experts pointing to the country’s expanding cash economy and parallel financial system as key drivers behind the designation, according to senior economists and sources familiar with the matter. The designation comes as Lebanon grapples with a complex web of challenges, including a widespread shift away from traditional banking following the 2019 financial crisis, which has created new vulnerabilities in the financial system.
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Saudi Banks’ Credit Quality May Weaken Due to External Funding Reliance
The Saudi banking sector’s increasing reliance on external funding and resulting decline in net foreign assets (NFAs) could lead to lower funding and liquidity scores for some banks, Fitch Ratings says. A one-notch reduction in a bank’s funding and liquidity score would be unlikely, on its own, to directly affect the bank’s Viability Rating (VR) as the score’s weight is only 10%. However, weaker liquidity could eventually undermine other VR factors.
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Blinken urges halt to Middle East conflict as Israel bombs historic Lebanese port
U.S. Secretary of State Antony Blinken pushed on Wednesday for a halt to fighting between Israel and militant groups Hamas and Hezbollah, but heavy Israeli air strikes on a large historic Lebanese port city demonstrated that there was no respite. Israel began to bomb the UNESCO-listed port of Tyre in south Lebanon roughly three hours after issuing an order online for residents to flee central areas. Huge clouds of thick smoke billowed above residential buildings.
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Eighth Saudi Relief Plane Departs for Lebanon with Essential Aid Supplies
The eighth relief plane of the Saudi air bridge, operated by the King Salman Humanitarian Aid and Relief Center (KSrelief), took off today for Lebanon, bound for Rafic Hariri International Airport with a cargo of food, shelter, and medical supplies.
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GCC banks capable of handling potential funding outflows: S&P Global
“Under high and severe stress, banks appear capable of handling potential funding outflows by using their liquid assets. Government support could be necessary if assets are less liquid than we expect. If asset quality stress is as severe as we project, many of the top 45 banks in the region could display losses,” said S&P Global in the latest report. It added: “The results of our hypothetical stress test show that most banking systems in our sample will be resilient if regional conflicts escalate and investor confidence declines.”
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Regional rail projects transforming urban development within the GCC
“Rail infrastructure projects are more than just transportation solutions—they are economic catalysts. By creating efficient, interconnected transport systems, they unlock new opportunities for businesses, reduce congestion, and improve productivity. Such projects provide reliable, affordable mobility options, reducing commuting times and opening new doors for commerce, tourism, and industry.” “The construction phases of these large-scale rail projects generate thousands of jobs and supporting nationalisation, while their operational phases foster employment opportunities across multiple sectors. From retail to technology, robust transportation networks help cities become more attractive to investors and entrepreneurs, paving the way for economic diversification. This economic shift supports long-term ambitions for sustainable, thriving economies across the GCC.”
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