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8th Future Investment Initiative wraps in Riyadh
- October 29,2024
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- SUSTG Team
The 8th Future Investment Initiative (FII) conference just concluded in Riyadh, Saudi Arabia, running from October 29th to 31st, 2024. This year’s theme was “Infinite Horizons: Investing Today, Shaping Tomorrow.”
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Aramco’s Wa’ed Ventures allocates $100 million for early-stage AI investments
- October 29,2024
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- SUSTG Team
Wa’ed Ventures, the $500 million venture capital fund owned by Saudi Aramco, plans to invest $100 million in early-stage artificial intelligence startups.
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MoF’s 2025 Preliminary Budget Statement assessed
- October 28,2024
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- SUSTG Team
Jadwa Investment assesses the Saudi Ministry of Finance’s recently released Preliminary Budget Statement for 2025 and mid-year 2024 economic review.
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IMF World Economic Outlook releases KSA forecasts for ’24 and ’25
- October 23,2024
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- SUSTG Team
In its just-released World Economic Outlook Report the International Monetary Fund further lowered its GDP growth forecast for Saudi Arabia for 2024 to 1.5% and estimated growth to accelerate to 4.6% next year.
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Saudi Finance Minister makes strong case for multilateralism at IMF, World Bank meetings
- October 23,2024
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- SUSTG Team
Saudi Finance Minister Mohammed Al Jadaan appealed for a strong defense of multilateralism, warning of the challenges that global fragmentation poses to trade and humanitarian efforts.
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16th BRICS summit in Russia October 22-24
- October 22,2024
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- admin
The 16th BRICS summit kicked off today in Kazan, Russia.
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New Murabba project hits early milestone
- October 21,2024
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- SUSTG Team
The ambitious $50 billion New Murabba project has excavated 10 million cubic meters in preparation for construction as it works to meet a December 2030 deadline.
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Lucid CEO discusses EVs and Saudi investment
- October 18,2024
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- SUSTG Team
Lucid CEO, Peter Rawlinson, chats with Liz Hoffman and Semafor about the EV market, Elon Musk and Saudi Arabia’s Public Investment Fund.
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BBC Travel’s superb feature on Swizz Beatz and his love for AlUla and Saudi Arabia
- October 17,2024
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- SUSTG Team
Bronx-born entertainer Kasseem Daoud Dean – Swizz Beatz – talks with Eva Sandoval and BBC Travel for a remarkable discussion of his favorite places in Saudi Arabia.
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First EU-GCC Summit today in Brussels
- October 15,2024
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- admin
The first summit between the leaders of EU and Gulf Cooperation Council (GCC) takes place today, October 16, 2024, in Brussels. The summit is co-chaired by Charles Michel, President of the European Council, and H.H. Sheikh Tamim bin Hamad Al Thani, Emir of Qatar, the current rotating President of the GCC.
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MUST-READS
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Saudi Tourism Authority Launches AI Beta Version of SARA, the Smart Guide for Saudi Tourism
The Saudi Tourism Authority has launched the beta version of "SARA," an artificial intelligence (AI)-powered smart guide for Saudi tourism. Designed as a young Saudi woman, SARA is depicted as a travel enthusiast deeply knowledgeable about her country. She shares insights on Saudi Arabia's unique tourist destinations, historical landmarks, archaeological sites, cultural diversity, and international events—everything a traveler might need to know.
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Saudi crown prince receives medical team that performed world’s first fully robotic heart transplant
Saudi Crown Prince Mohammed bin Salman on Wednesday received the Saudi medical team that successfully performed the world’s first fully robotic heart transplant. The transplant was performed at Riyadh’s King Faisal Specialist Hospital and Research Centre in September on a 16-year-old patient suffering from end-stage heart failure. The crown prince congratulated the medical team and the leadership of the hospital on the historic achievement, praising the efforts of Saudi personnel and their ability to innovate and achieve a global precedent in the medical field.
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19th Saudi Relief Plane Departs for Lebanon
A 19th relief plane of the Saudi air bridge, operated by 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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Saudi Arabia: A Strategic Partner for Global Manufacturing
Saudi Arabia offers a strategic advantage to manufacturers that are looking for reliable, near-shore locations. The Kingdom is ideally positioned at the crossroads of three continents—within easy reach of Europe and on the doorstep of growth markets in the Middle East, India, Central Asia, and Africa. The region is already well-connected with air and sea links, and with a $147 billion government investment from Saudi Arabia into transportation and logistics infrastructure, the Kingdom is building seamless connections to global markets.
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Strengthening Civil Aviation Partnership Between the United States and Saudi Arabia
U.S. Deputy Assistant Secretary of State for Transportation Affairs Heidi Gómez and Saudi Executive Vice President of Air Transport and International Cooperation Ali bin Mohammed Rajab signed on October 22 a record of discussions finalizing negotiations on a Protocol of Amendment to further expand the U.S.-Saudi Arabia Air Transport Agreement of 2013. The signing took place during the International Civil Aviation Organization (ICAO) Air Services Negotiation Event (ICAN2024) in Kuala Lumpur, Malaysia. Once signed and entered into force, the Amendment will add seventh-freedom traffic rights for all-cargo operations to the bilateral Air Transport Agreement.
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US-headquartered DGA Group enters Saudi market with Riyadh office
US-headquartered DGA Group currently has a team of over 300 experts working from offices worldwide, with its new Riyadh hub joining Dubai as its second office in the Middle East. DGA Group specialises in topics such as strategic communications, public affairs, government relations, and corporate reputation. Prem Kumar, partner at DGA Group and leader of the firm’s Middle East and North Africa division, said that the opening in Riyadh will enhance its ability to serve clients in the Kingdom, thanks to its closer proximity to client premises and the availability of an on the ground and local-expert team. Up until now, projects in Saudi Arabia were delivered by fly-in members from other offices, mainly Dubai.
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Saudi Aramco posts 15% drop in third-quarter profit but maintains dividend
Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of “lower crude oil prices and weakening refining margins,” but maintained a 31.05 billion dividend. The company reported net income of $27.56 billion in the July-September period, topping a company-provided estimate of $26.9 billion. The print is also a 5% drop from the previous quarter, which came in at $29.1 billion, as lower global oil prices, weaker demand and prolonged OPEC+ production cuts led by Saudi Arabia continue to impact crude prices.
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Saudi Aramco posts third-quarter profits of $27.5 billion, down 15% from a year earlier
Aramco, formally known as the Saudi Arabian Oil Co., had revenues of $111.1 billion over the quarter, the company said in a filing on Riyadh's Tadawul stock exchange. It had $113 billion in revenues the same quarter last year. Profits for the third quarter last year were $32.5 billion. The profit decrease “was mainly due to the impact of lower crude oil prices and weakening refining margins,” Aramco said. Profit for the first nine months of 2024 was $83.9 billion, down from $94.5 billion the year before.
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Saudi Arabia condemns latest violence in Sudan, urges conflict parties to respect laws
War has raged in Sudan since April 2023 between the army under the country’s de facto ruler Abdel Fattah al-Burhan and the RSF, led by his former deputy Mohamed Hamdan Dagalo. At least 124 people have been killed and dozens wounded in the fighting in al-Jazira state over the past 10 days, according to the United Nations. Saudi Arabia also called on the warring parties to respect the Treaty of Jeddah and urged them to agree on a ceasefire and facilitate the delivery of human aid to those affected in the war-torn country.
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18th Saudi Relief Plane Departs for Lebanon with Essential Aid Supplies
The 18th relief plane of the Saudi air bridge, operated by 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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