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New Draft Rules from Saudi Arabia’s CMA Set to Further Open Stock Market to Investors
- December 15,2022
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- SUSTG Team
Saudi Arabia plans to further open up its capital market to foreign investors by September 2023, with its capital market regulator, the Capital Markets Authority (CMA), proposing several changes to simplify requirements for qualified foreign investors (QFIs) and adding new channels for overseas retail investors in the country’s bourses, according to reports.
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2023 Budget: Saudi Arabia Exceeds Surplus Estimate, Economic Growth Forecasts in Strong Year for Kingdom’s Economy
- December 8,2022
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- SUSTG Team
Saudi Arabia has recorded a budget surplus for 2022 of 102 billion riyals ($27.13 billion), 12 billion riyals ($3 billion) higher than predicted figures, according to reports.
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Oil Prices Fall as WSJ Reports OPEC is Considering an Output Increase on December 4
- November 21,2022
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- SUSTG Team
Saudi Arabia and other OPEC countries are discussing an oil output increase to be determined at its next meeting, the Wall Street Journal reports, “a move that could help heal a rift with the Biden administration and keep energy flowing amid new attempts to blunt Russia’s oil industry over the Ukraine war.”
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Saudi Arabia Commits 2.5 Billion to Middle East Green Initiative, Agrees to Host HQ in Riyadh – Report
- November 7,2022
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- SUSTG Team
Crown Prince Mohammed bin Salman said on Monday that Saudi Arabia would contribute $2.5 billion to the Middle East Green Initiative over the next 10 years, and host its headquarters in the Kingdom, according to a report from Reuters.
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Crown Prince Mohammed bin Salman Unveils New Initiatives, Investments to Boost Supply Chain Resilience
- October 24,2022
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman has unveiled a new initiative designed to position Saudi Arabia as a global supply chain hub, called the “Global Supply Chain Resilience Initiative” (GSCRI).
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Saudi Aramco Pushes Ahead With IPO of Oil-Trading Unit – Bloomberg Report
- October 20,2022
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- SUSTG Team
Saudi Aramco is pushing ahead with plans for an IPO of its energy-trading business to take place as soon as the end of 2022 or early 2023, Bloomberg reports, citing people familiar with the matter.
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Saudi Arabia’s PIF Commits Over $2 Billion to New Long-term Football Sponsorship Deals this Year – FT Report
- October 10,2022
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- SUSTG Team
Saudi Arabia’s Public Investment Fund has committed more than $2 billion to new long-term football sponsorship deals this year, with much of that spent domestically in Saudi Arabia, the Financial Times reports, citing the PIF’s most recent financial statements.
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Crown Prince Mohammed bin Salman Elevated to Prime Minister; New Education Minister Named in Cabinet Changes
- September 28,2022
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- SUSTG Team
Saudi Arabia’s King Salman bin Abdulaziz named his son and heir Crown Prince Mohammed bin Salman as the kingdom’s prime minister and promoted his second son Prince Khalid as defense minister, according to a royal decree on Tuesday.
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Friday Marks Saudi Arabia’s 92nd National Day; 9 Days of Events and Celebrations Planned
- September 21,2022
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- SUSTG Team
Saudi Arabia’s 92nd national day is set for Friday, September 23rd, with nationwide events, patriotic displays and festivals planned by authorities.
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Jadwa Investment Raises Saudi Arabia’s Growth Forecast to 8.7% for 2022
- September 20,2022
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- SUSTG Team
Riyadh-based investment bank Jadwa Investment has revised upward its growth forecast for Saudi Arabia this year, after the Kingdom’s economy showed strong expansion in both oil and non-oil activities in the first half of 2022.
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EU Ramps Up Trade System With Iran Despite U.S. Threats
In a move designed to circumvent sweeping U.S. sanctions on Iran, European countries closed their first transaction with the Islamic Republic using a trade mechanism that the Trump administration has heavily criticized. The move, announced Tuesday by Britain, France and Germany, underlined diverging European and U.S. strategies on dealing with Iran. European officials said they were confident that the transaction, the export of medical goods to Iran, would be the first of many despite past threats by U.S. officials that they could sanction the trade mechanism and people involved with it, if it provided a significant economic lifeline to Iran’s economy.
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U.S. crude dips below $20 as lockdowns wipe out demand
Oil prices fell sharply on Monday, with U.S. crude briefly dropping below $20 and Brent hitting its lowest in 18 years, on heightened fears that the global coronavirus shutdown could last months and demand for fuel could decline further.
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Coronavirus Has Killed More in the U.S. Than the War in Afghanistan, Death Toll Soon to Pass 9/11
COVID-19 deaths in the U.S. reached 2,479 on Sunday, according to data compiled by Johns Hopkins University, surpassing the 2,445 casualties recorded among Pentagon personnel and civilians as a result of the U.S.-led military intervention in Afghanistan and related missions between October 7, 2001 and March 23 of this year. As President Donald Trump battles what has become the world's largest known coronavirus outbreak at home, his administration has also sought to ensure a historic peace process in Afghanistan, where warring sides have struggled to conduct talks amid ongoing unrest and a pandemic.
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Britain, U.S. working with Saudis to repatriate citizens
Saudi Arabian Airlines will begin exceptional commercial flights this week to bring British nationals and their families back to the United Kingdom, and similar flights are being arranged for U.S. citizens to return home, both countries said.
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U.S. imposes fresh Iran-related sanctions despite coronavirus
The United States blacklisted five Iran- and Iraq-based companies and 15 individuals on Thursday for supporting terrorist groups, its third round of sanctions on Iranian targets in the last two weeks even as Tehran battles the coronavirus outbreak.
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U.S.-Saudi Oil Cartel Not a Good Idea, API CEO Mike Sommers Says: Video
Mike Sommers, American Petroleum Institute chief executive officer, says he'd be against the U.S. and Saudi Arabia forming a new oil cartel.
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Lockheed awarded $932.8M to make THAADs for U.S., Saudi Arabia
Lockheed Martin was awarded a $932.8 million contract modification for the production of Terminal High Altitude Area Defense interceptor missiles for the U.S. Missile Defense Agency and the Kingdom of Saudi Arabia, the Department of Defense announced. The deal exercises options contract originally awarded in March 2017 and increases the contract's total value to $6.3 billion.
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U.S. to reduce Afghan aid by $1 billion after Pompeo fails to break impasse
U.S. Secretary of State Mike Pompeo on Monday announced a $1 billion cut in U.S. aid to Afghanistan after he failed to convince Afghan President Ashraf Ghani and his political foe to end a feud that has helped jeopardize a U.S.-led peace effort.
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U.S.-Saudi Oil Accord One Idea Discussed, Energy Secretary Says
“There are many, many ideas that are floated around the policy space, that is one of them,” he said in an interview with Bloomberg Television on Monday. “I don’t know that it is going to be presented in any formal way.”
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Oil Finds Firmer Ground on Hopes for U.S.-Saudi Price Detente
Futures in New York gained as much as 4.1%, after advancing 3.2% in Monday’s session. U.S. Energy Secretary Dan Brouillette said that a joint U.S.-Saudi oil alliance is one idea under consideration to steady the market after the worst crash in a generation.
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