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Recent stories from sustg
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Oil Prices Near 8-Year Highs as Russian Invasion of Ukraine Roils Markets
- February 23,2022
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- SUSTG Team
Oil prices reached 8-year highs, approaching $100 a barrel on the Brent crude index, as Russia’s Vladamir Putin ordered troops to invade neighboring Ukraine.
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Saudi Moves Further into FinTech Space with PIF Backing of New Digital Bank Called D360
- February 16,2022
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- SUSTG Team
Saudi Arabia’s Public Investment Fund is investing in the creation of a new digital bank being established in the kingdom with a capital of 1.65 billion riyals ($440 million), according to a report from Bloomberg.
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Dazzling Finish to Saudi International as Harold Varner III Sinks Near 100-Foot Eagle Putt to Win
- February 7,2022
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- SUSTG Team
American Harold Varner III made a fantastic eagle putt on the final hole to hold off left-handed Bubba Watson and claim a one-stroke victory at the Saudi International on Sunday.
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Saudi Arabia’s Natural Gas Production Soars
- January 26,2022
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- SUSTG Team
Saudi Arabia is starting to see significant growth in its natural gas production after major investments in the sector to increase output. Saudi Arabia’s dry natural gas production reached an average of 11 billion cubic feet per day (Bcf/d) for the first time in 2020, a 30% increase from 2010, according to the U.S. EIA.
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President Biden Says Administration Considering Re-Designating Yemen’s Houthis as a Terrorist Group
- January 20,2022
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- SUSTG Team
U.S. President Joe Biden said on Wednesday his administration is considering re-designating Yemen’s Houthi movement as an international terrorist organization following persistent drone attacks on civilians in Saudi Arabia and the UAE. His comment at a press conference came shortly after the group claimed an attack by the group that killed three people at Abu Dhabi airport […]
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White House Says it Welcomes OPEC+ Decision to Stick to Planned Output Increase
- January 5,2022
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- SUSTG Team
The White House on Tuesday welcomed a decision the OPEC+ group of oil producers led by Saudi Arabia to stick with their plans to raise crude production, and touted “close” coordination with Saudi Arabia and the United Arab Emirates, according to Reuters.
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Saudi Arabia Plans PIF Takeover of Airport Operators with Eyes Toward Privatization
- December 21,2021
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- SUSTG Team
Saudi Arabia plans to convert its airport operators into holding companies and transfer them to the Public Investment Fund (PIF), according to a Reuters report, citing Abdulaziz Al-Duailej, the head of Saudi Arabia’s General Authority of Civil Aviation. Some of the new companies may eventually be privatized, according to Al-Duailej.
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It’s Official: Saudi Arabia Pitches Riyadh for 2030 World’s Fair
- December 16,2021
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- SUSTG Team
Saudi Arabia has officially submitted a bid to host Expo 2030 in Riyadh, with the Royal Commission for Riyadh City (RCRC) CEO Fahd Al-Rasheed submitting the Kingdom’s bid while addressing a virtual gathering of 170 member countries assembled to kickstart the five-stage bidding process that will conclude with voting in November 2023.
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Saudi Economy on Track for ‘Very Strong Level of Growth This Year,’ with 2022 ‘Critical’ for Vision 2030 — Jadwa Investment
- November 30,2021
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- SUSTG Team
The Saudi economy is “on-track to record a very strong level of growth this year, and we expect this to continue into next year…[with] the Kingdom’s economy growing by 7 percent year-on-year in 2022 as a result of sizably higher oil sector growth and robust levels of non-oil growth,” Jadwa Investment said in the Riyadh-based bank’s […]
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With Pandemic’s Damage in the Rear View for Saudi Arabia, Consumers Up Spending; Non-Oil Economy Recovers
- November 24,2021
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- SUSTG Team
With Saudi Arabia’s success against the pandemic becoming the envy of countries around the world, the Kingdom’s economy is roaring back to life on the back of high oil prices and consumer confidence.
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Taliban Warns Turkey of Consequences for Securing Kabul Airport
The Taliban warned Turkey of serious consequences over its decision to take over the security of Kabul’s airport after the full withdrawal of U.S. troops in less than two months. The move is “ill-advised, a violation of our sovereignty and territorial integrity and against our national interests,” the group’s spokesman Zabihullah Mujahed said Tuesday in a statement, urging Turkey to reverse the decision.
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‘Great frustration’: Foreign diplomats in Lebanon despair
As Lebanon's economy tanks, foreign envoys are resorting to increasingly undiplomatic language to make clear their exasperation with politicians who demand bailout cash without delivering basic reforms in return. Donors have conditioned any financial aid to the Mediterranean country on the establishment of a new government to enact urgently needed reforms that would tackle endemic graft.
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Saudi sovereign wealth fund scopes banks for ESG framework – sources
Once an ESG framework is developed, PIF may need credit ratings and an audit of its finances before it can issue bonds, the source said, adding the fund could sell bonds in the fourth quarter if "all goes smoothly."
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Lebanon on the Brink
Beset on all sides by crisis since late 2019 with widespread unemployment, high levels of debt and a collapsing currency -- amid a global pandemic -- record numbers of Lebanese are now struggling to make ends meet. In late 2020, more than three in four Lebanese said it was difficult or very difficult to get by on their household income.
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Opinion: Iran Knows the Triumphant Taliban in Afghanistan Will Not be Good Neighbors
Sometimes, the enemy of an enemy is an even greater enemy. For Iran, the humiliation of the U.S. in Afghanistan brings to the fore a fiercer foe. If the threat from the Taliban is not as existential to the Islamic Republic as the military presence of its most powerful adversary, the triumphant militia nonetheless poses a grave danger at an especially inconvenient moment.
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Pressure on Saudi Arabia unlikely to unlock aid to Lebanon
US and French diplomats have attempted to pressure a reluctant Saudi Arabia to increase its involvement in Lebanon in what analysts described as an unprecedented effort to save the crisis-hit country from itself. But the outcome of their negotiations remains unclear apart from potentially delivering more in-kind humanitarian aid.
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Biden defends Afghanistan pullout as Taliban gains ground
Biden faces questions about whether the hasty military exodus by his country and its NATO allies leaves Afghanistan vulnerable to the Taliban, who have made advances in many northern districts. But Biden argued the war couldn’t be resolved my military means and that the Afghan people must decide their future.
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French, US envoys to Lebanon to visit Saudi Arabia in bid to stem crisis
The French and US envoys to Lebanon are to visit Saudi Arabia, France's embassy said Wednesday, an unusual move amid international pressure to lift Lebanon out of a roiling political and economic crisis. The visit Thursday comes as Lebanese battle shortages and price hikes on basic goods in what the World Bank has called one of the world's worst economic crises since the 1850s.
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Lebanon is days away from a ‘social explosion,’ prime minister warns
Diab appealed for regional and international leaders to help rescue Lebanon from a crisis that has seen the local currency lose 90% of its value and left 77% of households without enough food, according to the United Nations.
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Iran Hosts Taliban Talks With Afghan Officials as U.S. Exits War
Iran is hosting talks between senior Taliban negotiators and officials from the Afghan government, as the militants make rapid territorial gains ahead of the complete withdrawal of U.S. forces. The Taliban said its delegation was led by Sher Mohammad Abbas Stanekzai, deputy head of the movement’s political office in Qatar, where months of formal peace talks between the Afghan adversaries appear to have stalled.
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