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Recent stories from sustg
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After Coronavirus Hit in 2020, Saudi Economy to Grow 2.9% in 2021, IMF Says
- April 15,2020
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- SUSTG Team
Saudi Arabia’s economy is forecast to contract 2.3 percent in 2020, with non-oil GDP expected to contract by 4 percent due in part to the global recession caused by the spread of the deadly coronavirus, the IMF said.
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Saudi Arabia’s PIF Discloses 8.2% Stake in Carnival Cruises
- April 7,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund disclosed on Monday that it had acquired an 8.2% stake in Carnival Corporation & plc, operator of Carnival Cruise line, as of March 26, according to reports.
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Jadwa Investment’s April 2020 Chartbook Shows Early Challenges for Saudi Economy Amid Global Coronavirus Outbreak
- April 2,2020
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- SUSTG Team
Jadwa Investment’s recently-released April 2020 Saudi Chartbook highlighting latest data for the Kingdom’s economy shows indications that the Coronavirus will have a negative impact on the economy as Saudi Arabia locks down to safeguard its citizens.
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Kingdom Will Pay for Coronavirus Treatments, KSA Cases Reach 1453
- March 30,2020
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- SUSTG Team
Saudi Arabia will finance treatment for anyone infected with the coronavirus in the Kingdom, the health minister said on Monday, as Saudi’s total cases reached 1453, according to Reuters.
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Stunning Photos Show Saudi Arabia’s Empty Streets for COVID-19 Curfew
- March 25,2020
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- SUSTG Team
Saudi Arabia on Monday night began implementing a nationwide dusk-to-dawn curfew to halt the spread of COVID-19, urging the public to stay home unless necessary and closing restaurants, cinemas, malls, and other places of gathering.
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Report: Saudi Arabia Asks State Agency Heads to Prepare for Budget Cuts ‘of at Least 20%’
- March 11,2020
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- SUSTG Team
Saudi Arabia has asked state agencies to submit proposals for cuts of between 20% and 30% to their budgets “in a fresh austerity drive to cope with a sharp drop in oil prices” due to a looming price war between Russia and Saudi Arabia, Reuters reports, citing four sources familiar with the matter.
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More Progress for Saudi Women as Kingdom Launches a Women’s Soccer League
- February 28,2020
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- SUSTG Team
Saudi Arabia is launching a soccer league for women, another step forward as the Kingdom continues ahead with its Vision 2030 social and economic reform plan.
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Al-Ula Planners, Developers Keen to Keep Historic Beauty of Site Intact with Millions Expected Annually
- February 11,2020
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- SUSTG Team
Planners and developers working on making Saudi Arabia’s Al-Ula UNESCO heritage site easier and more enjoyable to visit are keen to keep intact the natural beauty and wonder of the site, the UAE-based The National reports, citing an interview with Francesca Arici, the site’s chief planning officer.
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Saudi Arabia’s SAMA Launches First Licenses for Non-Bank Financial Institutions in Line With Financial Sector Development Program Goals
- January 31,2020
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- SUSTG Team
The Saudi Arabia Monetary Agency (SAMA) announced the launch of licenses for non-bank financial institutions, a news release on its website said, issuing the first licenses for an electronic wallet company and the first license for a payment services company in the Kingdom.
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Saudi Authority Calls on UNESCO to Protect Traditional Khawlani Coffee Cultivation Techniques
- January 20,2020
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- SUSTG Team
The Saudi Heritage Preservation Society has called on UNESCO to protect traditional Khawlani coffee cultivation techniques in Saudi Arabia in a press release, noting that the Arabian tradition “has been passed down for generations by the ancient tribes of Khawlan who have grown and processed Khawlani coffee beans in the verdant valleys of Jazan, a region […]
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MUST-READS
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IranIran to set up railway corridor at an investment of US$ 25 bn
The International North–South Transport Corridor between India, Russia, Iran, Europe and the Central Asia for freight transportation by ship, rail, and road will join the Silk Road, reported the Press TV.
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PetrochemicalsMiddle East companies eye specialty petrochemical investments abroad: Sadoun
"Saudi Aramco recently made a downstream push by acquiring a stake in German synthetic rubber producer Lanxess. The Kuwaitis are already looking for similar opportunities. There may be others as well," Al Sadoun said but did not provide specific details or timelines.
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Middle East Capital Flows: Real EstateMiddle East Global Real Estate Investment Reaches Historic High
There has been a growing shift towards the Americas by Middle Eastern buyers in H1 2015. The $2.7 billion invested in the region during H1 2015 is already on track to surpass the long-term historic annual average. In addition to New York, Washington, D.C., Atlanta and Miami were featured among the top 20 investment hot spots for Middle Eastern buyers in H1 2015.
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Foreign Ownership ChangesSaudi Arabia Looks Beyond Oil and Encourages Foreign Investment
By softening the existing rules SAGIA is aiming to attract investment in the retail sector, introduce new technology, create professional and technical jobs for Saudi citizens and boost economic growth. The new regulations should also help the Kingdom’s aspirations of becoming an international player in the distribution, sale and re-export of goods.
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Foreign Investment: Regulatory ReformRecent moves to improve the investment climate in Saudi Arabia
Within the last week, we have seen several announcements by the Kingdom of Saudi Arabia (KSA) that demonstrate its on-going commitment to strengthening regulations in order to encourage foreign investment. Perhaps most notable, is the announcement by the Ministry of Commerce & Industry (MOCI) suggesting that Saudi Arabia may consider opening its doors for trading entities to be completely foreign owned.
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U.S. - Saudi InvestmentSaudi Arabia’s king meets top US executives in investment drive
“Saudi Arabia has been considering where it is today and where it should be in the next decade,” said Ramez Shehadi, managing director of consultancy Booz Allen Hamilton in the Middle East and north Africa, which has been advising the government on reforms. “There is a decision to change. The exercises to effect these changes, whether legislative, regulatory or economic, are at different stages, but the train is leaving the station.”
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Investment in Saudi ArabiaSaudi Downstream to focus on investment
Saudi Arabia’s support for foreign investment and its focus on actions needed to achieve economic sustainability in an environment of unstable commodities will be highlighted at the Saudi Downstream event to be held in March 2016, in Jubail.
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SABICSaudi Arabia’s Sabic Considering Shale Gas Investments in U.S.
Saudi Basic Industries Corp., the world’s second-biggest chemicals manufacturer, plans to expand investment in U.S. shale gas projects through joint ventures, according to acting Chief Executive Officer Yousef al Benyan.
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ME EconomiesWant Investment Growth? Look to the Middle East
The population of the Middle East is steadily growing at a rate of 1.5% a year – it may not sound like much but it is the equivalent of adding a new Turkey or Egypt every 10 years. The population is young too – with an average age of around 25 years old and this young, growing middle class is creating investment opportunities. Add to this that oil reserves are some way off running out – and you can see why the region is attractive.
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Makkah ConstructionSaudi Arabia’s Makkah set for $26.6bn investments
Makkah is likely to attract up to $26.6bn (SAR100bn) in investments as government spending increases to develop and upgrade infrastructure in Saudi Arabia's holy city in upcoming years.
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