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Recent stories from sustg
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World Bank Sees Saudi GDP Growth to Increase to 1.9% in 2020, with More Growth Onward
- January 10,2020
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- SUSTG Team
The World Bank forecasted Saudi Arabia’s GDP growth will increase significantly in 2020, to 1.9%, compared with 0.4% in 2019, with further gains in subsequent years.
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Lockheed Martin Awarded Contract to Build Four MMSC ships for Saudi Arabia
- December 23,2019
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- SUSTG Team
The Navy announced Friday that Lockheed Martin was awarded a $1.96 billion contract to modify four multi-mission surface combatants (MMSC) for Saudi Arabia. This award is an addition to Saudi Arabia’s $11.25 billion agreement to provide MMSCs in 2015.
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U.S. Probe of Saudi Oil Attack Shows it Came From the North – Reuters Report
- December 20,2019
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- SUSTG Team
The United States said new evidence and analysis of weapons debris recovered from an attack on Saudi oil facilities on Sept. 14 “indicates the strike likely came from the north, reinforcing its earlier assessment that Iran was behind the offensive,” Reuters reports in an exclusive. The attacks on September 14th were significant. Two of Saudi […]
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Global Construction Giant Bechtel Opens New Office in Al-Khobar, Saudi Arabia
- December 17,2019
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- SUSTG Team
Global engineering, procurement and construction (EPC) firm Bechtel has re-opened its office in Al-Khobar to “meet the increasing demand for quality services in the Oil and Gas sector in Saudi Arabia and in the region,” SUSTG has learned.
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Saudi Aramco Officially the World’s Biggest IPO, Raises $25.6 Billion
- December 6,2019
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- SUSTG Team
Saudi Aramco sold 3 billion shares at 32 riyals ($8.53) each in its IPO, raising $25.6 billion, making it the world’s biggest IPO. The IPO values Aramco at roughly $1.7 trillion, making it the most valuable publicly traded company in the world ahead of Apple, which is worth about $1.15 trillion. It also soared past the previous […]
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Saudi Authorities Direct Vision 2030 Realization Committees to Submit Plans to Boost Private Sector Funding
- November 19,2019
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- SUSTG Team
Saudi authorities have directed all the Vision 2030 Realization Program (VRP) Committees to submit an action plan within 90 days to CEDA to “activate the role of the private sector as an investor and a financing element in implementing its initiatives,” a report in the Saudi Gazette/OKAZ said. According to the report, action plans submitted by […]
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Saudi Arabia, World Economic Forum to set up ‘Fourth Industrial Revolution Center’
- November 7,2019
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- SUSTG Team
Saudi Arabia signed an agreement with the World Economic Forum (WEF) on Wednesday to establish a branch in the Kingdom of the WEF’s Center for the Fourth Industrial Revolution, a program focused on new technologies that will power economic change in the immediate years to come. The deal was signed by Mohammed Al-Tuwaijri, the Saudi […]
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Saudi Arabia to Cut Spending, Deficit Projected to Widen as Economic Reforms Kick In
- November 1,2019
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- SUSTG Team
Saudi Arabia’s finance minister Mohammed Al-Jadaan said in his pre-budget statement for fiscal year 2020 yesterday that the Kingdom would cut spending and widen its projected deficit in a vote of confidence in Saudi Arabia’s economic reforms. He also said efforts will be made to “improve the efficiency of spending without any disruption to diversification and […]
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Announcement of New IPO Date for Saudi Aramco IPO Creates Buzz on FII’s Opening Day
- October 29,2019
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- SUSTG Team
Saudi Aramco’s long-planned IPO will see its first shares traded on Riyadh’s stock exchange in December, several news outlets are reporting, citing the Saudi-owned satellite news channel Al Arabiya. Al Arabiya said a final price for the stock will be set Dec. 4, with shares then beginning to be traded on the Tadawul stock market on Dec. 11. It added […]
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Issue Brief Explores Saudi Aramco-SABIC Merger, SABIC’s ‘Importance to Energy and Chemical Businesses Worldwide’
- October 23,2019
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- SUSTG Team
A new issue brief written by Jean-François Seznec for the Atlantic Council explores the Saudi Aramco-SABIC merger and Aramco’s strategy to make the Saudi oil giant “like most other large international oil companies, except much bigger.” This issue brief studies “SABIC’s importance to energy and chemical businesses worldwide, and it raises questions about whether the merger […]
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US imposes sanctions on 7 Lebanese nationals tied to Hezbollah
The United States on Tuesday imposed sanctions on seven Lebanese nationals who have links with Hezbollah and its financial firm, Al-Qard Al-Hassan (AQAH), designating them as Specially Designated Global Terrorists (SDGT).
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Softbank just shocked its critics by landing the biggest profit in the history of a Japanese company
SoftBank on Wednesday reported a record 4.03 trillion yen ($36.99 billion) Vision Fund unit profit from a fourth-quarter investment gain on Coupang, putting it among the world’s biggest earning firms a year after an unprecedented loss.
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Lebanese fear fruit and vegetables going to waste with Saudi market shut
Saudi Arabia's ban on imports of Lebanese agricultural produce, imposed in April over drug smuggling, has shut a major market for Lebanese farmers who grow everything from lettuce and onions to cherries and peaches. There is no sign yet of an end. "The Saudi decision was a shock to farmers and exporters," said Tarshishy, who heads the Bekaa Farmers Association.
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Israel central bank boosting preparations for digital currency
Israel's central bank said on Tuesday it was once again considering issuing a digital shekel that would create a more efficient payments system.
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Bloomberg Video: Eric Swats, Rasmala Investment Bank on Saudi Arabia Post-Pandemic Economic Recovery
Eric Swats, Rasmala Investment Bank, Senior Executive Officer discusses pandemic recovery and oil curbs in Saudi Arabia. He speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East."
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Banque Saudi Fransi: Local banking done differently
Established by royal decree in 1977, BSF was once an affiliate of Crédit Agricole CIB, one of France’s largest banks. Since that time it has become Saudi Arabia’s second-largest corporate bank and founded an extensive network that includes four primary offices (Riyadh [HQ], Jeddah, Al-Riyadh, and Al-Khobar), 84 branches, 563 ATMs, and over 3,000 employees.
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Saudi Arabia drugs haul exposes Syria and Lebanon’s booming illicit trade
But for many Saudis concerned about an alarming increase in drug abuse among young people, the import ban ticks several boxes, most obviously sending a clear indication of its determination to crackdown on the illicit trade. “There are concerns that there could be dozens of other undetected shipments,” said Mohammed Alyahya, editor-in-chief of the Saudi-owned Al Arabiya English news network. “Saudi Arabia loses very little by banning all imports.”
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Saudi Arabia bans poultry from 11 Brazilian processing plants
Saudi Arabia has banned imports from 11 Brazilian poultry plants with no warning or explanation, according to a joint statement from Brazil's agriculture and foreign ministries on Thursday. JBS SA (JBSS3.SA), the world's largest meat company, confirmed that it was affected by the ban but declined to disclose how many plants had been targeted by the decision. The Saudi Food and Drug Authoritysaid imports from seven JBS plants will be suspended as of May 23
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Saudi banks in a ‘sweet spot’ says fund manager
“I think Saudi banks in general are in a sweet spot,” Hedi Ben Mlouka, CEO and founder of FIM partners, told Bloomberg TV on Thursday. “You are seeing growth no longer coming from a low base, we are talking big numbers here that move the balance sheet and the profitability of these banks. The ‘Shareek’ program is going to spur the first growth we have seen in corporate borrowing to support all this capex,” he said.
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Golfers warned signing for breakaway tour will lead to PGA Tour ban
The world’s best golfers have been warned they will incur immediate suspension and most likely a career ban from the PGA Tour if they agree to join a breakaway regime being proposed by Saudi Arabia.
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