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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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Gulf SecurityU.S. and France vie to bolster Gulf security after Saudi oil attack
The chief of the U.S. Central Command and France’s defense minister, whose countries have taken divergent approaches to Iran, also touted rival versions of maritime missions to protect Gulf waters at a Bahrain security forum on Saturday.
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Regional SecurityDespite U.S. Military Buildup, Top U.S. General in Middle East Sees Increased Threat of Iran Attack
Since May, the Pentagon has dispatched 14,000 additional U.S. troops, an aircraft carrier, and tens of thousands of pounds of military equipment to the Middle East to respond to what it says are alarming new threats from Iran
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SyriaRussia Encroaches on U.S. Stronghold in Syria, Threatening Conflict
"This is a new phase that the U.S. hasn't dealt with before," says John Dunford, a research assistant at the Institute for the Study of War, which tracks the movement of forces in the region. "As we move into a new phase of war, northeast Syria becomes more and more compacted with different forces."
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EnergyU.S. Grabs Saudi Market Share In Fastest Growing Oil Market
India increased its intake of U.S. crude oil last month while reducing imports of Saudi crude after the Kingdom increased the official selling price for the commodity. Reuters cites shipping data as revealing the total share of OPEC oil in India’s oil import mix fell to 73 percent in October from the average of 80 percent it usually accounts for. This must be mostly due to the reduced intake of Saudi oil because at the same time Indian refiners increased their purchases of Iraqi and Nigerian oil, among others.
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TechnologyU.S. Says Accused Saudi Twitter Spy Vowed to ‘Delete Evil’
A former Twitter Inc. employee accused of helping Saudi Arabia spy on dissidents got an apology from a judge for keeping him locked up while prosecutors appeal an order to free him on bail. U.S. District Judge William Alsup said the delay was unfortunately necessary because prosecutors weren’t able to move Ahmed Abouammo sooner from Seattle, where he lives, to San Francisco, where he faces charges.
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ExtremismISIS Gaining Strength After Trump’s Syria Pullout: U.S. Spies
“ISIS exploited the Turkish incursion and subsequent draw-down of U.S. troops to reconstitute capabilities and resources within Syria and strengthen its ability to plan attacks abroad,” the 116-page report says. “The DIA also reported that without counter-terrorism pressure, ISIS will probably be able to more freely build clandestine networks and will attempt to free ISIS members detained in… prisons and family members living in internally displaced persons camps.”
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EgyptEgypt risks U.S. sanctions over Russian fighter jet deal: U.S. official
The United States could impose sanctions on Egypt and block it from future military sales if it goes ahead with a purchase of Russian warplanes, a U.S. official said on Monday. Egypt earlier this year signed a $2 billion agreement with Russia to buy more than 20 Su-35 fighter jets.
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Foreign StudentsForeign Students at U.S. Universities Dips for Third Year
China continued to send more students than any other country, followed by India and South Korea and Saudi Arabia. But booming years of growth from China have leveled off. The number of overall Chinese students in the country ticked up by less than 2%, and some campuses have seen major decreases in Chinese enrollment.
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Trump Foreign PolicyTrump Administration Reverses 40 Years Of U.S. Foreign Policy On Israeli Settlements, Ruffling International Feathers
Four decades of U.S. foreign policy were reversed by the Trump administration on Monday as Secretary of State Mike Pompeo declared that it no longer considered Israeli settlement of the West Bank a violation of international law—a decision welcomed by Israel and strongly condemned by Palestine, the United Nations, and the European Union.
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U.S.-EgyptU.S. Warns Egypt of Sanctions Over Russian Warplane Purchase
According to the person, the letter said that any major new arms deal with Russia would “complicate” future U.S. defense transactions with and security assistance to Egypt.
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