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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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MUST-READS
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IMF AdviceGet ready for taxes, Christine Lagarde tells UAE and other Gulf nations
It is time for the Gulf to start taxing its citizens, Christine Lagarde told finance ministers at the Arab Fiscal Forum in Abu Dhabi yesterday.
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WeatherRain, 10-feet waves forecast for UAE; Saudi deluge; Oman thunderstorms
The UAE’s National Centre for Meteorology and Seismology (NCMS) has forecast rainfall across UAE on Wednesday, with rough seas seeing wave height reaching 10 feet or more.
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UAE ConstructionUAE: A glimpse on the rise of mega projects
''The UAE's construction industry gained much of its momentum during the construction peak in 2006-08, especially due to such mega developments as the Palm Jumeirah, Saadiyat Island, Dubai Sports City, etc. These mega projects will have a mix of various projects within — residential, commercial, retail, educational, recreational, hotels, hospitals, etc.''
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EconomyUAE, Saudi see rebound in non-oil business growth
The overall improvement in business conditions was also supported by further expansions in output, employment and stocks of purchases. The respective rates of growth all eased fractionally since October. Meanwhile, data for prices showed divergent trends, with charges falling despite further inflationary pressure from input costs. Companies suggested that this was due to stronger competition.
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War in YemenUAE troops dig in for a long war in Yemen
Soldiers from the United Arab Emirates, at the head of a Gulf Arab coalition fighting Iran-allied Houthi forces in Yemen, are preparing for a long, tough ground war from their base in the southern port of Aden.
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Saudi-USKerry to meet Saudi, UAE officials on unifying Syrian opposition
U.S. Secretary of State John Kerry was set to hold talks with senior Emirati and Saudi officials in Abu Dhabi on Monday to find ways to bring Syrian opposition groups together at a conference that will be hosted by Saudi Arabia next month.
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UAE WomenUAE hails ‘first woman in Arab world’ to head advisory body
The UAE’s vice president – who is also the prime minister and ruler of Dubai - hailed Amal al-Qubaisi on Wednesday for being the first woman in the Arab world to be elected as speaker for its national advisory on his Twitter account.
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World Cup QualifyingUAE and Saudi Arabia move closer to crunch 2018 World Cup qualifying showdown
The UAE will likely need to beat Saudi Arabia to have any chance of progressing top of their 2018 World Cup qualifying group after the Saudis thrashed East Timor 10-0 on Tuesday.
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UAEU.N. wants clarification of report UAE broke Libya arms embargo
One email quoted by the New York Times appears to be from a senior UAE diplomat, who admitted his own country "violated the U.N. Security Council Resolution on Libya and continues to do so."
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U.S. Defense CompaniesLockheed, Boeing Expand Presence in UAE
The world's two largest defense companies are expanding their presence in the United Arab Emirates, in what both firms describe as a sign of the regional market's growing importance.
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