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Saudi Aramco Picks Advisors for Second Run at Initial Public Offering
- August 21,2019
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- SUSTG Team
Saudi Aramco has made first selections for financial partners in its rejuvenated attempt to file for an initial public offering (IPO), choosing Bermuda-based Lazard Ltd. and Moelis & Co. as advisors, people with knowledge of the matter told Bloomberg. “The boutique investment banks have started preparatory work on the offering, according to the people, who asked not to be […]
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Saudi Students See Greater Freedom in Travel with New Rules
- August 20,2019
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- SUSTG Team
New rules put in place by Saudi government authorities have granted the right of all Saudi students studying oversees to travel without requiring a permit from their parents or guardians, even if they are under the age of 21, according to reports. Saudi Arabia’s General Directorate of Passports announced Monday that students “will only require proof of […]
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Houthis attack Saudi oilfield with drone, but output ‘unaffected’
- August 19,2019
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- SUSTG Team
Oil prices rose for the second straight day as a drone attack launched by Yemen’s Houthi group on an oilfield in eastern Saudi Arabia on Saturday caused a fire at a gas plant, Reuters reports, but the attack “had no impact on oil production.” Energy Minister and Chairman of Saudi Aramco Khalid Al-Falih said the targeted […]
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U.S. Ambassador to Saudi Arabia Praises Kingdom’s Generosity and Hospitality during 2019 Hajj
- August 16,2019
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- SUSTG Team
US Ambassador to Saudi Arabia John Abizaid praised the Kingdom’s hospitality during this year’s Hajj season, noting Saudi Arabia’s generosity was “truly on display for the world to see.” “On behalf of the United States Mission to Saudi Arabia I would like to extend our best wishes to all Muslims in Saudi Arabia and around the world […]
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Oil Continues Slide as Recession Fears Mount
- August 15,2019
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- SUSTG Team
Oil fell 2% toward $58 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession in the United States and and a surprise boost in U.S. crude inventories, Reuters reports. Last week, oil prices rallied in response to indications from Saudi Arabia and the so-called OPEC+ group that it would work […]
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Successful 2019 Hajj wraps up without incident as Muslims pilgrims pray in Mecca
- August 14,2019
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- SUSTG Team
Millions of Hajj pilgrims began heading back to Mecca for final prayers on Tuesday as the world’s largest annual pilgrimage went off without incident despite the logistical challenges and escalating regional tensions, Reuters reports. Even with some heavy rainfall, senior officials said there had been no major incidents and that the Hajj experience for nearly 2.5 […]
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Saudi Aramco Reports $47 Billion in Earnings; Plans to Buy Reliance Refining Stake
- August 12,2019
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- SUSTG Team
In its first-ever half-year earnings report, Saudi Aramco said the company had earned a net income of $46.9 billion in the first half of 2019, a 12 percent decrease from $53 billion in the period a year earlier, when oil prices were higher. Saudi Aramco partly attributed the decline in net income to a 4% fall in the average […]
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Aramco Expats’ The Seven Wonders of Arabia, a Tribute to the Kingdom’s Remarkable Heritage Sites – Part 7: Ar Rajajil—The Stonehenge of Saudi Arabia
- August 9,2019
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- SUSTG Team
Aramco Expats, an online blog that is a resource for current and former Saudi Aramco expatriates and their families, recently published a series of excellent blog posts on the seven wonders of the Arabia – the best heritage sites and historical places in the Kingdom. In the final post of the series of seven, Aramco Expats chose the “Stonehenge of […]
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Saudi Embassy Responds to Misinformation in U.S. Election Debates
- August 8,2019
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- SUSTG Team
The spokesperson for the Saudi embassy in Washington, Fahad Nazer, responded to “worrisome and false” allegations being made by U.S. politicians against Saudi Arabia as the 2020 election cycle gears up. Nazer sought to “set the record straight” especially on accusations connecting Saudi Arabia with Al-Qaeda made by longshot Democratic candidate, representative Tulsi Gabbard from Hawaii. […]
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2019 C3 U.S.-Arab Healthcare and Business Summit Set for Monday, September 23rd at the Union League Club in New York
- August 6,2019
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- SUSTG Team
The 8th annual C3 U.S.-Arab Healthcare and Business Summit is set to take place on Monday, September 23rd, 2019 at the Union League Club in New York City. Organized in cooperation with the U.S. State Department and the U.S. Chamber of Commerce, this year’s event takes place under the banner, “Fortifying the Globalization of Healthcare and […]
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MUST-READS
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Saudi Arabia’s flag carrier Saudia restarts flights to Istanbul
Saudi Arabia’s flag carrier Saudia on Saturday resumed flights to Istanbul after a two-year hiatus due to the coronavirus pandemic. A flight operated by the airline landed at Istanbul Airport on Saturday from Jeddah with 130 passengers on board.
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Boeing to move headquarters from Chicago to Arlington, Va.
The move comes as Boeing has faced heightened scrutiny from the Federal Aviation Administration in recent years, a shift that came after lawmakers pointed to close ties between regulators and the company after 737 Max crashes in 2018 and 2019. Moving executives to Washington could help to smooth that relationship, but it could also rankle front line engineering and manufacturing staff, who previously have raised concerns about being overruled on safety issues by company executives and senior FAA officials.
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Explainer: Why NOPEC, the U.S. bill to crush the OPEC cartel, matters
A U.S. Senate committee is expected to pass a bill on Thursday that could open members of the Organization of the Petroleum Exporting Countries and its partners to antitrust lawsuits for orchestrating supply cuts that raise global crude prices. The No Oil Producing and Exporting Cartels (NOPEC) bill is intended to protect U.S. consumers and businesses from engineered spikes in the cost of gasoline and heating oil, but some analysts warn that implementing it could also have some dangerous unintended consequences.
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UAE IPOs, start-ups beckon GCC investors
The latest IPO in Dubai showcased the global attention towards investment opportunities, which resulted in a substantial increase in the IPO size offered by Dewa, which finalised it at 18 per cent and up from the original 6.5 per cent. The IPO’s books witnessed a broad range of 65,000 investors with a total of Dh315 billion in order values.
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To see Saudi Arabia, start with this ‘magical’ gateway to Mecca
Along with its vast deserts and remarkable archaeological ruins, Saudi Arabia has Jeddah—the maritime gateway to the country’s sacred sites—to show off. In all, 650 18th- and 19th-century white-plastered, coral stone buildings. in Al-Balad (Old Jeddah), a UNESCO World Heritage site since 2014. Now is the time to visit, during a magical interlude after it has been refurbished but before the holiday hordes arrive.
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Heart And Soul – Vignettes from Ali Al-Baluchi’s Memoir: Part III – At Work
February 15, 1949 was the date I started working for Aramco, on the grand salary of 90 riyals per month. Once the formalities were completed, I was assigned to the office of the Superintendent of Schools, Mr. Don Richards, as an office boy. His secretary, Mrs. Marsha Naylor, was my immediate supervisor. Initially, I worked in the office for four hours a day, spending the remaining four hours with the study program.
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U.S.-Saudi Relations Finally Start to Thaw
President Biden and Crown Prince Mohammed bin Salman may not like each other, but they desperately need each other—and time for rapprochement is running out. Imagine for a moment that Saudi oil suddenly disappears from world markets—or its supply is severely curbed. The immediate effects would be massively higher prices at the pump, further collapse of the Democrats’ bleak prospects at the polls, disruption of the crown prince’s modernization agenda, and a greatly emboldened axis of Russia, China and Iran. Both Iran and Russia, with China their silent partner, have strong incentives—and real capabilities—to make this scenario a reality and force the world to lift embargoes against their oil sales.
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Saudi Economy Grows by 9.6% in 1st Quarter of 2022, its Highest Since 2011
The figures reveal that the GDP has made the highest growth rate in 10 years, achieving a growth of 9.6% during the first quarter of 2022 compared to the same period in 2021. This was driven by a significant increase in oil activities by 20.4%, in addition to an increase in non-oil activities by 3.7% and an increase in government services activities by 2.4%
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Digital art museum opens in Saudi Arabia
The museum, launched by the Tokyo-based art collective teamLab, comprises over 50 artworks spreading across its expansive and labyrinthine spaces, including "Borderless World," "Athletics Forest" and "Future Park."
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Saudi Arabia witnesses spike in women in tech startup than Europe: Report
This came in a report released by Endeavor Insight. The report also found that the percentage of women in tech is higher than that of men. According to reports, the participation rate of women in the tech sector stood at 28 percent in the third quarter of 2021, above the European average rate of 17.5 percent.
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