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Unemployment Unchanged in Saudi Arabia in Latest Labor Market Report
- October 30,2018
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- SUSTG Team
Unemployment in Saudi Arabia remained unchanged in the latest government estimated figures, according to a recently released report by Jadwa Investment on the Saudi labor market. The latest General Authority for Statistics (GaStat) labor market release for Q2 2018 shows that unemployment rate remained unchanged, at 12.9 percent, for the second consecutive quarter. However, the […]
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Blackstone Establishes Energy Investment Vehicle for MENA Region
- October 12,2018
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- SUSTG Team
Blackstone, the world’s largest buyout group with over $15 billion of equity globally with the energy industry has established Zarou, a company designed to develop, finance, construct and operate energy-related projects in the MENA region. According to the Financial Times, Blackstone will team with Sameh Shenouda, former head of infrastructure equity investments at the UK’s development finance […]
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Russia, Saudi Arabia Planned Rise in Production Before OPEC Meeting
- October 4,2018
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- SUSTG Team
Russia and Saudi Arabia have struck a deal to raise oil output from September through December to cool rising prices, according to Reuters. The deal, struck in private in September, was then shared with the United States before a meeting in Algiers with other producers, according to four sources familiar with the plan cited by Reuters. The […]
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Oil Reaches Four Year High after OPEC+ Downplays Calls for Increased Production
- September 25,2018
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- SUSTG Team
Oil rose to its highest price in four years on Tuesday, to above $81 on Brent, after Saudi Arabia and Russia appeared to downplay calls from the US to increase production. Saudi Arabia said it will boost its crude oil production “in the coming months” as it expects stronger demand, according to recent comments made by […]
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IMF Raises Saudi Arabia GDP Forecast, Non-Oil Growth Gains Momentum; Vision 2030 Reforms Cited
- August 27,2018
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- SUSTG Team
Even without a Saudi Aramco IPO, the Kingdom’s Vision 2030 economic and social reform blueprint is having an undeniably positive effect on the Saudi economy and growth, the IMF said. Real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent, the IMF forecasted. Growth is expected […]
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Saudi Arabia Forms New ‘Higher Committee for Hydrocarbon Affairs’ to Oversee Oil and Gas Sectors
- August 1,2018
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- SUSTG Team
Saudi Arabia plans to form “a higher committee for hydrocarbons,” which will fall under the leadership of Crown Prince Mohammed bin Salman, according to the state-run Saudi Press Agency. The decision for the creation of a body to oversee the oil and gas sectors was approved in a cabinet meeting chaired by King Salman. “The […]
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Report: Saudi Modified Mineral Investment System Preparation Done: Al-Falih
- July 9,2018
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- SUSTG Team
The Saudi Ministry of Energy, Industry and Mineral Resources announced Sunday the completion of the modified mineral investment system which will “open the path for investors and the private sector to benefit from promising investment opportunities in this vital sector in the Kingdom of Saudi Arabia,” according to reports. Saudi Arabia’s Minister of Energy, Industry […]
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Saudi Arabia’s Central Bank Sees Reserves Soar on High Oil Prices
- May 29,2018
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- SUSTG Team
Saudi Arabia’s central bank foreign reserves rose last month at their fastest rate for four years, Reuters reports on official data revealed on Monday. The $13.3 billion month-on-month increase in reserves to $498.9 billion in April is the highest level reached in over year and reveals “the extent to which a rebound in oil prices is […]
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Saudi, Russia Say Oil Supply to Increase in ‘Near Future’ as Consumers Eye Increasing Prices
- May 25,2018
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- SUSTG Team
Saudi Minister of Energy Khalid Al-Falih said OPEC and other producers are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, according to reports. The action would be a reverse of course from previous OPEC and non-OPEC producers’ decision two years […]
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Oil Hits $80 for First Time in Three Years, Saudis Consulting Other Producers on Supply
- May 18,2018
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- SUSTG Team
The price of oil reached $80 on the Brent Crude Index this week for the first time in three years, prompting Saudi Arabia’s powerful Minister of Energy Khalid Al-Falih to tweet a message urging coordinated action to allay supply “anxiety,” according to reports. Al-Falih said in a Twitter post that he had called his counterparts […]
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MUST-READS
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Saudi Arabia tries to shed ‘pariah status,’ remaking itself as a key middleman in global conflicts
MBS, as he is widely known, is trying to transform Saudi Arabia’s image from the deeply conservative, oil-rich theocracy whose officials murdered the American-based Washington Post columnist Jamal Khashoggi in 2018 into a regional giant built on diplomacy, business, tourism, entertainment and sports. “This is a new Saudi Arabia — better educated, well-traveled and more open to ideas than in the past,” added Lippman, author of the book “Saudi Arabia on the Edge.” As well as the Ukraine summit, Trump revealed last week that the first foreign visit of his second term would be to Saudi Arabia, just as it was during his first administration. As then, he said that, in return, the Saudis had agreed to invest a bonanza sum in American businesses, this time $1 trillion.
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Commentary: What Explains Saudi Arabia’s Sudden Wave Of Amnesty For Dissidents?
In an unexpected turn, Saudi Arabia is witnessing a wave of prisoner releases for those who have completed their sentences, with some having spent years behind bars. Yet concerns persist over potential retrials or indefinite detentions without legal clarity. The reform was followed by an even bigger, long-awaited step: the unprecedented announcement allowing the "voluntary" return of exiled individuals. State Security Chief Abdulaziz al-Howairini announced the change, quoting Crown Prince Mohammed bin Salman during an appearance on a Ramadan program: "The homeland is for everyone, and the state rehabilitates and does not punish."
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Why did Iran ban the Saudi Ramadan TV series Muawiya?
Iran’s media regulator (SATRA) has joined Iraq and scholars from Egypt’s Al-Azhar in banning Muawiya, a Ramadan TV series aired by Saudi Arabia’s MBC channel. MBC began airing Muawiya—widely regarded as the most expensive series ever produced in the Arab world—a few days ago. Although completed in 2023, its release was postponed until now due to anticipated controversies. The historical drama focuses on the life of Muawiya, recognized as the first caliph of the Umayyad Caliphate, an early Islamic empire. His reign began after the Prophet’s son-in-law Ali was assassinated in 661 AD, an event that profoundly impacted the political and religious landscape of the Muslim world.
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Chinese food delivery giant dishes out deep discounts to win Saudi customers
Keeta, the international arm of China’s biggest food delivery app, Meituan, has become the third-largest food delivery platform in Saudi Arabia just four months after its overseas debut. Its aggressive, price-slashing strategy is squeezing smaller players and challenging dominant platforms in the lucrative Middle Eastern market, which could be a springboard for other international markets. Since Keeta launched in Saudi Arabia last October, it has taken 10% of the Saudi food delivery market in terms of order volume, according to a recent report from Bengaluru-based business consulting firm Redseer. Its market share as of January has surpassed that of more than 10 smaller delivery apps, and challenges the domination of the country’s two locally developed platforms HungerStation and Jahez, the report’s lead researchers told Rest of World.
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A landmark for the Kingdom as PIF launches Al Waha, first Saudi-owned duty-free retailer
In a breakthrough for the Kingdom’s rapidly evolving aviation and tourism landscape, Public Investment Fund (PIF) today announced the establishment of travel retailer Al Waha Duty-Free Company (Al Waha), the first Saudi-owned duty-free operator. Al Waha, a wholly owned PIF company, pledges to become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy. Al Waha will develop premium and luxury stores in select locations across the country and feature a variety of merchandise including distinctive, high-quality Saudi products. The newly formed entity will operate its airport stores on a duty-free basis. It will also explore additional travel retail opportunities at land border crossings and seaports and channels such as inflight shopping.
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Saudi Investment Recycling Company aims to drive the circular economy
Every year, millions of tons of waste are generated by humans around the world – from unwanted food to single-use plastics. Less than 20% is currently recycled, with most of it still sent to landfill sites. This inflicts a heavy toll on the environment, affecting the soil, water and air, and adversely impacts people’s health and wellbeing. The largest waste management company in the GCC, SIRC is taking serious measures to improve recycling and treatment facilities in Saudi Arabia. Covering 14 kinds of refuse – such as everyday garbage, medical waste, and construction and demolition waste – the company aims to meet the targets set by the Waste Management National Regulatory Framework for 2035. Utilizing a variety of methods, including recycling, reusing, treatment and waste-to-energy conversion, SIRC’s goals include diverting 82% of all waste from landfill by 2035.
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Secretary Rubio’s Meeting with Saudi Crown Prince Mohamed bin Salman Al Saud
Secretary of State Marco Rubio and National Security Advisor Mike Waltz met this evening with Saudi Crown Prince Mohamed bin Salman Al Saud in Jeddah. The Secretary thanked the Crown Prince for once again hosting the United States in talks to help resolve the Ukraine war and secure a lasting peace. The leaders discussed Yemen and threats to navigation from Houthi terrorists that threaten global commerce, American interests, and Saudi citizens and infrastructure. The Secretary talked about Syria, and ways to promote a stable government, free of terrorism. They discussed reconstruction in Gaza; the Secretary thanked the Crown Prince for hosting Arab countries and reiterated the United States firm commitment that any solution to the situation in Gaza must not include any role for Hamas.
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Aramco’s Flagship Jafurah Gas Project is Not A Gamechanger for Saudi Arabia
Operations at Saudi Arabia’s Jafurah shale gas field – the country’s largest unconventional non-oil associated gas site and arguably one of the biggest outside the U.S. – will begin this year, according to a comment last week from Saudi Aramco’s president and chief executive officer, Amin Nasser. The oil and gas giant added that Phase 1 is expected to produce 200 million standard cubic feet per day (Mscfd) of gas this year, with the figure set to rise to 2 billion standard cubic feet per day (Scfd) by 2030. The projected numbers would mark around a 60% increase in Aramco’s gas output capacity, enabling it to meet rising domestic power demand. It could also allow it to reduce the level of crude oil burned in power generation that might be monetised by exporting it, and lay the foundations for significant gas exports in the future as well. The key question for dedicated Saudi Arabia watchers arising from any such statement from the Kingdom over the years is simply how much of it is true?
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Rubio in Saudi Arabia for US-Ukraine talks, hopes to resolve Ukraine aid pause
“The Ukrainians are already receiving all defensive intelligence information as we speak. I think all the notion of the pause in aid broadly is something I hope we can resolve. Obviously, I think what happens tomorrow will be key to that,” Rubio told reporters aboard a military plane before landing in Jeddah. “We're not going to be sitting in a room drawing lines on a map but just get a general sense of what concessions are in the realm of the possible for them [Ukrainians],” Rubio said, adding that there is no military solution to the war, and that both Russia and Ukraine need to “do difficult things.” On Tuesday, Rubio will join U.S. national security adviser Mike Waltz for the Jeddah talks with Ukrainian officials as President Donald Trump pushes to broker a swift end to the war.
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Analysis: Why Saudi Arabia Makes Sense For Ukraine Peace Talks
The talks are slated to bring together a Ukrainian delegation that will include Ukrainian Foreign Minister Andriy Sybiha, Zelenskyy's chief of staff Andriy Yermak, and Defense Minister Rustem Umerov. US Secretary of State Marco Rubio is also due in Jeddah; in addition to meetings with Ukrainian counterparts, the State Department said he is also expected to meet with the Saudi crown prince. Saudi Arabia’s role in potential peace talks came into focus in February, when US and Russian diplomatic officials held a first round of talks on ending the war in Ukraine. Those discussions yielded the promise of slightly less frigid relations between Washington and Moscow, with the two countries agreeing to begin restoring diplomatic ties. But the ruckus in the Oval Office showed, dealmaking with Trump is a highly personal affair. And the Saudi crown prince, widely known by his initials MBS, has a uniquely close relationship with the US president.
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