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Recent stories from sustg

  • PIF Picks All-Star Investors for FII Advisory Board
     

    Saudi Arabia’s Public Investment Fund (PIF) has formed an advisory board of 11 top technology, finance and business executives that will provide strategic guidance on developing the kingdom’s Future Investment Initiative as a platform that attracts investment. The advisors include Masayoshi Son, the CEO of Japan’s SoftBank Group, Joe Kaeser, the president and chief executive of German industrial […]

     
  • IMF Raises Saudi Arabia GDP Forecast, Non-Oil Growth Gains Momentum; Vision 2030 Reforms Cited
     

    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 […]

     
  • Saudi PIF in talks to invest in aspiring Tesla rival Lucid
     

    Saudi Arabia’s Private Investment Fund (PIF) PIF, is reportedly in talks to invest in aspiring Tesla rival Lucid Motors Inc, people familiar with the matter told Reuters on Sunday. A potential investment in the privately-held Lucid Motors presents the PIF an opportunity to own a controlling stake in an electric carmaker at a fraction of the cost of its rumored […]

     
  • Saudi Foreign Reserves Continue to Rise, Expected to Reach $536b by 2019 — Jadwa Investment
     

    SAMA FX reserves rose by $1.8 billion month-on-month to stand at $506 billion in June, a recently released report by Jadwa Investment said, noting that FX reserves have risen by $10 billion during the year so far. The Riyadh-based investment group expects a continued rise to reach $536 billion by the end of the year. Fahad Alturki, chief […]

     
  • S&P Dow Jones to Upgrade Saudi Stocks to Emerging Market Next Year
     

    Global equity index compiler S&P Dow Jones Indices will upgrade Saudi Arabia’s bourse to emerging market status from a stand-alone market next year, becoming the latest in a series of index firms to promote Riyadh, according to Reuters and a statement released on S&P Dow Jones’ website. S&P Dow Jones will “add major Saudi stocks to […]

     
  • MIT Professional Education Launches New Collaboration with Saudi Arabia’s Al Yamamah University
     

    MIT Professional Education is launching a new collaboration with Al Yamamah University (YU) aimed at “promoting diversity at institutions of higher education and supporting the country’s overall development and sociocultural evolution,” the prestigious university announced on its website. As part of the initiative, MIT Professional Education will “develop and teach professional education courses on leadership and innovation […]

     
  • Saudi, UAE, Kuwait to Support Bahrain Economy after Downturn
     

    Saudi Arabia, Kuwait and the United Arab Emirates will soon announce an “integrated program” to support Bahrain’s economic reforms and its fiscal stability, Reuters reports, citing a joint statement from the three Gulf states on Tuesday. Like other oil producing nations whose state finances are closely tied to oil prices, Bahrain’s economy was hit hard […]

     
  • The Race is On for Ride Sharing Apps in Saudi Arabia to Hire Saudi Women ‘Captinahs’
     

    As Saudi women settle into the driver’s seat, ride-sharing apps like Uber and Careem are gearing up for a race to hire women, according to reports. Careem — the Middle East’s answer to Uber — is recruiting Saudi women to take the wheel and has received over 2,000 applications since announcing it would recruit so-called […]

     
  • Saudi Digital Media Startup Raises $9 Million Series A Round with 20m Subscribers
     

    A Saudi Arabia-based digital media company raised $9 million in a Series A round of funding, according to reports. Telfaz11, with over 20 million subscribers on their network, and reporting more than 2 billion views on YouTube, is a leading Arabic Multi-Channel Network (MCN) which seeks to change the face of home-grown online entertainment. “As a pre-eminent […]

     
  • Saudi, Russia Say Oil Supply to Increase in ‘Near Future’ as Consumers Eye Increasing Prices
     

    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 […]

     

MUST-READS

  • GCC and Oil Markets
    UAE and Qatar least vulnerable to falling oil price while Bahrain and Oman are most exposed says S&P

    ‘The lower oil price could slow economic growth for the GCC and weaken the operating environment for the corporate and infrastructure sectors. A prolonged period of lower government revenue given GCC governments’ high infrastructure spending plans may push up sovereign and government-related entity capital market issuance and place a greater onus on the private sector to fund investments.

  • 'Little Sparta'
    In the UAE, the United States has a quiet, potent ally nicknamed ‘Little Sparta’

    The American presence at Al-Dhafra, which the Pentagon has not publicly acknowledged, is a vital part of the U.S.-led campaign against Islamic State militants: The base’s twin runways have launched more strike aircraft — including the Air Force’s most-sophisticated warplane, the F-22 Raptor — than any other military facility in the region.

  • Egypt Tourism
    Really happy to see Sisi? 400% tourism growth from UAE, Saudi Arabia and Jordan to Egypt

    Inbound tourism from the UAE, Saudi Arabia, and Jordan grew by 400% in the last three months according to the Tourism Activation Authority’s (TAA) head of International Tourism Ahmed Shoukry. The Ministry of Tourism is aiming for regional tourism to account for 20% of the total inbound tourism to Egypt, according to Shoukry.

  • Gulf
    Saudi-UAE pact a ray of hope for region

    The alliance between Saudi Arabia and the United Arab Emirates (UAE) has raised the real possibility that the current power vacuum could be filled. The two countries have a history of conflict resolution, and importantly, shown no imperialist ambitions.

  • Regional Economic Growth
    UAE and Saudi lead regional economic expansion

    “Demand in the UAE and Saudi Arabia was reported as strengthening, both at home and abroad. Interestingly, PMI data recorded over a period of time have clearly indicated that the MENA region still have the same leaders (UAE, Saudi Arabia), and same laggards (Egypt, Lebanon) in terms of economic performance,” said Wetterwald. In Saudi Arabia, the August headline PMI (non-oil private sector economy) of 60.7 was at its highest level since July 2011. The most recent data in the PMI series lead to an optimistic assessment relative to the growth over the first half of 2014.

  • Gulf Stock Markets
    Funds to slow Saudi stock buying, bullish on UAE -survey

    Bullishness towards Saudi Arabia peaked in the July survey, days after the stock market regulator announced it would open the market to direct foreign investment early next year. Since then, sentiment towards the market has been declining, partly because sharp gains in stock prices have left many of them looking fully valued for now. The main index is up 10 percent since the announcement but has pulled back from its peaks in the past week.

  • Travel
    Technology Drives Travel Spontaneity in Egypt, Saudi Arabia and the UAE

    Travellers in the UAE and Egypt are using smartphones more often to engage with travel-related content pre-trip in 2014, catching up with travellers in Saudi Arabia who already displayed a significant affinity to smartphones in 2013. Tablet usage is up slightly in the UAE and significantly in Egypt, with particularly high usage of tablet apps and reading more involved information sources such as online travel guides.

  • Automotive
    Saudi Arabia tire sales double UAE and Egypt combined

    Motorists in the Kingdom of Saudi Arabia bought 3.86 million tyres in the first half of 2014, compared to 1.32 million in the United Arab Emirates and 0.52 million in Egypt. This is according to latest figures released by GfK from their continuous tracking of passenger car, 4x4 and light truck tyres sales.

  • MENA Markets
    Saudi, UAE and Egypt in focus at investment talks

    The debate about the resurgence of the MENA region took center stage at the Emirates Stadium as institutional investors from 27 countries with aggregate assets under management in excess of $8 trillion gather alongside senior management from over 70 of the largest and most actively traded companies in the MENA region for the opening session of the conference — the largest MENA-focused investment conference in the United Kingdom.

  • Business Outlook
    Saudi Arabia, UAE lead best business outlook in emerging markets

    Increasing external and domestic demand has led to the high PMI levels, with growth in new export orders hitting a record high and credit growth picking up for the first time in the last five years. Although the recent improvement in global economic conditions has reinforced the Saudi Arabian and the UAE economies, their domestic sectors are playing a major role behind the countries’ stabilities, both consumer and corporate led.