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Recent stories from sustg

  • Aramco Taps Three Banks to Underwrite ‘Largest Ever’ IPO
     

    Saudi Aramco has asked JPMorgan Chase & Co. and Morgan Stanley to assist with its upcoming initial public offering and could call on another bank, HSBC, with access to Chinese investors, according to separate reports in Reuters and the Wall Street Journal, which cited unnamed sources. The major U.S. banks join Moelis & Co., a […]

     
  • Seven Saudi Soldiers Killed on Yemen’s Border Last Week
     

    At least seven Saudi soldiers have been killed in the past week in clashes with Yemeni rebels, Al Jazeera reports, citing the Saudi Press Agency (SPA). Mohammed al-Manjahi was the latest soldier to be killed on the kingdom’s southern borders in the fight against Houthi rebels. According to an AFP news agency tally compiling reports by the Saudi […]

     
  • Secretary of State Tillerson Calls Saudi King Salman, Applauds Saudi Role in Regional Stability
     

    U.S. Secretary of State Rex Tillerson called Saudi Arabia’s King Salman by phone yesterday, and commended the Kingdom on its role in “promoting stability across the region,” the SPA reports. Tillerson also “stressed on the importance of working with the Kingdom, developing a comprehensive plan to strengthen bilateral relations and cooperation both military and counter-terrorism […]

     
  • December Data a Mixed Picture for Saudi Economy
     

    Saudi Arabia’s total government accounts with SAMA fell $80 billion last year, representing a significant slowdown from 2015 which saw a $116 billion net decline, according to a recently released chartbook by Jadwa Investment. The net monthly change to government accounts with SAMA remained negative in December, falling for the seventh consecutive month, part of […]

     
  • Trump Turns Up Rhetoric, Threats Toward Iran
     

    The Trump administration says it is putting Iran “on notice” following two incidents in the region in the past week, including an attack on a Saudi navy ship by Iran-backed Houthi rebels. The comments came from President Trump on Twitter as he blasted the agreement to disarm Iran’s nuclear program. “Iran was on its last legs […]

     
  • U.S.-Saudi Arabia Continue Strong Defense Ties in Trump Administration’s Early Days
     

    Saudi Deputy Crown Prince Mohammed bin Salman spoke by phone with Secretary of Defense James Mattis today to discuss mutual cooperation on security issues, according to the SPA and the Saudi Gazette. The Deputy Crown Prince also serves as minister of defense and chair of the powerful Council on Economic and Development Affairs (CEDA). The U.S.-Saudi relationship is […]

     
  • Economy Rebounds in Saudi Arabia as Money Supply Grows
     

    Saudi Arabian money supply growth has picked up in latest data for the month of December “in a sign that the economy is regaining strength after a slump last year caused by low oil prices and government austerity measures,” Reuters reports, citing central bank data. Key notes among the Central Bank data reported by Reuters: -Annual […]

     
  • First Jets from Record-Setting U.S.-Saudi Military Sale Delivered, Showcased in Riyadh
     

    Saudi Arabia showcased its newest F-15SA fighter jet at an airshow in Riyadh on Wednesday, in a demonstration that the Kingdom has begun receiving items purchased six years ago in the most expensive U.S. arms sale to a foreign country, Reuters reports. Custodian of the Two Holy Mosques King Salman commissioned the F15-SA fighter aircraft during […]

     
  • Tunnel for Longest Riyadh Metro Line 3 Complete as City Eyes Long-Term Solution to Traffic, Pollution
     

    Tunnel excavation for Line 3 of the under-construction Riyadh Metro – the longest line of the six total being created as part of the project – has been completed, according to a report. Line 3 is also known as the Orange Line and is more than 25 miles long, of which almost 7 miles will be underground, […]

     
  • U.S to Transfer Four Gitmo Detainees to Saudi Arabia
     

    The United States will transfer four detainees to Saudi Arabia from the Guantanamo Bay military prison in the next 24 hours, according to reports. President Barack Obama is making a final push to reduce the number of inmates at the prison, despite pressure from president-elect Donald Trump to halt such releases. According to Reuters, the release “will […]

     

MUST-READS

  • Saudi Arabia allocates more than SR6 billion ($1.6b) for urban landscape

    Saudi Arabia has allocated more than SR6 billion for urban landscape improvement projects, said Ahmed Badhris, CEO of the Center for the Quality of Life Program. He said the Quality of Life Program and Vision 2030 attach huge importance to the improvement of the Kingdom’s urban landscape.

  • Saudi Aramco’s panda bond may be an endangered deal as market’s small size hinders fundraising by oil giants, bankers say

    While Saudi Aramco has listed the yuan as a potential fund-raising currency for a debt issuance, bankers say the market size could hinder the deal Year-to-date issuance of panda bonds is down 50 per cent compared to 2018, though some analysts see it picking up in 2021

  • KPMG leaders on Saudi’s Q3 banking sector performance

    Over the past months, house ownership levels in Saudi Arabia climbed well over 50%, “which was previously identified as a milestone point by the end of FY 2020 as part of the Vision 2030,” explained Al Sedais. “So in essence, the mortgage loan books across the banking sectors witnessed a period-on-period double-digit growth during the nine months ended September 30, 2020.”

  • Princess Reema bint Bandar Al Saud: Saudi Women Have a Bright Future

    To overturn decades of systemic social, cultural, and economic inequity, it’s not enough just for governments to implement new rules, regulations, and laws (which alone don’t change behavior) – private sector attitudes and society’s perceptions must change as well. We need a new mindset; one where building more equitable and tolerant societies is a collective ambition, a shared responsibility, and a common obligation of citizenship. And we need to do it for the right reasons, not as an ambition to “Westernize” but as an ambition to evolve and advance, while maintaining the traditions and beliefs of our beautiful and rich culture.

  • World’s Best Digital Banks 2020: Middle East

    More than half (53%) of Middle East consumers have increased their reliance on mobile shopping due to the pandemic and only 9% do not report shopping online, according to PricewaterhouseCoopers’s recent Covid-19 Pulse Survey.

  • Afghan government, Taliban agree Islamic law to guide peace talks

    The document details a 21-point list of rules and procedures for the negotiations and sheds light on what the talks, which are taking place behind closed doors, actually look like. The warring sides signed the document last week in Doha, Qatar, where the U.S.-brokered talks began in September and where the Taliban have for years maintained a political office.

  • Amid veto threat, Senate rejects ban on Trump’s big UAE arms sale

    Votes to pass the measures failed mostly along party lines. The first vote concerned the drones and munitions and failed 46-50, while the second concerned the F-35s and fell 47-49.

  • Saudi Arabia may withdraw controversial 20-riyal bank note

    Although the disputed bank note was still featured on the central bank’s website as of Nov. 21, multiple news sources indicate that the Saudis are succumbing to the pressure, and possibly creating a desirable collectible in the process. Sources told news outlets, including the Defence Aviation Post and World is One News, an Indian English language news-based pay television channel, that Saudi Arabia is taking action. Reports are that the note will be withdrawn soon and that it will not circulate.

  • Germany extends arms export ban on Saudi Arabia

    The German government has decided to extend the ban on exporting arms to Saudi Arabia until the end of 2021, German media outlets reported Thursday. The government went a step ahead to thighten the ban, revoking the permits that were previously on hold, with an exception for weapons produced jointly with other European countries, DPA reported quoting government officials.

  • Senate to vote on banning $23 billion UAE arms sales next week

    Four pending joint resolutions of disapproval offer lawmakers a chance to block the Trump administration’s 11th hour proposal to transfer arms to the Emirates. Critics say the sales, meant to bolster the UAE against Iran, ignores risks to Israel and to sensitive military technology posed by UAE’s ties to Russia and China.