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KSA Climbs to 16th in World Competitiveness Ranking
- June 19,2024
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- SUSTG Team
Saudi Arabia advanced to 16th place in the World Competitiveness Ranking 2024, issued by the World Competitiveness Center of the International Institute for Management Development. Saudi Arabia ranked fourth among the G20 countries, supported by improved business legislation and infrastructure.
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Hajj 2024 in numbers: Annual pilgrimage draws over 1.83 million worshipers
- June 17,2024
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- SUSTG Team
Saudi Arabia’s General Authority for Statistics (GASTAT) released the official figures for this year’s Hajj season.
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ACWA Power plans $1.9 Billion Stock Sale
- June 12,2024
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- SUSTG Team
Saudi Arabia’s ACWA Power Co. is planning to raise $1.9 billion by issuing stock to existing shareholders, capitalizing on a sixfold increase in its share price since a 2021 listing.
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Saudi car imports spike in 2023
- June 11,2024
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- SUSTG Team
Saudi Arabia’s car imports grew to 93,300 vehicles in 2023, up from 66,900 the previous year. Japan, India, South Korea, US, and Thailand are the leading exporters of cars to Saudi Arabia.
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Aramco Share Sale Attracts Foreign Investors
- June 10,2024
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- SUSTG Team
Aramco’s recent share sale attracted over $65 billion in orders, exceeding expectations with foreign investors estimated to hold around 60% of the shares sold, a significant increase from Aramco’s 2019 IPO.
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Aramco Share Sale Nets $12 Billion
- June 5,2024
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- SUSTG Team
This is Aramco’s second share sale after it first entered public markets in 2019 offering 1.5% of the company and raising a record $29.4 billion, history’s largest IPO to date. Aramco is the world’s largest oil company in terms of both daily crude production and market cap.
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KSA Hosts 2024 World Environment Day
- June 4,2024
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- SUSTG Team
Saudi Arabia is hosting the 2024 World Environment Day on June 5 and the upcoming 16th Conference of the Parties of the UN Convention to Combat Desertification and Drought (COP16) in December 2024.
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The 966 Episode #130, What You Need to Know to Establish a Business in Saudi Arabia, with Saeed Al-Ansari, CEO, Tawaref
- June 2,2024
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- SUSTG Team
Saeed Al-Ansari, Founder and CEO of Tawaref, a Saudi Arabia-based tech investment community that also provides startup advisory, legal consultancy and due diligence support joins Richard Wilson on The 966 [Episode #130] for an exceptionally informative episode on what you need to know to establish a presence in KSA.
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Middle East projected to surpass 100 GW of solar capacity by 2030
- May 30,2024
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- SUSTG Team
The total solar capacity in the Middle East at the end of 2023 exceeded 16 GW and is expected to approach 23 GW by the end of 2024. Projections indicate that by 2030, the capacity will surpass 100 GW, with green hydrogen projects contributing to an annual growth rate of 30%.
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Deals Flow at Third Annual Future Aviation Forum
- May 28,2024
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- SUSTG Team
Organized by Saudi Arabia’s General Authority of Civil Aviation (GACA), the third edition of the Future Aviation Forum, saw the signing of 102 MOUs, agreements and deals totaling over $21 billion along with numerous investment offers in the Saudi aviation sector valued at $100 billion.
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MUST-READS
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Are new agencies meeting Saudi brand needs?
The Saudi Arabian marketing landscape is abuzz with new agencies emerging almost daily, each promising unparalleled creativity to eager brands. Amidst this whirlwind of pitches and presentations, the question arises: are these agencies genuinely addressing the evolving needs of Saudi brands? Campaign Middle East heard from Abdulelah Al Nahari, Business Director at Fuse Integrated. He shed light on what new agencies entering the Saudi market should keep in mind in the early stages of their operations.
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Powering Today’s Energy Transition: U.S.-Saudi ‘Trade Talks’ Focus on Hydrogen Horizons
The Trade Talks series is designed in support of the 2022 U.S.-Saudi Arabia Commercial Partnership Shared Work Plan that aims to guide cooperation between the U.S. Department of Commerce and Saudi Arabia’s Ministry of Commerce in four key areas: the green economy, strengthening the role of women and small medium enterprises (SMEs), promoting innovation, and increasing two-way investment. These areas were selected based on joint U.S. and Saudi goals in support of open, prosperous markets and inclusive growth.
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Cloud Seeding Program plans to cover Makkah and Holy Sites using ground-based generators
The Saudi Regional Cloud Seeding Program confirmed that it is working to improve the weather condition in the Kingdom by making optimal use of all available opportunities and technologies. Its focusses include using ground-based generators to stimulate clouds from high altitudes rather than using aircraft. The program also noted that Makkah and the Holy Sites will be given priority while implementing this new technology of cloud seeding program.
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Saudi king to be treated for lung inflammation, state news agency says
Saudi King Salman will undergo treatment at Al Salam Palace in Jeddah for a lung inflammation, the state news agency said on Sunday, hours after he underwent medical tests.Citing the royal court, the state news agency said the 88-year-old king would be treated with antibiotics until the inflammation subsides.Due to King Salman's health issue, Crown Prince Mohammed bin Salman, the de facto Saudi leader, postponed a visit to Japan that had been scheduled to begin on Monday, Japan's Chief Cabinet Secretary Yoshimasa Hayashi said.
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Unveiling “The Clean Hydrogen Economy and Saudi Arabia”: A Roadmap to Energy Leadership
Faculty and researchers from King Abdullah University of Science and Technology (KAUST) and King Abdullah Petroleum Studies & Research Center (KAPSARC) have unveiled a new publication: "The Clean Hydrogen Economy and Saudi Arabia." With a foreword by KAPSARC President Fahad Alajlan and KAUST President Tony Chan and co-edited by KAUST research scientist Dr Saumitra Saxena, this book charts new energy discourse, offering a comprehensive analysis of the emerging global hydrogen economy through the lens of one of the world's foremost energy providers, Saudi Arabia.
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Commentary: Divergent Saudi-Emirati Agendas Cripple Yemen’s Presidential Leadership Council
The PLC was established in April 2022 with a dual mandate: to lead the internationally recognized government of Yemen and to unify anti-Houthi factions against their common adversary. The eight-member council is chaired by former interior minister and deputy prime minister Rashad al-Alimi. The UAE and KSA are the PLC’s main backers, but their different agendas and approaches constrain the council’s operations.
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China-Gulf free trade talks stall on Saudi industrial agenda, sources say
Negotiations between China and an Arab bloc for a free trade agreement have stalled over concerns by Saudi Arabia that cheap Chinese imports could undermine its ambitions to transform the kingdom into an industrial powerhouse, sources say.Saudi Arabia has backed renewed efforts over the past two years for the Gulf Cooperation Council (GCC), the Arab bloc which includes the kingdom, United Arab Emirates and Qatar, among others, to finally seal a long sought deal with China.
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UN General Assembly backs Palestinian bid for membership
The United Nations General Assembly on Friday overwhelmingly backed a Palestinian bid to become a full U.N. member by recognizing it as qualified to join and recommending the U.N. Security Council "reconsider the matter favorably."The vote by the 193-member General Assembly was a global survey of support for the Palestinian bid to become a full U.N. member - a move that would effectively recognize a Palestinian state - after the United States vetoed it in the U.N. Security Council last month.
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Saudi Arabia announces stringent penalties for unauthorised Hajj pilgrims
Saudi Arabia has announced stringent penalties against individuals attempting to perform the annual Islamic Hajj pilgrimage without an official permit. The Ministry of Interior said that enforcement would begin next month, targeting those violating Hajj rules in Mecca, the Central Area, and sacred places from June 2 to June 20.
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The Emergent Gulf Sovereign Wealth Fund-Global Tech Nexus
These efforts are not just garnering global attention but also – in some cases – paying off. On April 15, Microsoft announced a $1.5 billion strategic investment in G42 for a minority stake and Microsoft’s vice chair and president, Brad Smith, joining the Emirati company’s board. At Saudi Arabia’s annual tech-focused LEAP conference, Amazon Web Services announced plans to spend $5.3 billion to create a new infrastructure region in the kingdom. Gulf countries are racing to build data centers with the help of local, Asian, and Western companies.
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