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  • Saudi Arabia woos US investors to bolster housing sector

    As growth in mortgage lending in Saudi Arabia runs up against local liquidity constraints, several US investment giants are looking to step in. After a visit by Saudi officials to the US at the end of August, household names such as BlackRock and King Street Capital signed preliminary agreements with the Saudi Real Estate Refinance Company (SRC) and Saudi Mortgage Guarantee Services Company (Dhamanat) to enhance the kingdom’s secondary market for home loans.

  • Saudi Arabia: Proposed amendments to various provisions of VAT Implementing Regulations

    The proposed amendments/ additions to the VAT Implementing Regulations aim to enhance compliance with the KSA VAT landscape and to provide further clarity for the taxpayers.

  • Saudi Arabia’s tech sector poised for $4 billion profit boost with GenAI by 2028

    By adopting and leveraging generative artificial intelligence (GenAI), Saudi Arabia’s technology sector could see an increase in operating profit of $4 billion by 2028. This projection comes from global consulting firm, Strategy& Middle East, which indicates that a 15% margin growth is achievable if technology companies develop and commercialize new GenAI applications and meet the demand for advanced hardware and infrastructure.

  • Saudi Arabia’s economy chalks up ‘robust’ growth despite Gaza tensions

    Saudi Arabia’s economy has powered ahead despite Israel’s war on Gaza and Houthi attacks in the Red Sea, suggesting that the kingdom’s efforts to distance itself from regional tensions are paying off, literally. “Geopolitical events in the Middle East have not had any major impact on the Saudi economy so far,” the International Monetary Fund (IMF) said in its latest report published on the kingdom’s economy. The report says that Saudi oil exports are not dependent on the Red Sea, where Iran-backed Houthis have targeted commercial ships, in what they say is in solidarity with Palestinians in Gaza. Likewise, Saudi Arabia’s tourism numbers “remain strong”.

  • Saudi Arabia held to surprise draw by Indonesia in World Cup qualifier

    Saudi Arabia were held to a 1-1 draw by Indonesia in Jeddah on Thursday on a day of surprises in Asia as the third round of World Cup qualification began. It was very much a case of two points dropped against the lowest-ranked team in Group C, especially as Salem Al-Dawsari saw a penalty saved with 11 minutes remaining.

  • Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman extend voluntary cuts

    The OPEC+ countries, which previously announced additional voluntary cuts in April and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on September 5th, 2024, during which the eight member countries emphasized their collective resolve to ensure full compliance with the voluntary production adjustments. The group includes Iraq and Kazakhstan, who have overproduced since January 2024, but have strongly reaffirmed their commitment to the agreement and to their compensation schedules submitted to the OPEC Secretariat as agreed under the 53rd meeting of the JMMC on April 3rd 2024.

  • Saudi Arabia sees Italy as partner of choice on green products

    Saudi Arabia regards Italy as a useful ally to help it deliver green energy and fuels - including hydrogen produced with renewable power - to Europe, the kingdom's investment minister said on Thursday. Under its multi-year energy strategy, Saudi Arabia aims to grow its production capacity for low-carbon products to diversify away from its traditional oil and gas business. However, since the market for low and zero-carbon hydrogen is still at an initial stage, the country is looking for allies who could facilitate the export of these products.

  • Saudi Arabia scraps hotel licensing fees in bid to boost tourism

    Saudi Arabia decided on Wednesday to cancel fees for issuing commercial activity licenses for hotels, hotel apartments and residential resorts in the kingdom, state news agency SPA reported. The decision, effective September 4, is part of the Tourism Investment Enabler Programme that Saudi Arabia launched in March, aimed at making the kingdom a global tourism powerhouse. “This decision comes in line with the goals of the Kingdom’s Vision 2030 to make Saudi one of the most prominent tourist destinations in the world”, SPA said. SPA added that the initiative would encourage investors to put more money into the tourism sector, which would increase the industry’s contribution to gross domestic product.

  • New Saudi campaign explores the ‘Heart of Arabia’

    The heroine of the film – a solo female traveller – is initially filled with trepidation but experiences a warm Saudi welcome as she embarks on an enigmatic quest through the country’s spectacular destinations. It also showcases a lesser-known side to Saudi – its expansive geography, diverse terrain, and human and natural wonders – from the clear turquoise waters of the Red Sea, to Aseer’s lush mountains, the vibrant cities of Riyadh and Jeddah as well as iconic UNESCO World Heritage Sites of Diriyah, Hegra and Al Balad. The wider message of the campaign is about Saudi’s extraordinary heritage, its rapid transformation into a dynamic global destination, and the endearing warmth of its people.

  • Green Jobs Surge: How Saudi Arabia’s Eco-Initiatives Create New Opportunities

    Saudi Arabia's focus on sustainability has led to a notable rise in green jobs. According to recent statistics, the green sector has grown by over 30% in the past five years. This growth is fueled by investments in renewable energy, sustainable agriculture, and eco-friendly technologies. The surge in green industry sectors is not just a trend; it's a tidal wave transforming the Saudi economy.