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Al Widyan is Saudi Arabia’s Next PIF-Backed ‘City Within a City’ Planned for Riyadh
- August 6,2018
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- SUSTG Team
A new Public Investment Fund (PIF)-backed “city within a city” is being planned for North Riyadh, according to a report in the English-language daily Arab News. The development – called Al Widyan – will include residential, commercial, retail and leisure facilities on a 7 million square meter site to the north of the capital, and will […]
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Saudi Ambassador to the US Prince Khalid Bin Salman Visits CENTCOM in Florida
- August 3,2018
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- SUSTG Team
Saudi Ambassador to the United States Prince Khalid bin Salman visited the US Central Command (CENTCOM) headquarters in Tampa, Florida this week to meet with top U.S. military officials and Saudi officers stationed at the facility, Arab News reports. The Ambassador, a former F-15 pilot and tactical intelligence officer in the Royal Saudi Air Force (RSAF), held […]
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Saudi Foreign Reserves Continue to Rise, Expected to Reach $536b by 2019 — Jadwa Investment
- August 2,2018
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- SUSTG Team
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 […]
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Future Mega-City NEOM in Saudi Arabia Receives First High-Profile Holiday Visitor: King Salman
- July 31,2018
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- SUSTG Team
Saudi Arabia’s King Salman arrived yesterday for a holiday in NEOM, the $500 billion future city in the remote northwest corner of the Kingdom near Egypt. It is not known where or for how long the King will stay in NEOM, but according to Reuters, the first contracts awarded for the new city were for 5 […]
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Third Cinema Operating License Awarded in Saudi Arabia as Entertainment Sector Heats Up
- July 30,2018
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- SUSTG Team
Saudi Arabia’s Minister of Information and Chairman of the General Authority for Audiovisual Media Dr. Awwad Al-Awad awarded the third cinema operation license to the Al-Rashed United Group — Empire Cinema as the Kingdom’s entertainment sector heats up. US giant AMC and Dubai-based Vox Cinemas received the first two licenses and have already opened theaters in April […]
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Saudi Aramco Weighs Global Bond Sale to Finance Purchase of Sabic Stake from PIF
- July 27,2018
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- SUSTG Team
Saudi Aramco is considering tapping the international bond market for the first time, Bloomberg and the WSJ report, in order to finance the acquisition of petrochemical giant Sabic. The move into global capital markets could offer an alternative to an initial public offering, according to Bloomberg, citing people familiar with the talks. ‘The plans for a bond, […]
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Reports: Houthis Thwarted in Attack on Saudi Oil Tanker
- July 26,2018
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- SUSTG Team
Iran- backed Houthi rebels in Yemen were foiled in an attack in international waters on a Saudi oil tanker, the Saudi Gazette and major news services report. As a result of the “immediate intervention of the [Saudi-backed] Coalition’s fleet” the oil tanker only “sustained minimal damages” in the waters off of port city Hodeidah, the Saudi Press […]
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S&P Dow Jones to Upgrade Saudi Stocks to Emerging Market Next Year
- July 25,2018
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- SUSTG Team
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 […]
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Saudi Research and Marketing Group, UK-Based Independent Ink Media Deal
- July 24,2018
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- SUSTG Team
Last week, the Saudi Research and Marketing Group (SRMG) and the UK-based Independent announced an exclusive licensing deal that will lead to the creation of four new online news services offering “the highest-quality, free-thinking, independent news, insight and analysis on global affairs and local events,” according to reports. SRMG, the middle east’s biggest publisher whose mastheads […]
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Reports: Saudi Aramco Interested in Buying Controlling Stake in Sabic, Possibly Up to 70%; IPO Timeline in Question
- July 23,2018
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- SUSTG Team
Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly up to 70% of the company that is currently controlled by the Public Investment Fund (PIF), according to reports. Sabic, as the chemical company is known, carries a market value of over $100 billion. Amin Nasser, Aramco’s chief executive officer, said in an […]
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MUST-READS
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Saudi Arabia licenses 44 companies to open regional headquarters in Riyadh
Saudi Arabia said on Wednesday it had licensed 44 international companies to set up regional headquarters in the capital Riyadh under the kingdom's push to become a regional commercial hub and vie for foreign capital and talent. Among the 44 companies are multinationals in sectors including technology, food and beverages, consulting and construction including Unilever, Baker Hughes and Siemens, a press release said.
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DP World’s third-quarter shipping volumes rise 8.1% as global trade recovers
DP World, one of the world's largest port operators, posted an 8.1 per cent increase in third-quarter gross container shipping volumes, beating the industry average of 6.4 per cent, with all the regions it operates in reporting growth. The Dubai-based ports company handled 19.8 million twenty-foot equivalent units, or TEUs, across its global portfolio of container terminals in the third quarter of 2021, up from 18.2 million TEUs in the same quarter a year ago, it said on Tuesday.
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China’s BRI and Saudi Vision 2030: A Review to Partnership for Sustainability
This study reviews the comprehensive strategic partnership between Saudi Arabia and China and the interconnection between China’s Belt and Road Initiative (BRI) and Saudi Vision 2030. These connections have significantly improved cooperation in trade, investment, energy and new technology development over the last seven years. Saudi Arabia can further its cooperation with China on the circular carbon economy (CCE) through both bilateral and multilateral frameworks.
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Saudi Arabia to Start Investment Fund for Carbon Capture
The kingdom will establish a fund to improve carbon sequestration and back a plan to feed hundreds of millions of people by providing them clean cooking fuels, Prince Mohammed said. The two initiatives will cost 39 billion riyals ($10.4 billion) and Saudi Arabia will contribute 15%.
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Lebanon’s negotiations with IMF likely to start in November – foreign minister
The Lebanese foreign minister said on Sunday that negotiations with the International Monetary Fund would likely start in November, Lebanon's Al Jadeed TV reported. Economy Minister Amin Salam had said on Friday in an interview with Reuters that the new government aimed to make progress towards starting full negotiations for an IMF deal by the end of this year or early next but was not expecting funds to be dispersed before elections in March.
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Saudi push on company headquarters showing success, says official
Saudi Arabia's push for firms to set up regional headquarters in Riyadh is proving successful and is not aimed at dismantling corporate operations elsewhere, a senior Saudi official said. The world's top oil exporter and largest Arab economy has given foreign firms until the end of 2023 to set up headquarters or risk losing out on government contracts as it competes for foreign capital and talent. Fahd al-Rasheed, president of the Royal Commission for Riyadh City, told Reuters there has been "a lot of success" in attracting multinationals and that details would be announced at Saudi's flagship investment forum FII which starts on Tuesday.
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Saudi Arabia to Start Electric-Vehicle Push in Capital Riyadh
The target, announced on Saturday at the start of a Saudi climate conference, is part of a plan to halve carbon emissions in the city of 8 million people over the next nine years, said Fahd Al-Rasheed, president of the Royal Commission for Riyadh City.
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Saudi National Bank Posts 20% Rise in Quarterly Profit
Saudi National Bank (SNB), the country's biggest lender, on Sunday posted a nearly 20% rise in third-quarter profit from higher fees. SNB reported a net profit of 3.8 billion riyals ($1.0 billion) for the quarter that ended on Sept. 30, up from 3.2 billion riyals in the same period a year earlier.
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Al-Falih Starts US Visit to Reinforce Saudi-US Commercial, Investment Partnership
“We consider US investors to be our partners, and we hope that they will seize the tremendous opportunities presented as part of our transformation. American innovation and expertise have a long and rich history in the Kingdom,” he added. “In addition, we seek that American investments continue its fundamental role in the economy of the Kingdom of Saudi Arabia, which is moving towards a new promising stage in its development,” noted the minister.
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US Treasury Department Says Cryptocurrencies Could Undermine Sanctions
The agency issued the warning after a six-month review of U.S. sanction programs and recommended the agency itself improve communication with financial institutions and others that touch on the crypto sector.
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