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Saudi Arabia’s 2015 Fiscal Budget Expands Spending, Projects $39b Deficit to be Covered by Reserves – Jadwa Investment
- December 29,2014
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- SUSTG Team
Saudi Arabia’s 2015 fiscal spending plans amount to “another expansionary budget with spending maintained at a very high level which will play a vital role in supporting the economy,” according to Riyadh-based Jadwa Investment. The firm notes that for the first time since 2011, a fiscal deficit is projected, based on revenues of SR715 billion and expenditures […]
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IT Spending in Saudi Arabia to Grow $2.7 billion by 2017, Study Finds
- December 24,2014
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- SUSTG Team
A recently released study by Oxford Economics and SAP finds that employers in Saudi Arabia “will need to tailor their approach to talent management for catering to the fast-changing technology landscape,” the Saudi Gazette reports. The report also finds that “IT spending in the Kingdom is increasing at the fastest rate of any country in the Middle East […]
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2015 SACM Graduation Ceremony and Career Fair Dates Announced, Venue Confirmed
- December 19,2014
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- SUSTG Team
The 2015 Saudi Arabian Cultural Mission’s (SACM) Graduation Ceremony and Career Fair dates are set for Friday, May 22, 2015, to Monday, May 25, 2015 at the Gaylord Hotel National Harbor just outside of Washington, D.C. The 7th annual SACM event has two main components, a career fair connecting graduating students with job opportunities from […]
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Prince Muhammad bin Naif Meets with Obama, Biden at White House as Republican U.S. House Majority Leader McCarthy Visits Saudi Arabia
- December 15,2014
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- SUSTG Team
U.S. House of Representatives majority leader Kevin McCarthy met in Riyadh with Crown Prince Salman and Deputy Crown Prince Muqrin, the Saudi Press Agency reported. The visit comes on the heels of Prince Mohammed bin Naif’s meetings in Washington last week. The Minister of Interior of the Kingdom of Saudi Arabia met with several officials in the […]
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John Kerry’s Remarks at U.S. Chamber of Commerce Middle East Commercial Center Leadership Dinner
- December 12,2014
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- SUSTG Team
In an energetic and wide-ranging speech delivered to guests attending the Middle East Commercial Center Leadership Dinner on Monday night at the U.S. Chamber of Commerce, Secretary of State John Kerry praised the work of the Center and the development of business relationships between the United States and the Middle East region. Secretary Kerry shared […]
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#SaudiTBT: The Father of the Saudi Arabian National Guard HRH King Abdullah bin Abdulaziz in 1962
- December 9,2014
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- Richard Wilson
HRH Miteb Bin Abdullah, Minister of the Saudi Arabian National Guard (SANG) and the third oldest son of Saudi Arabia’s King Abdullah Bin Abdulaziz, recently visited Washington to meet with President Obama and other senior officials to discuss strengthened bilateral cooperation between the U.S. Department of Defense and SANG. The National Guard is one […]
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Jadwa Investment: Oil Market Dynamics and Saudi Fiscal Challenges
- December 8,2014
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- SUSTG Team
After a significant drop in oil’s price on international markets since July 2014, the impact on the Kingdom of Saudi Arabia’s budget and fiscal policy is assessed in Jadwa Investment just-released research note. Head of Research Dr. Fahad Alturki notes that the recent decision not to cut output by OPEC “adds further uncertainty not only on the global […]
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As Oil Dips Below $70, American Producers Wonder Where the Bottom Is and Eye an End to Export Ban
- December 8,2014
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- Lucien Zeigler
The second half of 2014 has been a lively period for the U.S. shale industry. Fueled by new technologies and a soaring oil price, everyone from upstart producers to big oil were taking advantage of new production opportunities in United States in shale deposits. Over the last year, the U.S. alone accounted for 82% of non-OPEC production growth, […]
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With Houthi Gains in Yemen, Saudi Reportedly Pulls Aid
- December 5,2014
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- SUSTG Team
Saudi Arabia has suspended most of its financial aid to Yemen in “clear indication of its dissatisfaction with the growing political power of Shi’ite Houthi fighters friendly with Riyadh’s regional rival, Iran,” according to a Reuters report. “Soon after Houthi fighters took over the capital Sanaa in September, Saudi Arabia promptly suspended much of that […]
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Jadwa Chartbook: Saudi Economic Data Show ‘Signs of Cooling’ in Economy
- December 3,2014
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- SUSTG Team
Jadwa Investment’s latest Chartbook monthly economic report said the Saudi economy showed signs of cooling with the non-oil Purchasing Managers Index (PMI) dipping lower following a 39-month peak in the previous month. Data on consumer spending also showed a seasonal decline, according to the Jadwa Investment report. Additionally, “bearish oil markets continued to affect sentiment […]
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MUST-READS
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Hosting FIFA World Cup 2034 a game-changer for RSL and Saudi Arabia
With the carrot of the FIFA World Cup in 2034 now officially on the horizon – Saudi Arabia were on Wednesday confirmed as hosts - football in the Kingdom will never be the same again. First, is the physical transformation already set in motion. For the 48-team showpiece, Saudi Arabia will utilise 15 stadiums, 11 of which will be new builds. The impact this will have on the RSL will be remarkable, as teams begin to play in some of the most breathtaking and technologically advanced arenas anywhere in the world. And, from a football perspective, hosting the tournament will be a complete game-changer. The RSL was already on a path towards an exciting new future, but staging arguably the foremost sporting event will turbocharge that development, especially among local Saudi talent.
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Trump’s envoy meets Saudi Crown Prince MBS
President-elect Trump's Middle East envoy Steve Witkoff visited Saudi Arabia on Wednesday and met Crown Prince Mohammed Bin Salman (MBS), two sources with knowledge of the meeting told Axios. Witkoff's trip to the region was part of a series of engagements Trump's advisers had with Middle East leaders in recent weeks. Trump's Middle East adviser and in-law Massad Boulos was also in the region this week and met in Doha with the prime minister of Qatar, a source with knowledge of the meeting said.
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How the future job market in Saudi Arabia will evolve
In his outlook on the future job landscape in the kingdom, the expert singled out sectors related to artificial intelligence, information technology, cybersecurity, renewable and sustainable energy, as well as energy-related engineering fields, including mechanical and electrical engineering, given the significant focus on infrastructure and sustainability projects. With the emphasis on improving health care, the demand for various health specialisations, including general medicine, nursing, and related technologies, will continue to grow. Moreover, tourism stands out as one of the most promising sectors for job creation in the kingdom, noted Al Dhiyabi.
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Negotiators fail to secure drought deal at Saudi-hosted UN talks
The 12-day meeting of parties to the United Nations Convention to Combat Desertification (UNCCD), known as COP16, concluded early on Saturday morning, a day later than scheduled as parties tried to hammer out a deal. A press release on Saturday said the parties -- 196 countries and the European Union -- had "made significant progress in laying the groundwork for a future global drought regime, which they intend to complete at COP17 in Mongolia in 2026". The Riyadh talks came after the partial failure of biodiversity talks in Colombia, the failure to reach a UN deal on plastics pollution in South Korea, and a climate finance deal that disappointed developing nations at COP29 in Baku, Azerbaijan.
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Backing Saudi World Cup bid ‘wasn’t a difficult decision’, says FA chair
England's FA decided to back Saudi Arabia's bid to host the 2034 World Cup after being reassured by answers they received from the Saudi Arabian Football Federation (SAFF) during a meeting last month, chair Debbie Hewitt said on Friday. Global soccer governing body FIFA officially awarded the World Cup to the Kingdom on Wednesday, with the sole bid for the tournament confirmed by acclamation. A number of rights organisations strongly criticised FIFA after the announcement, pointing to Saudi's human rights record.
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UK-Saudi Partnership: Advancing Clean Hydrogen and Sustainable Energy Growth
The United Kingdom and Saudi Arabia have reaffirmed their commitment to advancing sustainability, with a strong emphasis on clean hydrogen technologies, as part of a broader effort to deepen their economic partnership. During an official visit by UK Prime Minister Sir Keir Starmer to Saudi Arabia, both nations outlined an ambitious agenda aimed at achieving sustainable growth and addressing global challenges.
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Parsons wins $53M contract for roads project in Riyadh
US-based Parsons Corp. won a $53 million, three-year contract from the Royal Commission for Riyadh City (RCRC) in Saudi Arabia for program management office (PMO) services on its main and ring roads program. Under the contract, the NYSE-listed global infrastructure engineering consultancy firm will be the PMO for all new major road development programs in Riyadh, providing overall management and control of construction activities. The program includes 500 km of new and improved road corridor works. It mainly aims to keep the city moving during construction and meet the requirements associated with the growth plans for Riyadh, including tackling congestion and hosting global events such as the Expo 2030 and FIFA World Cup 2034.
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Syria is the Middle East’s Hinge, but Which Way Will It Turn?
Whatever happens in the region tends to depend heavily on what happens in, about, and to Syria. So, the outcome of the regime’s fall is of extreme importance to the Middle East and the global powers interested in it. These include not only the United States but also Russia, which was the Assad regime’s primary global backer, and China, which gets most of its outside energy from the Persian Gulf and ships much of its manufactured exports through the Red Sea and Suez Canal. But the importance of Assad’s fall begins with, and falls mainly upon, the Syrians. They are suddenly free of a stifling and incredibly brutal dictatorship which all but destroyed the country in its vain effort to remain in power despite the rebellion which erupted during the 2011 Arab uprisings.
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Economic feasibility of hydrogen transportation network in Saudi Arabia
Hydrogen is a promising, clean, and adaptable fuel source, making it a key player in the world's sustainable energy movement. However, safe and economical transportation and storage of hydrogen remains a challenge. This study investigates the economic feasibility of establishing a hydrogen transportation network in Saudi Arabia to facilitate the transition to a hydrogen-based economy and reduce carbon emissions.
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Movie Stars Will Visit Saudi Arabia. Will They Work There?
Over the past two weeks, dozens of movie stars, filmmakers and Hollywood executives visited Jeddah, a metropolis on the west coast of Saudi Arabia, for the fourth edition of the Red Sea Film Festival. Vin Diesel and Emily Blunt received awards at the opening ceremony. Spike Lee and Minnie Driver served on the jury. Agents from CAA and WME spoke on panels alongside executives from production outfits such as Fremantle and Anonymous Content. While Wall Street, Silicon Valley and some in Hollywood have been tapping Gulf money for some time, Saudi Arabia has emerged as a hub of financing and production in just the past few years. The state-backed Public Investment Fund has already invested billions in video games and sports, and the country is now offering generous incentives — a rebate of about 40% — to film in Saudi Arabia.
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