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  • Kingdom Gears Up for 2019 Hajj Season
     

    Saudi Arabia is finalizing preparations for the 2019 Hajj Pilgrimage season, set to begin on Friday August 9th. Hosting the Hajj presents a number of major logistical, security, and health challenges for which Saudi authorities must prepare. The sheer number of pilgrims arriving each year is staggering. In both 2017 and 2018, over 2.3 million pilgrims […]

     
  • Saudi Arabia’s PIF has agreed initial terms for a $10bn loan – report
     

    Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has agreed to initial terms for a $10 billion loan, the second time the fund has sought to raise money in less than a year, the Financial Times reports. Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole and Citigroup are among the 10 banks that have […]

     
  • The Seven Wonders of Arabia, Aramco Expats’ Tribute to the Kingdom’s Top Heritage Sites – Part 2: Historic Jeddah
     

    Last week, SUSTG published the first in a series of posts highlighting the seven wonders of Arabia as selected and featured by AramcoExpats.com, an online blog that is a resource for current and former Saudi Aramco expatriates and their families. As the Kingdom prepares to open itself up to more visitors and boost its tourism industry in line […]

     
  • Saudi Arabia’s PIF has ‘$300b in Assets’ and is Still Growing, Report Says
     

    Saudi Arabia’s sovereign wealth fund, the Saudi Arabian Public Investment Fund (PIF), has “about $300 billion in assets” now, a report has found, and its growing size is set to “improve the country’s international investment position.” “We now estimate PIF’s assets at about $300 billion, of which one-fourth are invested abroad….Proceeds from privatization (a target of about […]

     
  • Saudi Arabia, UAE and Norway Say ‘State Actor’ Likely Attacked Oil Tankers
     

    Saudi Arabia, the UAE, and Norway have told the UN Security Council that the recent attack on four oil tankers off the UAE coast was a “sophisticated and coordinated” operation most likely conducted by a “state actor,” according to reports. The three countries presented their initial findings to the U.N. Security Council in an informal meeting […]

     
  • Gulf Arab states support right of Saudi Arabia and UAE to defend interests
     

    Gulf Arab states voiced support for Saudi Arabia and the United Arab Emirates to take any action required to defend their security following recent attacks on their oil assets, Reuters reports. A statement published by Saudi state news agency SPA said the six nations had discussed at an emergency meeting in the kingdom a joint […]

     
  • Saudi Stocks Surge for Largest Single-Day Gain in 6 Months as Investors Prepare for MSCI Inclusion
     

    Shares in the Tadawul, the Saudi stock market, surged 2% on Tuesday with much of the gains happening before the session closed as MSCI Inc. prepares to include the Kingdom into its developing country benchmark, according to a report in Bloomberg. MSCI Inc., which is a Global provider of equity, fixed income, hedge fund stock market indexes, […]

     
  • Reports: Saudi Arabia Places Huge Bet on U.S. Natural Gas
     

    Saudi Aramco announced a preliminary agreement on Wednesday to buy 5 million tons of liquefied natural gas per year in a deal with U.S.-based Sempra LNG, according to reports. The move is a “new strategy” for Aramco and highlights “the growing importance of the United States as an energy exporter,” the New York Times reports. The deal, if completed, […]

     
  • Arabian Centres IPO Postponed Two Days, But will Still Make History
     

    Saudi Arabia’s largest share offering in four years for Arabian Centres shopping malls has been postponed for two days amid rising geopolitical tensions and a looming trade war between the U.S. and China, but when trading begins, it will still be a historic moment for Saudi Arabia’s markets. In addition to being the biggest IPO in four years, the […]

     
  • Saudi Arabia’s Shura Council Approves Green Card-Style Residence Program
     

    Saudi Arabia’s Shura Council has approved a plan for introducing a “Green Card-style residence system for foreigners aimed at attracting investors,” according to reports which cited Saudi media. The “privileged iqama” system will be offered for specific fees and have both permanent and temporary versions. The new system is designed to ensure eligible residents “a set of advantages […]

     

MUST-READS

  • Banks in Saudi, emerging markets will see spike in bad loans- S&P

    “Banks with high exposure to SMEs, real estate lending, unsecured retail, or large corporates with open FX positions would be the most affected,” the agency noted.

  • SoftBank’s Vision Fund Is Said to Plan to Cut 10% of Staff

    The Vision Fund currently employs about 500 people, with the majority based in its London headquarters, alongside offices in San Francisco and Tokyo. The cuts will be across all levels of staff, said one person, who asked not to be identified discussing personnel decisions.

  • Lebanon’s economic crisis is decimating its middle class

    The middle class in cash-strapped Lebanon is having a hard time making ends meet as salaries have been slashed and banks are imposing informal capital control, all compounded by the coronavirus-induced lockdown measures.

  • European leaders urge Netanyahu against West Bank annexations

    Several European leaders have sent personal letters to Israeli Prime Minister Benjamin Netanyahu in recent days warning him against annexing parts of the West Bank, Israeli and European officials tell me.

  • Afghanistan to free 900 Taliban, urges ceasefire extension

    The Afghan government urged the Taliban to extend a three-day ceasefire set to end on Tuesday night, while announcing it would free 900 members of the insurgent group in the biggest such release yet.

  • How will MENA handle mass urbanisation?

    MENA will be a global urbanisation hotspot over the next decade, with the region’s urban population expected to increase by one-quarter between 2020 and 2030. In fact, only sub-Saharan Africa will experience a faster pace of urban growth. Iraq and Egypt will see the largest increases, with almost 10m additional urban residents in both countries over the period.[1]

  • Saudi Arabian Monetary Authority to quarantine banknotes for up to 20 days

    The authority said currency, along with electronic payment tools, are considered possible ways in which the virus can be passed on. It will therefore isolate notes and coins in sealed units for between 14 and 20 days, with the duration depending on where the cash came from.

  • US rescinds ban on British defense firm implicated in Saudi weapons fraud

    The Barack Obama administration implemented the policy of denial in 2011 after BAE Systems’ pleaded guilty to fraud in the 1985 al-Yamamah arms deal with Saudi Arabia.

  • Palestinian Officials Press Ahead on Plans to Abandon Cooperation With Israel

    Palestinian officials vowed Wednesday to press ahead with canceling all agreements with Israel, including over security, as they sought to rally international support against a potential move by the new Israeli government to annex parts of the occupied West Bank.

  • Will Mandatory Face Masks End the Burqa Bans?

    While face coverings are fast becoming the norm to slow the spread of the novel coronavirus, visible on city streets and public transportation everywhere, the global politics that surround them are more complicated than ever — a reflection not just of this current crisis, but also of broader values and stereotypes.