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Saudi Arabia’s Budget Deficit Shrinks a Whopping 60%
- November 1,2018
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- SUSTG Team
Saudi Arabia reduced its budget deficit by 60 percent to SR49 billion ($13 billion) in the first nine months of the year, official figures published Wednesday show. The reduction — greater than anticipated in earlier budget forecasts — was the result of a significant growth in both oil and non-oil revenues, the Ministry of Finance […]
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Saudi Crown Prince Promises Justice for ‘Heinous Crime’ of Khashoggi Murder, Touts Reform Progress
- October 25,2018
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- SUSTG Team
Crown Prince Mohammed bin Salman took the stage yesterday at the Future Investment Initiative conference in Riyadh, making his first public comments since the murder of Saudi journalist Jamal Khashoggi in Istanbul grabbed the world’s attention. The Crown Prince did not shy away from the topic, and opened with addressing what he and the Saudi […]
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Oil Down 11% in Two Weeks
- October 19,2018
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- SUSTG Team
Despite sanctions against Iran and tensions between Riyadh and Washington over the disappearance of Saudi journalist Jamal Khashoggi, the price of oil has fallen 11% in two weeks on oversupply and other downward pressures, according to reports. U.S. crude has plunged 11 percent from peak to trough over the last two weeks, while Brent is […]
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The Impact of Reforms on The Saudi Retail Experience – Report
- September 26,2018
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- SUSTG Team
A report today in Reuters highlights the impact that Saudi Arabia’s Vision 2030 economic and social reforms are having on Saudi Arabia’s malls and bazaars – which are changing as retailers embrace a shift in shopping habits. “Designer clothes stores and high-end chocolate and flower shops are shutting and fast-fashion, fast-food, budget stores and cinemas […]
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75% of Riyadh Metro Project Work Completed, Riyadh Emir Says
- September 18,2018
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- SUSTG Team
Saudi Arabia’s ambitious and sprawling Riyadh metro project is 75% completed, Riyadh Emir Prince Faisal Bin Bandar said after chairing the Arriyadh Development Authority meeting on Monday. Prince Faisal, who is also the chairman of the board of directors of Arriyadh Development Authority and chairman of the supreme committee for supervision of the King Abdul […]
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Ministry of Labor Inspectors ‘Find Many Shops Closed’ as Store Owners Deal With New Regulations
- September 12,2018
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- SUSTG Team
Saudi Arabia’s plans to increase Saudi employment to 70 percent of jobs in stores in several sectors came into force on Tuesday, and inspectors from the Ministry of Labor reportedly found that “many such shops in Dammam and Al-Khobar downed their shutters to avoid penalties and ensure that when they open they are in line with the […]
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PIF Selects Goldman Sachs, Bank of America Merrill Lynch and Michael Klein Selected to Advise on SABIC sale
- September 11,2018
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- SUSTG Team
Saudi Arabia’s sovereign wealth fund has chosen Goldman Sachs, Bank of America Merrill Lynch and Michael Klein as advisers on its planned sale of a stake in petrochemicals firm SABIC to Saudi Aramco, sources familiar with the process told Reuters. Citigroup Inc has reportedly won the mandate to advise Saudi Basic Industries Corp (SABIC). Reuters previously […]
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Kingdom of Saudi Arabia Contributes $100 Million for Syria’s Stabilization Efforts: Raqqa and Areas of Northeast Syria Liberated from ISIS
- August 17,2018
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- SUSTG Team
Saudi Arabia has announced that it has contributed $100 million for Global Coalition to Defeat ISIS-supported stabilization projects in areas liberated from ISIS in northeast Syria, the largest Coalition contribution to date for these liberated areas. “This substantial contribution will play a critical role in the Coalition’s efforts to revitalize communities, such as Raqqa, that […]
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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 Arabia Forms New ‘Higher Committee for Hydrocarbon Affairs’ to Oversee Oil and Gas Sectors
- August 1,2018
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- SUSTG Team
Saudi Arabia plans to form “a higher committee for hydrocarbons,” which will fall under the leadership of Crown Prince Mohammed bin Salman, according to the state-run Saudi Press Agency. The decision for the creation of a body to oversee the oil and gas sectors was approved in a cabinet meeting chaired by King Salman. “The […]
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Saudi AramcoHuge fire breaks out at Motiva Louisiana refinery partially owned by Saudi Aramco
A huge fire broke out on Thursday morning in a refinery, half-owned by Saudi Aramco, in Convent, in the State of Louisiana in the United States. The authorities evacuated Motiva Enterprises, which produces 235,000 barrel per day, around midday due to the fire. Thick columns of black smoke were seen billowing from the refinery but no explosions or casualties were reported, reported local Arabic daily Akhbar24.
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Saudi Aramco IPOQuestions loom as investors anticipate Saudi Aramco IPO
The state-owned company said earlier this year that it has begun studying “various options to allow broad public participation in its equity” in either the company as a whole or a bundle of its downstream subsidiaries.
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Aramco IPOAramco Buyer Beware: The Risky Track Record of Government Oil
Saudi Arabian Oil Co. has captured the oil industry’s attention with plans for an initial public offering that could raise more than $100 billion, but some investors are wary, pointing to the track records of other government-controlled energy companies.
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Clean FuelsSaudi Aramco’s clean fuels project receives foreign bids
Foreign engineering companies have bid to build Saudi Aramco’s clean fuels project at the state oil giant’s Ras Tanura refinery, industry sources told Reuters.
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Saudi AramcoSaudi Aramco names Ibrahim Al Buainain new trading chief as it maintains production and drilling
The state-run oil firm Saudi Aramco has named Ibrahim Al Buainain as chief executive of its trading arm, it said on Tuesday.
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Saudi AramcoLarsen & Toubro wins $1.6 billion gas field pact from Saudi Aramco
Larsen & Toubro, India's largest engineering and construction company, said a consortium led by its hydrocarbon unit has won a $1.6 billion gas field contract from Saudi Arabian oil giant Saudi Aramco, in a sign that demand is picking up in the key Middle East market.
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Saudi Oil PolicySaudi Aramco not worried about others gaining market share in Asia: CEO
"(Aramco offers) the reliability of supply and the quality of crudes, so various companies see big value and benefit in dealing with Aramco," he said.
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Saudi AramcoSaudi Aramco signs $13 billion deal for new domestic natural gas project
State-owned Saudi Aramco says it has signed a deal for a new gas project that will be worth more than $13.3 billion when complete in 2019. It's aimed at meeting the kingdom's growing domestic demand for energy.
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Gas ProcessingSaudi Aramco signs contracts to build $13.3bn Fadhili gas project
The total project is worth more than SAR 50bn ($13.33bn) and, when completed in 2019, will be the first programme in the kingdom to treat gas from both onshore and offshore fields.
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Saudi Aramco IPOSaudi Aramco IPO Has Investment Banks Flocking to Riyadh
HSBC and JPMorgan Chase are doing particularly well thus far. HSBC is working on the privatization of the Saudi Stock Exchange and the potential split up of the Saudi Electric Co. JPMorgan, HSBC, and Citi will all be involved in the Kingdom’s first international bond sale, which could open the door to future business from other Saudi groups.
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