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Saudi non-oil economy continues growth
- August 27,2024
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- SUSTG Team
Jadwa Investments’ August 2024 macroeconomic update showed robust growth in non-oil activity.
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Esports World Cup crowns winners after historic 8-week tournament
- August 26,2024
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- admin
The Esports World Cup Foundation, the non-profit organization hosting the Esports World Cup, the world’s largest esports competition and gaming festival, celebrated the historic inaugural event with HRH Mohammed bin Salman in attendance by crowning Team Falcons the first Esports World Cup Club Champion on Sunday night in Riyadh, Saudi Arabia.
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184 foreign companies move regional HQ to Saudi Arabia during first half of 2024 – MISA
- August 23,2024
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- admin
Saudi Arabia’s Ministry of Investment reported that 184 foreign companies moved their regional headquarters to Saudi Arabia after obtaining an investment license during the first half of 2024.
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Saudi Professional League Season starts; summer transfer window subdued
- August 22,2024
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- SUSTG Team
The SUSTG Review wrote in July that Saudi Arabia’s professional football transfer strategy has evolved. After numerous blockbuster acquisitions in 2023, the current transfer window (though not over) has been subdued.
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ACWA Power commissions 700-MW solar park in Saudi Arabia; First of four planned for 2024
- August 21,2024
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- SUSTG Team
Co-owner ACWA Power has commissioned The 700-MW Ar Rass solar photovoltaic project located in Qassim province, north of Riyadh. The electricity from Ar Rass will go to the national grid under a 25-year offtake agreement with the Saudi Power Procurement Company (SPPC).
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Saudi’s Public Investment Fund issues 2023 Annual Report
- August 20,2024
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- admin
PIF governor Yasir Al Rumayyan noted that the fund has increased its global reach, unveiled giga-projects, launched portfolio companies and delivered “ahead of financial return targets – in line with the goals of its Vision Realisation Programme 2021-2025”.
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KSA and it’s summer power surge challenge
- August 19,2024
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- SUSTG Team
In terms of oil consumption used for its electricity sector Saudi Arabia matches the entire oil consumption of Italy, Spain or Turkey. The kingdom’s oil for power use spikes over 1 million barrels per day in summer to generate power and water.
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Tourists to KSA spend over $37b in 2023
- August 16,2024
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- SUSTG Team
The Ministry of Tourism released it’s annual tourism statistics report for 2023 this week reflecting significant growth in tourist numbers and spending.
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Saudi Arabia’s Capex Super Cycle – Goldman Sachs
- August 15,2024
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- SUSTG Team
In its informative August 14, 2024 Briefing Insight entitled “Only a quarter of Saudi Arabia’s $1 trillion capex plan will go into oil” Goldman Sachs’ analyst team examines the Kingdom’s projected capital expense spending to 2030.
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Saudi Arabia leads GCC IPO momentum in Q2 2024
- August 14,2024
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- SUSTG Team
In Q2 2024, the GCC witnessed a significant uptick in IPO activity, with 13 listings raising a combined $2.64 billion. This surge in capital was primarily focused on the healthcare, education, and technology sectors.
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Saudi Arabia’s wheat, corn markets to see 5% demand growth in 2025
Saudi Arabia, one of the key grain markets in the Middle East, is likely to maintain steady domestic growth in 2025, supported by a positive demand outlook, Anis Alam, chief grain procurement officer at Arabian Agricultural Services Company (ARASCO) said in an interview with Platts Jan. 25. The country’s wheat and corn demand is poised to rise at 5% per year, Alam said. “Currently, Saudi Arabia imports around 3.5 million mt of wheat and 5 million mt of corn, which has a growth potential of 5% a year.” Saudi imports wheat, mostly from Europe and Black Sea as domestic wheat production is lower. Alam believes it should be around 500,000-600,000 mt though some statistics show more than 1 million mt. The country’s wheat output is unlikely to increase in the next few years due to water shortage. “I don’t see there is any room for improvement in the production,” he said.
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Saudi Arabia opens applications for over 10,000 teaching jobs
Saudi Arabia’s Ministry of Education has opened applications for 10,494 teaching positions for the coming academic year, as part of a nationwide initiative to fill staffing needs across all public education departments. The hiring process, structured under a spatial contracting system, will take place through the Jadarat national employment platform, targeting graduates in specific disciplines required to meet school demands. Applications will open on Friday, March 7, 2025 and close on Wednesday, March 12, 2025 for male applicants.
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Saudi Monshaat: 67% increase in commercial registrations during Q4 2024
There has been a 67 percent increase in commercial registrations, bringing the total number to 1.6 million during the fourth quarter of 2024. According to the quarterly SME Monitor Report released by the Small and Medium Enterprises General Authority (Monshaat), the majority of these registrations were concentrated in Riyadh, accounting for 39 percent, followed by Makkah with 17 percent, the Eastern Province 16 percent, Qassim 6 percent, and Asir 5 percent. The remaining 17 percent were distributed across other regions. More than 51,000 individuals have benefited from the Monshaat Academy, 41,076 SMEs accessed the authority’s support centers, and nearly 6,100 beneficiaries used the Mazaya platform
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Iraq bans Saudi’s MBC over Ramadan series Muawiya due to sectarian concerns
Iraq's media regulator has banned the broadcast of the historical drama "Muawiya" during the Muslim holy month of Ramadan on the Saudi Arabian television channel MBC Iraq, citing concerns that it could incite sectarian tensions. The Iraqi Media and Communications Commission (CMC) announced the decision on Saturday, stating that it was exercising its legal authority to regulate the country's media sector. "The broadcast of historically controversial content may provoke sectarian debates, which could threaten social harmony and disrupt the fabric of society, particularly during Ramadan," the commission said in a statement. "Muawiya" explores the life of Umayyad Caliph Muawiya ibn Abi Sufyan, who played a central role in the "First Fitna"—the civil war that followed the assassination of Caliph Uthman ibn Affan in the 7th century. Despite the Iraqi ban, "Muawiya" is set to air during Ramadan on MBC's main channels, ensuring its availability to audiences across the region.
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Saudi Arabia’s commitment to spending efficiency is driving growth and building resilience
Saudi Arabia’s 2025 budget will see the Kingdom continue to invest in the transformation of strategic sectors – including healthcare, tourism and logistics – under Vision 2030. Technologies such as artificial intelligence (AI) have emerged as key enablers in the transformation journey of these industries, with digitisation helping to streamline processes and increase operational and financial transparency. Of course, there are obstacles to unlocking spending efficiencies. Implementation of advanced tech like AI and data analytics often require substantial short-term investment. Spending on emerging technologies should be done as part of a long-term strategy, which needs the buy-in of all stakeholders – including employees, who may be resistant to change or supply chain partners whose systems and processes may not yet be compatible.
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Why businesses must bridge the ‘generational gap’ to align with Saudi’s AI ambitions
A significant challenge lies in bridging the generational gap in AI adoption. Younger generations, particularly Gen Z, have grown up immersed in technology and tend to feel at ease leveraging AI in the workplace. Millennials, who have witnessed firsthand the transformative power of digital innovation, are close behind. In contrast, more experienced professionals, including Gen X and Baby Boomers, often express greater caution, reflecting a natural hesitancy to embrace new ways of working. This divergence is especially relevant as in the kingdom, nearly two-thirds of the population are under 30. Yet older generations still hold many decision-making roles within organisations. As companies aim to unlock AI’s transformative potential, they must address this gap, ensuring that employees across all demographics are equally equipped to harness AI’s benefits.
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KAUST scientists lead Saudi Arabia’s first scientific mission to Antarctica
KAUST has sent the first researchers from Saudi Arabia on a scientific mission to Antarctica since signing on to the Antarctic Treaty in May 2024. Carlos Preckler and Diego Rivera, who work with Ibn Sina Distinguished Professor Carlos Duarte, collected samples from the continent to understand how the recovery of whale populations acts as a natural mitigator of climate change by examining their effects on carbon sequestration. The mission ran from January 11 to February 27. The Saudi-based research team has collected ocean samples that they will use to provide the first quantitative measurements of the impact whales have on carbon capture and thus climate change. The information gained will assist in assessing the economic benefits of whale hunting and conservation policies and other activities that affect marine life. Antarctica is deemed the best choice for the study of whale populations because of the well-chronicled and intense whale hunting in the 20th century that depleted the populations of great whales.
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Saudi Arabia offers safe return for dissidents without consequences
“Saudi Arabia welcomes those who were misled and manipulated for ulterior motives, as long as their opposition remained ideological and they were not implicated in criminal cases,” Al Howairini stated. Dissidents wishing to return can contact the designated number (990) to provide their identity and location for assistance. Alternatively, they may authorise a family member to coordinate with the relevant authorities on their behalf. Saudi embassies worldwide are also prepared to facilitate and support their safe return. Al Howairini further underscored the critical role of Saudi society in combating extremism and terrorism, revealing that nearly 20% of detainees in the country were taken into custody following requests or coordinated efforts by their own families. He noted that families increasingly recognise the state’s proactive approach in safeguarding its citizens from extremist influences.
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Lebanese president hopes to mend ties with Saudi Arabia in first visit in years
Lebanon’s president said Monday that he hopes to strengthen ties with Saudi Arabia during a visit to the kingdom following years of strained relations between the countries. Joseph Aoun became Lebanon’s first head of state to visit Riyadh in six years. Saudi Arabia has been vocal about its concerns over the Iran-backed militant Hezbollah group and Lebanon’s positions on some regional issues. In recent years, it imposed a travel and import ban on Lebanon. Aoun’s appointment as president as well as that of a diplomat and former head of the International Criminal Court, Nawaf Salam, as prime minister are both seen as major blows to Hezbollah. As relations slowly thaw, Lebanon hopes that Saudi Arabia will lift the travel ban on the cash-strapped country, restore trade and help its reconstruction efforts after the war between Hezbollah and Israel left southern and eastern Lebanon in ruins.
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Jennifer Lopez returns to Saudi Arabia to headline Formula 1 Grand Prix in Jeddah
Global pop sensation Jennifer Lopez is set to headline the Formula 1 STC Saudi Arabian Grand Prix 2025, taking place April 18-20 over the Grand Prix weekend in Jeddah. She will join Usher and Major Lazer Soundsystem in an entertainment lineup powered by MDLBEAST. The high-energy post-race concerts will take place in Jeddah, offering motorsports and music fans an unforgettable experience. Known for her spectacular stage presence and chart-topping hits, Lopez is set to deliver an electrifying performance that will be one of the standout moments of the Formula 1 weekend. This won’t be the first time JLo dazzles audiences in Saudi Arabia. In a memorable performance at Riyadh Season, Lopez shared the stage with Celine Dion to celebrate Lebanese designer Elie Saab’s 45th anniversary, marking one of the biggest fashion and music spectacles in the Kingdom.
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