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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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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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Report: Saudi Aramco Mulls Stake in SABIC
- July 18,2018
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- SUSTG Team
Saudi Aramco has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC), two sources with direct knowledge of the matter told Reuters. Riyadh-listed SABIC, the world’s number-four chemical firm, is 70 percent owned by the Public Investment Fund, Saudi Arabia’s top sovereign […]
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ACWA Power to Build 100MW Solar Project in South Africa Following Major Investment Announcements from Saudi, UAE
- July 16,2018
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- SUSTG Team
ACWA Power says it will begin construction this year on a 100MW solar energy plant in South Africa as Saudi Arabia and the UAE announced that the two countries will invest a combined $20 billion into the country, according to reports. The 100MW Redstone concentrated solar thermal power (CSP) plant, whose construction had initially been scheduled […]
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Exclusive: Engineering Giant Bechtel Launches New Women’s Empowerment Program in Saudi Arabia
- July 3,2018
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- SUSTG Team
Global engineering and procurement giant Bechtel Corporation will launch a new pioneering program for women’s empowerment in Saudi Arabia, set to be announced this month and rolled out this fall, SUSTG has learned. Working with Al Khaleej Training and Education organization, the program aims to increase women’s participation in the country’s workforce through training and […]
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Saudi Arabia Selected for MSCI Inclusion; Analysts Expect Significant Capital Inflows
- June 21,2018
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- SUSTG Team
Following years of effort by Saudi officials to increase transparency in its stock market, the Kingdom won inclusion into MSCI, Inc.’s highly sought-after emerging market index, expanding the asset class by as much as $600 billion for the Kingdom. The news, announced overnight in Saudi Arabia, was welcomed by Saudi officials and executives at the […]
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Saudi Ambassador to the United States Prince Khaled bin Salman Issues Statement on Hodaidah
- June 13,2018
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- SUSTG Team
Saudi Arabia’s ambassador to the United States HRH Prince Khaled bin Salman has issued a statement on Twitter concerning the recent moves by the Kingdom and its Arab allies on the port city of Hodaidah in Yemen, blasting the Iran-backed Houthi rebels for worsening the humanitarian situation in the war-torn country. Yesterday, Saudi Arabia and […]
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Nasdaq Dubai to Launch Futures Trading in Saudi Quoted Companies before End of Year
- May 21,2018
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- SUSTG Team
Nasdaq Dubai will launch futures trading in Saudi quoted companies “before the end of this year,” according to reports, marking the first time Saudi stocks can be traded in derivative form. The move will allow global investors to trade shares in Saudi Arabian listed companies via contracts to buy or sell shares at a set price in […]
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New Tax Gains Redistributed to Support Saudi Safety Net but Takes Toll on Balance Sheet, Report Says
- May 10,2018
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- SUSTG Team
New tax earnings for Saudi Arabia’s government were offset by expenditures toward programs comprising the Kingdom’s safety net for lower income citizens, according to a Bloomberg report which cited Ministry of Finance figures. The increase in the kingdom’s spending on wages and social benefits during the first quarter “exceeded what it accrued through higher taxes […]
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Oxford Business Group Survey of CEOs finds Confidence high in Saudi Arabia
- May 3,2018
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- SUSTG Team
Executives have welcomed signs that change is afoot in Saudi Arabia, although many are also keen for the pace of economic reforms to be accelerated, a new survey by the Oxford Business Group finds. As part of its second survey on the Kingdom, the global research and consultancy firm asked over 100 C-suite executives from […]
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MUST-READS
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Coronavirus in Afghanistan: The pandemic hasn’t stopped the government and the Taliban from fighting
The Taliban in Afghanistan signed a peace agreement with the United States on February 29 and stopped attacking American forces there. But there’s no peace agreement between the Taliban and the Afghan government — which means fighting between the two has continued unabated, even amid the coronavirus pandemic.
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Saudi c.bank says there could be more G20 action on swap lines
Saudi Arabia’s central bank governor said on Wednesday G20 nations had worked on setting up currency swap lines and repo facilities to tackle the fallout from the coronavirus pandemic and they could take further action on bilateral swap lines.
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Analysis: Banks can’t save Gulf economies
The bank sector in the GCC is especially vulnerable because the proportion of loans that local banks extend to the government or to government-related entities has been rising since 2009. According to HSBC analysts and data from central banks and the CEIC, loan claims, or outstanding loans, to the public sector across the GCC doubled from about 12% of claims to 25% of claims between 2009 and 2020.
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Saudi Aramco in talks with banks to borrow about $10 billion – sources
“The financing would be for the SABIC deal, but the borrower is Aramco,” said one of the sources, adding that the discussions were at an initial stage, with the company sounding out banks. “Ten billion dollars is where they want to get to, (it’s) not clear if, in this market, they’ll manage to reach that.”
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G20 Finance Ministers and Central Bank Governors to Hold Meeting Next Wednesday
The G20 Finance Ministers and Central Bank Governors will meet under the Saudi G20 Presidency on April 15 to continue to discuss and take urgent actions needed to address the global challenge presented by the COVID-19 pandemic.
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In Lebanon, lockdown is the last line of defence against a tsunami of unmanageable coronavirus cases
The strict regulations, which are punishing an already battered economy and pushing more people under the poverty line, were rolled out early. Lebanon has only 600 confirmed coronavirus cases and 20 Covid-19-related deaths but since there has been no sudden surge yet, the restrictions appear to be working.
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MENA economies face $116 billion hit from virus, oil slump: World Bank
“The costs of the current crisis are fluid, because it is difficult to predict how the global economy, national policies, and societies will react as the pandemic spreads,” the report said. The bank said greater transparency, identified as a structural defect in the region, would help an economic recovery once the spread of the pandemic is halted.
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Africa set for recession due to Covid-19 crisis – World Bank
The Sub-Saharan Africa region will see economic growth reverse and plunge to between -2.1% to as low as -5.1% this year due to the Covid-19 global crisis. The region will fall into its first recession for 25 years, compared with 2.4% growth last year, according to the World Bank’s Africa’s Pulse, its twice-yearly economic update for the region
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Taliban recalls negotiators from Afghanistan after suspending prisoner exchange talks
The Taliban on Tuesday recalled the insurgent group’s negotiators from Afghanistan hours after they suspended talks on a prisoner exchange process with the Afghan government, a spokesman for the hardline Islamist group said in a tweet.
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Lebanon import woes deepen as supply chains buckle under coronavirus
Lebanon’s food importers, already hit by a dollar crunch, have struggled to book new cargoes as the coronavirus pandemic threatens supplies and sparks fears of even more painful price hikes.
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