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Saudi Arabia Announces 9 New Desalination Plants in 18 Months
- January 22,2018
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- SUSTG Team
Saudi Arabia said it would build 9 new desalination plants in the next 18 months on the Red Sea coast, according to an announcement by the Saudi Minister of Environment, Water and Agriculture, Eng. Abdulrahman al-Fadhli. The new plants will cost SAR 2 billion ($533 million). The minister said the plants would be built “using modern techniques” […]
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Saudi Alternative Energy Sector Set for Big Year with Localization in Focus
- January 19,2018
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- SUSTG Team
With U.S. shale now forecasted by analysts and the U.S. EIA to out-produce Saudi Arabia and Russia in 2018, and Saudi Arabia needing to burn less of its own oil for domestic use and continue toward a more sustainable economy, alternative energy in the Kingdom has never been hotter. Saudi leaders have long talked about the benefit of a […]
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Saudi Arabia’s King Salman Orders $2b ‘Deposit’ to Yemen to Shore Up Currency
- January 18,2018
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- SUSTG Team
Saudi Arabia’s King Salman ordered a $2 billion transfer to the Yemeni central bank, according to reports, as the Kingdom looks to shore up the economy of its war-torn southern neighbor. The Saudi Ministry of Culture and Information (MoCI) said in a statement that the money is meant “to address the deteriorating economic situation” in Yemen. “All […]
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Will Saudi Arabia Purchase a Stake in Hollywood’s Largest Agency?
- January 17,2018
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) is in talks to buy a 5-10% stake in Endeavor, the holding company for Hollywood talent agency William Morris Endeavor (WME), for $500 million, according to reports. The Beverly-Hills, California based agency formed in 2009 as a merger between William Morris Agency and Endeavor Agency and represents artists across […]
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Bloomberg News, MiSK Launch Course in Dubai to Train Aspiring Saudi Journalists
- January 16,2018
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- SUSTG Team
Bloomberg news and Saudi Arabia’s MiSK Foundation have teamed up to launch a course on financial reporting to train aspiring Saudi journalists, according to a report in Arab News. The intensive week-long course is taught at the Bloomberg Middle East headquarters in Dubai. 30 Saudi undergraduates, including 22 women and eight men, were chosen by MiSK […]
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Ritz Carlton Riyadh May Re-Open in February as Prince Alwaleed bin Talal Reportedly Negotiating for Release
- January 15,2018
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- SUSTG Team
The palatial Ritz-Carlton in Riyadh may re-open in mid-February 2018 after it served as a makeshift detainment center for Saudi elites accused of corruption charges. The hotel has re-opened its online reservation system, accepting new guests as soon as February 14th. Reservations attempted before that date re-direct to a notification that no rooms are available at […]
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Report: Saudi Government, SBG in Talks for State Takeover of Troubled Construction Giant
- January 12,2018
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- SUSTG Team
Saudi Arabia is taking managerial control of Saudi Binladin Group (SBG) and discussing a possible transfer of some of the giant construction group’s assets to the state while its chairman and other family members are in detention, Reuters reports today citing sources. Binladin is the biggest builder in the country and important to Saudi Arabia’s plans for […]
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Ride-Sharing Apps in Saudi Arabia Begin Recruiting Women as Drivers
- January 11,2018
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- SUSTG Team
Ride sharing apps Uber and Careem have reportedly begun recruiting female drivers following the landmark royal decree permitting women the right to drive in Saudi Arabia, CNN reports. Careem has launched a series of 90-minute-long training sessions in Saudi, targeting Saudi women who have already obtained valid driving licenses from abroad. Those sessions are “taught by […]
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Saudi Arabia Lowers Barriers to Stock Market Investment Again as Reforms Progress
- January 10,2018
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- SUSTG Team
Saudi Arabia announced that it will lower the required minimum assets under management for qualified foreign institutions starting this month, according to Bloomberg and a statement by the Saudi Capital Markets Authority (CMA). The announcement said the CMA will also allow foreigners to own up to 49 percent of listed securities on Saudi Arabia’s stock market. […]
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‘145,000 Documents Processed’ for Saudi Citizens Account Providing State Financial Support – Report
- January 9,2018
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- SUSTG Team
The Saudi government says that its Saudi Citizen Account Program (SCAP) has handled “nearly 145,000 documents proving applicants eligibility for payments since its launch in February 2017,” according to the Saudi Press Agency and Arab News. SCAP is a welfare program that helps low- and middle-income families cope with the changes happening as a result of Vision […]
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MUST-READS
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IMF: 2021 Saudi Arabia Article IV Consultation-Press Release; and Staff Report
The economy is recovering well. The non-oil recovery that started in the second half of 2020 is expected to continue with non-oil growth projected at 4.3 percent this year. While central government fiscal consolidation will be a drag on growth, it is expected to be offset by higher Public Investment Fund investment and strong private demand. Real oil GDP growth is projected at -0.4 percent in 2021 as production is assumed to remain in line with the OPEC+ agreement and overall real GDP is expected to grow by 2.4 percent. Over the medium-term, growth is expected to accelerate as the economic reform agenda begins to pay dividends.
- Saudi Gazette - Saudi economy is recovering well, says IMF, lauding govt’s quick response to COVID-19
- Yahoo - IMF Staff Reaffirm the Continued Recovery of the Saudi Economy
- Reuters - IMF sees Saudi growth at 2.4% this year with non-oil sector leading rebound
- Bloomberg - IMF Urges Saudi Arabia to Boost Welfare While Tackling Wage Bill
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Apple Developer Academy expanding with new headquarters in Saudi Arabia
The Apple Developer Academy is a program that trains programming and design students to create apps for iOS, macOS, and other Apple platforms. There are classes on Swift language, interface prototyping, and more. Everything is supervised by Apple and the students have the opportunity to have their apps featured on the App Store. The first Apple Developer Academy was created in Brazil in 2013 and has since been expanded to other countries, including the United States and South Korea.
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Nora al-Matrooshi will soon start training to become UAE’s first female astronaut
Matrooshi and her fellow countryman, Mohammad al-Mulla, 33, will later this year head to the United States to train at NASA's Johnson Space Center. They now join Sultan al-Neyadi and Hazza al-Mansoori in the Emirati fellowship of astronauts. The two Emiratis are currently training in-house in the emirate of Dubai, from learning to speak Russian to flying lessons.
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Saudi Arabia participates in UN’s high-level political forum on sustainable development
Saudi Arabia is participating in the United Nations high-level political forum on sustainable development (HLPF), which is being held virtually this year in the wake of the global outbreak of the coronavirus pandemic. Being held under the auspices of the UN Economic and Social Council (ECOSOC), the forum also includes a three-day ministerial meeting.
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Gen. Al-Ruwaili-led Saudi delegation participates in Dragon Group’s discussions
The meeting included the participation of the Kingdom of Saudi Arabia, Kingdom of Bahrain, Republic of Iraq, Arab Republic of Egypt, State of Qatar, United Arab Emirates, Sultanate of Oman, State of Kuwait, Hashemite Kingdom of Jordan, General Secretariat of the Gulf Cooperation Council (GCC), and the United Kingdom
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Saudi new housing supply jumps 29 percent in first quarter 2021
Supply of new housing units in Saudi Arabia surged in the first quarter as the government’s Sakani and Wafi programs drove the building of affordable housing.
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Morocco’s economy to grow 7.2% in third quarter 2021
Morocco’s steady vaccination campaign is also boosting growth prospects as the country has received over 20 million doses and inoculated more than 9 million people.
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Seera group signs strategic partnership with Kaden to develop hotels across Saudi Arabia
Seera Group, the largest travel and tourism company in the region and Kaden Investment, one of the fastest growing and most successful real estate developers and property management in Saudi, announced today the signing of a master hotels development agreement, a joint venture to manage and develop hotels in various projects developed by Kaden Investment throughout Saudi Arabia. The first hotel will be launched at Riyadh Front.
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Riyadh most-improved city for fintech start-ups globally
Saudi Arabia’s capital has made the most improvements to its attractiveness as a fintech start-up hub, according to a new report. Riyadh jumped 106 spots, claiming the 126th spot on the list of most attractive cities. But in the Middle East, the city ranks third, behind Tel Aviv Area in the top spot, followed by Dubai. Abu Dhabi claimed fourth place in the region in the Global FinTech Rankings Report 2021 from Findexable and Mambu.
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Riyadh Public Transport will start operation on Sept. 1
The Royal Commission for Riyadh City (RCRC) has set Sept. 1 as the date for starting the actual operation of the King Abdulaziz Public Bus Transport Network in the capital city. The Saudi Public Transport Company (SAPTCO) announced that it had received on Wednesday a notification from the Public Transport Company (PTC) in this regard.
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