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New Archeological Discoveries in Tabuk, Saudi Arabia Date Back to Stone Age
- October 13,2017
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- SUSTG Team
New rock and animal drawings and other archeological discoveries were unearthed in the Tabuk region of Saudi Arabia by experts from France and the Kingdom, according to reports. Operating under the supervision of the Saudi Commission for Tourism and National Heritage (SCTH), teams discovered a large number of tools, engravings and architectural units in three […]
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Saudi Arabia to Award Nuclear Reactor Contract by End of 2018; U.S. Set to Miss Out
- October 12,2017
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- SUSTG Team
Saudi Arabia plans to award a construction contract for its first nuclear reactors by the end of 2018, a senior government official said on Tuesday as reported in Reuters. “With sponsorship from the highest levels in the state, the contract will be signed by the end of 2018,” Maher al Odan, the chief atomic energy […]
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Over 87,000 Business Licenses Issued to Saudi Arabia this Year – Report
- October 11,2017
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- SUSTG Team
Saudi Arabia’s Ministry of Commerce and Investment issued over 87,000 business licenses to women in the last year as the Kingdom looks to increase female integration into the Saudi economy. The Ministry said it issued 87,575 commercial registrations for women “for businesses in various fields, including trade, manufacturing, communications, information technology, real estate, cleaning, tourism, restaurants […]
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U.S. Approves Possible Sale of THAAD Missile Defense System to Saudi Arabia with Massive $15b Price Tag
- October 9,2017
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- SUSTG Team
The United States has given preliminary approval for the sale of a Terminal High Altitude Area Defense (THAAD) missile defense system to Saudi Arabia with a price tag of $15 billion, according to reports and a statement by the U.S. Defense Security Cooperation Agency (DSCA). The announcement, made on the heels of Saudi Arabia’s King Salman […]
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Saudi Arabia and Russia sign S-400 MOU, with Some Manufacturing in the Kingdom
- October 6,2017
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- SUSTG Team
Saudi Arabia wants to produce a range of Russian military products, including parts for the S-400 air defense system, as part of agreements signed during King Salman’s visit to Russia this week. The agreement to produce military equipment covering the procurement of S-400 long-range air defense systems includes manufacturing part of the system in the Kingdom, […]
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King Salman Consolidates Development Funds and Promotes New Transportation Minister
- October 5,2017
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- SUSTG Team
Saudi Arabia’s King Salman has created a new organizational body to centralize and consolidate control and management of its economic development funds, called the National Development Fund (NDF), under Crown Prince Mohammed bin Salman. The NDF will “link the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, the Social Development Bank, the Human […]
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Saudi-Russia Ties Strengthen as King Salman Visits around Russia Energy Week
- October 4,2017
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- Lucien Zeigler
Saudi-Russia ties continue to warm ahead of King Salman’s visit as the Kingdom looks to expand bi-lateral investment opportunities, according to reports. Saudi Arabia and Russia are the two biggest energy players, producing almost a quarter of the world’s oil between them. As the de facto leader of OPEC, Saudi Arabia has forged a working […]
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Saudi Economy Contracts as Production Cuts, Reforms Begin
- October 3,2017
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- SUSTG Team
Saudi Arabia’s economy contracted by 1.03 percent in the second quarter of this year following a 0.5-percent contraction in the first quarter, according to reports, as participation in the OPEC oil production cut and disappointing growth in non-oil industries weighed on the economy. While the contraction in the economy is to be expected as OPEC and Russia seek […]
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Saudi’s PIF Continues Investment Drive in Kingdom’s Tourism and Hospitality Development
- October 2,2017
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- Lucien Zeigler
Saudi Arabia’s Public Investment Fund (PIF) is continuing to expand its investment portfolio in Saudi Arabia’s travel, tourism, and leisure infrastructure across different regions of the country as part of the Kingdom’s Vision 2030 economic and social reform plans. The latest such development came in the form of an announcement by the PIF today that it […]
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Goldman Sachs Head Lloyd Blankfein Visits Saudi Arabia, Calls Changes in Kingdom ‘Striking’
- September 29,2017
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- SUSTG Team
Goldman Sachs Group’s CEO visited Saudi Arabia this week and praised the Kingdom’s reform efforts on Twitter, calling the progress in Saudi Arabia “striking.” Lloyd Blankfein visited Saudi Arabia after speaking on a panel with the managing director of Saudi Arabia’s sovereign wealth fund, Yassir Al-Rummayan, on September 20th. In comments on that panel, Blankfein said Saudi […]
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MUST-READS
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World-renowned architect Art Gensler dies at 85: Dubai’s Gate Building and Abu Dhabi’s Saadiyat Island among his key projects in the Middle East
In the UAE, some of Gensler’s best-known projects include the Gate Building, a visual marker of the Dubai International Financial Centre (DIFC). The building was modelled after Paris’ Champs Elysees and Arc de Triomphe, creating a triumphal arch designed to communicate DIFC’s strategic role in Dubai’s economic growth.
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Palestinians flee as Israeli artillery pounds northern Gaza
Israel has massed troops along the border and called up 9,000 reservists as fighting intensifies with the Islamic militant group Hamas, which controls the Gaza Strip. Palestinian militants have fired some 1,800 rockets, and the Israeli military has launched more than 600 airstrikes, toppling at least three high-rise apartment buildings, and has shelled some areas with tanks stationed near the frontier.
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Saudi power developer starts construction on South Africa’s largest renewable project
Saudi-based ACWA Power, an investor and operator of power generation and water desalination plants, has announced the start of construction on the 100MW Redstone solar thermal project in South Africa following financial close.
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Iraq’s F-16s Grounded After Lockheed Martin Withdraws Crews
Lockheed Martin said on Monday that it was withdrawing its maintenance teams for Iraq’s F-16 fighter jets for security reasons, as the Iraqi government struggles to end rocket attacks by militias suspected of being backed by Iran.
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Saudi E-commerce Startup Retailo Raises Record $6.7M Seed Investment
Investors were clearly impressed with what they had recently seen with Retailo, given that the record funding comes less than a year after Retailo raised $2.3 million in a pre-seed round—already one of the highest in the region—and followed it up with an average of 35 percent monthly growth. This raises the Saudi-based startup’s total financing to $9 million.
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High resolution photos of the ancient Black Stone at the heart of Mecca’s holy Kabba
High resolution photographs of the ancient Black Stone at the heart of Mecca's holy Kabba have been revealed for the first time by Saudi Arabia. Astonishing images of the al-Hajar al-Aswad, said to date back to the time of Adam and Eve, were unveiled by the General Presidency for the Affairs of the Saudi Grand Mosque on Monday.
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Saudi scholar says Eid Al Fitr will start Thursday
Sheikh Abdullah Bin Al Manea, a member of Saudi Arabia’s Council of Senior Scholars and an advisor to the royal court, says Ramadan will last 30 days, until Wednesday, May 12, local media reported. “Ramadan 1442 H has started on Tuesday, April 13, and it will last 30 days (until Wednesday, May 12), because the birth of [the moon of] Shawwal is on Tuesday at 9.59pm, and the sun on Tuesday sets at 6.51pm, while the moon sets, 13 minutes earlier, at 6.38pm,” Al Manea said.
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Saudi Arabia’s BinDawood reports ‘tough start’ to year as profit falls
Bindawood Holding operates 74 stores across the kingdom – 51 of which are hypermarkets and 23 supermarkets – under the Bindawood and Danube brands. The company said revenue was stronger in the corresponding quarter last year as there was a one-off gain from people stocking up in March ahead of anticipated lockdowns. Moreover, its stores in Makkah and Madinah were fully operational for the entire first quarter of last year but had some pandemic restrictions in place this year.
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Turkey Seeks Saudi Arabia Talks as Part of Regional Reset
Turkish Foreign Minister Mevlut Cavusoglu’s visit to Saudi Arabia would be the first since the 2018 murder of columnist Jamal Khashoggi at the kingdom’s consulate in Istanbul, according to people familiar with the matter. The visit, which is likely to take place on May 11, comes after Turkey’s President Recep Tayyip Erdogan and Saudi King Salman bin Abdulaziz discussed ways to improve relations in a phone call on Tuesday.
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Saudi Startup Retailo concludes seed round, secures $9mln total investments within 9 months of operations
Only nine months into operations, Retailo has successfully closed a $6.7 million seed investment round, the largest seed capital raised by a Saudi startup. This brings the total investments raised by Retailo, the fastest growing B2B services platform in MENAP, to $9 million. Retailo’s pre-seed funding of $2.3 million in October 2020 led by Shorooq Partners, was also the largest ever pre-seed round raised by a Saudi start-up.
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