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U.S. Chamber of Commerce Brings Global Initiative on Health and Economy to Saudi Arabia
- December 21,2016
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- SUSTG Team
A delegation from the U.S. Chamber of Commerce recently traveled to Saudi Arabia as part of an initiative aimed at promoting healthy living as a way to achieve a thriving economy. The U.S. Chamber’s Global Initiative on Health and Economy works to promote health as an economic asset around the world. This month, representatives from the […]
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Major U.S. $7.9 Billion Weapon Sales Plans Include $3.51b in Chinooks to Saudi Arabia
- December 9,2016
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- SUSTG Team
The Defense Security Cooperation Agency (DSCA) has approved five notifications of weapon sales to Congress, including 48 Chinook Cargo Helicopters for Saudi Arabia, Apache helicopters for the United Arab Emirates and TOW missiles for Morocco, according to reports. The estimated cost for the Saudi purchase is $3.51 billion. The Defense Security Cooperation Agency delivered the required […]
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King Salman Dances in Qatar, Causes Social Media Buzz
- December 7,2016
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- SUSTG Team
Saudi Arabia’s King Salman set social media sites buzzing after he was seen dancing the traditional Ardha dance alongside his counterpart, the Qatari Emir HRH Sheikh Tamim bin Hamad Al Thani. The King’s visit to Qatar is part of his tour of several GCC countries this week. King Salman arrived from the UAE, where he celebrated the Emirates’ […]
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Saudi Arabia Replaces Labor Minister, Appoints 30 Women to Shoura Council
- December 5,2016
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- SUSTG Team
Saudi King Salman appointed a new Minister of Labor on Sunday and appointed 30 women to the Shoura council as the Kingdom seeks to turn short term economic pain into long term stability and diversification with its Vision 2030 policy. Dr. Ali bin Nasser al-Afis (also spelled Ali bin Nasser al-Ghafis) is the new Minister, replacing Dr. Mufrej […]
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Jadwa Investment: ‘Prudent Policies’ Should Decrease Saudi Deficit in 2017
- November 23,2016
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- SUSTG Team
Jadwa Investment’s recently released macroeconomic update for the Kingdom’s economy finds that “prudent policies” have been taken to reform the fiscal budget. The Riyadh-based bank said that “fiscal consolidation, coupled with improved non-oil revenues, will mean a smaller-than-anticipated fiscal deficit in both 2016 and 2017. This consolidation will, nevertheless, negatively impact private sector activity, thereby […]
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Two-Day MiSK Global Forum in Riyadh Showcases Ideas of Innovation And Global Culture to Empower Youth
- November 15,2016
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- SUSTG Team
The MiSK Foundation under the sponsorship of Deputy Crown Prince Mohammed bin Salman launched today a major two-day forum in Riyadh that focuses on entrepreneurship and innovation issues. Over 75 prominent speakers include Cisco Chairman John Chambers, Emirati Minister Of Youth Shamma Almazrui, CEO of KAEC Fahd Al-Rasheed, Vice President of the Women’s Affairs at the […]
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GCC Bloc Could Be World’s 6th Largest Economy, Deputy Crown Prince Mohammed Says
- November 11,2016
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- SUSTG Team
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman said that the GCC countries could become the world’s sixth largest economy if they joined forces in the coming years. The comments were made at the opening ceremony of the first meeting of the GCC Economic and Development Affairs Authority in Riyadh. The authority was created to hasten coordination […]
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At Ceremony in Seattle, Saudia Receives First Boeing B777-300ER, Commits to Vision 2030 Goals
- November 10,2016
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- SUSTG Team
Saudia’s top executive held a press conference in Seattle on Tuesday announcing the Kingdom’s commitment to the goals of the government’s Vision 2030 reform plans, a day before receiving the airlines’ first Boeing B777-300ER aircraft supplied with new and luxurious compartments for first class passengers. Saudia Director General Saleh Bin Nasser Al-Jasser said that the […]
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Saudi Arabia’s Former Minister of Petroleum and Natural Resources Ali Al-Naimi Pens Memoir
- November 4,2016
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- SUSTG Team
Saudi Arabia’s former Minister of Petroleum and Natural Resources Ali Al-Naimi has penned a memoir that offers “a rare insight into decades of domestic infighting over the future of state-run Saudi Aramco,” Reuters reports. Out of the Desert: My Journey from Nomadic Bedouin to the Heart of Global Oil, published by Portfolio Penguin, “describes the battles waged […]
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Yemen’s Houthi Rebels Fire Missiles Toward Holy City of Mecca in Saudi Arabia, Coalition Says
- October 28,2016
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- SUSTG Team
Yemen’s Houthi militia launched a ballistic missile toward Mecca on Thursday, the Saudi-led coalition intervening in Yemen’s civil war on behalf of the government said in a statement. Reuters via the Saudi Press Agency (SPA) reports that Coalition forces “destroyed the missile 65 km (40 miles) from the holy city before it could do any […]
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MUST-READS
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AfghanistanTaliban attacks in Afghanistan are at their highest level in a decade
The Taliban launched more attacks across Afghanistan in during the last three months of 2019 than during the same period each year since the U.S. first started collecting data back in 2010, according to a new report from the Special Inspector General for Afghanistan Reconstruction. The Taliban launched an eye-popping 8,204 attacks in the fourth quarter of 2019, a 17 percent increase over the 6,974 attacks launched in the same time period during the previous year, according to SIGAR's latest quarterly report on security and reconstruction efforts in the country.
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BankingSaudi bank’s credit growth will be led by mortgages
S&P Global Ratings in their report “Banks In Emerging Markets: 15 Countries, Three Main Risks”, notes that the lending growth in the Kingdom will be mortgage-led and expects credit losses to stabilize in 2020 at about 70 bps.
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Ecosystem‘Don’t be shellfish’: Saudi Arabia’s shrimp fishing ban comes into force
Saudi Arabia’s annual shrimp fishing ban came into force on Saturday, with the threat of hefty fines for those who break the rules. The six-month ban is part of efforts to restore shrimp stocks along the Gulf coast and bring longevity to an important economic resource. Shrimp fishing and farming are becoming increasingly important to the kingdom as it looks to reduce its dependence on oil.
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LebanonProtesters march in Lebanon to reject new government
Hundreds of Lebanese marched on Saturday through the streets of the capital and the main northern city to reject a new government named to deal with an economic crisis, which they say lacks a popular mandate.
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Banking and FinanceSAMA launches licenses for non-bank financial institutions – statement
The Saudi Arabian Monetary Authority (SAMA) issued licenses for non-bank financial institutions in the Kingdom for the first time on Thursday, licensing an electronic wallet company and a payment services company.
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Saudi EconomySaudi bank lending jumps on mortgages, Aramco IPO boosts money supply
Private credit growth, partly due to lower interest rates, was boosted by a spike in mortgage lending, with residential new mortgages for individuals provided by banks amounting to 9.3 billion riyals in December - their highest level last year and almost three times their total amount in December 2018.
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EconomySaudi central bank governor on economic growth, tourism sector
“This is a step in the right direction when it comes to economic diversification,” Ahmed Alkholifey, governor of the Saudi Arabian Monetary Authority, told CNBC’s Dan Murphy in an exclusive interview on Thursday. “We are hoping that the non-oil sector will be leading to more economic growth ... this year,” he said. The governor was speaking on the
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Trump Peace PlanKushner says he hopes Israel waits on sovereignty steps in West Bank
In the interview, he also voiced U.S. displeasure with the Palestinians, who rejected the plan announced by U.S. President Donald Trump on Tuesday, accusing them of playing “the victimhood card” and passing up an opportunity for a state.
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LebanonLebanon Prime Minister asks government, banks for plan to restore confidence
Lebanese Prime Minister Hassan Diab asked the government and the country’s banks on Wednesday for a plan to restore confidence as the country faces its worst economic and financial crisis in decades. At a meeting of ministers and banking officials, Diab said the impression he got from the central bank and banking association was Lebanon still had “ways out” of the crisis.
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AfghanistanTaliban repel Afghan forces’ bid to reach U.S. plane crash site
Speaking on condition of anonymity, U.S. officials said the plane was carrying fewer than five when it crashed, with one official saying initial information showed there were at least two.
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