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Recent stories from sustg

  • Tourists to KSA spend over $37b in 2023
     

    The Ministry of Tourism released it’s annual tourism statistics report for 2023 this week reflecting significant growth in tourist numbers and spending.

     
  • Saudi Arabia’s Capex Super Cycle – Goldman Sachs
     

    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.

     
  • Saudi Arabia leads GCC IPO momentum in Q2 2024
     

    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.

     
  • Calligraffiti – Saudi Artist Ahmed Al-Sulaimani
     

    Saudi artist Ahmed Al-Sulaimani is making a name for himself blending Arabic calligraphy and graffiti-inspired techniques and was recently featured in an Arab News report.

     
  • Saudi Arabia Updates Investment Law
     

    Building on previously announced reforms under Vision 2030 and the National Investment Strategy, the Cabinet has approved an updated investment law for Saudi Arabia. The updated law brings together several existing freedoms and rights and expressly applies them to investors under one unified framework, providing investors with greater transparency, flexibility and confidence.

     
  • Prince Mohammed bin Salman Royal Reserve
    • August 9,2024
    • •
     

    Covering 24,500 KM2, the Prince Mohammed Bin Salman Royal Reserve is located south of Neom in northwestern Saudi Arabia. It covers 1% of Saudi Arabia’s terrestrial area and 1.8% of its marine area, it is home to over 50% of the Kingdom’s marine and terrestrial species.

     
  • Halo Space Preparing For Saudi Arabian Stratospheric Test Flight
     

    Spanish company HALO Space is developing a new form of space travel called stratospheric ballooning. This involves using a large helium-filled balloon to carry a pressurized capsule carrying passengers up to the stratosphere, which is about 35 kilometers 922 miles) above the Earth’s surface.

     
  • Saudi Arabia announces Labor Law amendments to improve work environment
     

    The Ministry of Human Resources and Social Development said the new amendments encompass 38 articles, deleting seven articles, and adding two new articles to the Labor Law. The new amendments will be effective after 180 days from the date of their publication in the official Gazette.

     
  • Chinese Language Instruction in KSA
    • August 6,2024
    • •
     

    During Saudi Crown Prince Mohammed bin Salman’s State Visit to China in February 2019 Saudi Arabia and China agreed to include the Chinese language as a curriculum at all stages of education in schools and universities across the Kingdom.

     
  • Saudi Solar Power capacity picking up speed
     

    GlobalData predicts that, at its current pace, Saudi Arabia’s renewable power capacity could increase at a compound annual growth rate (CAGR) of 40.1% between 2023 and 2030, to reach 31.5 GW by 2030 and 63.1 GW by 2035. 

     

MUST-READS

  • Saudi Economy
    Reforms and austerity renew banks’ interest in Saudi Arabia

    Citibank is the latest high-profile entrant, opening its offices this year after securing an investment banking licence in 2017.

  • Almarai
    Saudi dairy company Almarai hires banks for debut dollar sukuk –sources

    The Gulf’s biggest dairy company Almarai has hired banks including HSBC and First Abu Dhabi Bank to arrange a sale of U.S. dollar sukuk, or Islamic bonds, sources familiar with the matter said on Wednesday.

  • Banking and Finance
    Video: Saudi Arabian Banks, Petrochemicals Favored, BofAML’s Yazhari Says

    Saudi Arabian Banks, Petrochemicals Favored, BofAML's Yazhari Says

  • AHAB
    Saudi Group Seeks to Stop Banks Claiming Assets After Default

    LISTEN TO ARTICLE 1:51 SHARE THIS ARTICLE Share Tweet Post Email In this article ARNB ARAB NATL BANK 32.00SAR-0.80-2.44% 3330775Z SAAD GROUP Private Company SAMBA SAMBA 28.80SAR-0.25-0.86% SABB SAUDI BRITISH BK 31.60SAR-0.75-2.32% Ahmad Hamad Algosaibi & Brothers Co. will seek to prevent Arab National Bank and another lender from claiming assets of the Saudi Arabian company to settle outstanding loans, according to its acting chief executive officer. Algosaibi will oppose the move because the assets are meant to be frozen by a royal decree to ensure all creditors are treated fairly, Simon Charlton said in an interview in Dubai, without naming the second bank. The dispute over the portfolio of publicly-traded Saudi equities and accumulated dividends is now before a Saudi court appointed to oversee claims against the company, he said. Algosaibi and billionaire Maan al-Sanea’s Saad Group, two Saudi family holding companies, defaulted on about $15 billion of loans in 2009 as the global economic crisis froze credit markets and asset prices slumped.

  • Saudi Stock Market
    Saudi Banks, Petrochemicals Favored, Emirates NBD Asset Says

    Salman Bajwa, chief executive officer at Emirates NBD Asset Management Ltd., talks about Saudi stocks and the economy.

  • Saudi Banks
    Saudi Banks Capital, Reserves Jump 6.3% in 2017

    The 54th SAMA Annual Report has proven the stability of the financial sector in Saudi Arabia, marking a 6.3 percent growth in the local banks' capitals and reserves in 2017. The report reviews the economic and financial developments in the kingdom during the during 2017.

  • PIF
    Saudis Seek $12B Loan From Banks Amid Aramco IPO Delays

    According to some of FT’s sources, PIF may pick the lead banks for the loan as early as today. Initially, the fund had targeted to raise around US$8 billion, but the loan could easily reach US$12 billion, a banker involved in the process told FT.

  • Banking and Finance
    Saudi banks see no significant impact from lira depreciation

    There has been no significant impact from the depreciation of the Turkish lira on the results and quality of Saudi Arabian bank assets, Talaat Hafez, spokesman for Saudi banks, was quoted as saying in a tweet carried by the kingdom’s state TV Alekhbariya on Thursday.

  • Saudi Aramco
    Saudi Aramco, Malaysia’s Petronas tap banks for jumbo financing

    Saudi Aramco and Malaysia’s Petronas have approached banks to replace a short-term $8 billion loan raised earlier this year for a joint venture with long-term financing of approximately the same size, banking sources familiar with the matter said.

  • Banking and Finance
    Video: Saudi Arabian Banks Favored, FFA Private’s Salem Says

    Marie Salem, director of capital markets at FFA Private Bank, talks about Saudi Arabian stocks. She speaks with Yousef Gamal El-Din on "Bloomberg Daybreak: Middle East."