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Saudi Arabia’s Public Investment Fund Launches 5-Year Strategy, Including VRP Program for 2021-2025
- January 25,2021
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) announced a new five-year investment strategy, including its own Vision Realization Program (VRP) 2021-2025, with the goal of doubling its assets to 4 trillion riyals ($1.07 trillion) by 2025, according to comments made by Crown Prince Mohammed bin Salman in a public appearance on Sunday.
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Saudi Arabia’s Crown Prince Says Kingdom Offering $6 Trillion in Investment Opportunities Over Next Decade
- January 14,2021
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman said the Kingdom offers investment opportunities worth $6 trillion over the next decade, with new projects representing half of this value, he said in a speech at the World Economic Forum on Wednesday.
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In Rare Televised Appearance, Crown Prince Mohammed bin Salman Launches ‘The Line’, a Zero-Carbon Emissions City at NEOM
- January 11,2021
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- SUSTG Team
In a rare televised appearance on Sunday, Saudi Arabia’s Crown Prince Mohammed bin Salman unveiled ambitious plans for a new carbon-free city at NEOM, in the Kingdom’s northwest along the Red Sea.
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Saudi Arabia’s PIF Makes Two Moves in Security, Defense Space
- December 29,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) and its defense subsidiary SAMI announced separate moves in the defense and security space this week, according to reports. The PIF said Tuesday it had established a company to develop and expand the private security sector in the Kingdom, creating the National Security Services Co. (SAFE). SAFE will focus on […]
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Houston-Based Baker Hughes, Saudi Aramco to Develop Oil, Gas Products Using Nonmetallic Resources
- December 9,2020
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- SUSTG Team
Saudi Aramco and Houston-based Baker Hughes have announced the formation of Novel, a 50/50 Joint Venture (JV) to develop and commercialize a broad range of non-metallic products for multiple applications in the energy sector, the companies said in a press release.
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Road to the G20: B20, T20 Meetings Conclude Ahead of Main G20 Event
- November 2,2020
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- SUSTG Team
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. Saudi Arabia just wrapped up the hosting of the B20 business-focused group, as well as the T20 meetings last week. The Business 20 […]
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Saudi Aramco, SABIC ‘Reassess’ $20b Crude-Oil-To-Chemicals Project — Reports
- October 19,2020
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- SUSTG Team
Saudi Aramco and Saudi Basic Industries Corporation (SABIC) have decided to re-evaluate their $20 billion crude-oil-to-chemicals project and are now looking at integrating existing facilities instead, in a move to save costs in the face of lower oil prices, according to Reuters.
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Virginia-Based SAIC Wins $49.5 Million U.S. Navy Contract for Royal Saudi Naval Forces
- October 9,2020
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- SUSTG Team
The U.S. Navy awarded Reston-based Science Applications International Corp. (SAIC) a $49.5 million single-award task order to continue to provide the Royal Saudi Naval Forces support services for command, control, communications, computers, and intelligence, surveillance and reconnaissance (C4ISR) upgrade and refurbishment, a press release issued by the company confirms.
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PIF Sets Up New Real Estate Subsidiary to Help Meet Increasing Local Demand for Housing
- August 20,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) said it had set up a new real estate subsidiary, called “Roshn,” to help meet increasing local demand for housing, according to reports.
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Saudi Arabia’s King Salman Arrives in NEOM for Vacation, Recovery Period
- August 13,2020
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- SUSTG Team
Saudi Arabia’s King Salman bin Abdulaziz traveled to NEOM in the Kingdom’s northwest on Wednesday for a period of rest and relaxation, according to state news agency SPA and Reuters.
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MUST-READS
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Steady 66% Want Leading or Major World Role for U.S.
Sixty-six percent of Americans want the U.S. to take either the leading role (19%) or a major role (47%) in trying to solve international problems. That combined percentage remains lower than Gallup readings between 2001 and 2009, which averaged 75%, and is essentially tied with 2023 (65%) and 2011 (66%) as the low in the trend. Twenty-eight percent of Americans say the U.S. should take a minor role in world affairs, and 3% say it should have no role at all. Over time, most of the shifts in opinion have come in the shares of U.S. adults favoring a major versus a minor role. Compared with the 2001-2009 averages, the current percentage of Americans wanting the U.S. to take a major role is down seven percentage points, while the percentage favoring a minor role is up nine points.
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Why Gulf Arab states and Turkey eye key roles in ending Ukraine war
The Russia-Ukraine war, now in its third year, has profoundly affected global geopolitics. Despite numerous mediation efforts, Gulf Arab states and Turkey have emerged as key players in navigating the crisis and acting as relatively neutral mediators. Saudi Arabia on Feb. 18 hosted Russian and US officials for talks aimed at ending the war in Ukraine. The four-and-a-half-hour meeting marked the most extensive dialogue between the two sides since the conflict began in 2022. While Riyadh facilitated the contentious session, Ukrainian President Volodymyr Zelensky flew to Turkey, his second stop after visiting the United Arab Emirates (UAE)—another influential actor that is engaging with both Kyiv and Moscow. The flurry of visits by Russian, Ukrainian and US officials to Turkey and Gulf Arab capitals underscore the growing influence these regional states have. Driven by their own national interests, Ankara and Gulf states are positioning themselves to play a dominant role in the resolution of the Ukraine war, each seeking to secure significant gains from the outcome.
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‘A stupid game of chicken’: Inside the PGA Tour/Saudi PIF negotiation breakdown and the state of a potential deal
For a time just last month, professional golf seemed to be on the brink of a historic reconciliation. PGA Tour commissioner Jay Monahan and Tiger Woods conveyed unmistakable optimism at Torrey Pines in mid-February, generating conviction throughout the golf world that an upcoming White House summit—bringing together Saudi Arabia's Public Investment Fund and President Donald Trump—would deliver the long-awaited formal announcement. Yet two weeks after that high-stakes meeting, with the sport poised to converge on PGA Tour headquarters for the tour’s flagship event, any semblance of an agreement appears to have evaporated. -
Less Than Half in U.S. Now Sympathetic Toward Israelis
Although Americans remain more likely to say their sympathies in the Middle East situation are with the Israelis rather than the Palestinians, the 46% expressing support for Israel is the lowest in 25 years of Gallup’s annual tracking of this measure on its World Affairs survey. The previous 51% low point in this trend of Americans’ sympathy for Israelis was recorded both last year and in 2001. At the same time, the 33% of U.S. adults who now say they sympathize with the Palestinians is up six percentage points from last year and the highest reading by two points.
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Is Saudi Arabia the next China or India? See for yourself
For decades, Saudi Arabia has been viewed through an increasingly outdated lens—an oil-rich kingdom dependent on energy exports and held back by regional politics and what some describe as a fundamentalist Islamist past. That perception is so 20th century. Saudi Arabia is not the next China or the next India. With a population of just more than 33 million, this kingdom on the move is evolving into something entirely its own. Ranked as the world’s 19th-largest economy and the seventh largest in Asia, according to International Monetary Fund (IMF) data, with a GDP of approximately $1.14 trillion, Saudi Arabia is leveraging its oil wealth to transition beyond dependence on fossil fuels.
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Zelensky hopes US-Ukraine talks next week will be ‘meaningful’
Zelensky announced the US-Ukraine talks in Saudi Arabia in a series of posts on social media, after attending Thursday's crisis summit in Brussels where European Union leaders endorsed plans for a boost in defence spending. "Ukrainian and American teams have resumed work, and we hope that next week we will have a meaningful meeting," he wrote on X. "Ukraine has been seeking peace since the very first moment of the war, and we have always stated that the war continues solely because of Russia." Zelensky urged the global community to put more pressure on Moscow so it "accepts the need to end" the war. He also made an apparent reference to a truce plan outlined earlier this week by French President Emmanuel Macron, which proposed a ceasefire in the air and at sea, and an end to attacks on energy and other civilian infrastructure.
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Zelensky says US and Ukraine will hold talks next week in Saudi Arabia on ending the war
Ukrainian President Volodymyr Zelensky says talks between Ukraine and the US on ending the war will take place in Saudi Arabia next week. In his nightly address on Thursday, March 6, Zelensky said he would travel to Saudi Arabia on Monday and his team would stay on to hold talks with US officials. "I am scheduled to visit Saudi Arabia to meet with the Crown Prince. After that, my team will stay in Saudi Arabia to work with American partners. Ukraine is most interested in peace," Zelensky said. The EU's 27 leaders on Thursday greenlit a plan drawn up by the European Commission that aims to mobilize €800 billion to "rearm Europe" against the perceived threat from Russia. At the summit, Zelensky told EU leaders that Ukrainian and American negotiators had "resumed work," and that "we hope that next week we will have a meaningful meeting." He thanked EU leaders for standing by Kyiv, with America's outreach to Russia raising fears Ukraine could be forced into an unfavorable deal. "We are very thankful that we are not alone," said the Ukrainian leader.
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Saudi Fund Set to Invest in AirAsia, Boosting Ties to Region
Saudi Arabia’s sovereign wealth fund is poised to invest about $100 million in Malaysian carrier group AirAsia, according to people familiar with the matter, strengthening the Gulf kingdom’s ties with a region that’s a major source of tourism. Shares gained. AirAsia is seeking funds to reboot its growth ambitions after years of Covid-induced losses. The low-cost airline group is offering outside investors a stake of as much as 15% at a valuation of $2 billion, one of the people said. The timing is key as controlling shareholder Capital A Bhd nears approval to restructure ownership of the airline and merge its aviation businesses into sister firm AirAsia X Bhd.
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Analysis: PwC’s Saudi ban is a warning sign
The Gulf is one of the few remaining growth markets for global consultancy firms, and Saudi Arabia has been a particularly lucrative destination. The kingdom’s Vision 2030 transformation has relied heavily on firms like McKinsey & Co., Boston Consulting Group, PwC, and others to design and execute economic and regulatory overhauls. Entry-level compensation is higher than London “even without adjusting for taxes,” according to The Financial Times, and the region has become a bright spot in a declining industry. PwC’s temporary ban — reportedly affecting its advisory business but without clarification on the specific type of work impacted — has not been confirmed or explained by either the firm or the sovereign wealth fund. The lack of transparency has added to the mystery surrounding the situation. The suspension has reignited debates about the dominance of foreign consultancies, with many Saudis expressing frustration over what they see as a monopoly by these firms, arguing that such dominance stifles the development of local expertise and opportunities. This sentiment underscores a broader call for economic sovereignty and the cultivation of homegrown talent.
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Trump warns Hamas as US holds unprecedented talks for Gaza hostages
The United States broke a longstanding diplomatic taboo by holding secret talks with Hamas on securing the release of U.S. hostages held in Gaza, sources told Reuters on Wednesday, while President Donald Trump warned of "hell to pay" should the Palestinian militant group not comply. U.S. hostage affairs envoy Adam Boehler has the authority to talk directly with Hamas, the White House said when asked about the discussions, which broke with a decades-old policy against negotiating with groups that the U.S. brands as terrorist organizations. Boehler and Hamas officials met in Doha in recent weeks, two sources briefed on the negotiations said. It was not clear who represented Hamas.
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