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Vision 2030 Opportunities ‘Unprecedented in the Region’, HSBC Exec Says as Bank Plans Saudi Expansion
- August 9,2017
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- SUSTG Team
HSBC is planning to add staff to its Saudi Arabian operations as the kingdom embarks “on one of the biggest economic transformations attempted by any country,” the bank’s regional chief Georges Elhedery told Reuters, via the New York Times. HSBC, which started as the Hong Kong and Shanghai Bank and is now based in London, is a […]
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New Saudi Ambassador Prince Khaled bin Salman Gives Interview to Washington Post
- August 8,2017
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- SUSTG Team
Saudi Arabia’s new ambassador to Washington Prince Khaled bin Salman, son of the current king and the brother of the new crown prince, gave an interview to the Washington Post‘s Lally Weymouth last week which appeared in the newspaper today. The interview is his first as ambassador, having presented his credentials to President Trump on […]
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Saudi, UAE Crown Princes Forged Friendship on Overnight Camping Trip in the Saudi Desert Last Year, WSJ Report Says
- August 7,2017
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman and the Crown Prince of the UAE Sheikh Mohammed bin Zayed took an overnight camping trip in the Saudi desert together 18 months ago, forging a friendship that would prove to be pivotal as the two nations build on relations to take on regional challenges, the Wall Street Journal […]
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Report: Saudi Oil Minister Khalid Al-Falih Met With Top Commodity Hedge Funds
- August 4,2017
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- SUSTG Team
Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Khalid Al-Falih met in private with some of the world’s top commodity hedge funds in July, a break from tradition in order to gather investor views on the state of the market, Bloomberg reports. In the past Saudi Arabian officials have criticized the role of speculators and hedge funds in […]
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Recent Economic Data for July 2017 Points to Mixed Picture for Saudi Economy
- August 3,2017
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- SUSTG Team
Growth in Saudi Arabia’s non-oil private sector accelerated in July, albeit at a moderate pace, while the expansion in employment slowed, according to a Reuters report citing a Emirates NBD survey. “The seasonally-adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) rose to 55.7 last month from 54.3 in June. A level above 50 means business is […]
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With Riyadh Metro Progressing, Bechtel Eyes Mining Sector Growth as Saudi Arabia Diversifies
- August 2,2017
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- SUSTG Team
Bechtel, the construction company behind some of the world’s largest and most impressive megaprojects, is eyeing growth in Saudi Arabia’s mining and minerals sector, according to reports and quotes by the company’s Saudi Arabia country manager. “Mining and metals is something that is of extreme interest to us,” said Abdulrahman Al Ghabban, who was appointed […]
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Plans to Tap Massive Tourism Potential for Saudi Arabia’s Red Sea Unveiled
- August 1,2017
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- SUSTG Team
Saudi Arabia wants to turn hundreds of miles of its Red Sea coastline into a global tourism destination, according to an announcement by the government’s Public Investment Fund (PIF) and reports. The development will include “50 islands and 34,000 square kilometers — an area bigger than Belgium — between the cities of Umluj and Al Wajh […]
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Iraq’s Moqtada al-Sadr Visits Jeddah, Meets with Crown Prince Mohammed bin Salman
- July 31,2017
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- SUSTG Team
Iraq’s influential Shi’ite cleric Moqtada al-Sadr made a rare visit to Saudi Arabia on Sunday, where he met the Saudi crown prince and other officials, according to the SPA and Reuters. It is the first visit by the powerful anti-American Shi’ite cleric in 11 years. Al-Sadr is the leader of the Sadrist Movement and the leader of Saraya […]
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Saudi Female Private Sector Employment Grew 10% in 2016, Ministry of Labor Says
- July 26,2017
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- SUSTG Team
The employment of Saudi women in the private sector increased 10 percent in 2016 over the previous year, according to the Saudi Ministry of Labor and Social Development as reported in the Saudi Gazette. The latest figures show a continuation of a dramatic increase in the last four years for female participation in the workplace. Based on figures provided […]
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OPEC Discipline Partly to Blame for Oversupply, but Saudi Leadership May Boost Prices
- July 25,2017
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- SUSTG Team
Jadwa Investment’s recently released quarterly oil market update for Q2 2017 questions if discipline within OPEC is waning as oil’s price continues to stay low on international indices as high supply persists, but recent moves by Saudi Arabia in Russia this week indicate action is forthcoming to curb supply. Oil prices declined by 8 percent […]
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MUST-READS
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UN experts call on Saudi Arabia to halt imminent executions amid sharp rise
United Nations human rights experts have called on Saudi Arabia to halt the planned executions of three foreign nationals, amid a significant spike in the Kingdom’s use of the death penalty in recent years. According to two UN Special Rapporteurs – Morris Tidball-Binz, the Special Rapporteur on extrajudicial, summary or arbitrary executions, and Alice Jill Edwards, the Special Rapporteur on torture – three Egyptians were executed by Saudi authorities on Tuesday this week, with two more Egyptian nationals and a Jordanian national due to be executed imminently. The reported upcoming death sentences come as the Kingdom’s executions this year have risen to over 300 people, a record increase in the penalty amid a general rise in the practice in recent years.
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Saudi Arabia launches Milaf Cola, world’s first date-based soft drink
Saudi Arabia recently launched a rather unusual cola, crafted not from corn syrup or cane sugar but from the nation’s most prized fruit—dates. Named Milaf Cola, the drink was developed by Thurath Al-Madina, a subsidiary of the Saudi Arabian Public Investment Fund, and launched at the Riyadh Date Festival by the company’s CEO, Bander Al-Qahtani, and the Saudi agriculture minister Abdulrahman Al-Fadley. The cola’s star ingredient are premium dates which are packed with fiber, antioxidants, and essential minerals such as magnesium and potassium, and are revered in the Middle East for their health benefits. Milaf Cola claims it contains no added sugar and is able to harness the superfood’s health benefits, positioning itself as a healthier alternative to conventional sodas without compromising on flavour.
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Aramco to develop CCS in Saudi Arabia
Saudi Aramco has signed a shareholders’ agreement with Linde and SLB for development of a carbon capture and storage (CCS) hub in Jubail, the Eastern Province of the Kingdom of Saudi Arabia. Phase one of the new CCS hub is expected to capture and store up to 9 million metric tons/year of CO2 from three Aramco gas plants and other industrial sources. The captured CO2 will be transported through a pipeline network and stored below ground in a saline aquifer sink, the operator said in a release Dec. 4. Construction is expected to be completed by end-2027. Later phases could further expand capacity. The overall project is aimed at supporting Aramco's ambition to achieve net-zero Scope 1 and gas emissions across its wholly owned operated assets by 2050.
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Saudi Arabia extends term of $3 bln deposit with Pakistan for another year
Saudi Arabia has extended the term of a $3 billion deposit placed with Pakistan to support its economy for another year, Pakistan's central bank said on Thursday. The term of the deposit, which was maturing on Thursday, was initially signed with State Bank of Pakistan in 2021, and was subsequently rolled over in 2022 and 2023, the bank said.
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Why Assad’s regime is collapsing so quickly
A coalition of armed opposition factions has gone on the offensive in northern Syria, capturing some 250 cities, towns, and villages and more than doubling the territory under its control. Syria’s second-largest city of Aleppo was captured in 24 hours, as Syrian regime front lines collapsed one after the other. After nearly five years of territorial lines of control being frozen across the country, these are dramatic, game-changing developments.
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French President Emmanuel Macron visits Saudi Arabia’s historic AlUla Valley
French President Emmanuel Macron visited the historic AlUla Valley on Wednesday as part of his state visit to Saudi Arabia. Accompanied by the Minister of Foreign Affairs Prince Faisal bin Farhan, Macron began his tour at Hegra, the ancient Nabataean city known for its spectacular stone-carved landmarks, Saudi Press Agency reported. Hegra, also known as Mada’in Salih, was Saudi Arabia’s first UNESCO World Heritage Site. Macron was guided through the most prominent monuments and archaeological sites in the area.
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The new ‘rivers’ of Saudi Arabia
The giant pipelines that criss-cross the country to distribute the desalinated water have been recognised by Guinness World Records as the world’s largest water distribution system – with a total length of more than 14,000km. Indeed, so vast is the network that if all these giant pipelines were laid one after the other, they would roughly stretch from Saudi capital Riyadh, which lies in the centre of the country, to Guadalajara, in western Mexico. The total distribution network is more than 130,000km long, while the collection network stretches to over 50,000km in length, said Mr Al Abdulkarim.
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Two-time Major champion Dustin Johnson announced as latest Golf Saudi ambassador
Two-time PIF Saudi International powered by SoftBank Investment Advisers champion Dustin Johnson has today been announced as Golf Saudi’s newest high-profile ambassador – as the sixth edition of the $5million tournament entered its second day at Riyadh Golf Club. In his ambassadorial role, American Johnson – who won Golf Saudi’s landmark men’s event in both 2019 and 2021 and is competing in Riyadh this week – will help further drive the growth of golf within Saudi Arabia, working closely with country’s National Teams to deliver year-round lessons and coaching.
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Cynthia Erivo, Will Smith, Michelle Yeoh, Emily Blunt Help Open Saudi Arabia’s Red Sea Film Festival
The Red Sea International Film Festival has officially kicked off its fourth edition as A-listers and international auteurs converged in Jeddah’s old town of Al-Balad in Saudi Arabia’s second-largest city for a decidedly glamorous opening ceremony. Emily Blunt, Cynthia Erivo, Eva Longoria, Michelle Yeo, Michael Douglas and Catherine Zeta-Jones in a flowing blue sky gown and cape, Squid Game breakout Hoyeon, Michelle Rodriguez, Bollywood star Aamir Khan, competition jury president Spike Lee, action stars Will Smith and Vin Diesel, Kareena Kapoor, Saudi actor Khaled Yeslam and Daniel Dae Kim were among the global stars in lavish outfits at the opening gala on Thursday night. The glamorous event saw the stars converge on the main building of the city’s new Culture Square that mixes traditional architecture and modern technology. The site is being touted as “the new home of film” in Jeddah and Saudi Arabia.
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Saudi trades in US equities reach 2-year high at $23.88B
Saudi investors executed sell and buy transactions on US equities totaling SAR 89.7 billion, reflecting an increase of approximately SAR 47.1 billion, or 111% year-on-year (YoY), the highest level in two years. Trading by Saudis in US stocks jumped by 53%, or SAR 31.1 billion, compared to SAR 58.6 billion in Q2 2024. The CMA report on the trading value of local authorized brokers in the global markets does not include either details of the number of Saudi portfolios abroad, the number of investors trading directly through foreign brokers, or their trading volumes.
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