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Engineers and Two Government Employees to Face Charges in Mecca Crane Disaster – Report
- July 12,2016
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- SUSTG Team
Saudi prosecutors will bring charges against engineers and two government employees as a result of the 2015 crane collapse in Mecca, Saudi Arabia, which killed 107 people and infuriated top government leaders. Reuters reports that Al-Riyadh, a local newspaper that “reflects government thinking,” quoted a source as saying that investigators and the prosecution “had completed an […]
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G.E., Aramco Ventures Pump $52m into Boston-Area 3D Printing Startup
- July 6,2016
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- SUSTG Team
General Electric Ventures and Saudi Aramco Ventures have led an investment of $52m in total funding into a Boston-based 3D printing device company, Desktop Metal. Desktop Metal aims to bring “an everyday-use metal 3D printing solution to the workspace of every engineering team,” according to CEO Ric Fulop. Boston Business Journal reports that the investment from […]
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Jadwa Investment: A Turn to Positive for Saudi Economic Data in July 2016 Economic Chartbook
- July 1,2016
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- SUSTG Team
Jadwa Investment’s recently released July 2016 Chartbook reveals economic data for Saudi Arabia trending toward the positive for the month of May, citing data on ATM withdrawals and point-of-sales transactions showing seasonal increases. Cement sales and PMI data also showed a slight acceleration in activity. The government also has reversed the months-long decline in assets at […]
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Deputy Crown Prince Mohammed bin Salman, Minister of Commerce Majed Al-Qasabi Tour Facebook, Meet with Mark Zuckerberg
- June 23,2016
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- SUSTG Team
Saudi Arabia’s Deputy Crown Prince, Mohammed Bin Salman, met Facebook Inc. Chief Executive Officer Mark Zuckerberg during a tour of Silicon Valley before departing for New York. The Deputy Crown Prince was given a tour of Facebook’s headquarters in Silicon Valley and was accompanied by the Saudi Minister of Commerce, Dr. Majed al-Qasabi. Prince Mohammed […]
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Back in a Business Suit, Deputy Crown Prince Mohammed bin Salman and Delegation Sign Agreements with Six Flags, Cisco Systems
- June 21,2016
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- Lucien Zeigler
Saudi Arabia has signed partnership agreements with theme park company Six Flags Entertainment and Cisco Systems during a visit by Deputy Crown Prince Mohammed bin Salman and his accompanying delegation to Silicon Valley this week as Saudi Arabia looks to boost its business and commercial ties with the United States. The prince was shown wearing a gray […]
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Deputy Crown Prince Mohammed bin Salman Meets with Defense, U.S. Chamber of Commerce Officials
- June 17,2016
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- SUSTG Team
U.S. Defense Secretary Ash Carter hosted an enhanced honor cordon yesterday to welcome Deputy Crown Prince Mohammed bin Salman, Saudi Arabia’s defense minister, at the Pentagon in Washington, D.C. The two leaders and other defense officials from both the U.S. and Saudi Arabia met “for a series of constructive meetings and briefings,” the Pentagon said in […]
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Saudi’s New Minister of Commerce and Investment Dr. Majed Al-Qasabi to Meet with Business Leaders at U.S. Chamber of Commerce Today
- June 14,2016
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- Lucien Zeigler
Saudi Arabia’s New Minister of Commerce and Investment, Dr. Majed bin Abdullah Al-Qasabi, will meet with business and private sector leaders today at the U.S. Chamber of Commerce in Washington, D.C. The private roundtable discussion is part of the U.S.-Saudi CEO Summit initiative which is a partnership between the U.S. Chamber of Commerce and the […]
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Dispute Between U.N.’s Ban Ki Moon, Saudi Arabia Spills into the Public
- June 10,2016
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- SUSTG Team
UN chief Ban Ki-moon said in public comments on Thursday that Saudi Arabia had exerted “unacceptable” pressure on the world body after a U.N. report blacklisted a Saudi-led military coalition for killing children in Yemen, according to reports. Moon said financing for humanitarian operations in the Palestinian territories, South Sudan and Syria would be compromised if […]
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Saudi Arabia’s National Transformation Program Released
- June 7,2016
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- Lucien Zeigler and Richard Wilson
Saudi Arabia has unveiled its long-awaited National Transformation Program (NTP), a 112-page document outlining Saudi Arabia’s strategic objectives in achieving its previously-announced “Vision 2030” initiative as well as identifying the challenges faced by government bodies in the economic and development sectors. “The National Transformation Program is one of the executive programs supporting Vision 2030. The program […]
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Uber Scores the Largest Single Investment Ever Made in a Private Company from Saudi Arabia’s Public Investment Fund; Snags $3.5b
- June 2,2016
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- SUSTG Team
In what is being called the largest single cash investment ever made into a private company, Saudi Arabia’s Public Investment Fund (PIF) has invested $3.5 billion for 5% of the on-demand car service Uber. The investment is the first of likely many more investments into technology as Saudi Arabia looks to act on its ‘Vision 2030’ […]
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InvestmentSaudi banks increase investments in government bonds
Banks operating in Saudi Arabia increased its investments in government-issued bonds during November by 25.2% on an annual basis, equivalent to SAR 76.56 billion. The banking sector investments in bonds reached SAR 379.95 billion by the end of last November, compared with SAR 303.39 billion in the same period in 2018, as shown by the monthly bulletin of the Saudi General Authority for Statistics (GaStat).
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GovernanceSaudi Arabia Bans Insurance and Re-Insurance Activities within the Same Firm
The Saudi Arabian Monetary Agency (SAMA) has prohibited combining insurance and reinsurance brokerage activities in the same company, effective immediately, it said in a statement on Thursday.
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Carlos GhosnCarlos Ghosn might not be as safe in Lebanon as he thought
“If he thinks that he actually could be protected here, it’s not going to happen, because according to Lebanese law he visited Israel, which is an enemy state,” said Mohammed Obeid, a Lebanese political analyst.
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FatahPalestinian Fatah marks 55 years with West Bank marches
Established by Yasser Arafat in 1965, Fatah led the armed struggle against Israel for decades as the main component of the Palestine Liberation Organization. The PLO recognized Israel in the early 1990s at the start of the peace process, and since then it has been committed to a two-state solution.
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Taliban TalksTaliban council agrees to temporary cease-fire in Afghanistan
Four members of the Taliban negotiating team met for a week with the ruling council before they agreed on the brief cease-fire. The negotiating team returned on Sunday to Qatar where they maintain their political office.
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LebanonThousands protest in Lebanon against new Prime Minister Hassan Diab
Thousands of protesters demonstrated in central Beirut and elsewhere in Lebanon on Sunday against the country’s new prime minister, saying he should abandon the post because he is a member of the ruling elite. After sunset, protesters closed several roads and highways in Beirut and other parts of the country to rally against the nomination of Hassan Diab, who was backed by the militant Hezbollah group and its allies and failed to win the backing of the main Sunni Muslim groups.
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Banking and FinanceIPO Bankers Face Headwinds From Silicon Valley to Saudi Arabia
From Silicon Valley to Saudi Arabia, it’s been a tough year for IPO bankers. Wall Street kicked off the year excited about money it would make bringing to market some of the world’s most iconic companies. A crop of startup unicorns from Uber Technologies Inc. to WeWork were preparing to sell shares. Then the world’s most profitable company, Saudi Aramco, started gearing up for its own initial public offering.
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LebanonCan Lebanon’s newly designated PM save the economy?
Nominated with the support of Iran-backed Hezbollah and its allies, Prime Minister-designate Hassan Diab and the cabinet he has vowed to form quickly must win over investors and foreign donors.
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AfghanistanInside Taliban’s Afghanistan, violence remains path to power
The Dec. 11 Bagram attack, which killed two people and wounded more than 70, derailed the most recent round of peace talks in Doha, Qatar. Still, Taliban commanders cited it as an example of the increased pressure the group plans to place on American and Afghan government forces in the coming months.
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EconomySaudi Arabia jumps 72 global positions in key World Bank logistics ranking
Saudi Arabia has been ranked as the world’s top ease of doing business improver by the World Bank Group’s Doing Business 2020 report. The Kingdom jumped 72 global positions in “Trading Across Borders” measure — an indicator which compares the time and cost of exporting and importing goods.
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