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Counting The US-Saudi Deals: A Look at What We Know So Far following President Trump’s Visit to Saudi Arabia
- May 23,2017
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- SUSTG Team
Bloomberg and naturalgasintel.com feature a thorough rundown of all of the deals that were announced during the recent visit by President Donald Trump to Saudi Arabia. While the total remains unknown, the deals are estimated to be valued between $300 and $400 billion. Aerospace, Arms and Defense – $110 billion U.S. Department of Defense and Saudi […]
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Following President Trump’s Visit, U.S.-Saudi Business and Diplomatic Ties Reach New Heights
- May 22,2017
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- SUSTG Team
The two-day visit by President Trump and top members of his family and staff to Riyadh, Saudi Arabia marks a new height in the history of U.S.-Saudi diplomatic and business relations as the warm Saudi embrace of President Trump was on full display in the Kingdom. President Trump’s visit amounted to a bonanza for large, established American companies […]
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Flurry of Business Activity in Riyadh as SoftBank To Launch $100 billion Fund during President Trump’s Visit, One of Many Deals Slated for Busy Weekend
- May 19,2017
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- SUSTG Team
Japan’s richest man and Softbank CEO Masayoshi Son will travel to Saudi Arabia and announce the close of the first fundraising round for what will be the world’s biggest private equity fund, backed by Saudi Arabia’s sovereign wealth fund and Apple Inc., according to a Reuters report. The expected launch of the $100 billion Vision Fund […]
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New Saudi Arms Manufacturer ‘SAMI’ Launched As Part of Vision 2030 Ahead of Trump Visit
- May 18,2017
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) announced on Wednesday the launch of a national state company for arms manufacturing as part of its Vision 2030 economic and social reform program, according to reports. The new company, the Saudi Arabian Military Industries (SAMI), will be producing not just arms but armored vehicles and will work to repair […]
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New Saudi Arms Manufacturer ‘SAMI’ Launched As Part of Vision 2030 Ahead of Trump Visit
- May 18,2017
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) announced on Wednesday the launch of a national state company for arms manufacturing as part of its Vision 2030 economic and social reform program, according to reports. The new company, the Saudi Arabian Military Industries (SAMI), will be producing not just arms but armored vehicles and will work to repair […]
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Overview of Saudi Arabia’s Drive Toward Privatization
- May 17,2017
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- SUSTG Team
Saudi Arabia’s push toward privatization is a key component of the government’s ambitious Vision 2030 economic and social reform program, and necessary for the Kingdom’s goals of diversifying its economy away from petroleum revenue dependency. The news service Reuters provides a “factbox” list of Saudi Arabia’s sectors that are making progress toward privatization, and encouraging […]
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Ahead of Trump’s Visit, White House Official Tells Reuters $100b in Arms Deals Planned
- May 15,2017
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- SUSTG Team
The United States is close to completing a series of arms deals with Saudi Arabia totaling more than $100 billion, a senior White House official told Reuters on Friday, a week ahead of President Donald Trump’s planned visit to Riyadh. The arms deals could reach up to $300 billion over 10 years to help Saudi […]
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World’s Tallest Building Set for Saudi Arabia Delayed Again After Binladen Group Turmoil, Now Expected in 2019
- May 12,2017
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- SUSTG Team
Saudi Arabia’s under-construction Kingdom Tower Jeddah, set to be the world’s tallest building when finished, has been delayed until 2019, Prince Alwaleed bin Talal said at the building’s construction site yesterday. “The project was delayed… but it’ll open (in) 2019,” Prince Alwaleed said. Alwaleed is chairman of Kingdom Holding Company and consistently listed as the […]
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Major Reduction in Quarterly Budget Deficit Figures a Positive for Kingdom’s Economic Reforms
- May 11,2017
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- SUSTG Team
In an analysis of official data from the Kingdom, Bloomberg found a significant year-on-year reduction in Saudi Arabia’s budget deficit from Q1 2017, a sign that the Kingdom’s economic reforms coupled with an uptick in oil prices have positively impacted the government’s balance sheet. According to Saudi Arabia’s finance ministry and as reported in Bloomberg, […]
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Saudi Arabia’s Vice Minister of Economy and Planning Mohammed Al Tuwaijri Gives Interview to Bloomberg News
- May 10,2017
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- SUSTG Team
Saudi Arabia’s powerful vice minister of economy and planning Mohammed Al Tuwaijri gave an interview to Bloomberg News on Tuesday and discussed the government’s borrowing plans, infrastructure spending and how the kingdom still intends to balance its budget by 2020. Al Tuwaijri, who is also head of the finance committee at Saudi Arabia’s powerful Council of Economic […]
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MUST-READS
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Reimagining U.S. Strategy in the Middle East: Sustainable Partnerships, Strategic Investments
In this summary, researchers assess the advantages and trade-offs of a reimagined Middle East strategy where strategic goals link to a broader understanding of stability that prioritizes reduced conflict, better governance, and greater development. They analyze long-standing U.S. interests and relationships with partners and develop an alternative framework in which the challenge of Iran is one among several factors that should be considered.
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Martin Griffiths in Saudi Arabia for talks on Yemen
The UN envoy to Yemen Martin Griffiths was in Saudi Arabia on Monday for a series of meetings with Yemeni and Saudi officials, according to a UN spokesman. His visit comes as part of the organization’s efforts in seeking a nationwide ceasefire in Yemen, alleviate the humanitarian suffering, and resume the political process toward peace, the spokesman added.
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The red sea project reveals foster + partners-designed hotel
the red sea project has revealed images of two hotels that foster + partners has designed as part of the luxury tourism development. the first phase of the ambitious masterplan, which is currently under construction on the coast of saudi arabia, involves the development of five islands, two inland sites, and 16 hotels with 3,000 rooms. foster + partners is also designing the hub island of the development — ‘coral bloom’. meanwhile, kengo kuma is involved in the project, with the japanese architect explaining the importance of maintaining the site’s pristine conditions in this interview with designboom.
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Saudi Wealth Fund Bets on Startups With Hambro Perks Investment
Saudi Arabia’s sovereign wealth fund is backing a Middle East venture-capital fund run by Hambro Perks Ltd., joining the trend for state investors in the region to put money into early-stage companies. The Public Investment Fund of Saudi Arabia is an anchor investor in the $50 million Oryx Fund, which will target fintech, health and education technology startups across the Middle East and North Africa, according to Dominic Perks, co-founder of London-based venture firm Hambro Perks. He declined to say how much the Saudi fund, also known as PIF, has invested.
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India’s Reliance sees oil-to-chemicals business spin off in September quarter
India’s Reliance Industries Ltd expects to hive off its oil-to-chemicals (O2C) business into a 100% subsidiary in the September quarter, the company said on Tuesday, paving the way for a stake sale in the new company. Reliance, which operates the world’s biggest refining complex, is in talks with Saudi Aramco to sell a fifth of its O2C business.
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Opinion: The smart way out of the Middle East
The rising understanding that the oil age is ending has focused regional governments on the need to adapt to the future, requiring greater self-sufficiency in all aspects. The United States has an interest in facilitating this transition, and the more we plan together for it, the more likely we will be aligned as the transition occurs.
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Silicon Valley venture capital giant 500 Startups launches new fund in Saudi Arabia
One of the biggest global names in venture capital, 500 Startups has struck an alliance with Saudi Arabia's Sanabil Investments, which focuses on private investments, to launch the Sanabil 500 MENA Seed Accelerator Program in Riyadh. It will consist of six programmes run by 500 Startups over three years for a select group of pre-seed and seed stage startups from the region. Startups participating will receive a $100,000 investment from the Sanabil 500 MENA Seed Accelerator Fund. The fund will also invest opportunistically in other pre-seed and seed stage startups throughout MENA.
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Saudi-based fintech Tweeq signs partnership deals with Mastercard and Paymentology
Tweeq, a Saudi fintech which aims to provide a feature-rich spending account for individuals and SMEs, has signed exclusive partnership agreements with Mastercard, the leading technology company in the global payments industry and Paymentology, a leading digital commerce service and payment solution provider.
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Saudi’s SAMI signs defence venture deal with U.S. Lockheed Martin
Saudi Arabian Military Industries (SAMI) has signed an agreement to set up a joint venture with U.S. firm Lockheed Martin to enhance the kingdom’s defence and manufacturing capabilities, the state-owned Saudi company said on Sunday.
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Commentary: Saudi Arabia pushes foreign companies to establish local headquarters
It is too early to gauge the impact without knowing how authorities will define what is a “regional headquarter”. More details about that will be released later this year, the government says.
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