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Saudi Arabia’s New Currency Offers Security Upgrades, Phases Out Small Notes
- December 14,2016
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- SUSTG Team
Saudi Arabia has unveiled newly designed banknotes and coins with added security features that make forgery difficult. The new issuance is the first step to addressing the preponderance of one-Riyal bills currently in circulation. Half of all Saudi paper notes are one-Riyal notes, which is worth a little more than a quarter U.S. dollar. A […]
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Surprise Early Gains for Saudi Leaders in Fight Against State Spending as Successful Deficit Cuts Seen Beyond Projections – Reuters
- December 13,2016
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- SUSTG Team
Saudi Arabia’s 2017 state budget is “likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy” next year, according to a report in Reuters by reporters Marwa Rashad and Andrew Torchia. After a tough year economically for the Kingdom, […]
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Mixed Picture for Saudi Labor Market as Unemployment in Kingdom Hits 4-Year High
- December 12,2016
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- SUSTG Team
Saudi unemployment rose to a four-year high despite overall employment growth remaining positive, the Riyadh-based Jadwa Investment finds in a report on the Saudi labor market. The report is a mixed picture for Saudi Arabia. For example, during the first three quarters of 2016, total net employment in the Kingdom saw a “significant rise” of […]
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Major U.S. $7.9 Billion Weapon Sales Plans Include $3.51b in Chinooks to Saudi Arabia
- December 9,2016
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- SUSTG Team
The Defense Security Cooperation Agency (DSCA) has approved five notifications of weapon sales to Congress, including 48 Chinook Cargo Helicopters for Saudi Arabia, Apache helicopters for the United Arab Emirates and TOW missiles for Morocco, according to reports. The estimated cost for the Saudi purchase is $3.51 billion. The Defense Security Cooperation Agency delivered the required […]
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King Salman Dances in Qatar, Causes Social Media Buzz
- December 7,2016
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- SUSTG Team
Saudi Arabia’s King Salman set social media sites buzzing after he was seen dancing the traditional Ardha dance alongside his counterpart, the Qatari Emir HRH Sheikh Tamim bin Hamad Al Thani. The King’s visit to Qatar is part of his tour of several GCC countries this week. King Salman arrived from the UAE, where he celebrated the Emirates’ […]
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OPEC’s Oil Production Announcement Sends Prices Soaring, Raises Optimism for Reigning in Oversupply in 2017
- December 6,2016
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- SUSTG Team
In the wake of last week’s OPEC decision to reduce crude oil production, oil prices have surged roughly 15% in just one week. At roughly $55/barrel on Brent, that’s the highest level in more than a year. OPEC agreed to slash its output by 1.2 million barrels a day, or more than 1% of global output, […]
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Saudi Arabia Replaces Labor Minister, Appoints 30 Women to Shoura Council
- December 5,2016
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- SUSTG Team
Saudi King Salman appointed a new Minister of Labor on Sunday and appointed 30 women to the Shoura council as the Kingdom seeks to turn short term economic pain into long term stability and diversification with its Vision 2030 policy. Dr. Ali bin Nasser al-Afis (also spelled Ali bin Nasser al-Ghafis) is the new Minister, replacing Dr. Mufrej […]
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‘Shamoon’ Comeback: Several Saudi Government Agencies Attacked by Malware from Iranian State-Sponsored Hack
- December 1,2016
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- SUSTG Team
State-sponsored hackers have reportedly conducted a series of destructive malware attacks on Saudi Arabia over the last two weeks, including erasing data and wreaking havoc in the computer banks of the agency running the country’s airports and hitting five additional targets, Bloomberg reports. U.S. security firms said that a version of Shamoon, the computer virus […]
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Saudi Prince Alwaleed bin Talal: ‘Stop the Debate…It’s Time for Women to Drive’ in Saudi Arabia
- November 30,2016
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- Lucien Zeigler
In a 4-page essay entitled, “It’s High Time Women Started Driving Their Cars,” billionaire Saudi businessman Prince Alwaleed bin Talal urged an end to the debate about women’s driving in Saudi Arabia. The essay is as much a short treatise on modern Saudi feminism and the progress of women’s rights in the Kingdom as it […]
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Saudi Arabia Begins to ‘Inject Large Amounts of Money Into Economy’ to Boost Growth
- November 29,2016
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- SUSTG Team
Saudi Arabia’s government has begun “injecting large amounts of money into the economy to boost growth at the end of this year after a sharp slowdown due to low oil prices,” Reuters reports citing Saudi Central Bank data. After raising $17.5 billion last month in its first international bond issue, Saudi Arabia “did not hold that […]
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MUST-READS
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Saudi Arabia announces 5 new initiatives worth $60 million at SGI Forum
Saudi Arabia unveiled five new initiatives, valued at $60 million (SR 225 million), reinforcing the Kingdom's leading role on climate and environment efforts. The initiatives were announced on the fourth edition of the Saudi Green Initiative (SGI) Forum, which began on Tuesday, coinciding with the 16th session of the Conference of the Parties to the United Nations Convention to Combat Desertification (COP16) in Riyadh. Five new initiatives, led by Ma’aden, Morooj Foundation in partnership with the private sector, and the Tanmiah Food Company, represent a $60 million investment to accelerate afforestation efforts. These initiatives aim to plant millions of trees and mangroves, scatter 300 million seeds, rehabilitate degraded land, reduce air pollution, and enhance biodiversity across the Kingdom.
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How French and Saudi architects are redesigning the cities of tomorrow
Saudi Arabia today is synonymous with megaprojects. Since the launch of the Vision 2030 reform agenda, the Kingdom has rolled out a range of major infrastructure projects, spanning everything from education and healthcare, to tourism and public transport. Last week, a new milestone was reached when King Salman inaugurated the Riyadh Metro — just one of the significant projects launched under the Vision 2030 framework. With demand for public transport on the rise, the new metro, which features six lines and 85 stations spread along 176 kms of track, will boost connectivity. Future extensions are already in the works, as the city builds new economic, tech, and cultural infrastructure.
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Saudi Arabia and World Bank Group to Establish a Global Knowledge Hub in Riyadh
The World Bank Group–Saudi Arabia Knowledge Hub (K-Hub) will serve as a platform for knowledge generation and exchange to drive greater development impact for countries. The K-Hub will facilitate inbound and outbound knowledge transfer, collaboration on innovative research, capacity building programs, and evidence-based policy solutions. “Diversifying economies and driving policies that lead to a more competitive and efficient business environment are key to success,” said Ajay Banga, President of the World Bank Group. “The new Knowledge Hub being created by the World Bank Group and Saudi Arabia is a key step forward to scale up and extend the wide reach of global knowledge critical to delivering such impact.”
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KAPSARC and Climeworks to explore feasibility of Direct Air Capture solutions in Saudi Arabia
The MoU outlines a roadmap to assess the deployment of new DAC systems in the Kingdom, focusing on availability of natural resources including subsurface CO₂ storage. Additionally, the initiative examines DAC’s economic and environmental impacts while fostering local workforce development, supporting the Kingdom’s broader sustainability goals and aligning with the Circular Carbon Economy (CCE) framework. KAPSARC’s Vice President of Knowledge & Analysis, Axel Pierru, emphasized the importance of this initiative, stating, “This collaboration marks a significant step in exploring innovative carbon removal solutions tailored to Saudi Arabia’s unique context and large geological CO₂ storage capacity. Our research shows the key role that the development of DAC in the Kingdom will potentially play in achieving a net-zero energy system, both domestically and globally.”
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France’s EDF, TotalEnergies awarded Saudi solar tenders during Macron visit
TotalEnergies will build an 0.3 gigawatt (GW) solar park in Saudi Arabia, while EDF Renewables will build two solar parks totalling 1.4 GW, as part of a series of deals announced on Tuesday during a visit by French President Emmanuel Macron to Riyadh. The French companies entered into 25-year power purchase agreements with the Saudi Power Procurement Company for the projects, which were awarded on a build-own-operate model as part of the kingdom's fifth renewable tender round.
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Saudi Arabia hits 900+ sports sponsorships in quest for influence
The study mapped 910 sponsorships in different sports and 1,412 positions in 207 Saudi entities, noting that the kingdom has significantly expanded its web of sponsorships, partnerships and strategic investments in 2024. Most of the sponsorships are with Saudi’s Public Investment Fund (PIF), which inked deals with the Association of Tennis Professionals (ATP), the Women’s Tennis Association (WTA) and soccer federation Concacaf, among others, over the last 12 months. All told, PIF accounts for 346 sponsorships across sports, according to Play the Game. That amount surpasses the total number of sponsorships Play the Game’s researchers identified in its dataset from 2023.
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China’s ties with Saudi Arabia buoyed by green tech
Bilateral trade has for many years been almost totally dominated by Chinese purchases of Saudi oil. But now, Chinese exports to Saudi Arabia are tracking towards a record high, at $40.2bn in the first 10 months of the year, up from $34.9bn for the same period last year, according to Chinese government data. China has also become the kingdom’s largest source of greenfield foreign direct investment, with investments from 2021 to October this year totalling $21.6bn, about a third of which were in clean technologies such as batteries, solar and wind, according to investments tracked by fDi Markets. This compares with $12.5bn from the US, the next highest.
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Saudi PMI hits 59 in November as non-oil sector grows
Saudi Arabia’s non-oil private sector ended November with robust momentum, as business activity expanded at its fastest pace since July 2023, latest business survey showed. The Riyad Bank Saudi Arabia Purchasing Managers’ Index rose to 59.0 in November from 56.9 in October, marking the fourth consecutive monthly increase, buoyed by accelerated growth in new orders, purchasing activity, and staff recruitment. Business activity saw its sharpest rise in 16 months, with firms linking the surge to stronger demand, higher customer volumes, and successful marketing campaigns. New order inflows, including foreign sales, rebounded after a modest pullback in the previous survey period.
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Saudi Arabian golfers privileged to be ‘trailblazers’ for golf in the Kingdom
Saudi Arabia’s five leading golfers are determined to showcase their quality on home soil when the PIF Saudi International powered by SoftBank Investment Advisers begins tomorrow at Riyadh Golf Club. Othman Almulla is one of a record five Saudi Arabian professionals competing at the event, which takes place in Riyadh for the first time, and three of them were in attendance, alongside global stars such as Abraham Ancer, Tyrrell Hatton and Dustin Johnson, for a launch press conference ahead of the tournament.
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An elaborate global system exists to prevent famine. It’s failing.
The process Haan and other aid workers sketched out in about a month eventually evolved into the Integrated Food Security Phase Classification, or IPC, a global partnership that’s a linchpin in today’s vast system for monitoring and alleviating hunger. It is designed to sound the alarm about developing food crises so organizations can respond and prevent famine and mass starvation. Critically, the IPC is struggling to access the data it needs to conduct informed analyses. With most of the world’s food crises being driven by conflict, it has become increasingly difficult to gather the information the IPC requires to classify vulnerable nations on its five-stage acute food-security scale.
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