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Four of Seven Saudi Bodies are Returned Home as Kingdom Reels from Lost Youth in Istanbul Terrorist Attack
- January 4,2017
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- SUSTG Team
The bodies of four Saudis who were slain in the attack on an Istanbul nightclub were returned home as the Kingdom reels from the loss of its citizens at the hands of Daesh terrorists abroad. The attack killed seven Saudis and 39 total from 14 countries. Included in the four dead returning to the Kingdom today […]
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Another ‘Mixed Picture’ for Saudi Economy as Data Show Negatives on Consumer Spending, Inflation Down
- January 3,2017
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- SUSTG Team
Jadwa Investment’s recently released Chartbook for the month of January 2017 finds a mixed picture for the Saudi economy, including negative data on consumer spending and a significant dip in net change to government accounts with SAMA. Data on consumer spending came out negative “partly reflecting the impact of allowance reductions to public sector employees,” […]
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Outside Riyadh, Video Shows Making of Largest Tire ‘Doughnut’ Ever – and it’s Pink
- December 29,2016
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- SUSTG Team
It is sometimes called a doughnut – the tire marks left on the road or dirt after spinning your car’s wheels into a burnout. Just outside of Riyadh, Saudi Arabia, someone created the biggest ‘doughnut’ ever according to the Guinness Book of World Records, but the purpose wasn’t just for one last superlative for the Middle […]
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Saudi Government Publishes New Overview of Economy Highlighting Balanced Budget Goal by 2020
- December 28,2016
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- SUSTG Team
Saudi Arabia has published a new report highlighting its goals to achieve a fiscal balance by the year 2020. The 85-page report, which places the goal in the context of the Kingdom’s ongoing economic transformation plans, is the first of its kind since Saudi Arabia published its Vision 2030 and National Transformation Program overviews earlier this year. The […]
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For Saudi Arabia’s 2017 Budget, Jadwa Investment Sees ‘Expansionary Fiscal Stance’
- December 27,2016
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- SUSTG Team
Saudi Arabia unveiled its 2017 budget last week with a budgeted SR890b ($237.2b) in spending, which is a SR50b ($13.3b) increase over the 2016 budget of SR840b ($223.8b). In a note sent to investors, Riyadh-based Jadwa Investment released a report outlining Saudi Arabia’s efforts to reduce its deficit despite the increase in spending. Based on revenues […]
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Saudi 2017 Budget Will Seek to Reduce Deficit, Create Surplus by 2020
- December 22,2016
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- SUSTG Team
Saudi Arabia’s government will reportedly unveil a plan to balance its high deficit and work to achieve a surplus in 2020, according to a senior government official with knowledge of the matter as quoted in Bloomberg. The plan was devised by the powerful Council on Economic and Development Affairs (CEDA), which is chaired by Deputy Crown Prince […]
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U.S. Chamber of Commerce Brings Global Initiative on Health and Economy to Saudi Arabia
- December 21,2016
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- SUSTG Team
A delegation from the U.S. Chamber of Commerce recently traveled to Saudi Arabia as part of an initiative aimed at promoting healthy living as a way to achieve a thriving economy. The U.S. Chamber’s Global Initiative on Health and Economy works to promote health as an economic asset around the world. This month, representatives from the […]
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Saudi Housing Authorities to Set Up Online Portal to Increase Transparency and Resolve Renter, Landlord Disputes
- December 20,2016
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- SUSTG Team
Saudi Arabia plans to set up a center to resolve disputes between tenants and landlords as authorities look to reform and modernize the way property is bought, sold, and leased in Saudi Arabia. According to the English language daily Saudi Gazette, the Saudi housing ministry plans to establish the “Center for Real Estate Dispute Redressal,” which will […]
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Careem, an Uber Rival in the Middle East, is Newest ‘Unicorn’ Company with Saudi, Japanese Investments
- December 19,2016
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- SUSTG Team
Careem, one of Uber’s rivals in the Middle East, has taken in $350 million in investment led by Japanese e-commerce firm Rakuten and Saudi Telecom Company (STC), the second investment made by Saudi Arabia’s government into ride-sharing apps this year. Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in ride-hailing app Uber in June, […]
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Saudi Arabia’s SIDF Gets New Investment Muscle to Enter New Industries
- December 16,2016
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- SUSTG Team
Saudi Arabia’s Energy Minister Khalid al-Falih said that Saudi Arabia plans to boost the capital of the Saudi Industrial Development Fund (SIDF) by SAR6bn ($1.6bn) to help finance the kingdom’s entry into new industries. The additional planned allocation would be on top of the SAR3bn ($800m) of capital recently injected in the fund, Falih said, […]
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Saudi Arabia tourism growth sees 27% surge in international arrivals
The travel and tourism sector in Saudi Arabia has reported a 27% increase in incoming tourist numbers during the first nine months of 2024, compared to the previous year's 14% rise. This information was released by the Saudi Press Agency, citing the kingdom's tourism minister, Ahmed Al-Khateeb, at the 2025 Budget Forum in Riyadh.
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Who are the rebels seizing control of Syria’s second city?
Rebel forces launched the largest offensive against the Syrian government in years on Wednesday. By Sunday, they had taken control of "large parts" of the country's second-biggest city, Aleppo and were advancing towards Hama in the south. The surprise offensive prompted the first Russian strikes on Aleppo since 2016, and saw Syria's military withdraw its troops from the city. The attack was led by the Islamist militant group Hayat Tahrir al-Sham (HTS) - which has a long and involved history in the Syrian conflict.
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Hamas releases hostage video as UNRWA halts aid deliveries to Gaza citing looting
Hamas has released a video of hostage Edan Alexander, 20, in which he addresses his family, Benjamin Netanyahu and Donald Trump. Hamas leaders held talks in Cairo with Egyptian security officials to explore ways to reach a deal with Israel that could secure the release of hostages in return for Palestinian prisoners.
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Russian strikes hit Aleppo as rebels take control
Rebel forces in Syria have taken control of the "majority" of the country's second-largest city, Aleppo, according to the UK-based monitoring group Syrian Observatory for Human Rights (SOHR). Russia launched air strikes in response across parts of Aleppo overnight into Saturday for the first time since 2016, the observers added. SOHR said more than 300 people - including more than 20 civilians - have been killed since the offensive started on Wednesday. The offensive is the largest against the Syrian government in years and the first time rebels fighting the forces of President Bashar al-Assad have reached Aleppo since being forced out by the army in 2016.
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Saudi Arabia grants 60-day grace period for runaway workers to correct their status
The Ministry of Human Resources and Social Development (MHRSD) launched a new campaign to grant a 60-day grace period for runaway foreign workers to correct their status through the ministry's Qiwa platform, Okaz/Saudi Gazette has learnt. "Those workers, against whom there is an absence report, can utilize the grace period, starting from Dec. 1 and ending on January 29, 2025, to transfer their services to another employer," the Qiwa platform, under the ministry, revealed. The platform called on workers, who meet the conditions, to quickly transfer their services to another facility through the service available on the Qiwa platform before the end of the specified deadline on January 29. It indicated that the campaign aims to enhance the stability of the labor relationship and give workers an additional opportunity to correct their status in line with the regulations and allow them to transfer their services to another employer. It stressed the need to take advantage of the available period before the expiry of the deadline.
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Neom: Will Saudi Arabia’s Trillion-Dollar Desert Dream Ever Become a Reality?
Saudi Arabia’s Neom is perhaps the world’s most controversial architectural project at present, covering 10,200 square miles – almost the size of Belgium – and incorporating renewable energy projects and advanced smart technologies in the middle of the desert. Following several construction delays, rising costs, and criticism over structural aspects of the project, many are wondering whether the Kingdom’s ambitious plan can become a reality. In September, the Kingdom began to prioritize certain aspects of the megaproject to ensure that it can hold international events that have been planned for the city and try to attract more private funding. The Line has reportedly been scaled back from 170 km to just a 2.4 km stretch including a stadium, which is expected to host the final match of the 2034 football World Cup. Meanwhile, development at Trojena is being centered around the 2029 Asian Winter Games.
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Saudi economy expected to grow 4.7% in 2025, 2026: World Bank
Saudi Arabia’s economy is forecast to grow 4.7% in 2025 and 2026 driven by higher oil output, the World Bank (WB) said in a recent report. The Kingdom’s economy is expected to grow by 1.1% in 2024, supported by robust growth in non-oil activities at 4.6%. WB highlighted that Saudi Vision 2030 has spurred significant investments in tourism and renewable energy, alongside strong performance in the retail and hospitality sectors. It also noted a decline in the Kingdom's unemployment rate, indicating a strong labor market.
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Saudi Arabia’s US Treasury Holdings Hit Highest Since 2020
Saudi Arabia’s holdings of US Treasuries as a portion of foreign assets held by its central bank rose in October to the most in four years. US Treasuries as a portion of total foreign assets held by SAMA, as the Saudi Central Bank is known, rose to almost 35% last month, according to data compiled by Bloomberg. That puts them at the highest level since February 2020 at the onset of the coronavirus pandemic. The country’s investments in the US government bonds has been rising this year and SAMA now holds $144 billion in US Treasuries even as its total foreign assets has fallen to the lowest since February.
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Saudi Youth Expectations and Opportunities for COP16
The roundtable discussion addressed the expectations of Saudi youth regarding COP16, with participants stressing the importance of making concrete commitments to combat desertification and land degradation, advancing sustainable land management, ensuring water security, and fostering agricultural innovation. They emphasized the need to bridge the gap between youth and policymakers to enhance youth participation in shaping environmental policies. The challenges highlighted included financial barriers, lack of educational resources, and the limited engagement of youth from rural areas and marginalized communities.
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Saudi Crown Prince arrives in UAE on a private visit
Earlier on Sunday, the Saudi Crown Prince was in Kuwait where he attended the Gulf Cooperation Council (GCC) Leaders’ Summit. Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in the UAE on a private visit on Sunday, the official Saudi Press Agency reported. During his visit, the Crown Prince met with UAE President Sheikh Mohamed bin Zayed Al Nahyan, according to the Emirati state news agency WAM.
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