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Monetary and Financial Developments in the Kingdom
- December 15,2016
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- SUSTG Team
A recently released report by Jadwa Investment finds that, following the US Federal Reserve’s second rate hike since 2008, the US’s path to policy normalization “is expected to accelerate.” For the Saudi monetary system, the Saudi Arabian Monetary Authority (SAMA) has passed several measures to enhance liquidity in the domestic financial system, which has contributed […]
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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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MUST-READS
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The Role of the Middle East in the US-China Race to AI Supremacy
Artificial intelligence (AI) is a pivotal catalyst for global innovation, with the United States at the forefront of the development of this transformative technology amid its ongoing great power rivalry with China. However, a notable concern has emerged: the absence of an explicit conception of AI supremacy that threatens to undermine the US' long-term AI strategy. The notion of AI supremacy traditionally has been difficult to define, paralleling disputes about whether competition over AI is a “race.” This report thus aims to accomplish two objectives: first, to define AI supremacy and anchor this concept in the realities of the AI competition thus far; and second, to revise the US' AI strategy in accordance with a more comprehensive understanding of AI supremacy.
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Iran weighs intervention as Syrian civil war returns to spotlight
The Syrian city of Aleppo has fallen to Sunni militants for the first time since 2016 after a lighting offensive. Iran has reacted by moving to rally support for Syria’s President Bashar Al-Assad. Foreign Minister Abbas Araghchi is currently on a regional tour of Damascus and Ankara. At the same time, Iran does not seem to be in a rush to significantly expand its direct military presence—possibly to remind Assad that he owes his rule to Tehran’s intervention a decade ago.
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Why Trump II may be different for Iran, Iraq
Donald Trump’s first term as president of the United States (2017–21) posed significant challenges for both Iran and Iraq, bringing economic strain, political pressure, and security issues that affected both nations. His policies widened the gap between Iran and various Arab states—nations that Iraq had continuously sought to bring together to foster peace and regional cooperation. Ahead of Trump’s return to the White House, one pressing question now is: what will his second term mean for Iran, Iraq, and Arab-Iranian engagement?
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Trump picks Massad Boulos to serve as adviser on Arab, Middle Eastern affairs
U.S. President-elect Donald Trump on Sunday said Lebanese American businessman Massad Boulos would serve as senior adviser on Arab and Middle Eastern affairs. Trump made the announcement on Truth Social. Boulos, the father-in-law of Trump's daughter Tiffany, met repeatedly with Arab American and Muslim leaders during the election campaign. It was the second time in recent days that Trump chose the father-in-law of one of his children to serve in his administration. On Saturday, Trump said that he had picked his son-in-law Jared Kushner's father, real estate mogul Charles Kushner, to serve as U.S. ambassador to France.
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At least 25 killed as Russian, Syrian jets intensify bombing of Syrian rebel territory
At least 25 people were killed in northwestern Syria in air strikes carried out by the Syrian government and Russia, the Syrian opposition-run rescue service known as the White Helmets said early on Monday. Russian and Syrian jets struck the rebel-held city of Idlib in northern Syria on Sunday, military sources said, as President Bashar al-Assad vowed to crush insurgents who had swept into the city of Aleppo.
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EU and GCC officials aim to resume FTA negotiations
European and Gulf officials are holding “informal” efforts to “revive” and even “upgrade” negotiations over a free trade agreement between the two blocks. Efforts towards such an agreement are three and a half decades in the making, Luigi Di Maio, the EU’s special envoy to the Gulf has said. “I have to say it’s a very bad symbol of our relationship because unfortunately these trade negotiations have been stuck for 35 years,” Di Maio added. “There are officials in the [Directorate General] Trade in Brussels that are younger than these negotiations. There are also many officials in the ministries of trade in the GCC states that are younger than these negotiations.” Di Maio was speaking at a virtual event hosted by the Arab Gulf States Institute in Washington DC while on a trip to Doha, where he inaugurated the EU-GCC business forum.
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President Sheikh Mohamed receives Saudi Crown Prince on UAE visit
President Sheikh Mohamed welcomed Saudi Crown Prince Mohammed bin Salman to the UAE as part of a visit on Sunday. Sheikh Mohamed and the Prince Mohammed held talks on the solid relations between the two countries during their meeting at Al Rawda Palace in Al Ain, followed by a dinner in the Crown Prince's honour. Sheikh Mohamed sent his greetings to Saudi King Salman and his wishes for continued progress and prosperity for the country.
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Desertification talks open in Saudi Arabia as experts fire warning
UN Secretary-General Antonio Guterres has called it a "moonshot moment": a 12-day meeting for the United Nations Convention to Combat Desertification (UNCCD), looking to protect and restore land and respond to drought amid the onslaught of climate change. The last such meeting, or "Conference of the Parties" (COP) to the convention, held in Ivory Coast in 2022, produced a commitment to "accelerating the restoration of one billion hectares of degraded land by 2030". But the UNCCD, which brings together 196 countries and the European Union, now says 1.5 billion hectares (3.7 billion acres) must be restored by decade's end to combat crises including escalating droughts.
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Saudi Arabia may slash January crude prices for Asia
Top oil exporter Saudi Arabia is expected to slash crude prices for Asian buyers in January to the lowest in years, largely tracking a slump in Middle East benchmark prices last month, traders said on Monday. The January official selling price (OSP) for flagship Arab Light may fall by 70 to 90 cents a barrel from December to at least a four-year low, six sources at Asian refineries said in a Reuters survey.
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COP16 to Begin in Saudi Arabia as World Seeks Urgent Solutions to Land Degradation, Desertification and Drought
The largest-ever meeting of the United Nations Convention to Combat Desertification (UNCCD) is set to kick-off in Riyadh, with an action-packed agenda to drive multilateral action on land degradation, drought and desertification. Dignitaries, policymakers, global institutions, businesses, NGOs and key stakeholders are arriving in Saudi Arabia's capital ahead of a critical conference to accelerate global land restoration and drought resilience initiatives.
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