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Markets Rattled by Saudi Shake-Up, Rising Regional Tensions
Rising tensions between Saudi Arabia and Iran, as well as the kingdom’s crackdown on corruption last week that has seen over 200 jailed and $100b in assets frozen, have rattled markets in the region and kicked off efforts for wealthy Saudis to move money abroad, according to reports. In Lebanon, where tensions are escalating between the two […]
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Al-Jubeir: ‘There Is No Doubt’ Iranian-Built Missile Shot from Yemen ‘Act of Aggression’
Saudi Arabia’s Foreign Minister Adel Al-Jubeir said that Saudi Arabia had the right to defend itself against Iran and would take “appropriate” actions to counter Iranian aggression against the Kingdom, according to an interview the foreign minister gave to CNN. On Saturday, Saudi Arabia said it intercepted a missile shot from Yemen that nearly reached Riyadh’s […]
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Saudi Arabia Takes Significant Step Toward Formal Tender for Peaceful Nuclear Power Plants
Saudi Arabia has sent a request for information (RFI) to international suppliers to build two nuclear power plants, a first step towards a formal tender, three sources told Reuters. Saudi Arabia has announced plans to extract uranium domestically as part of its nuclear power program and will start building its first nuclear reactors next year. Extracting […]
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Crown Prince Mohammed bin Salman Makes Rare Public Speaking Appearance at Conference in Riyadh, Announces New Megacity
Saudi Arabia’s Crown Prince Mohammed bin Salman made a rare public speaking appearance today at the Future Investment Initiative conference, organized by Saudi Arabia’s Public Investment Fund (PIF). The Forum in Riyadh, with attendance by chief executives of BlackRock Inc. and Blackstone Group LP and leaders from Goldman Sachs Group Inc. and J.P. Morgan Chase […]
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Keeping Track of Saudi Arabia’s Public Investment Fund’s Expanding Footprint
Saudi Arabia’s Public Investment Fund (PIF) has created a handful of new companies in several sectors in the Kingdom while investing in many others, injecting capital and a new competitor in the housing, energy, waste and recycling, tourism, transportation sectors and more. As the PIF’s role in the Saudi economy increases, critics say the mega-fund will crowd out private […]
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Goldman Sachs Head Lloyd Blankfein Visits Saudi Arabia, Calls Changes in Kingdom ‘Striking’
Goldman Sachs Group’s CEO visited Saudi Arabia this week and praised the Kingdom’s reform efforts on Twitter, calling the progress in Saudi Arabia “striking.” Lloyd Blankfein visited Saudi Arabia after speaking on a panel with the managing director of Saudi Arabia’s sovereign wealth fund, Yassir Al-Rummayan, on September 20th. In comments on that panel, Blankfein said Saudi […]
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With Historic Decree on Saudi Women Driving, An Economic and Social Game-Changer
Saudi women and champions of equal rights around the world embraced a decision by Saudi Arabia’s King Salman to allow women to drive for the first time, a landmark royal decree that will change the Kingdom’s economy and society in countless ways. Saudi Women will now be able to legally apply for their own driving licenses without having to secure […]
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‘NTP 2.0’ Keeps Key Policies and Privatization Plans in Place, Report Says
Revision to Saudi Arabia’s National Transformation Plan (NTP), dubbed ‘NTP 2.0’ that was released a year ago will keep key policies of fiscal reforms and a massive privatization program in place, sources familiar with the matter told Reuters. “It is looking increasingly unlikely that some of the targets can be hit by their 2020 deadline, however, partly […]
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Eid Mubarak from the SUSTG Team
This week marks the start of Eid al-Adha, the greater of the two Eid celebrations and one of the holiest occasions in the Islamic calendar. The SUSTG team wishes our readers and Muslims around the world a happy and blessed Eid season!
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With Hajj Beginning on Wednesday, Saudi Arabia Welcomes Millions from 178 Countries
Saudi Arabia is making final preparations and welcoming millions of pilgrims into its borders for the annual Hajj pilgrimage, which begins Wednesday and lasts until September 4. The hajj is one of the five pillars of Islam, which capable Muslims must perform at least once, marking the spiritual peak of their lives. Worshippers from over […]
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Pakistan counts votes in poll hit by violence and suspended mobile services
Pakistan began counting votes after polling ended on Thursday in a general election marred by militant attacks and suspension of mobile phone services, with authorities saying that at least nine people had been killed nationwide. The vote was held as the South Asian country struggles to recover from an economic crisis while it grapples with rising militant violence in a deeply polarised political environment.
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Netanyahu calls Hamas ceasefire proposal ‘delusional’ but Blinken sees scope for progress
Israeli Prime Minister Benjamin Netanyahu on Wednesday rejected Hamas' latest offer for a ceasefire and return of hostages held in the Gaza Strip, but U.S. Secretary of State Antony Blinken said there was still room for negotiation toward an agreement. Hamas, the Palestinian militant group that rules Gaza, proposed a ceasefire of 4-1/2 months, during which all hostages would go free, Israel would withdraw its troops from Gaza and an agreement would be reached on an end to the war.
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Catwalk aims to preserve Arabian leopards in Saudi Arabia
Catwalk, an initiative organized by Catmosphere, serves as an annual celebration in honor of the declaration last year by the UN designating Feb. 10 as the International Day of the Arabian Leopard. Through a variety of social activities such as this, the nonprofit organization Catmosphere, founded by Princess Reema bint Bandar, aims to prevent the Arabian leopard from becoming extinct, to educate participants about the animal, and connect people with their environment.
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Local content rate surges to 43% in Saudi Arabia , with a 20% jump in spending
Abdulrahman Al-Samari, CEO of the Local Content and Government Procurement Authority, said that the growth rate of local content in Saudi Arabia has now reached 43 percent. The spending on content has increased by 20 percent. This is in addition to activating signed agreements to serve companies operating in the Kingdom, he said. Al-Samari made the remarks while addressing a dialogue session at the PIF Private Sector Forum in Riyadh on Wednesday. The dialogue session is titled “Supporting local content to empower the private sector.” Those who addressed the session also included Ma’aden CEO Robert Wilt, Managing Director of Cisco Salman Faqeeh, and Director of the National Development Division at the Public Investment Fund Jerry Todd.
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Saudi companies win air defense subcontracts
US-based Lockheed Martin has awarded two key subcontracts to industry in Saudi Arabia for a second source of components in the Terminal High Altitude Area Defence (THAAD) weapon system, for which it is the original equipment manufacturer (OEM). The prime partners receiving subcontracts include Middle East Propulsion Company (MEPC), based in Riyadh, and Arabian International Company (AIC) for Steel, based in Jeddah. Several other Saudi industry partners have also received subcontracts in support of these efforts.
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Saudi Position on Arab-Israeli Peace Silences Rumors
A Saudi Foreign Ministry statement on the ongoing discussions between Saudi Arabia and the United States regarding the path of Arab-Israeli peace, has reaffirmed the Kingdom’s clear position, since the outbreak of the war in the Gaza Strip on Oct. 7, on peace in the Middle East. Saudi Arabia stressed on Wednesday that it “conveyed its firm position to the US administration and that there would be no diplomatic relations with Israel unless the independent Palestinian state is recognized on the 1967 borders, with East Jerusalem as its capital, the Israeli aggression against the Gaza Strip is stopped, and all members of the Israeli occupation forces are withdrawn from the Gaza Strip.”
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Saudi Arabia aims to produce 500,000 cars by 2030: PIF Official
In an interview with Al Arabiya on the sidelines of the second PIF Private Sector Forum, AlShiha stated that the PIF is working on five upcoming supply chain projects, and five international companies will begin operating in the Kingdom to produce parts for the Lucid, SER, and Hyundai factories. Ceer, Saudi Arabia’s first automotive brand to produce electric vehicles in the Kingdom, is currently working on engineering and designing cars, AlShiha said, expecting the designs to be announced soon. Ceer’s plant is under construction in King Abdullah Economic City (KAEC).
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Employees of western firms could face jail time for cooperating with LIV-PGA senate probe
Western executives defended themselves, saying that Saudi courts warned them company employees will face jail time if they comply with Congress. The executives said they have launched lawsuits against PIF, which is chaired by Crown Prince Mohammed Bin Salman, to release more information. "The PIF has been explicit that the disclosure of information relating to BCG’s work for PIF is a violation of Saudi law, which ‘imposes criminal penalties for disclosing or disseminating such information including imprisonment for a maximum of 20 years’,” Rich Lesser, of BCG, told lawmakers.
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Future Forum shows KAUST aligning to Saudi priorities
King Abdullah University of Science and Technology (KAUST) is proud to host the inaugural KAUST Future Forum in Riyadh on February 12-13, 2024. The event aims to bring together government, industry, investors and academia to a showcase of KAUST's 15 years of achievements in research and innovation through panel discussions and an interactive exhibition. The forum is under the patronage of H. E. Eng Abdullah Alswaha, Minister of Communications and Information Technology and Chairman of the Board of Directors of King Abdulaziz City for Science and Technology (KACST). It is scheduled to take place in Riyadh's startup district, "The Garage," with Saudi Press Agency as media partner.
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Alat: Spearheading Sustainable Technology Manufacturing with Clean Energy in Saudi Arabia
Through strategic partnerships with international manufacturing and technology leaders, Alat endeavors to transform the global industrial landscape by offering sustainable solutions powered by clean energy. By manufacturing a diverse range of products across vital sectors such as robotics, communication systems, and digital entertainment, Alat aims to strengthen local innovation, research, and development while creating job opportunities and boosting economic growth.
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