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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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Saudi Arabia Needs $53b in Water Investment as Sector Looks Toward Privatization
- November 28,2016
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- SUSTG Team
Saudi Arabia will need $53 billion in water sector investment supported by private funds as the Ministry in charge of the sector said it was looking to privatize in order to meet demand, government leaders said. The comments were made by officials from Saudi Arabia’s Ministry of Environment, Water and Agriculture, and Saudi Arabia’s […]
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Trump’s Complex Global Business Interests Could Present Problems for President-Elect
- November 22,2016
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- SUSTG Team
President-elect Donald Trump’s complex business dealings before and during his candidacy for the office, and now after his victory on November 8th, continue to draw scrutiny from the media and elected officials in the United States. The president-elect has drawn additional attention for his initial meetings with world leaders that apparently mix his business and family […]
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MUST-READS
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G-20 Summit Signals Start of Challenging Decade for Saudi Economic Transformation
From its conception, Vision 2030 called for an expensive, government-led transformation. The slow recovery of oil prices between 2016 and 2018 offered some fiscal leeway to advance this economic agenda. Yet, oil prices are hovering around $40 per barrel for West Texas Intermediate crude, and Saudi Arabia still relies on oil and gas proceeds for the majority of government revenue. Government services accounted for the largest segment of Saudi GDP – totaling 24.5% – in the second quarter of the year, while crude petroleum and natural gas were the next largest sector at 14.5%.
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Acting defense secretary assures end of ‘generational’ Mideast wars in announcement of partial drawdown
Those conditions are a bit of a moving target. Pentagon officials have been saying for months that they include a reduction of violence against U.S. troops and a demonstration on the part of the Taliban that they are committed to preventing Afghanistan from becoming an al-Qaida safe haven again, in turn assuring that no further terrorist attacks against the U.S. will come out of that country.
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Saudi wealth fund cut U.S. stocks by $3 billion last quarter, reduced ETFs
“Although the U.S. will remain an important destination ... there is a shift beginning towards developing and expanding relations closer to home, notably India,” Azure’s Uppal said.
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State Department approves $23.37B in weapons sales to UAE, including 50 F-35s
The DSCA released three announcements Tuesday regarding the proposed deals: $10.4 billion for 50 F-35A Joint Strike Fighter Conventional Take-Off and Landing aircraft, $10 billion for 800 AIM-120C8 Advanced Medium Range Air-to-Air Missiles and $2.97 billion for 18 Weapons-Ready MQ-9B, Remotely Piloted Aircraft.
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Ambassador Abizaid: New avenues of partnership for US and Saudi Arabia
Through our implementing partner, the UN World Food Programme, together we will rehabilitate shelters and provide disaster preparedness training to vulnerable communities and local government in a region sadly prone to deadly, extreme weather. I would like to thank KSrelief Supervisor General Dr. Abdullah Al-Rabeeah for his effort to make this agreement possible. The joint statement of support is noteworthy because it represents the first time our two aid agencies have worked jointly on a humanitarian assistance project. But it is not the first time we have worked side-by-side to deliver critical assistance to the people who need it most.
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OPEC+ starts meetings to weigh further steps to support market
The Organization of Petroleum Exporting Countries and allies started meetings on Monday that will look at further action to support the oil market in 2021, as the second wave of coronavirus weighs on demand and prices.
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Saudi Arabia And Artificial Intelligence
Saudi Arabia is looking to become one of the top 15 nations by 2030 in artificial intelligence by establishing itself as a global hub for data and AI. It has specific aims to train 20,000 data and AI experts, set up more than 300 active AI startups, and bring in $20 billion of foreign investments by 2030.
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Saudi Prince Alwaleed’s Kingdom Holding posts quarterly loss
Kingdom, which owns a stake in Accor ACCP.PA and has investments in hotels run by Four Seasons Hotels and Resorts, posted a net loss of 193 million riyals ($52 million) in the quarter that ended Sept. 30, compared to a net profit of 86.8 million riyals a year earlier.
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Saudi, UAE foreign ministers take part in GCC-China dialogue
The discussion focused on joint relations between the GCC countries and China, and ways to enhance and develop them. China is one of the GCC’s most prominent trading partners with trade surging by ten fold — from about $16.3 billion in 2001 to about $167.7 billion in 2018 — and with the signing of the China-Gulf free trade agreement which will promote strategic cooperation and partnership.
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Saudi economy contracts 4.2% in third quarter, improves from second quarter
The economy expanded by 1.2% on a seasonally-adjusted quarter-on-quarter basis in the third quarter from a contraction of 4.9% in the previous quarter, Saudi Arabia’s General Authority for Statistics said.
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