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Recent stories from sustg

  • ‘Downward Trend’ in Economic Activity Seen in Latest Jadwa Investment Chartbook
     

    Jadwa Investment’s recently released economic chartbook for the month of November found a downward trend in economic activity and the fourth consecutive negative change in government accounts with SAMA. “Economic data for September showed a downward trend in economic activity,” Jadwa said it the report, pointing to negative growth in cash withdrawals from ATMs and […]

     
  • Are oil markets better off with OPEC cuts?
     

    Jadwa Investment’s latest Quarterly Oil Market Update anticipates that OPEC’s decision to announce, but not to implement, a cut in production will likely lead to a small cut in oil production “more akin to a production ’freeze’ rather than an outright cut”. “Any agreement by OPEC, if reached, will of course need to be acted […]

     
  • Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
     

    Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]

     
  • Yemen’s Houthis Fire Another Missile into Saudi Arabia as Kingdom, Iran Spar at UN over War
     

    Saudi Arabia says it has shot down a ballistic missile fired into the Kingdom by Houthi rebels and their Iranian allies in the latest incident in Yemen’s civil war that has raged for nearly 19 months. The missile targeted the southwestern city of Khamis Mushait and was destroyed Tuesday night without causing any injuries, the Saudi Press […]

     
  • Saudi Arabia Switches to Gregorian Calendar
     

    Saudi Arabia has shifted to the Gregorian or “Western” calendar as a basis for paying civil servants as part of broader fiscal changes, according to reports. The kingdom adopted the lunar Islamic calendar when it was founded in 1932, but the change places its payment schedule in line with the West. It also brings civil […]

     
  • Saudi Arabia’s Foreign Ministry Criticizes JASTA, Congress Weighs Adjustment of Law
     

    Although the Congressional override of President Obama’s veto on the controversial Justice Against Sponsors of Terrorism Act (JASTA) was anticipated, it’s reality has proved shocking to U.S. leaders as well as countries globally.  Saudi Arabia’s foreign ministry has issued a statement strongly condemning the legislation and noted, as has been done frequently in the run-up […]

     
  • Jadwa Investment Report Looks at ‘Significant Implications of Vision 2030 on Trade and Financial Flows’ for Saudi Arabia
     

    A recently released Jadwa Investment report researches the impact that Vision 2030 is likely to have on international trade and investment flows with Saudi Arabia. This report looks at the evolution of the current account for the period 2016-30, which is forecast to reach a surplus of $135 billion (8 percent of GDP) by 2030. “While oil export […]

     
  • Deputy Crown Prince Mohammed bin Salman Cracks Bloomberg’s 50 Most Influential in Finance
     

    Saudi Deputy Crown Prince Mohammed bin Salman has been ranked 42nd Bloomberg’s list of the 50 Most Influential People in the world of finance. Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after […]

     
  • New Desalination Technology at KACST in Saudi Arabia ‘Opens Doors to Higher Worldwide Clean Water Sources’
     

    The first worldwide adsorption water desalination and cooling plant has been successfully implemented by King Abdulaziz City of Science and Technology (KACST) in August 2016, the university said in a press release, as the Kingdom continues to be a global leader in desalination technology. Adsorption Desalination and Cooling (ADC) is a newly invented technology, co-owned […]

     
  • President Obama to Veto JASTA Bill
     

    White House Press Secretary Josh Earnest said on Monday that U.S. President Barack Obama will veto the controversial Justice Against Sponsors of Terrorism Act (JASTA) passed by congress last week, setting up a showdown with Congress. Earnest reiterated the White House’s fear that the measure would expose U.S. citizens to legal action overseas if foreign countries pass […]

     

MUST-READS

  • ‘Wild, beautiful, untrodden:’ The epic hiking trails emerging in Saudi Arabia

    Hoffler has spent 15 years developing trails in Egypt’s Sinai Peninsula and Jordan and is now working with local guides, including Bedouin scouts, to develop Saudi’s ancient ways for local and international hikers.

    And he insists the notion of Saudi Arabia as just sand, desert and heat is just a mirage.

  • Saudi Arabia Eyes Reviving Multibillion Dollar Aramco Share Sale

    The kingdom is working with a group of advisers and is seeking to potentially raise at least 40 billion riyals ($10 billion) from the share sale on the Saudi stock exchange, the people said, asking not to be identified because the information is private. A successful deal would bring in funds for Crown Prince Mohammed bin Salman’s ambitious push to diversify the economy.

    Plans for the new sale comes four years after Saudi Arabia raised about $30 billion in Aramco’s initial public offering, which was the world’s largest ever stock sale. MBS, as the crown prince is called, has increased his spending ambitions since as he pumps huge amounts of money into the new development Neom, tourism, sports and other projects.

  • Weather warnings in Saudi Arabia amid forecasts of snow and freezing temperatures

    Authorities in Saudi Arabia warned on Tuesday that adverse weather conditions are expected to continue in most parts of the country until Friday, with snow and freezing temperatures forecast in some areas. The National Center of Meteorology also warned of light-to-moderate rainfalls, dusty surface winds, and high waves amid the falling temperatures, the Saudi Press Agency reported.

  • Pentagon not taking Iran-backed militia pause declaration seriously

    A message from an Iran-backed militia to its fighters to suspend attacks on U.S. troops in Iraq and Syria hasn’t changed the Pentagon’s calculus for retaliatory strikes following Sunday’s deadly attack on U.S. troops in Jordan, a spokesman told reporters Tuesday.

    The statement from Kataib Hezbollah, first reported by Reuters, came within hours of President Joe Biden telling reporters Tuesday that he had decided on a response to the fatal drone attack that killed three U.S. soldiers, one the Defense Department said “has the footprints” of a Kataib Hezbollah operation.

  • Israel pounds Gaza, regional tensions high as Hamas studies ceasefire proposal

    Israeli forces pounded areas in northern and southern Gaza on Wednesday after Hamas said it had received and was studying a new proposal for a ceasefire and release of hostages held in the Palestinian enclave.
    The proposal, presented to the Palestinian militant group by mediators after talks with Israel, appeared to be the most serious peace initiative for months in the Israel-Hamas war.
    World powers hope to prevent a wider conflict, but tensions in the Middle East remained high after Yemen's Iran-aligned Houthi rebels said they would keep attacking U.S. and British warships in the Red Sea in solidarity with Palestinians.

  • Opinion: The World Is Transitioning to American Oil From Saudi Crude

    The cancellation, only months before the first of a series of oil field expansions was due to come on stream, was at the behest of the Saudi government, which by law sets what’s known as the maximum sustainable capacity, or MSC. The financial details of the cancellation are unclear, although it’s likely to save Aramco somewhere between $20 billion and $40 billion in capital expenditures over the next five years.

  • Neom to tender $8bn community housing PPP deal

    Saudi Arabia’s Neom is preparing to issue the request for proposals (RFP) for a contract to develop the second wave of its public-private partnership (PPP) housing deals for worker accommodation. According to a source familiar with the project, the second-wave community village scheme will include up to 20 villages, each comprising about 10,000 accommodation units. MEED understands the budget for each village could be $400m-$450m, which means the overall project could be worth over $8bn. Each village has a built-up area of 240,000 square metres.

  • Saudi Arabia’s capacity U-turn was months in the making

    Saudi Arabia's surprise reversal of its oil expansion plan was at least six months in the making and spurred by uncertainty over the market's need for additional spare capacity, an industry source told Reuters on Wednesday. State oil giant Aramco (2222.SE), opens new tab was ordered by the Saudi energy ministry on Tuesday to halt plans to boost its maximum sustainable capacity to 13 million barrels per day (bpd), returning to the previous 12 million bpd target. "I think price management is the priority for 2024 and 2025," said a second person familiar with the matter.

  • Neom to tender $8bn community housing PPP deal

    Saudi Arabia’s Neom is preparing to issue the request for proposals (RFP) for a contract to develop the second wave of its public-private partnership (PPP) housing deals for worker accommodation. According to a source familiar with the project, the second-wave community village scheme will include up to 20 villages, each comprising about 10,000 accommodation units. MEED understands the budget for each village could be $400m-$450m, which means the overall project could be worth over $8bn. Each village has a built-up area of 240,000 square metres.

  • 2023 sees new record for US government-to-government arms exports, boosted by Ukraine aid

    Sales of arms and defense gear by the U.S. government to other governments reached $80.9 billion in fiscal 2023, jumping nearly 56% from the previous year to set a new record, the State Department said Monday. The three-year rolling average for Foreign Military Sales exports rose to $55.9 billion for fiscal years 2021 to 2023, up 21.9% from last year’s mark. Notable examples of government-to-government FMS sales notified to Congress in fiscal 2023 include deals with Poland, Germany, Australia, Canada, and others.