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Recent stories from sustg
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Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]
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‘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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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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 […]
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MUST-READS
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Starbucks’ CEO says the Israel-Hamas war hurt sales — but keeps his stance vague
Starbucks has faced criticism for its messaging about the conflict in Gaza. After a New York store was painted with pro-Palestine graffiti, customers accused the company of standing against Israel. More criticism followed when Starbucks’ Workers United, the national union for the company’s baristas, posted a pro-Palestine statement on Instagram, sparking customer boycotts. The company sued the union over the post, saying it received more than 1,000 complaints from customers about the post and suffered “property damage, threats, and calls for a boycott.”
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Saudi investment fund fights Senate subcommittee subpoena
The Saudi Arabian Public Investment Fund (PIF) urged the leaders of a Senate subcommittee to back off on subpoenas issued to four of its U.S.-based consultants, according to a new letter disclosed Tuesday by the Senate Permanent Subcommittee on Investigations. The letter, dated Jan. 12, was included as an attachment to a Monday letter from subcommittee chairman Richard Blumenthal (D-Conn.) and ranking member Ron Johnson (R-Wisc.) to PIF Governor Yasir Al-Rumayyan.
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Saudi Hospitals Top Middle East and Africa According to ‘Brand Finance’ Ranking
Saudi hospitals maintained their top position in the Middle East and Africa for the second consecutive year in the global ranking of the best 250 hospitals for 2024, according to "Brand Finance." The ranking included seven Saudi hospitals, with five of them ranking among the top 100 globally. Leading the list of Saudi hospitals is King Faisal Specialist Hospital and Research Centre (KFSH&RC), which retained its top position in the local and regional healthcare sector. Mayo Clinic, an American hospital, claimed the top spot in the ranking, with the United States dominating 11 positions among the top 25 hospitals. The list also included several European hospitals.
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Gulf thaw with Syria gains steam: UAE sends envoy, Saudi diplomats plan visit
The restoration of diplomatic ties between Arab Gulf countries and Syria is currently witnessing renewed impetus more than a decade after President Bashar al-Assad’s regional isolation due to his government’s brutal crackdown of peaceful anti-regime protests. A delegation of Saudi diplomats is reportedly heading to Damascus later this week, days after the UAE dispatched its first ambassador to the Syrian capital in more than 10 years. The pro-government Syrian Al-Watan newspaper said in a Wednesday report that Saudi charge d'affaires Abdullah al-Haris, along with several other diplomats, will arrive in Damascus on Saturday to resume Saudi consular services. Read more: https://www.al-monitor.com/originals/2024/01/gulf-thaw-syria-gains-steam-uae-sends-envoy-saudi-diplomats-plan-visit#ixzz8QV41JpbP
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Saudi Arabia To Witness Surge In Number Of Millionaires In Next Decade
According to Henley & Partners’ BRICS Wealth Report, the Kingdom presently holds the sixth position within the bloc in terms of high-net-worth individuals. The consulting agency added that Saudi Arabia currently hosts 58,300 millionaires, encompassing 195 centi-millionaires and 22 billionaires, marking a significant 32 percent increase since 2013. Centi-millionaires, defined as individuals with assets exceeding $100 million, contribute to this affluent demographic.
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PGA Tour lands $3B investment from U.S. group as Saudi talks continue
The PGA Tour signed a $3 billion investment agreement with a consortium led by Fenway Sports Group, as talks with Saudi Arabia's Public Investment Fund remain ongoing. Why it matters: This will allow the pro golf group to beef up its commercial business and provide a financial stake to players. Details: The deal will see Strategic Sports Group become a minority investor in the newly-created PGA Tour Enterprises, a for-profit entity that will manage the PGA's commercial business.
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Mayer Brown enhances Middle East footprint with new cooperation agreement in Saudi Arabia
Mayer Brown announced today that it has entered into a cooperation agreement with Al Akeel & Partners, a Riyadh-based law firm that represents local, regional and international clients operating in Saudi Arabia and around the world. The agreement further enhances Mayer Brown’s Middle East capabilities and gives the firm’s clients access to a team of leading legal advisers in Saudi Arabia. Clients at Al Akeel will benefit from Mayer Brown’s international reach spanning Asia, the Americas, Europe and the Middle East.
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BRICS Gets Boost as Saudi Arabia Joins Group of Emerging Nations
South Africa’s foreign minister said Saudi Arabia and four other countries have accepted the invitation to join the BRICS club of nations that was extended during a summit last year. Minister Naledi Pandor said that Russia, who takes over as chair of the bloc this year from South Africa, has received written interest from 34 countries who want to join. Saudi Arabia, Iran, Egypt, Ethiopia and the United Arab Emirates are now full members, she said.
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Saudi Arabia to host largest-ever UN conference on land and drought
The Kingdom of Saudi Arabia and the United Nations Convention to Combat Desertification (UNCCD) signed an agreement paving the way for the 16th session of the Convention’s Conference of the Parties (COP16) in Riyadh from 2-13 December 2024. The Riyadh COP16 will be the largest-ever meeting of UNCCD’s 197 Parties, the first to be held in the Middle East region and the largest multilateral conference ever hosted by Saudi Arabia. 2024 also marks the 30th anniversary of the UNCCD, one of the three major environmental treaties known as the Rio Conventions, alongside climate change and biodiversity.
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Even in defeat, Roberto Mancini should still get a chance to lead Saudi Arabia into the future
But putting aside Mancini's reputation and past achievement, he is a man who certainly looks like he has a plan with Saudi Arabia. Lest it is forgotten, given the headlines have surrounded South Korea's incredible escape, the Green Falcons were literally a minute away from advancing to the quarterfinals -- until Cho Gue-Sung's dramatic 99th-minute equaliser forced extra-time, and then the shootout which South Korea prevailed in.
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