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Recent stories from sustg
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Report: $20 Billion in Projects may be Canceled; Ministerial Budgets Squeezed as Saudis Adapt to Low Oil Prices
A report in Bloomberg today said that Saudi Arabia is considering canceling more than $20 billion of projects in addition to making deep cuts to ministry budgets as the Kingdom takes austerity measures due to low oil prices. The budget cuts to some ministries could be as much as 25%, the Bloomberg report said. Overall, the government is […]
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Jadwa: Economic Data for July Shows ‘Mixed Picture’ for Saudi Economy
Recently-released Jadwa Investment monthly chartbook data on the Saudi economy for July showed “a mixed picture in economic activity,” the Riyadh-based investment firm said, noting that data on point-of-sale transactions and ATM withdrawals showed a notable slowdown in July, while the non-oil PMI rose to a 2016 high. The Saudi unemployment rate rose slightly to 11.6 […]
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Deputy Crown Prince to Promote Saudi Vision 2030 in Japan, China and at G20
Saudi Deputy Crown Prince, Minister of Defense and head of the influential Council of Economic and Development Affairs, HRH Mohammed bin Salman, plans to visit China August 29-31 and Japan August 31-September 3. Prince Mohammed will then attend the Group of 20 Summit September 4-5 to be held in Hangzhou, China where he will be […]
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John Kerry to Visit Saudi Arabia
U.S. Secretary of State, John Kerry, will travel to Kenya, Nigeria and Saudi Arabia next week as part of a tour that is expected to focus on counter terrorism. Secretary Kerry is expected to be in Jeddah on Wednesday, August 24th. AFP reports that Secretary Kerry will meet with his counterparts from the six-nation Gulf […]
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Ematah (Removal) Campaign Addresses Saudi Litter
The ‘Crying Indian’ was one of the most iconic images on American television in the 1970s. Produced by the Keep America Beautiful organization it featured Iron Eyes Cody as a Native American distraught over the amount of pollution and litter there was in the United States. Litter was a significant issue in America at the […]
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As Entertainment Industry Develops, A ‘Great Opportunity’ for Cinema Business Awaits in Saudi Arabia
With Deputy Crown Prince Mohammed bin Salman’s recent visit to the United States that included meetings with several top entertainment industry executives in Silicon Valley, it is quite possible that entertainment options in Saudi Arabia could be dramatically greater in a decade. But what will that look like? The Vision 2030 document states that the Kingdom’s leaders “consider culture […]
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U.S. State Department Approves Potential $1.15b Sale of 130 Abrams Battle Tanks, 20 Armored Recovery Vehicles to Saudi Arabia
The U.S. State Department has approved the potential sale of more than 130 Abrams battle tanks, 20 armored recovery vehicles and other equipment, worth about $1.15 billion, to Saudi Arabia, the Pentagon said on Tuesday. “The State Department has made a determination approving a possible Foreign Military Sale to the Kingdom of Saudi Arabia for […]
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Gallup Poll on Saudi Attitudes About Economy, Prosperity Sees Hope after Oil, Divide Between Saudis and Expats
A recently released Gallup poll, conducted shortly after the announcement of Vision 2030, found that nearly half of adults (48%) rate their lives well enough to be considered “thriving,” up significantly from 35% a year earlier. Such a large shift in thriving rates in a single year “is rare in any country,” Gallup said. However, there is a sharp […]
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Saudi Presents Investigation into Coalition Bombings in Yemen
An investigative committee examining charges that the Saudi-led coalition fighting against Houthi rebels in Yemen has caused civilian casualties largely defended their actions, Reuters reports. According to the Saudi Press Agency (SPA), the coalition’s investigative committee is independent and composed of representatives from six countries, all members of the Gulf Cooperation Council, in addition to […]
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Reuters Poll: Non-Oil Business Activity Slows in Gulf as Governments Tighten Spending
A recently released Reuters poll of economists finds that non-oil business activity is slowing in the Gulf because of government austerity measures, causing some to revise their economic forecasts down for the region. In 2015, growth in the GCC “began to lose steam as governments reduced spending to limit big budget deficits caused by cheap oil,” […]
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MUST-READS
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Saudi Arabia’s Civil Code: ‘good faith’ in construction contracts
Saudi Arabia’s Civil Transactions Law clarifies the requirement for ‘good faith’ contracting throughout the lifecycle of construction projects in the Kingdom. Saudi Arabia's Civil Transactions Law (Civil Code) entered into force on 16 December 2023. In this article, we consider the potential consequences of provisions within the Civil Code requiring parties to contract in ‘good faith’.
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S. Korea to face Saudi in Asian Cup last 16 as group phase wraps up
Saudi Arabia, one of the most successful teams in the history of the Asian Cup with three titles, had already qualified out of Group F. Roared on by hordes of their fans at Education City Stadium, one of the venues for the 2022 World Cup, they were held 0-0 by Thailand to top the group in a lively draw that clocked up four disallowed goals. In the other Group F match, Oman drew 1-1 with Kyrgyzstan and finish third. Both sides were eliminated, allowing Indonesia to squeeze through without playing on the day. Read more: https://www.al-monitor.com/originals/2024/01/s-korea-face-saudi-asian-cup-last-16-group-phase-wraps#ixzz8PvysyJwF
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Dakar Rally 2024 Results: Carlos Sainz Earns Audi’s 1st Win; Father of Star F1 Driver
Carlos Sainz, the father of Formula 1 driver Carlos Sainz Jr., won the 2024 Dakar Rally on Friday in Saudi Arabia to give Audi it's first-ever victory in the race.
Sainz, who has now won the race four times, finished one hour, 20 minutes and 25 seconds ahead of Guillaume de Mevius to claim the title. He broke his own record as the oldest winner in Dakar Rally history at 61 years old.
The Spaniard also won the race in 2010, 2018 and 2020. However, he was racing for different manufacturers in each of those races—Mini, Volkswagen and Peugeot.
"To be here at my age and to stay at the level, you need to work a lot beforehand. It doesn't just come like that," Sainz said after the race, according to BBC.
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2024 Edelman Trust Barometer Reveals Innovation has Become a New Risk Factor for Trust
The 2024 Edelman Trust Barometer reveals a rift between innovation and society that has become the new factor causing further polarization. Respondents, by nearly a two-to-one margin, feel innovation is being poorly managed; this is true across age groups, income levels, and gender, and in both developed and developing countries people are more likely to say innovation is poorly managed than well managed. Innovations have also become politicized, especially in Western democracies where right leaning individuals are far more likely than those on the left to reject them; the biggest differences between those on the right and left are in the U.S. (41 points), Australia (23 points), Germany (20 points), and Canada (18 points).
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Saudi Arabia ranks 1st on 2024 Edelman Trust Barometer
The 2024 trust barometer reported that 86% of Saudis trusted their government, compared to 83% a year earlier. The Kingdom also took the fourth place globally on the index of trust in the business sector and came seventh on the index of trust in media. The survey covered nearly 32,000 respondents from 28 countries. China came second in terms of trust in government, followed by the UAE and Singapore.
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Saudi AAM Initiative to provide safe and most developed means of air mobility in Mideast
This includes a wide range of innovative solutions ranging from small unmanned aircraft to aircraft with vertical take-off and landing. These technologies will be able to provide safe, sound, sustainable and faster means of transport for people and goods, characterized by high technical capabilities that contribute to alleviating congestion on the roads and facilitating easy access to remote areas in the country, and thus contributing to achieving overall economic and social development.
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Saudi Arabia identifies 1,200 sites for wind, solar projects
The Saudi energy minister, Abdulaziz bin Salman Al Saud, has said that experts have identified 1,200 sites for the deployment of large-scale wind and solar projects across the country. According to local media reports, the minister made the announcement at the Digital Government Forum in Riyadh. He said that the sites are spread across the country. Site identification was made through a geographical survey.
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Top art exhibitions in the UAE and Saudi Arabia to see this spring
A mix of blockbuster shows and calmer retrospectives to catch in the coming months.
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Lionel Messi arrives in Saudi Arabia on Asian tour
The players were greeted by a special Saudi delegation and handed a bouquet of pink and white roses on arrival. The Inter Miami squad touched down in Riyadh as part of their pre-season preparations that will see the MLS club play Al-Hilal on January 29 and Cristiano Ronaldo's Al Nassr on February 1 at the Kingdom Arena Stadium.
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Saudi Arabia’s Oil Exports via the Red Sea Remain Uninterrupted, head of Aramco’s refining says
“We’re moving in the Red Sea with our oil and products cargoes,” Mohammed Al Qahtani, head of Aramco’s refining, oil trading and marketing division said, adding that the risks were “manageable”. This is in stark difference to other oil traders, which have rerouted tanker traffic away from the Red Sea. This has added substantially to costs, with the longer journey around the Cape of Good Hope in Africa adding close to $1 million to the transport bill of a tanker, per data from LSEG Shipping Research. Shipbroker data from Xclusiv, however, showed that deliveries of Saudi Arabian crude to Europe had declined between December and this month by 15%, suggesting some interference with normal traffic.
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