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Jadwa Investment: A Turn to Positive for Saudi Economic Data in July 2016 Economic Chartbook
- July 1,2016
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- SUSTG Team
Jadwa Investment’s recently released July 2016 Chartbook reveals economic data for Saudi Arabia trending toward the positive for the month of May, citing data on ATM withdrawals and point-of-sales transactions showing seasonal increases. Cement sales and PMI data also showed a slight acceleration in activity. The government also has reversed the months-long decline in assets at […]
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‘Very Good News’ for Saudi Real Estate as Kingdom Gets Boost in Transparency Ranking, Citing Chambers of Commerce
- June 30,2016
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- Lucien Zeigler
JLL and LaSalle Investment Management’s 2016 Global Real Estate Transparency Index (GRETI) has increased Saudi Arabia’s standing to “Semi-Transparent” after recent efforts by the Chambers of Commerce in Saudi Arabia. “The formation of real estate committees in the Chambers of Commerce has highlighted the issue of low transparency in the market and encouraged more action […]
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Mohammed Bin Salman Departs U.S. for France, Sends Cable Thanking U.S. and Obama for Hospitality
- June 27,2016
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- SUSTG Team
Saudi Deputy Crown Prince Mohammed bin Salman sent a cable of thanks to US President Barack Obama on Sunday as he concluded his visit to the United States. “I am pleased as I am leaving your friendly country after the end of my official visit to extend to Your Excellency my deep thanks for the […]
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Deputy Crown Prince, Delegation Meet with Ban Ki Moon at the United Nations
- June 23,2016
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- SUSTG Team
Deputy Crown Prince Mohammed bin Salman and an eight-member delegation arrived at the U.N. yesterday for meetings with the Secretary General, Ban Ki Moon. The Prince and his delegation reportedly discussed Mr. Ban’s decision to cite the Saudi-led military coalition in the Yemen conflict for violating the rights of children. According to the New York Times, Prince Mohammed […]
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Deputy Crown Prince Mohammed bin Salman, Minister of Commerce Majed Al-Qasabi Tour Facebook, Meet with Mark Zuckerberg
- June 23,2016
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- SUSTG Team
Saudi Arabia’s Deputy Crown Prince, Mohammed Bin Salman, met Facebook Inc. Chief Executive Officer Mark Zuckerberg during a tour of Silicon Valley before departing for New York. The Deputy Crown Prince was given a tour of Facebook’s headquarters in Silicon Valley and was accompanied by the Saudi Minister of Commerce, Dr. Majed al-Qasabi. Prince Mohammed […]
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Concluding Trip to Silicon Valley, Deputy Crown Prince Mohammed bin Salman and Delegation Ink MOU with Microsoft
- June 22,2016
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- SUSTG Team
Saudi Deputy Crown Prince Mohammed bin Salman met with Satya Narayana Nadella, chief executive officer of Microsoft, at the company’s Silicon Valley offices in San Francisco on Tuesday and signed two deals with the IT giant, according to reports. The first MOU between Saudi Arabia and Microsoft “will train young Saudis and will support Saudi Arabia […]
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Back in a Business Suit, Deputy Crown Prince Mohammed bin Salman and Delegation Sign Agreements with Six Flags, Cisco Systems
- June 21,2016
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- Lucien Zeigler
Saudi Arabia has signed partnership agreements with theme park company Six Flags Entertainment and Cisco Systems during a visit by Deputy Crown Prince Mohammed bin Salman and his accompanying delegation to Silicon Valley this week as Saudi Arabia looks to boost its business and commercial ties with the United States. The prince was shown wearing a gray […]
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Deputy Crown Prince Mohammed bin Salman Meets with President Obama, Receives Praise for “Vision 2030”
- June 20,2016
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- Lucien Zeigler
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman met with President Obama on Friday at the White House to discuss regional and economic issues with the President, Vice President and other members of Obama’s cabinet. The President “commended” Prince Mohammed’s “Vision 2030” plans to reform Saudi Arabia’s economy and society, according to a readout. “The […]
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Deputy Crown Prince Mohammed bin Salman Meets with Defense, U.S. Chamber of Commerce Officials
- June 17,2016
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- SUSTG Team
U.S. Defense Secretary Ash Carter hosted an enhanced honor cordon yesterday to welcome Deputy Crown Prince Mohammed bin Salman, Saudi Arabia’s defense minister, at the Pentagon in Washington, D.C. The two leaders and other defense officials from both the U.S. and Saudi Arabia met “for a series of constructive meetings and briefings,” the Pentagon said in […]
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Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman Receives Praise on Capitol Hill in Washington for Ambitious Economic Reforms
- June 16,2016
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- Lucien Zeigler
Deputy Crown Prince Mohammed bin Salman visited congressional leaders in Washington on Wednesday to discuss diplomatic and regional issues and talk about Saudi Arabia’s new economic reforms. Prince Mohammed met with Sen. Tom Cotton (R-Arkansas) along with the Senate Armed Services Committee, including Sen. John McCain (R-Arizona) and Sen. Lindsey Graham (R-South Carolina) as well as […]
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MUST-READS
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There are Now At least 60 Fintech Firms Operating in Saudi Arabia, with 100 Startups in Concept or Pre-Launch Phase
According to Fintech Saudi, there were 20 financial technology companies operating in the Kingdom last year, and now there are around 60. More than 100 startups are currently in their proof of concept or pre-commercial stage, the organization revealed.
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Egyptian, Tunisian startups set to benefit from Flat6Labs’ Saudi angels partnership
Flat6Labs is a regional startup accelerator program and seed investment company with operations in Cairo and Tunis as well as Jeddah, Abu Dhabi and Beirut. The company has agreed a partnership with Saudi Arabian angel investor network OQAL in a deal that will further the growth of startups in the Middle East and North Africa (MENA) region by introducing Flat6Labs’ network of startups to OQAL’s network of angel investors.
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Saudi Arabia says verdict in Hariri assassination case marks start in achieving justice
Saudi Arabia’s foreign ministry said on Tuesday that the verdict in the case of former Lebanese prime minister Rafik al-Hariri’s assassination marks a start in achieving justice by “pursuing, arresting and punishing those involved”, the state news agency said, quoting the foreign ministry. The foreign ministry said “the Saudi government, by calling for justice and punishing Hezbollah, stresses the need to protect Lebanon, the region and the world from the terrorist practices of this party that is considered a tool of the Iranian regime.”
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Amaala awards marina services contract to Saudi startup
A contract has been awarded by Amaala for excavation, backfilling and earthworks to startup Hasco (Hasan Al-Harbi Corporation). The startup offers marine logistics services and is based in Duba on the northern Red Sea Coast. As part of the contract, Hasco has deployed a team of 90 in the Triple Bay Marina area of the megaproject to manage the excavation of the marina basin. The startup has also overseen the installation of critical infrastructure, including access roads and the construction of on-site offices, following the initial preparation works across the Amaala site.
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Saudi’s Pi Flow raises investment to provide virtual accounting services to startups and SMEs
Founded in 2012 by Waleed Merdad & Mohammad Alraddadi, the startup that had remained bootstrapped before raising this round of financing offers virtual bookkeeping services to startups and SMEs. Pi Flow, according to the statement acts as a virtual accountant for its clients offering the bookkeeping services, VAT reporting, and financial reports for a fixed monthly fee. According to its website, it offers packages starting from SAR 1,500 per month.
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The Return of Women: A Post-Rentier Rediscovery of the Arabian Heritage of Female Workforce Participation
In fact, female workforce participation has its roots in Arabian heritage, and Saudi society has undergone some unusual decades since the late twentieth century when women were not given enough opportunities. Women are only now returning to the workforce.
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Russia says it started producing virus vaccine, Saudis to conduct clinical trials
Russians are working with a pharmaceutical company in Saudi Arabia to conduct clinical trials for the vaccine and have sharing data from Phase I and Phase II trials with partners in the kingdom, the chief executive officer of the Russian Direct Investment Fund, Kirill Dmitriev, told Arab News. Dmitriev's announcement also included a data sharing agreement with the UAE.
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Saudi Arabia’s $300 billion wealth fund sold Facebook, Disney, and Boeing stocks, and poured billions into ETFs in the second quarter
The kingdom's Public Investment Fund, which has total assets of about $300 billion, invested $4.65 billion in US-domiciled ETFs, the filing showed. The fund invested $1.86 billion into The Utilities Select Sector SPDR Fund, and $2.79 billion into The Real Estate Select Sector SPDR Fund, the filing said.
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Yemen: UN envoy Martin Griffiths wraps up Saudi visit to further peace prospects
"Martin Griffiths has concluded a visit to Riyadh where he met with officials from the Government of Yemen and Saudi Arabia, pursuing discussions over the text of a Joint Declaration that would lead to the agreement by the Government of Yemen and Ansar Allah to a nationwide ceasefire, humanitarian and economic measures and the urgent resumption of the political process," a UN official from the envoy's office told The National.
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Saudi Arabia signs off on Artificial Intelligence policy
King Salman Bin Abdulaziz has approved Saudi Arabia’s Artificial Intelligence (AI) strategy, which is expected to contribute an estimated 500 billion riyals (US$133 billion) to gross domestic product (GDP) by 2030. The Saudi Data and Artificial Intelligence Authority (SDAIA) was set up by a Royal Decree in August 2019. The organisation oversees the National Data Management Office, the National Information Center and the National Center for Artificial Intelligence.
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