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Recent stories from sustg
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New Homeland Security Decision Allows Saudi Students to Stay in U.S. for 3 Years By Getting On the Job Training
The United States Department of Homeland Security (DHS) recently published a new rule allowing F1 students the opportunity to stay in the country longer “by getting training on the job at some companies for a period of 36 months,” according to a report in Arab News and information posted to the DHS website. According to DHS, […]
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What Will Be Saudi Arabia’s Next Tourist Destination?
Saudi Arabia’s King Abdullah Economic City (KAEC) attracted more than 100,000 visitors last year, a sign that the planned mega city about 100 miles north of Jeddah on the Red Sea might become Saudi Arabia’s next domestic tourist destination. Although Saudi citizens typically flock to Dubai, Bahrain, or elsewhere abroad for leisure trips, that might […]
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In Bid to Boost Transparency, Saudi Regulators Require International Banks to Disclose Financial Statements
Saudi Arabia’s Capital Markets Authority (CMA) is instructing international banks to publicly disclose financial statements for the first time as the kingdom seeks to boost transparency, according to a report in Bloomberg. The Bloomberg report says that companies under the regulation of the CMA in Saudi Arabia must publish the financial information on their websites […]
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Surge in Flights from Saudi Airports as Kingdom’s Aviation Sector Booms
Saudi Arabia’s airports have seen a “substantial growth in international traffic” as the number of international flight services from the Kingdom’s airport surges 50% since last year. The number of international flight services from the domestic airports jumped by 51.5 percent to 26,361 at the end of 2015 from 17,405 in 2014, according to a […]
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Construction Payment Delays Draw International Attention, Report Says
Foreign governments are pressing both government authorities and company executives in Saudi Arabia “to ensure that local construction firms make delayed salary payments to thousands of workers, a sign of pressure on the kingdom’s economy due to low oil prices,” according to a Reuters report. Construction firms in Saudi Arabia are have been squeezed as […]
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Saudi Arabia Eyes Privatization of Power, Opening Opportunities for International Power Companies
Saudi Arabia is heading towards privatizing the electricity sector and “shifting towards solar and alternative energy in the framework of its efforts to reduce the use of fossil fuels in production rates,” according to a report in Asharq Al-Awsat citing “informed sources.” The Saudi Electricity Company plans to “split into four units with local and […]
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More than 50 Members of U.S. GOP ‘Foreign Policy Community’ Write Open Letter Calling Donald Trump Unfit for Office
An open letter signed by over 50 members of the Republican foreign policy community, including former Department of Homeland Security Secretary Michael Chertoff and former Deputy Secretary of State Robert Zoellick, has called Donald Trump unfit for office and pledged to work to stop him from receiving the Republican nomination. “We the undersigned, members of […]
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Nitaqat Effort Suffers Setback: 2015 was the ’Slowest Annual Increase on Record for Saudi Net Employment’ as Most New Jobs Still Going to Non-Saudis
A recently released Jadwa Investment report on Saudi Arabia’s labor market found little headway being made in Saudi Arabia’s goal of increasing employment of Saudis. According to Jadwa Investment, although Saudi Arabia’s unemployment rate fell slightly from 11.7 percent in 2014 to 11.5 percent in 2015, “of these positions, 368 thousand (or 88 percent) […]
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Saudi Central Bank Announces an ‘Affordable Mortgage’ Program Intended to Boost Housing Sector
Saudi Arabia’s central bank said in a statement it plans to launch an “affordable mortgage” program to finance residential real estate purchases by Saudi citizens, according to reports. Home buyers would be responsible for a down payment of 15 percent of the property’s value, and commercial banks would supply a further 70 percent. An additional […]
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‘Saudi Student Boom’ for U.S. Colleges and Universities may be Slowing as Scholarship Program Evolves
A number of reports have indicated that the popular King Abdullah Scholarship Program (KASP) that has placed hundreds of thousands of Saudi students at academic institutions all over the world is being reviewed and can anticipate significant changes with regard to the program’s size and scope. In 2014 over 207,000 Saudi students and dependents were […]
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Saudi-Backed Esports Firm to Run New ‘Overwatch’ Competitions
The series replaces the Overwatch League, an attempt by Activision Blizzard, now owned by Microsoft, to run city-based teams where fans could cheer their local franchises much as they do with football or baseball. After the league failed to live up to its ambitions, Activision Blizzard offered team owners $6 million each to exit — or $114 million. ESL is part of the Savvy Games Group, a video-game unit of the Saudi sovereign wealth fund.
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Saudi Arabia jumps 25 places in World Bank’s national statistics indicator
Saudi Arabia’s economic data is demonstrating increased availability and maturity, with the nation advancing 25 places on the World Bank’s most recent Statistical Performance Indicators report. The Kingdom ranked first in the Gulf region and advanced four places among countries of the G20 to rank 15th, compared to 19th in 2019. The World Bank’s ranking takes into account the maturity and performance of the statistical systems of 186 countries.
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Al Nassr postpones matches in Shenzhen due to uncontrolled circumstances
In an unexpected turn of events, Al Nassr Club has announced the postponement of its highly anticipated matches in Shenzhen, initially scheduled for Jan. 24 and 28.
The club cited unforeseen circumstances beyond their control as the reason for this delay, with new dates yet to be determined. Despite this setback, Al Nassr expressed deep respect for Chinese football enthusiasts, particularly fans of star player Cristiano Ronaldo. -
Saudi cabinet reaffirms Kingdom’s strong stance against Israel’s attacks on Gaza
King Salman on Tuesday chaired a session of the Saudi cabinet in Riyadh reaffirming the Kingdom's strong stance against Israel's attacks on the Gaza Strip. The Council of Ministers stressed the necessity of an immediate ceasefire and for the prevention of the displacement of the population of Gaza.
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Saudi Arabia set to allow foreign investments in real estate of companies in Makkah and Madinah
Mohammed Elkuwaiz, chairman of the Board of Directors of the Saudi Capital Market Authority (CMA), said that the authority intends to allow non-Saudis to invest for the first time in listed companies that own real estate in the holy cities of Makkah and Madinah. The authority is working to diversify financing products in the capital market during the current year by developing the debt market, real estate contributions, and a number of developments in the funds sector.
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Aramco awards $3.3bn gas facility contracts to Sinopec and Tecnicas Reunidas
Aramco has awarded contracts worth more than $3.3 billion to Chinese company Sinopec and Spain’s Tecnicas Reunidas to build a gas facility in Saudi Arabia. According to a disclosure on the Spanish Stock Exchange, Sinopec will own 65 percent of the project and Tecnicas Reunidas will have a 35 percent share. The contract includes the development of a new facility in Saudi Arabia called Riyas natural gas liquids at the Jafurah unconventional gas production project.
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E-Sports in Saudi Arabia receives $45 million investment
The rapidly growing gaming market in Saudi Arabia has received a huge boost after Dubai-based e-sports brand, True Gamers, signed a franchise deal worth $45 million with investment firm, Falak, reports Meed. The investment will involve the creation of 150 e-sports clubs across Saudi and seeks to capitalize on a market that is expected to expand by over 8% annually over the next three years, eventually meeting a market value of $1.3 billion by 2027.
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Arab Peace Proposal for Gaza Takes Shape as Top Biden Adviser Lands in Region
The proposal, submitted to Israel via the U.S., is the first joint plan by Arab states to end the war in Gaza and set a pathway toward a two-state solution. Saudi Arabia, which is one of five Arab countries making the proposal, is offering to normalize ties with Israel in return, a process derailed by the Hamas-led attack on Oct. 7.
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Formula E attracts backing from Saudi Arabia’s Public Investment Fund
Now the Saudi Arabian PIF has agreed a multi-year deal with Formula E, offroad electric series Extreme E and electric powerboat championship E1. The three series will be promoted under the new brand Electric 360. Formula E founder Alejandro Agag called the deal “a huge milestone for us in our journey to pioneer the most cutting-edge sustainable transport technology.” “PIF will not only play a strategic role in helping us leverage our unique technological platforms, but also foster global collaboration, education and skills development for the next generation worldwide.”
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Saudi Arabia leads IPOs in GCC region: KAMCO Invest
Saudi Arabia continued to lead initial public offerings in the Gulf Cooperation Councill region in 2023, with 35 out of the 46 IPOs occurring in the Kingdom. Saudi Arabia’s parallel market, Nomu, witnessed 27 IPOs in 2023, while the Tadawul All Share Index saw eight deals, according to research by KAMCO Invest. UAE continued its domination in terms of IPO proceeds, raking in almost 56.3 percent of the issuance proceeds at around $6.07 billion from its eight listings.
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