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Recent stories from sustg
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Saudi Arabia taking ‘unprecedented hands-on role in housing finance and development’
Saudi Arabia’s housing minister Majed al-Hogail gave an interview with Bloomberg last week in which he discussed the government’s plans to create its own development company and start a mortgage-guarantee fund to encourage banks to increase lending for Saudis. “‘We are looking to improve the productivity of the local developers’ but also trying to attract international […]
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Throwback: Photos of King Salman at King Saud University, 40 Years On
Recently released photos by the Saudi Press Agency (SPA) show King Salman at the King Saud University roughly 40 years ago, as the then-prince assisted in shaping the Riyadh-based University to be what it is today. King Saud University (KSU) is billed as “the premier institution of higher education in the Kingdom of Saudi Arabia. Prince […]
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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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MUST-READS
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Acciona to bid for Line 7 of Riyadh metro together with Siemens, Samsung and Alayuni, and against FCC and its consortium
Acciona and FCC are part of two consortiums formed to bid for the construction of the new Line 7 of the Riyadh metro in Saudi Arabia, according to sources consulted by the newspaper Expansión. Specifically, Acciona has formed an alliance with Siemens, Samsung and Alayuni. In addition, FCC, as part of the consortium that won in 2013 one of the lots to design and build the first lines of the subway, has been invited to participate in the extension of Line 2. Overall, the investment needed to build the two rail projects amounts to more than €10 billion in the capital investment (capex) phase alone, according to expert estimates, as the authorities have not yet published a baseline budget.
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U.S. Secretly Alerted Iran Ahead of Islamic State Terrorist Attack
The U.S. secretly warned Iran that Islamic State was preparing to carry out the terrorist attack early this month that killed more than 80 Iranians in a pair of coordinated suicide bombings, U.S. officials said.
The confidential alert came after the U.S. acquired intelligence that Islamic State’s affiliate in Afghanistan, ISIS-Khorasan, known as ISIS-K, was plotting to attack Iran, they said.
American officials said the information passed to Iran was specific enough about the location and sufficiently timely that it might have proved useful to Tehran in thwarting the attack on Jan. 3 or at least mitigating the casualty toll.
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Commentary: Were the Saudis Right About the Houthis After All?
Past experience, including with Somali pirates, has shown that attempting to patrol large bodies of water with a limited naval force isn’t enough to suppress piracy. Rather, the cost of such aggression has to be rendered unsustainable for the culprits. The Biden administration is now leading the international demand that the Houthis desist and that the security of international shipping and commerce in this all-important waterway be restored. The Houthis, for their part, appear to be relishing the prospect of a confrontation with the United States. That is, or at least must be made to be, their problem.
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Israeli tanks batter hospital districts in Gaza’s Khan Younis, displaced set to flee southward
Israeli tanks bombarded areas around two hospitals in Gaza's main southern city Khan Younis on Thursday, forcing displaced people into a new desperate scramble for safe shelter, residents said, in an offensive Israel says is targeting Hamas militants.Gaza health officials said at least 50 Palestinians had been killed in Khan Younis in the past 24 hours, including two children in an Israeli air strike that hit a residential home.
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US envoy sees rapid F-16s sale to Turkey after Sweden NATO bid sign-off
The U.S. ambassador to Turkey said he anticipates that President Tayyip Erdogan will give a final sign-off on Sweden's NATO membership within days, triggering rapid steps toward U.S. Congress endorsing a sale of F-16 fighter jets to Ankara.In an interview on Thursday, Ambassador Jeff Flake said that once the formal ratification document is received in Washington, the U.S. State Department will immediately send Congress notification of the $20 billion F-16s sale.
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Hevolution releases inaugural Global Healthspan Report
Back in November, we reported on Hevolution Foundation‘s two day Global Healthspan Summit in Riyadh; with over 1000 attendees and 100 speakers, Hevolution hoped the summit would serve as a trigger, shifting perception of aging and longevity and catalyzing a move towards global healthspan. To build on this event and scaffold the shift from sickcare to healthspan, Hevolution has released its inaugural Global Healthspan Report today; the report builds on the success of the summit and delivers needed insights to support progress for global healthspan goals.
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2 US-flagged ships with cargo for US Defense Department come under attack by Yemen’s Houthi rebels
Two American-flagged ships carrying cargo for the U.S. Defense and State departments came under attack by Yemen's Houthi rebels on Wednesday, officials said, with the U.S. Navy intercepting some of the incoming fire.
The attacks on the container ships Maersk Detroit and Maersk Chesapeake further raise the stakes of the group's ongoing attacks on shipping through the vital Bab el-Mandeb Strait. The U.S. and the United Kingdom have launched multiple rounds of airstrikes seeking to stop the attacks.
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It turns out oil gets more expensive to ship when boats go boom in the Red Sea
As the US continues—and escalates—its not-quite-a-war with the Houthi rebels in Yemen, shipping markets are ramping up the price to transport crude oil. Bloomberg reports that the cost of moving oil from the Middle East to Asia is up 182% since the US began leading “Operation Prosperity Guardian” to secure the important global shipping channel.
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Qatar, a key mediator in sensitive Israel-Hamas talks, lashes out at Netanyahu over critical remarks
Qatar said it was appalled Wednesday by leaked remarks made by Israeli Prime Minister Benjamin Netanyahu in which he criticized the country’s mediation efforts with Hamas, complicating already arduous negotiations meant to halt the hostilities in exchange for a hostage release. In a meeting with families of hostages held by Hamas, Netanyahu said Qatar’s role in the mediation was “problematic.” Qatar, a key mediator that also has deep ties to the militant group and hosts some of its exiled leaders, said Netanyahu’s remarks were “irresponsible and destructive.”
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Saudi Arabia to allow first alcohol sales in 72 years, dividing opinion
Located in the capital’s Diplomatic Quarter, the store will be accessible only to non-Muslim diplomats, meaning that for the vast majority of Saudi Arabia’s 32 million people, nothing will change for now.
Additionally, purchasing quotas will be enforced. Access to the store will be restricted to those who register via an application. And customers will be asked to keep their phones in a “special mobile pouch” while they browse for beer, wine and spirits.
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