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Recent stories from sustg
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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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State Department Approves $200m Services Contract Request from Saudi Arabia which will ‘Increase U.S. – Saudi Arabia Military Interoperability’
The State Department has approved a request for continued support services to Saudi Arabia at an estimated cost of $200 million. According to a release from the Defense Security Cooperation Agency (DSCA), the sale “will enhance the foreign policy and national security objectives of the United States by helping to improve the security of an […]
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Saudi Arabia’s War in Yemen Could Put Pressure on Future European Arms Deals
On February 25th, European Union lawmakers are gearing up for a vote on whether to call for an embargo on weapons sales to Saudi Arabia, according to a report in the Canada-based Globe and Mail. Concern in Europe is mounting over Saudi Arabia’s war in Yemen, and the use of European military equipment sold to […]
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Popular King Abdullah Scholarship Program Reported to have New Restrictions along with Reduced Budget
Saudi Arabia’s King Abdullah Scholarship Program (KASP) has reportedly been narrowed to include only top universities and programs, months after the program was expanded to include all students and their families. Founded in 2005 and one of the late King Abdullah’s legacy programs, the scholarship fund covers full tuition, medical insurance, a monthly stipend for living expenses, and […]
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MUST-READS
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HRH Crown Prince launches ‘Alat’ to contribute in making Saudi Arabia a global hub for electronics and advanced industries
Alat will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced industries and semiconductors, as well as smart appliances, smart health, smart devices and smart buildings, in addition to next generation infrastructure. The company, chaired by HRH Crown Prince, aims to enhance the capabilities of the Saudi technology sector, increase its contribution to local content – benefiting from the rapid development of this sector – increasing the nation’s attractiveness and its ability to create investment opportunities. Alat will also enable the private sector through its strategic partnerships with leading international players in manufacturing and technology, which will enhance the economic ecosystem locally and regionally.
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Saudi anti-corruption body targets high-ranking officials in landmark multi-million riyal cases
In a sweeping crackdown on corruption, the Saudi Oversight and Anti-Corruption Authority (Nazaha) has announced a series of arrests across various sectors on Wednesday. A former head of notary and his brother were arrested for misappropriating vast tracts of state-owned land, illegally profiting SR148 million from their sale. This case also involved a former judge and two employees who received SR10.25 million and SR5 million respectively for their roles in the scheme. In another major case, a former municipal employee was apprehended for accepting SR63 million from commercial entities in exchange for issuing 299 unauthorized supply orders, involving transactions exceeding SR171 million.
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YouTube announces new podcast series focusing on Saudi youth
Guests include influential members of the public and private sector in Saudi such as representatives from the Saudi Authority for Data and Artificial Intelligence (Dr. Raied Aljadaany), the Quality of Life Program (Ms. Noura Alyusuf) and private sector leaders in the creator economy (Kaswara Al-Khatib) and sports (Haya Sawan). Tarek Amin, YouTube’s Director in MENA, said: “YouTube is a reflection of what’s top of mind for Saudi youth thanks to our vibrant creator community in the Kingdom”
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Four Indicators to Track Saudi Reform Progress
Positive developments in four indicators during 2024 – the female labor force participation rate, tourist arrivals, foreign direct investment inflows, and student educational attainment – will give confidence that the bold diversification plans underway in Saudi Arabia are on track.
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OPEC and Saudi spare oil production capacity
Saudi Arabia currently holds spare capacity of 3 million barrels per day, a source with direct knowledge of the matter said, equal to about 2.9% of daily world demand according to Reuters calculations. The International Energy Agency estimates that OPEC's total spare capacity is 5.1 million bpd, of which 3.2 million bpd is held by Saudi Arabia, 1 million bpd by the UAE, 400,000 bpd by Iraq and 300,000 bpd by Kuwait.
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Analysis: The transformative journey of Saudi Arabia’s exports
Saudi Arabia's Vision 2030 represents a fundamental shift from traditional reliance on oil to building a more sustainable economic landscape. The analysis from GGC Consulting, which stretches a period of seven years, shows a significant 78% increase in non-oil exports, amounting to 137 billion Saudi Riyals. This growth corresponds with a 12% rise in the real gross domestic product (GDP) and an impressive 744% surge in the current account. According to the researchers, the developments demonstrate the dynamic interaction between economic growth, and that of exports and the current account.
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Saudi Arabia and Its Biotechnology Strategy
Like other branches of Vision 2030, the biotechnology strategy announced by the Crown Prince seeks to turn Saudi Arabia into a leading scientific capable of making major breakthroughs that change the way we think about humanity and our environment, in addition to allowing us to reach a high degree of self-sufficiency and leaving a positive social and economic impact. The plan is to build on 4 strategic pillars, starting with humanity... What about them?
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Emerging Markets Navigate Global Interest Rate Volatility
Global interest rates in recent months have gone on a rollercoaster, especially those on longer-term government bonds. Yields on 10-year US Treasuries are climbing again after pulling back from a 16-year high of 5 percent in October. Interest rate moves in other advanced economies had been equally prodigious. Emerging market economies, however, saw much milder rate moves. We take a longer-term perspective on this in our latest Global Financial Stability Report, demonstrating that the average sensitivity to US interest rates of 10-year sovereign yield of Latin American and Asian emerging markets declined by two-thirds and two-fifths, respectively, during the current monetary policy tightening cycle compared with the taper tantrum in 2013.
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PGA Tour announces $3 billion investment by SSG, negotiations continue with PIF
The PGA Tour has finalized a $3 billion deal with Strategic Sports Group (SSG), the Tour announced Wednesday. It held meetings with the PGA Tour Player Advisory Council as well as the larger membership of the PGA Tour, Korn Ferry Tour and Champions Tour to announce the news. PGA Tour commissioner Jay Monahan touted the deal as a win in a memo to the players. “By making PGA Tour members owners of their league, we strengthen the collective investment of our players in the success of the PGA Tour,” Monahan said. “Fans win when we all work to deliver the best in sports entertainment and return the focus to the incredible — and unmatched — competitive atmosphere created by our players, tournaments and partners.”
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Iran’s Guards pull officers from Syria after Israeli strikes
Iran's Revolutionary Guards have scaled back deployment of their senior officers in Syria due to a spate of deadly Israeli strikes and will rely more on allied Shi'ite militia to preserve their sway there, five sources familiar with the matter said. The Guards have suffered one of their most bruising spells in Syria since arriving a decade ago to aid President Bashar al-Assad in the Syrian war. Since December, Israeli strikes have killed more than half a dozen of their members, among them one of the Guards' top intelligence generals.
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