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Recent stories from sustg
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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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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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MUST-READS
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Boeing latest to apply for Saudi HQ under government’s new rules
Boeing Co. applied for a license to establish its Middle Eastern headquarters in Riyadh as the Saudi government increasingly pressures businesses to boost their local presence. The US commercial aircraft manufacturer lodged its formal application “a few days ago” and is working with the Ministry of Investment for approval, Asaad Aljomoai, president of Boeing Saudi Arabia, said at the World Defense Show in Riyadh.
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Saudi Arabia taps ex-Dell executive as CEO for new PIF manufacturing company
Global CEO Amit Midha will lead the ambitious plans for the new manufacturing hub in the kingdom. Chaired by Saudi Crown Prince Mohammed bin Salman, Alat is targeting the creation of 39,000 direct jobs in Saudi Arabia and a $9.3 billion contribution to GDP by 2030. The company is launching with more than 30 product categories including robotics, computing and digital entertainment, as well as advanced heavy machinery. Alat, which will officially open for business on Feb. 20, also has a sustainability component and plans to work with global companies to reduce their emissions and move towards zero-carbon manufacturing.
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Red Sea attacks increase shipping times and freight rates
Ships transiting between Europe and Asia via the Suez Canal must pass through the Bab el-Mandeb Strait, which connects the Red Sea to the Gulf of Aden. The Bab el-Mandeb Strait is an important oil and natural gas chokepoint, accounting for 12% of seaborne oil trade and 8% of liquefied natural gas (LNG) trade in the first half of 2023. Major oil and natural gas companies that are avoiding the Red Sea include Equinor, which operates mostly natural gas carriers, and bp, which operates both oil and natural gas carriers. As of January 23, 2024, other major energy companies pausing Red Sea transits include Euronav, QatarEnergy, Torm, Shell, and Reliance.
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McKinsey and BCG warn staff face jail if they reveal Saudi work
The heads of consulting giants McKinsey and BCG told US lawmakers on Tuesday that their employees in Saudi Arabia could face jail if the firms handed over details of their work for the country’s sovereign wealth fund without approval from the kingdom. Bob Sternfels of McKinsey and Rich Lesser of BCG had been summoned to appear before Congress, along with the chief executive of smaller consultancy Teneo and the dealmaker Michael Klein, after the four firms failed to comply with a subpoena demanding information about their work for the $700bn Public Investment Fund. A Senate committee is investigating how Saudi Arabia is using “soft power” such as sports investments to extend its influence in the US, and lawmakers assailed the consulting groups for their work in the kingdom at a hearing on Tuesday.
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Saudi Arabia achieves historic reduction in dust and sand storms in January 2024
Saudi Arabia has witnessed the most significant reduction in dust and sand storms in January 2024, marking the highest decrease in 21 years. The reduction, which stands at an impressive 94%, is a direct result of the concerted efforts by the Ministry of Environment, Water and Agriculture (MEWA), alongside the initiatives under the Kingdom's Vision 2030. The Sand and Dust Storm Warning Regional Center highlighted in its latest report remarkable reductions across various regions. Riyadh experienced a complete cessation of dust and sand storms, recording a 100% decrease. Similarly, Dammam also achieved a 100% reduction in such environmental phenomena during the same period. Meanwhile, Wadi Al-Dawasir Province and Al-Ahsa Province saw significant decreases of 81% and 83%, respectively
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Expat remittances in Saudi Arabia at all-time low in a decade
Remittances of foreigners working in Saudi Arabia showed a downward trend in 2023 for the second year in a row, standing at SR124.9 billion, their lowest in more than a decade, according to a Saudi report. In 2022, the remittances reached SR143.2 billion against SR153.5 billion the previous year. Their highest level was recorded in 2015 when they surged to SR156.9 billion, Al Eqtisadia reported, citing data from the Saudi Central Bank. Last year’s figure was the lowest since 2011.
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Saudi Arabia joint venture heralds big sea farming expansion
The aquaculture industry in Saudi Arabia is set for significant growth following the announcement of a new joint venture between NEOM, Saudi Arabia’s development organisation, and fish farming business Tabuk Fisheries Company. Trading as Topian Aquaculture, the new venture will include a hatchery that is expected to become the largest in the MENA (Middle East and North Africa) region by the end of 2024. The hatchery has a planned capacity of 42 million fingerlings and marine-pen production facilities, with production of finfish in the pens projected to reach 20,000 tonnes per year.
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What Israeli Soldiers’ Videos Reveal: Cheering Destruction and Mocking Gazans
Since Israel’s invasion in October, soldiers have shared videos from Gaza on social media, offering a rare, unsanctioned look at operations on the ground. Some have been viewed by small circles of people; others have reached tens of thousands. The New York Times reviewed hundreds of these videos. Some show unremarkable parts of a soldier’s life — eating, hanging out or sending messages to loved ones back home.
- Foreign direct investment inflows to Saudi Arabia hit $4.53bn in Q3 2023
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Saudi Arabia Taps Former Dell Executive to Run $100 Billion Firm
Saudi Arabia named a former executive at Dell Technologies to lead a new investment firm backed by $100 billion in capital from the Public Investment Fund, that’s been set up to plow money into everything from technology to semiconductors and capital goods. Amit Midha, formerly president for Asia Pacific and Japan, Global Digital Cities at Dell Technologies, was named as chief executive officer of the new entity. “Alat is a company focused on the transformation of leading global companies and building a world-class sustainable industrial and electronics hub in Saudi Arabia,” Midha wrote in a post on LinkedIn.
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