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Recent stories from sustg
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Little Upside in Latest Jadwa Saudi Chartbook
Riyadh-based Jadwa Investment’s latest monthly chartbook overviewing the Saudi economy contains mostly negative economic data on consumer spending, activity, government accounts, and inflation. Economic data for the month of December 2015 indicates a slowdown in activity, and data on consumer spending continued to point to a softening trend, while PMI fell to a record low, […]
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With affordable housing in short supply, new JV set to provide mortgage loans to low and middle-income Saudis
A new joint venture between Saudi Arabia’s Ministry of Finance (MoF) and the Islamic Corporation for the Development of the Private Sector (ICD) has received approval to provide loans to low and middle-income Saudis, in what could be a much-needed boost for access to mortgages in the Kingdom. Bidayaa Home Finance was launched to provide […]
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U.S. Chamber of Commerce and Council of Saudi Chambers Kick-off U.S.-Saudi Arabia CEO Summit
On January 24, 2016 at the Council of Saudi Chambers of Commerce building the U.S.-Saudi CEO Summit kicks off a focused, high-level private-sector initiative to assess the U.S.-Saudi commercial and business environment in order to enhance bi-lateral trade, investment and cooperation. The Saudi-US Trade Group team is in Riyadh to participate in the inaugural U.S.-Saudi […]
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FM Al-Jubeir: Most Effective Way to Solve Regional Crises ‘Through our close partnership and alliance with the United States of America’
U.S. Secretary of State John Kerry on Thursday stood by ally Saudi Arabia in its widening rift with Iran over the execution of a Shiite cleric while urging the regional rivals to pursue a diplomatic solution, the Associated Press reports. Kerry said Washington stands by its friends, “but we also want to see diplomacy work. […]
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Saudi Aramco Considers IPO, but Scope of Listing Unknown
As Saudi Arabia appears to actively consider a potential IPO for its state-owned oil company, Saudi Aramco, two conflicting reports emerged today about the potential scope of the offering. On Thursday of last week, Saudi Arabia’s deputy crown prince Mohammed bin Salman told the Economist in an interview that he was optimistic about the potential […]
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Saudi Stocks Hit 4-Year Low as Global Markets Shudder at China’s Second Halt in Trading This Week
Saudi Arabia’s stock market has continued a tumultuous start to the new year, with the Kingdom’s benchmark index falling another 4.8 percent on Thursday to a four-year low. According to the Financial Times, the drop this year has totaled 10.6 percent, and leaves it 44 per cent weaker than its post financial crisis peak in 2014. The TASI […]
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Video Released Shows Timelapse Construction on Riyadh’s Metro Project
A recently released video by the leading construction partners on Riyadh’s metro project highlighted the progress made on the mega-project that will change the way the city’s residents get around. In October, the Riyadh metro project hit a major milestone as a consortium led by Spanish construction giant FCC said it has completed the drilling […]
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GE secures $1b contract to produce gas and steam turbines to power more than 500,000 homes in Saudi Arabia
GE has been awarded what the company called a “landmark contract” with Saudi Arabia valued at nearly US$1 billion for the engineering, construction and provision of gas turbine services for the Waad Al Shamal combined cycle power plant of Saudi Electricity Company (SEC). The plant, scheduled for completion in 4 years, will support the phosphate mining […]
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An ‘Islamic NATO?’ Recently Formed Defense Coalition Faces Challenges in Fighting Extremism
Writing in Al Monitor, Washington-based analyst Fahad Nazer comments that Saudi Arabia may be aiming to form an Islamic NATO of sorts, in part because of the turmoil and instability surrounding the Kingdom from virtually all sides. Saudi Arabia’s government sees a more active foreign policy as essential, especially in the absence of a physical American presence in the region. “For much of […]
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McKinsey & Company Publishes 165-Page Analysis of ‘Saudi Arabia Beyond Oil’
McKinsey & Company, the top-tier global consulting firm with offices in Riyadh and across the Middle East, published an in-depth report on the Saudi Economy and the opportunities for the Kingdom beyond oil. The report, produced by the McKinsey Global Institute (MGI) and available on McKinsey’s website to the public (executive summary here, full report […]
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MUST-READS
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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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Russian oil flows through Red Sea still face lower risks
Tankers carrying Russian oil have continued sailing through the Red Sea largely uninterrupted by Houthi attacks on shipping and face lower risks than competitors, according to shipping executives, analysts and flows data. Russia has become more dependent on trade through the Suez Canal and the Red Sea since it invaded Ukraine, which led to Europe imposing sanctions on Russian imports and forced Moscow to export most of its crude to China and India. Before the war, Russia exported more to Europe.
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Starbucks’ CEO says the Israel-Hamas war hurt sales — but keeps his stance vague
Starbucks has faced criticism for its messaging about the conflict in Gaza. After a New York store was painted with pro-Palestine graffiti, customers accused the company of standing against Israel. More criticism followed when Starbucks’ Workers United, the national union for the company’s baristas, posted a pro-Palestine statement on Instagram, sparking customer boycotts. The company sued the union over the post, saying it received more than 1,000 complaints from customers about the post and suffered “property damage, threats, and calls for a boycott.”
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Saudi investment fund fights Senate subcommittee subpoena
The Saudi Arabian Public Investment Fund (PIF) urged the leaders of a Senate subcommittee to back off on subpoenas issued to four of its U.S.-based consultants, according to a new letter disclosed Tuesday by the Senate Permanent Subcommittee on Investigations. The letter, dated Jan. 12, was included as an attachment to a Monday letter from subcommittee chairman Richard Blumenthal (D-Conn.) and ranking member Ron Johnson (R-Wisc.) to PIF Governor Yasir Al-Rumayyan.
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Saudi Hospitals Top Middle East and Africa According to ‘Brand Finance’ Ranking
Saudi hospitals maintained their top position in the Middle East and Africa for the second consecutive year in the global ranking of the best 250 hospitals for 2024, according to "Brand Finance." The ranking included seven Saudi hospitals, with five of them ranking among the top 100 globally. Leading the list of Saudi hospitals is King Faisal Specialist Hospital and Research Centre (KFSH&RC), which retained its top position in the local and regional healthcare sector. Mayo Clinic, an American hospital, claimed the top spot in the ranking, with the United States dominating 11 positions among the top 25 hospitals. The list also included several European hospitals.
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Gulf thaw with Syria gains steam: UAE sends envoy, Saudi diplomats plan visit
The restoration of diplomatic ties between Arab Gulf countries and Syria is currently witnessing renewed impetus more than a decade after President Bashar al-Assad’s regional isolation due to his government’s brutal crackdown of peaceful anti-regime protests. A delegation of Saudi diplomats is reportedly heading to Damascus later this week, days after the UAE dispatched its first ambassador to the Syrian capital in more than 10 years. The pro-government Syrian Al-Watan newspaper said in a Wednesday report that Saudi charge d'affaires Abdullah al-Haris, along with several other diplomats, will arrive in Damascus on Saturday to resume Saudi consular services. Read more: https://www.al-monitor.com/originals/2024/01/gulf-thaw-syria-gains-steam-uae-sends-envoy-saudi-diplomats-plan-visit#ixzz8QV41JpbP
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Saudi Arabia To Witness Surge In Number Of Millionaires In Next Decade
According to Henley & Partners’ BRICS Wealth Report, the Kingdom presently holds the sixth position within the bloc in terms of high-net-worth individuals. The consulting agency added that Saudi Arabia currently hosts 58,300 millionaires, encompassing 195 centi-millionaires and 22 billionaires, marking a significant 32 percent increase since 2013. Centi-millionaires, defined as individuals with assets exceeding $100 million, contribute to this affluent demographic.
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PGA Tour lands $3B investment from U.S. group as Saudi talks continue
The PGA Tour signed a $3 billion investment agreement with a consortium led by Fenway Sports Group, as talks with Saudi Arabia's Public Investment Fund remain ongoing. Why it matters: This will allow the pro golf group to beef up its commercial business and provide a financial stake to players. Details: The deal will see Strategic Sports Group become a minority investor in the newly-created PGA Tour Enterprises, a for-profit entity that will manage the PGA's commercial business.
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Mayer Brown enhances Middle East footprint with new cooperation agreement in Saudi Arabia
Mayer Brown announced today that it has entered into a cooperation agreement with Al Akeel & Partners, a Riyadh-based law firm that represents local, regional and international clients operating in Saudi Arabia and around the world. The agreement further enhances Mayer Brown’s Middle East capabilities and gives the firm’s clients access to a team of leading legal advisers in Saudi Arabia. Clients at Al Akeel will benefit from Mayer Brown’s international reach spanning Asia, the Americas, Europe and the Middle East.
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