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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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UNRWA funding pauses come amid uncertainty over Gaza aid future
The United States and its allies are suspending funding to a U.N. agency at a critical moment for Gaza. Before the war, roughly 80 percent of the population of the strip was reliant on international aid. Following months of conflict, the needs are only more dire, with almost 9 out of 10 people displaced and at least half of the buildings in the strip damaged or destroyed. The U.N. Relief and Works Agency, or UNRWA, played a vital role in distributing international aid to Gaza during the war. But after Israel alleged that more than a dozen UNRWA staff members were involved in the Hamas-led attacks on Israeli towns on Oct. 7, the United States and at least nine other donor countries have paused their funding pending further investigation.
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U.S. sanctions 4 settlers, amid broader push to end Gaza war
The United States today sanctioned four Israeli nationals under a new executive order signed by President Biden targeting perpetrators of extremist violence and intimidation in the Israeli-occupied West Bank, amid a broader push by Washington to try to help negotiate an extended ceasefire between Israel and Hamas, get over 100 Israeli hostages freed, and get regional buy-in for a longer-term path for enduring peace and security for Israelis and Palestinians.
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US sees signs Iran is worried about escalating proxy attacks amid heightened tensions
US officials believe there are signs that Iranian leadership is nervous about some of the actions of its proxy groups in Iraq, Syria and Yemen, according to multiple people familiar with US intelligence, as attacks from militia groups threaten to disrupt the global economy and significantly up the risk of direct confrontation with the United States. The drone attack that killed three American soldiers at a US outpost in Jordan, which the US has attributed to the Iran-backed umbrella group Islamic Resistance in Iraq, caught Tehran by surprise and worried political leadership there, officials told CNN, citing US intelligence.
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New-wave reactor technology could kick-start a nuclear renaissance — and the US is banking on it
The Biden administration and American companies are plowing billions of dollars into SMRs in a bid for business and global influence. China is leading in nuclear technology and construction, and Russia is making almost all the world’s SMR fuel. The US is playing catch-up on both. There’s no mystery behind why the US wants in on the market. It already lost the wind and solar energy race to China, which now provides most of the world’s solar panels and wind turbines. The big problem: The US hasn’t managed to get an SMR working commercially on land.
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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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