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Fakeeh Care Group 119 times oversubscribed as Saudi IPO market heats up
- May 14,2024
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- SUSTG Team
Investors put in $91 billion of orders for Fakeeh Care Group’s IPO which is set to be the Tadawul’s biggest listing of the year.
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Wamda’s Tawaref Series Provides Blueprint for Expanding in KSA
- May 13,2024
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- SUSTG Team
Wamda has partnered up with Tawaref, a Saudi Arabia-based tech investment community that also provides startup advisory, legal consultancy and due diligence support, to publish a series of articles to help entrepreneurs navigate the Saudi market.
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Johnson Controls Arabia Announces Export of 300 Saudi-Made Scroll Chillers to the United States from KAEC Manufacturing Plant
- May 9,2024
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- SUSTG Team
Johnson Controls Arabia (JCA) hosted an export milestone event at its YORK Manufacturing Complex at the King Abdullah Economic City (KAEC) to mark the company’s latest export achievement of more than 300 Saudi-made YORK Scroll Chillers to the American market during this year, with a total market value of 100 million Riyals in the initial phase, the […]
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Saudi Internet Penetration Reaches 99%
- May 7,2024
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- SUSTG Team
According to the “Internet Saudi Arabia” report for 2023, published by the Communications, Space, and Technology Commission, both men and women demonstrated high levels of internet usage, with rates of 99.3 percent and 98.5 percent respectively. The report also says that 52.3% of users spend more than seven hours online each day.
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Saudi Car Market: Tops GCC, women purchase 30% of cars sold in 2023
- May 6,2024
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- SUSTG Team
In 2023, Saudi Arabia sold 729,466 cars, a 17% increase from the previous year. The Toyota Yaris was the best-selling car, accounting for 37% of the sales. Car sales are expected to surge to 870,000 this year.
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Nusuk pilgrim card launched
- May 3,2024
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- SUSTG Team
With the 2024 Hajj expected to begin June 14, Minister of Hajj and Umrah Dr. Tawfiq Al-Rabiah released the Nusuk card by presenting its copy to Indonesian Minister of Religious Affairs Yaqut Cholil Qoumas in Jakarta on Tuesday, April 30, during his official visit to Indonesia.
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10th Saudi Film Festival Underway
- May 2,2024
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- SUSTG Team
The 10th Saudi Film Festival runs May 2-9 at the King Abdulaziz Center for World Culture (Ithra) in Dhahran. Debuting in 2008 this year’s edition has two main themes: Indian cinema and sci-fi films.
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PIF and BlackRock Launch $5bn Investment Fund
- May 1,2024
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- SUSTG Team
BlackRock and Public Investment Fund signed a non-binding MOU that calls for the sovereign fund to invest up to $5bn in stages as the new firm hits agreed milestones. Investments will provide capital for a variety of funds invested in public equities and bonds as well as alternative assets.
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Special World Economic Forum Convenes in Riyadh
- April 29,2024
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- SUSTG Team
The World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh convenes 1,000 global leaders from 92 countries on 28-29 April, to support global dialogue and find actionable, collaborative and sustainable solutions to shared global challenges.
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Vision 2030 Marks 8th Year Since Launch
- April 26,2024
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- SUSTG Team
Launched on April 25, 2016, Vision 2030, Saudi Arabia’s blueprint for economic and social transformation marks it 8th year and the halfway point between 2016 and 2030.
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MUST-READS
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U.S. Special Envoy for Yemen Lenderking’s Travel to Saudi Arabia and Oman
U.S. Special Envoy for Yemen Tim Lenderking is traveling to Saudi Arabia and Oman this week to continue discussions with partners regarding recent Houthi detentions of UN, diplomatic, and international NGO staff and efforts to secure an immediate end to reckless Houthi attacks in the Red Sea and surrounding waterways. Houthi detentions and attacks threaten progress toward achieving a durable resolution to the conflict in Yemen and obstruct the delivery of humanitarian assistance to Yemenis and people in need across the region.
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New Telecommunications and Data Protection Rules Taking Effect in Saudi Arabia
The express goal of the Telecommunications Act is to promote digital transformation in the Kingdom and enhance the services provided within the ICT sector, particularly in light of recent exponential growth. At the same time, the new Telecommunications Act and ByLaws continue to require a license or authorization to provide certain communications or technology services in KSA and, in fact, they have effectively widened the scope of the CST’s regulatory jurisdiction to include additional technology and digital services. Whether these changes advance or hinder these policy goals, therefore, may ultimately depend on the burden created by the CST’s implementation practices.
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Saudi Arabia’s Qiddiya City unveils groundbreaking performing arts center
Qiddiya Investment Company (QIC) on Monday unveiled plans to launch a groundbreaking Performing Arts Center that is set to become a new cultural icon in Saudi Arabia, the Saudi Press Agency (SPA) reported. The addition aims to enrich Saudi Arabia’s cultural landscape and enhance the array of attractions within Qiddiya City, according to SPA.
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How Sports Are Making Saudi Arabia Look Better Than Ever
This spotlight has also largely succeeded in redefining narratives of Saudi Arabia's reputation abroad in countries like the United States, where long-standing concerns over the nation's human rights situation have been substantially diluted as Riyadh bears the soft power fruits of its multibillion-dollar push to attract foreign fans, talent and events.
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PGA Tour commissioner says sides are making progress on deal with Saudi backers of LIV Golf
“With complexity comes opportunity,” he said before the start of the Travelers Championship at the TPC River Highlands. “There are a lot of different factors at play, but nobody who is having the conversation is unaware of the complexity. And everyone, I think, is embracing the fact that there are obstacles and things you’ve got to overcome in a complex situation.
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Saudi Taekwondo Champion Dunya AbuTaleb Soars to Fourth in World Rankings
AbuTaleb, already the first Saudi woman to qualify for the Paris 2024 Olympics, has her sights set even higher. With her recent Asian Championship gold medal (another first for Saudi women's taekwondo), she's considered a strong contender for the World Championship bronze medal.
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Saudi Arabia Tops Global Cybersecurity Rankings
The Kingdom of Saudi Arabia has secured the top position globally in the cybersecurity indicator, according to the 2024 World Competitiveness Yearbook published by the Swiss-based Institute for Management Development (IMD). National Cybersecurity Authority (NCA) Board of Directors Chairman Dr. Musaed Al-Aiban congratulated the Saudi leadership on this achievement. He highlighted it as a confirmation of the country's leading role in international cybersecurity and a testament to its commitment to Saudi Vision 2030.
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Unpacking Saudi Arabia’s $4B online fashion opportunity
Saudi Arabia is set to shake up global e-commerce, with online fashion sales predicted to grow from $2.34 billion in 2023 to $4.08 billion by 2027, up 74 percent. According to a 2024 report by the Saudi Fashion Commission, the country is uniquely positioned compared to China, the US, and Europe, which are currently the most prominent e-commerce markets globally.
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Working Women Are Changing Saudi Arabia
The government’s subsequent campaign to push the private sector to start creating more jobs for Saudis had the unexpected effect of increasing opportunities not only for men but also for women, who joined the workforce in numbers that shocked policymakers: as of 2023, 31 percent of Saudi women were employed. This shift is remolding both the economy and society: Saudi women are becoming a source of tremendous economic potential and a visible and powerful presence across public life in the kingdom.
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Rainfall relieves Muslim pilgrims marking final days of Hajj in extreme heat
Rainfall above Mecca on Monday relieved Muslim pilgrims, who used the early morning hours to perform the second day of the symbolic stoning of the devil, as noontime summer heat caused heatstroke among thousands wrapping up the Hajj pilgrimage. The final days of the Hajj coincide with Muslims around the world celebrating the Eid al-Adha holiday.
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