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Saudi-led Intervention in Yemen to Restore Hadi Continues into 10th Month with ‘Different Objectives’
- January 19,2016
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- SUSTG Team
The Saudi-led intervention in Yemen continues into its 10th month of fighting with some gains but no decisive victory for the coalition seeking to restore power to the UN-recognized Hadi government and oust control of parts of the country from Houthi militia members. The coalition has retaken Aden, Yemen’s southern port, and according to 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’
- January 15,2016
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- SUSTG Team
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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Oil Dips Below $30 on Brent for the First Time Since 2004 as Iran, China Put Downward Pressure on Prices
- January 14,2016
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- SUSTG Team
The price of oil on Brent fell below $30 a barrel for the first time since April 2004, but eventually recovered to $30.22, according to reports. Oil prices have fallen by 70% in the past 15 months. A gusher of supply from around the world continues to put downward pressure on prices. According to CNBC, U.S. […]
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Delivery Schedule, Costs Become Sticking Points in U.S.-Saudi Littoral Combat Ship Deal
- January 13,2016
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- SUSTG Team
Saudi Arabia is balking at the potential sale from the U.S. Navy of 4 Lockheed Martin Littoral Combat Ships (LCS) because of concerns about delivery schedules and costs, according to a report in Defense News. One source thought the time to deliver the first ship would be around seven years, which the Saudis reportedly think […]
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With 49 New Arrests, Saudi Arabia Continues Clamp Down on Domestic Extremists
- January 12,2016
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- SUSTG Team
Saudi Arabia has arrested 49 suspected terrorists over the past 10 days, according to Saudi officials and as reported in the Saudi Gazette. The arrests were “a preemptive crackdown in various parts of the Kingdom,” security sources said, adding that the suspected terrorists surrendered without any resistance. They consisted of 36 Saudis, six Syrians, four Yemenis, a […]
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Saudi Aramco Considers IPO, but Scope of Listing Unknown
- January 11,2016
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- SUSTG Team
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 Arabia’ Deputy Crown Prince Mohammed bin Salman Gives His First On-the-Record Interview
- January 8,2016
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- SUSTG Team
Saudi Arabia’s Deputy Crown Prince and defense minister Mohammad bin Salman spoke to The Economist on January 4th in his first on-the-record interview. [Full transcript of the interview available here] [Economist leader here] The interview touched on a wide range of subjects with the son of King Salman, beginning with 7 questions on Saudi Arabia’s […]
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Saudi Stocks Hit 4-Year Low as Global Markets Shudder at China’s Second Halt in Trading This Week
- January 7,2016
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- SUSTG Team
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
- January 5,2016
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- SUSTG Team
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
- January 4,2016
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- SUSTG Team
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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Saudi king chairs cabinet meeting for first time since September
Saudi Arabia's King Salman chaired the weekly cabinet meeting on Tuesday, according to state television, for the first time since Sept. 24.The 88-year-old king of the world's biggest oil exporter, a major U.S. ally in the Middle East, recovered in October from lung inflammation after undergoing medical tests. His last cabinet meeting in September came after a royal decree a month earlier allowing the cabinet to convene in the absence of both himself and the prime minister, his son Crown Prince Mohammed bin Salman.
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Chaos in Rio Shows a World Untethered Even Before Trump Returns
What was billed as a moment for “the West and the Rest” to show unity only served to show how quickly the guardrails are coming off the international rules-based order. North Koreans are fighting in Europe for the first time. Israel is resisting US efforts to halt fighting with Hezbollah and Hamas. China is regularly conducting military exercises surrounding Taiwan. Nuclear threats are becoming commonplace. The sense of global disorder played out in Rio, most vividly when US President Joe Biden and two other Group of Seven leaders — Canadian Prime Minister Justin Trudeau and Italian premier Giorgia Meloni — missed the traditional “family photo” on the first day of the summit. The US said the picture was taken early, while organizers said Biden was late.
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NEOM projects still on track despite CEO departure, Italian construction firm Webuild says
Italy’s construction group Webuild reportedly said its activities connected to Saudi Arabia’s NEOM are continuing in line with the plan, after the infrastructure mega project’s long-time chief executive left the role last week. “Webuild has no evidence of changes in the activity plan initially set for the projects it is implementing, nor has it recorded any delay in payments,” the company told Reuters on Tuesday. Webuild, which has been active in Saudi Arabia for 60 years, is building a system of three dams that will feed an artificial lake in the Trojena area and a high-speed railway called the Connector.
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Number of Saudi workers in private sector hits 2.34mn, up 35% in five years: Minister says
In absolute terms, the number of Saudi workers in the private sector reached 2.34 million currently from 1.7 million in 2019, Minister of Human Resources and Social Development Ahmed Al-Rajhi said. Chairing a panel discussion at the Riyadh Economic Forum on Tuesday, the minister, however, said there has been a decline in the overall unemployment rate to 3.3 per cent in the second quarter of 2024, compared to 5.6 per cent in the same period in 2019. “The unemployment rate among Saudis dropped to 7.1 per cent in Q2 2024, compared to 12.3 per cent during the same period in 2019,” Al-Rajhi said.
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Netanyahu, in Gaza, says Hamas will no longer rule enclave
Israeli Prime Minister Benjamin Netanyahu said during a visit to Gaza on Tuesday that Hamas would not rule the Palestinian enclave after the war had ended and that Israel had destroyed the Islamist group's military capabilities. Netanyahu also said Israel had not given up trying to locate the 101 remaining hostages believed to be still in the enclave and he offered a $5 million reward for the return of each one.
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Riyadh Season: Jennifer Lopez’s performance, set design spark controversy
One of the fashion shows featured a runway with a cube-shaped display resembling the Kaaba in Mecca. Models circled around it, much like the ritual of Muslim pilgrims circling the Kaaba during the Hajj pilgrimage. Many viewed the juxtaposition of the models against something resembling the holiest site in Islam as disrespectful to the religion. Many online said the stage prop was not meant to emulate the Kaaba, but that it was a display screen used by several entertainment companies. The Anti-Rumors Authority, an NGO in Saudi Arabia, also confirmed it was not a model of the Kaaba, but the similarity and imagery still angered many people.
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Pact inked to establish Saudi-Brazilian Coordination Council
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan met his Brazilian counterpart Mauro Vieira on the sidelines of the G20 Summit in the Brazilian city of Rio de Janeiro on Tuesday. During the meeting, they reviewed bilateral relations between the two countries and ways to further develop them. The ministers discussed regional and international developments and the efforts made in this regard. During the meeting, the ministers signed a memorandum of understanding to establish the Saudi-Brazilian Coordination Council. This is in continuation of the agreement reached between the leaders of the two countries during the visit of Brazilian President Luiz Inacio Lula da Silva to Saudi Arabia on November 30, 2023.
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Pure Data Centres and Dune Vaults team up for hyperscale data centers in Saudi Arabia
Faisal AlRahbiny, founder and MD of Dune Vaults, said: “We are dedicated to establishing over 1GW of sustainable data center capacity in Saudi Arabia, aligning with market demand estimates and supporting the Kingdom’s Vision 2030 digital transformation goals. Through our strategic partnership with Pure DC, we are bringing advanced data center solutions to meet the needs of global hyperscalers whose presence in the Kingdom will accelerate digitization and economic growth." Pure DC currently has more than 500MW of IT capacity live or under development across the UK, Europe, the Middle East, and Asia. The company purchased land in Madrid, Spain, earlier this year for its first foray into the Spanish market.
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Saudi Firm Jadwa Raises $266M at First Close of Blind-pool PE Fund
Jadwa Investment announced the first close of GCC Private Equity Fund 1, the Riyadh, KDS-based firm’s first regional blind-pool private equity fund, with a total of SAR 1B ($266M) in commitments. Fund I aims to invest in diversified opportunities in private equity across the Gulf Cooperation Council states. The fund has completed three investment projects in the retail and food-and-beverage industry and expects to be fully invested over a three-year deployment period.
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Perspective: Middle East looks to Saudi Arabia to rein in Donald Trump
After Trump named a number of ardently pro-Israeli nominees and Iran hawks for key positions, Arab officials worry his incoming administration might approve any moves by Israel to annex the occupied West Bank, occupy Gaza or escalate tensions with Tehran. But they hope Riyadh can temper the incoming administration’s policies in the region by leveraging Crown Prince Mohammed bin Salman’s relationship with Trump, the president-elect’s appetite for financial deals and his expected desire to strike a “grand bargain” that would lead Saudi Arabia and Israel to normalise relations. “The key player in the region is Saudi Arabia because of their known relations with him, so it will be the linchpin of any regional actions the US might decide to do,” said an Arab diplomat.
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