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Saudi-Turkey Ties Grow with Erdogan Visit, Agree to Form ‘Strategic Cooperation Council’
- December 30,2015
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- SUSTG Team
Turkish President Recep Tayyip Erdogan visited Saudi Arabia this week to meet with top Saudi officials to discuss security and energy cooperation. Erdogan said his government and Saudi Arabia are working “in solidarity and consultation” to find a political solution for Syria, as both countries push for an agreement that would remove Assad from power, […]
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Saudi Arabia’s 2016 Budget Features Prudent Fiscal Policy Decisions
- December 29,2015
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- SUSTG Team
Saudi Arabia’s 2016 budget marks a shift in fiscal policy toward prudent but tough decisions for the future of the Arab world’s largest economy. In a recently released note to investors, Riyadh-based Jadwa Investment said the 2016 budget still provides a high level of government spending to drive the Saudi economy. Budgeted at $226b, the amount is a […]
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Early Look at Saudi Arabia’s 2016 Budget Reveals Spending at $226b
- December 28,2015
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- SUSTG Team
Saudi officials revealed the Kingdom’s 2016 budget at a press conference today in Riyadh, a budgeted spend of 840 billion riyals ($224 billion) and forecasted revenue at 513 billion ($137 billion). The budget plan aims to reduce the fiscal deficit while raising revenues from sources other than oil. King Salman said that Saudi Arabia’s economy […]
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King Salman’s Speech to Shura: The Kingdom is Committed to Decreasing Dependence on Oil as a Main Source of Revenue
- December 23,2015
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- SUSTG Team
Saudi Arabia’s King Salman said in a major speech today that Saudi Arabia will seek to diversify its sources of income and improve the efficiency of government spending as it strives to reduce its dependence on oil revenue, which has plunged since last year, Reuters reports. “The kingdom is committed to implementing programs to diversify […]
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An ‘Islamic NATO?’ Recently Formed Defense Coalition Faces Challenges in Fighting Extremism
- December 22,2015
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- SUSTG Team
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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‘Major Economic Shake-Up’ In the Works for Saudi Arabia
- December 21,2015
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- SUSTG Team
Saudi Arabia’s deputy crown prince Mohammed bin Salman, Minister of Defense and chair of the powerful Council of Economic and Development Affairs, is planning a major economic shake-up that involves “plans to reshape the economy to withstand low oil prices,” sources told Reuters privately. The strategy includes state spending reforms and privatizations. Bloomberg reports that Saudi officials […]
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Saudi Arabia Extends Financial Support of Egypt, Despite Fiscal Strains at Home
- December 17,2015
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- SUSTG Team
Saudi Arabia has extended its financial support of the Egyptian government to an added $8 billion in 5 years, along with energy concessions and other assistance, despite facing a budget crunch at home. The announcement followed a meeting between Deputy Crown Prince Muhammad Bin Salman, Second Deputy Premier and Minister of Defense, and Egyptian Prime […]
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McKinsey & Company Publishes 165-Page Analysis of ‘Saudi Arabia Beyond Oil’
- December 16,2015
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- SUSTG Team
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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9th Global Competitiveness Forum (GCF) in Riyadh Set for January 24-26, Will Examine ‘Key Drivers’ of Competitive Sectors
- December 15,2015
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- SUSTG Team
Business and political leaders will converge in Riyadh for the 9th Global Competitiveness Forum (GCF) to “discuss the key components that drive competitiveness” in the Saudi economy on January 24-26, 2016. The event is hosted by the Saudi Arabian General Investment Authority (SAGIA) and will take place at the Four Seasons in Riyadh.
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New Saudi Ambassador to United States HH Abdullah Al-Saud Addresses U.S. Business Community at First Public Event
- December 14,2015
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- SUSTG Team
HH Prince Abdullah Al Saud, Saudi Arabia’s new ambassador to the United States, gave his first public remarks as ambassador to the U.S. business community on Friday at an event at the U.S Chamber of Commerce, co-hosted by the U.S. Chamber of Commerce, the Council of Saudi Chambers of Commerce, the Saudi Committee for International […]
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Saudi Arabia Gives First Look at Planned 2034 World Cup Soccer Stadium
Saudi Arabia unveiled plans on Tuesday for the King Salman International Stadium, a 92,000-seat venue designed to host the opening and final matches of the 2034 FIFA World Cup. Located in northern Riyadh, the stadium will be the largest in the country and is scheduled for completion in 2029. The design, inspired by Saudi Arabia's natural landscape, is intended to symbolize growth and development. Each venue is envisioned as a "seed" germinating within the region's environment. Global architecture firm Populous is leading the project. "The design philosophy reflects a commitment to cutting-edge infrastructure while paying tribute to the intrinsic connection between sustainable development, human activity, and the natural world," said Shireen Hamdan, general manager of Populous KSA.
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Ukraine, Middle East conflicts eating into US air defense stocks, US admiral says
Conflicts in Ukraine and the Middle East are eating into U.S. stockpiles of air defenses, the top U.S. admiral overseeing American forces in the Asia-Pacific region said on Tuesday. The admission by Admiral Sam Paparo could draw the attention of members of President-elect Donald Trump's incoming administration, who are more skeptical of the war in Ukraine and who argue that President Joe Biden has failed to prepare for a potential conflict with China.
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US envoy in Beirut for talks after Lebanon, Hezbollah approve truce draft
U.S. envoy Amos Hochstein landed in Beirut on Tuesday for talks with officials on a truce between armed group Hezbollah and Israel, Lebanon’s state news agency said, hours after a proposal drafted by Washington [USN:L8N3MP1Q8 TEXT:“won a nod”] from the Iran-backed group. The visit indicates progress in U.S.-led diplomacy aimed at ending a conflict which spiralled into all-out war in late September, when Israel launched a major offensive against Iran-backed Hezbollah.
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Riyadh Air: Saudi airline to recruit ‘top talent in the Kingdom’ as it gears for launch
Saudi Arabia’s new airline Riyadh Air will focus on recruiting top talent from inside the Kingdom, prioritizing hiring Saudi female graduates, before its launch next year, a senior official told Al Arabiya English. The airline plans to connect more than 100 destinations by 2030 and aims to contribute to Saudi Arabia’s Vision 2030, which seeks to position the Kingdom as a global aviation hub and major tourism destination, Osamah Alnuaiser, SVP Marketing & Corporate Communications, said.
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Alfanar Projects, SEC sign $5.33bn deals to support Saudi energy modernization
Energy deals worth SR20 billion ($5.33 billion) have been signed between Alfanar Projects and Saudi Electricity Co. to advance the Kingdom’s power modernization and sustainability efforts. The agreements, announced during the Energy Localization Forum hosted by the Ministry of Energy, include the construction of the Middle East’s largest High-Voltage Direct Current Converter Station, according to a press release. This facility, developed in partnership with China Electric Power Equipment and Technology Co., will deliver 7 gigawatts of power between the Central, Western, and Southern regions.
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Saudi Arabia says Israeli aggression in Gaza, Lebanon pushing region to wider war
Israel’s aggression in Gaza and Lebanon is pushing the region to a wider war, Saudi Arabia’s Minister of Foreign Affairs Prince Faisal bin Farhan told the opening session of the G20 Summit in Rio de Janeiro on Monday. “The ongoing Israeli aggression in Gaza and Lebanon has caused unprecedented levels of human suffering, pushing the region to a wider war and undermining the credibility of international law and institutions,” Prince Faisal said in his opening speech during a session.
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Saudi Arabia to Develop Electricity Storage Systems in Uzbekistan
Saudi company ACWA Power has signed an agreement with Uzbekistan to build electricity storage systems with a total capacity of 2,000 MWh. The deal was finalized during the COP-29 climate conference in Baku, Azerbaijan, The Caspian Post reports citing foreign media. Under the agreement, ACWA Power will collaborate with Uzbekistan’s Ministry of Energy to develop energy storage systems across the country. The implementation will be based on a comprehensive analysis of the national grid’s condition. The project will begin with feasibility studies to determine the most suitable regions for phased deployment.
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Saudi Arabia to expand teaching of China language with 800 more teachers amid growing demand
Saudi Arabia is set to expand the teaching of the Chinese language by creating 800 teaching positions, amid the growing demand for learning the Chinese language in the Kingdom. According to China’s official news agency, Xinhua, the planned appointment of the 800 new teaching roles aligns with the spread of Chinese language classes across Saudi Arabia’s primary and middle schools. The move follows the recent successful deployment of 175 Chinese language teachers in the Kingdom, who reportedly began teaching last month. It is part of a landmark agreement struck in 2023 between Riyadh and Beijing in an effort to strengthen bilateral cooperation in language education.
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King Salman approves hosting of 1,000 Umrah pilgrims from 66 countries
Saudi Arabia’s King Salman has approved the hosting of 1,000 pilgrims from 66 countries to perform Umrah as part of the Custodian of the Two Holy Mosques Programme for Hajj, Umrah, and Visit. The pilgrims will be hosted in four groups during the current Islamic year which ends in the final week of June 2025.
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Prince Khalid bin Salman meets governor of US State of Indiana
Saudi Minister of Defense Prince Khalid bin Salman met with Governor of the US State of Indiana Eric Holcomb in Riyadh on Monday. They reviewed the friendly relations and cooperation between Saudi Arabia and the United States. They also discussed issues of common interest. Deputy Minister of Defense Prince Abdulrahman bin Mohammed bin Ayyaf, Chief of General Staff Gen. Fayyad Al-Ruwaili, and several other officials from both sides also attended the meeting.
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