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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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With Extreme Stance on Muslims, Trump Angers Arab Businessmen, Jeopardizes Global Business Interests
- December 10,2015
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- SUSTG Team
Arab businessmen and Gulf industry leaders are blasting Donald Trump for his extreme views on Muslims, with some of the region’s most powerful men branding Trump “the biggest enemy of Islam” and others eyeing a rethink of ties with the controversial Republican presidential candidate. Trump’s comments are having a very real impact on his business interests in the […]
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Syrian Rebels Summit As Riyadh Eyes Political Solution
- December 9,2015
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- SUSTG Team
Rebel factions in Syria’s bloody 4-year civil war meet in Saudi Arabia this week for a conference as Riyadh looks for a political solution to the crisis. Around 100 representatives of the Syrian opposition representing 70,000 “moderate rebels” in the fight held the first meeting of its kind in the Saudi capital. Western nations have observer status at […]
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State Sovereign Wealth Funds Pull Out ‘At Least $19bn’ in Assets from Managers in 3Q 2015
- December 7,2015
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- SUSTG Team
Sovereign Wealth Funds are drawing down on their assets held by managers at an alarming rate, with estimates from some providers putting the amount at $19bn in the third quarter of this year alone, according to reports. A Financial Times report (link here to the same story in CNBC) cites the data provider eVestment as saying the drawdown […]
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MUST-READS
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Pakistan Coronavirus Lockdown Is Thwarted by Imams as Ramadan Nears
While clerics and governments across the Muslim world will greet Ramadan this week under lockdown, working together to shut mosques and urging worshipers to pray at home, in Pakistan, some of the most prominent imams have rallied their devotees to ignore the anti-pandemic measures.
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Saudi Arabia announces start of Ramadan on Friday after sighting moon
Saudi Arabia and some other Muslim-majority nations, including Egypt, the United Arab Emirates and Jordan, declared that the holy month of Ramadan — when the faithful observe a dawn-to-dusk fast — would begin on Friday, based on a moon-sighting methodology.
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Standard Chartered expects Saudi GDP to shrink by 4.5% on oil production cuts
Standard Chartered said it expects Saudi Arabia’s gross domestic product to contract by 4.5% year on year in 2020 against a previous expectation of a 5% growth, mainly because of oil production cuts agreed among international crude producers.
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U.S. energy companies’ quarterly reports to show depths of slump
Investors are in for more bad news on the energy front in the coming weeks as a host of the sector’s biggest companies report quarterly results following the historic collapse in oil prices.
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Lockheed Martin Expects Coronavirus to Delay F-35 Deliveries
The coronavirus pandemic will disrupt production of Lockheed Martin’s F-35 Joint Strike Fighter as its U.S. and international suppliers grapple with sick workers, stay-at-home orders, and shipping delays, company executives said Tuesday.
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Saudi Arabia starts operating new shipping line to East Africa
The new shipping line will provide a new weekly direct service between the Kingdom, Kenya and Somalia through 4 dedicated vessels, according to SPA.
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Ramadan 2020 starts Thursday, April 23. The coronavirus is changing how Muslims plan to observe the holy month
The Muslim holy month of Ramadan, which begins this year on the evening of April 23, marks the ninth month of the Islamic lunar calendar. Muslims believe that during this month, the Quran — the Muslim holy book — was initially revealed to the Prophet Mohammed, and fasting during this month is one of the five “pillars” or core requirements of the Islamic faith.
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SAMA to Allow 9 More Fintech Firms to Participate in Regulatory Sandbox
There are now 30 Fintech companies that have joined Saudi Arabia’s Fintech sandbox initiative. The new set of financial services approved in SAMA’s Regulatory Sandbox reportedly include Electronic Saving Societies Platforms for residents and several crowdfunding platforms for small and medium-sized enterprises (SMEs) and business owners.
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Saudi banks get small part of $7bn bond sale amid liquidity concerns
Saudi Arabia received around $54 billion in combined orders for the bonds, a sign of strong investor appetite, but its borrowing costs have increased after a sell-off of Gulf bonds last month caused by lower crude prices and the coronavirus outbreak.
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Libya is Sliding Toward Partition
It has now been a year since the start of the current phase of the Libya civil war between eastern forces led by Khalifa Haftar, head of the rebel Libyan National Army, and the western forces loyal to the Government of National Accord in Tripoli. Neither seems capable of decisive victory, and with little prospect of a peaceful reconciliation, the possibility of partition—formal or informal—looms ever larger. Both sides are receiving support from outside powers, for whom the contest for Libya is a struggle over regional natural resources and over the future of Islamist groups in the Arab world.
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