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New Accounting Standards Cost Saudi $1.3b, but Feared Accountant Shortage Avoided
- April 5,2017
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- SUSTG Team
Writing in Forbes, contributor Dominic Dudley notes that Saudi Arabia’s January 2017 switch to new accounting standards did not cause chaos in the Kingdom’s affected listed companies as feared, but it did cost some companies a pretty penny. Saudi Arabia’s switch from accountancy standards set by the Saudi Organization for Certified Public Accountants (SOCPA) to International Financial Reporting […]
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Saudi Economic Data for February Paints Another ‘Mixed Picture’
- April 4,2017
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- SUSTG Team
Saudi Arabia’s economic data for the month of February 2017 showed a mixed picture for the Kingdom, with foreign reserves falling to $514 billion in February, the lowest since August 2011. The latest Jadwa Investment monthly chartbook for February finds cash withdrawals from ATMs and POS transactions showed a downward trend, but non-oil PMI was […]
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Saudi-American Healthcare Forum Set for April 23-26, 2017 in Riyadh
- April 3,2017
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- SUSTG Team
Under the patronage of H.E. Dr. Tawfiq bin Fawzan Al Rabiah, Saudi Arabia’s Minister of Health, organizers of the upcoming Saudi-American Healthcare Forum seek to build on the momentum established by previous events. The event, with the theme of Mapping the 2030 Transformation of the KSA Healthcare Sector: “The Road to Privatization,” will take place at the Ritz Carlton Riyadh […]
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In Shift from Obama, Trump to Host Egypt’s President Sisi at the White House for Lengthy Lunch Meeting
- April 3,2017
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- SUSTG Team
Egypt’s strongman president Abdul Fattah al-Sisi will visit the White House for the first time since he led the military’s overthrow of his predecessor in 2013, marking a shift in U.S. policy under President Obama who never invited him to the White House. President Trump “wants to use President Sisi’s visit to reboot the bilateral relationship and […]
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Moody’s Says Saudi Fiscal Position is Strong, Eyes Oil Dependency as Key Credit Challenge
- March 31,2017
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- SUSTG Team
Bond credit rating agency Moody’s Investors Service said Saudi Arabia’s fiscal position remains strong at the A1 rating level, but said that reducing the Kingdom’s high oil dependency is the key credit challenge the country faces. Moody’s said that while the government has announced ambitious and comprehensive reform plans with its Vision 2030 and National Transformation Plan, […]
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U.S. Military Footprint Growing in the Middle East
- March 30,2017
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- SUSTG Team
Two months after the inauguration of President Trump, indications are mounting that the United States military is deepening its involvement in a string of complex conflicts in the Middle East – including in Yemen – that lack clear endgames, the New York Times reports in a detailed look at U.S. escalation in regional conflicts. According […]
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At Annual Arab Summit, King Salman Stresses Solidarity, Signs Deals with Jordan
- March 29,2017
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- SUSTG Team
Saudi Arabia’s King Salman is in Jordan this week for the annual Arab Summit, a meeting between Arab states on Wednesday to “achieve cooperation and solidarity” toward shared regional challenges. King Salman arrived early to meet directly with his Jordanian counterpart, King Abdullah II, and announce several agreements to boost cooperation and bilateral ties, including an […]
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The U.S. is ‘Significantly Increasing’ Support for the Saudi-led Coalition in Yemen as Conflict Enters Third Year
- March 28,2017
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- SUSTG Team
The Trump administration has “significantly increased” military support for the Saudi-led coalition fighting al Qaeda and Iranian-backed militias in Yemen, the Wall Street Journal reports. The increase in support by the Trump administration raises the stakes for the United States in the war in Yemen, now entering its third year. It also continues a warming trend in […]
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London Parliament Attacker Traveled to Saudi Arabia Three Times, was ‘Not on Security Services’ Radar’
- March 27,2017
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- SUSTG Team
The man who killed four people outside Britain’s Parliament building was in Saudi Arabia three times and taught English there, the Saudi embassy in the UK said in a statement released Friday. Khalid Masood taught English in Saudi Arabia from November 2005 to November 2006 and again from April 2008 to April 2009. The embassy […]
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U.S. Federal Judge Urges Consolidation of 9/11 Lawsuits Against Saudi Arabia
- March 24,2017
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- SUSTG Team
A U.S. Federal Judge hoped to see consolidation among lawsuits filed by victims of the 9/11 terrorist attacks against Saudi Arabia that “largely allege the same facts” as the fallout from the Justice Against Sponsors of Terrorism Act (JASTA) continues. According to the Associated Press, Magistrate Sarah Netburn presided over a hearing that brought together dozens […]
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MUST-READS
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Saudi authorities arrest 11 in possession of 55 kilos of cocaine in latest drug bust
Saudi authorities have arrested 11 people who were in possession of a total of 55.2 kilograms of cocaine, in the latest massive drug bust as the Kingdom continues to crack down on the smuggling, promotion and use of narcotics, the Saudi Press Agency (SPA) reported on Thursday. The group had tried to hide the cocaine in several residences in Jeddah to avoid police attention, but security surveillance uncovered their crime, Major Marwan al-Hazmi, the Official Spokesperson of the General Directorate of Narcotics Control (GDNC), said.
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Opinion: Israel’s Gaza ops against Palestinian terror never accomplishes anything
Even if this round had not taken place, it will only a matter of time until the next one. The results of the next round will be the same as in the past. That is Israel’s strategy – to continue to ensure that the Palestinian leadership is divided between the West Bank and Gaza, and to ensure that both Palestinian authorities are weak but strong enough to keep the current systems of governance in place.
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How Much Air Conditioning Will It Take to Cool the World?
A warming world is making the need to stay cool more pressing. Hot countries are getting hotter, tipping normal summer temperatures into dangerous territory more frequently. Temperate countries are experiencing heat waves that were once unthinkable. Globally, an estimated 1.2 billion rural and urban poor are at risk because they currently lack access to cooling, including refrigeration and air conditioning, according to a 2022 report by the research group Sustainable Energy for All. Meanwhile, 2.4 billion middle-class people are “on the brink” of buying the most affordable cooling appliance available to them, the report found, regardless of its efficiency.
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Major AI conference to be held in Saudi capital Riyadh
Experience Analytics, hosted by Deloitte, will take place at The Arena in Riyadh with talks starting at 10am and ending at 6pm. More than 450 guests are expected to attend including senior executives and experts in data, analytics, and AI. Topics that will be explored include generative AI and machine learning with a specific focus on regional issues.
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‘Critical Step in Trying to Get Saudi Arabia’: House Foreign Affairs Committee Passes Bill to Create Abraham Accords Envoy
The legislation, which was first introduced in February, would create a Special Envoy for the Abraham Accords with the rank of ambassador who would be appointed by the President and confirmed by the Senate. The envoy would “serve as the primary advisor to, and coordinate efforts across, the United States Government relating to expanding and strengthening the Abraham Accords” and “engage in discussions with nation-state officials lacking official diplomatic relations with Israel.”
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Factbox: What are the deals on Ukraine, Russia grain exports?
The extension of a deal allowing the safe Black Sea export of Ukrainian grain and fertilizers beyond May 18 hangs in the balance after Russia issued a list of demands linked to a related agreement on its own such exports.
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First nuclear fusion plants to need $7 billion supply chain – survey
Companies looking to harness the process that powers the sun and stars to generate electricity expect to spend about $7 billion by the time their first nuclear fusion plants come online, a survey published on Wednesday said. Fusion occurs when the nuclei of two light atoms such as hydrogen, heated to extreme temperatures, fuse into one heavier nucleus releasing vast amounts of energy. Looking to master the fusion process using lasers or magnets, private companies and government labs spent $500 million on their supply chains last year, according to the Fusion Industry Association (FIA) survey.
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Saudi furniture marketplace Baytonia raises Seed round
Saudi-based online furniture marketplace Baytonia announced the closing of its first undisclosed funding seed round, led by Khwarizmi Ventures (KV), with participation from angel investors. Despite being bootstrapped in the past years with positive cash flow, this first funding round comes amidst the company’s rapid growth and expansion goals to scale further.
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Twitter, Saudi Arabia sued in US over jailed aid worker
The sister of a Saudi national imprisoned after tweets criticising the government on Tuesday sued both Twitter and the kingdom, alleging they worked together to support 'repression'.
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Will Kuwait’s third elections in three years break political deadlock?
Kuwait is gearing up to hold early parliamentary elections next month. While the country held legislative polls last September, the judiciary in March ruled to annul that vote, reinstating the 2020 parliament. The fresh elections have been triggered by the crown prince’s intervention earlier this month to dissolve the 2020 National Assembly. With registration closing, less candidates have signed up compared to the prior two polls.
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