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No Change in Oil Strategy As Producers Continue With Pursuit of Market Share
- December 4,2015
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- SUSTG Team
OPEC appeared likely to maintain its policy of high production levels at its annual meeting in Vienna, according to reports, a decision that will continue downward pressure on crude prices in favor of greater market share. The decision to stick to the strategy was expected, but it is risky for countries that need the revenue, […]
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Saudi Aramco Aims to Redirect Dollars Spent on Western Oil service/Equipment to Saudi-Based Operations
- December 3,2015
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- SUSTG Team
Saudi Arabia, long reliant on western oil services and equipment to support its oil production, took an ambitious step to begin to onshore much of those services with a new program called the In-Kingdom Total Value Add (IKTVA). The program aims to give contracts typically assigned to western firms to locally-based firms, a decision that could […]
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Jadwa Investment: A ‘Mixed Picture’ for Domestic Economic Activity in October 2015 Data
- December 2,2015
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- SUSTG Team
Riyadh-based Jadwa Investment’s December 2015 Saudi Chartbook finds a ‘mixed picture’ for Saudi domestic economic activity. While data on consumer spending pointed to healthy growth, PMI fell to its lowest point on record. The Data also show the first positive net monthly change to government accounts with SAMA: Real Economy: October data showed a mixed picture for domestic […]
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All Eyes on Vienna as OPEC’s 168th Meeting Marks One Year of Saudi-led Strategy to Squeeze High Cost Producers
- December 1,2015
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- SUSTG Team
The oil-producing nations of OPEC convene in Vienna on Friday, exactly one year since Saudi Arabia took the lead on its strategy to ramp up output to drive out higher-cost producers and secure market share. The results have been a global oil market in a state of persistent oversupply and unexpected resilience from smaller producers. Saudi […]
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Jeddah Construction Gets Boost with $2.2b Real Estate Fund
- November 30,2015
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- SUSTG Team
A new real $2.2 billion estate fund will drive ongoing construction at the Kingdom Tower Jeddah and the surrounding development, slated to become the world’s tallest building upon its targeted completion in 2018. Jeddah Economic Co., co-founded by Saudi billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Co., is forming the 8.4 billion-riyal ($2.2 billion) real estate […]
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Report: Saudi Arabia to Work with OPEC to ‘Stabilize Prices’
- November 24,2015
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- SUSTG Team
A Bloomberg report citing the Saudi Press Agency said the Kingdom would work with producers within and outside the Organization of the Petroleum Exporting Countries to stabilize the market. The news sent oil price futures higher on international indices on Monday, but speculation about a global supply glut and signs of rising U.S. stockpiles caused […]
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Saudi Forces Train to Fight in Rugged Mountain Terrain as War in Yemen Continues
- November 19,2015
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- SUSTG Team
Military personnel from Saudi Arabia were photographed by the official Saudi Press Agency (SPA) training in remote mountain terrain as the battle against the Houthi rebels in Yemen continues. Victory has remained elusive for the Saudi-led coalition fighting in Yemen, but steady gains on the back of coalition airstrikes have turned the tide in the […]
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Storms Pound Saudi Arabia as Floods in Jeddah Claim 12 lives
- November 18,2015
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- SUSTG Team
At least 12 people are dead as torrential rains have flooded Jeddah, Saudi Arabia’s second-largest city, as thunderstorms reportedly turned “wadis into rivers and alleyways into raging torrents.” Local meteorologists report the city received 22 millimetres (.86 inches) of rain over a few hours. Two people were electrocuted when they touched a lamp post as they […]
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Saudi Shoura Council Approves Tax on Vacant ‘White Properties’ in Saudi Arabia
- November 17,2015
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- SUSTG Team
Saudi Arabia’s Shoura Council has approved a plan to tax landowners on vacant properties following an earlier Saudi Cabinet decision to pursue a tax on so-called ‘white properties.’ The plan was approved by Saudi Arabia’s King Salman in March and the issue was sent to the Shoura council to be voted upon. It still awaits […]
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KAUST Announces New Partnership with Dow, Launches Venture Capital Fund with ICD
- November 13,2015
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- SUSTG Team
Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) announced two new partnerships this week, including a R&D agreement with Dow Chemical and the creation of a venture capital fund with the Islamic Corporation for the Development of the Private Sector (ICD). The university’s campus is now the future home of the new Dow Middle East […]
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MUST-READS
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Saudi Arabia sells $7 billion in three-part bonds as oil squeezes budget
Riyadh last month increased its debt ceiling to 50% of GDP from a previous 30% in March as it plans to increase borrowing amid the economic downturn caused by the coronavirus outbreak.
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Saudi Oil Is Flooding Market With Output Pact Yet to Start
Saudi Arabia and other Gulf suppliers may have agreed to cut oil production again starting next month, but by all indications the taps are set to remain wide open until then -- swelling stockpiles for at least a few more weeks. The kingdom’s crude exports during the first two weeks of April were around 9.3 million barrels a day, according to tanker-tracking data compiled by Bloomberg. That compares with 6.8 million barrels a day during the same period in March.
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How the Middle East led the U.S. to adopt smarter mobile security rules
Earlier this year, US regulators essentially followed the Middle East’s lead by rolling out sweeping new rules — referred to as Cybersecurity Maturity Model Certification (CMMC) — which require use of data containerization along much the same lines as Saudi Arabia and the UAE mandated some three years ago. The implementation of CMMC represents a big change from past U.S. federal data handling rules for contractors, for which compliance was by-and-large voluntary.
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Uber suspends services in several parts of Saudi Arabia
Uber will “pause” its services in the cities of Riyadh, Tabuk, Dammam, Dhahran and Al-Hofuf, and the governorates of Jeddah, Taif, Qatif and Khobar, it said in an email to customers. The interior ministry has announced a 24-hour curfew in those areas.
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Yemen’s warring parties accuse each other of attacking pipeline
Yemen’s warring factions have accused each other of attacking an oil pipeline pumping station in the central province of Marib, where clashes have raged for weeks and displaced tens of thousands of civilians.
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Across parts of the Middle East, coronavirus compounds strain after years of war
Amman, Jordan, saw the most extreme measures in the region so far, with a state of emergency declared on March 20, locking 10 million people in their homes completely. “We were given notice, a day or two in advance,” Nada Atieh, an American living in Amman, told PBS NewsHour. “I went to the grocery store to buy some groceries and it was packed. The lines were to the end of the store and there were no groceries on the shelves.”
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Saudi Arabia brings forward coronavirus curfew start in three areas
Saudi Arabia has brought forward its nightly curfew by four hours in three areas to combat the coronavirus epidemic, state news agency SPA said. From Friday, the curfew will begin at 3 p.m. (1200 GMT) instead of 7 p.m. in the city of Dammam and the governorates of Taif and al-Qatif, SPA said, quoting a senior interior ministry official. The curfew is lifted at 6 a.m.
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Saudi Arabia’s Mawid smartphone app offers coronavirus self-assessment
The Saudi Health Ministry has introduced a self-assessment feature on its Mawid smartphone app amid the global outbreak of coronavirus disease (COVID-19), offering a consultation window for the public.
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Top five MENA VC deals in the first quarter of 2020
The first quarter is usually an active one for venture capital (VC) investments in the Middle East and with the top five closed before the Coronavirus pandemic. The top five investments amounted to $173 million with the UAE once again accounting for most of that. Food technology garnered the most amount of funding, a trend that is likely to continue given the rise in demand for e-groceries at the moment. It remains to be seen how active the investment community will be in the second quarter of this year, but we are expecting an overall slowdown.
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5 charts that explain the Saudi Arabia-Russia oil price war so far
Two of the world’s largest oil producers — Saudi Arabia and Russia — are set to increase production dramatically this month, after an agreement between OPEC and its allies to lower output expired at the end of March. OPEC+ countries have teamed up to reduce their supply to the market since 2017, but failed to reach a deal last month.
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