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Saudi Government Publishes New Overview of Economy Highlighting Balanced Budget Goal by 2020
- December 28,2016
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- SUSTG Team
Saudi Arabia has published a new report highlighting its goals to achieve a fiscal balance by the year 2020. The 85-page report, which places the goal in the context of the Kingdom’s ongoing economic transformation plans, is the first of its kind since Saudi Arabia published its Vision 2030 and National Transformation Program overviews earlier this year. The […]
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For Saudi Arabia’s 2017 Budget, Jadwa Investment Sees ‘Expansionary Fiscal Stance’
- December 27,2016
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- SUSTG Team
Saudi Arabia unveiled its 2017 budget last week with a budgeted SR890b ($237.2b) in spending, which is a SR50b ($13.3b) increase over the 2016 budget of SR840b ($223.8b). In a note sent to investors, Riyadh-based Jadwa Investment released a report outlining Saudi Arabia’s efforts to reduce its deficit despite the increase in spending. Based on revenues […]
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Saudi 2017 Budget Will Seek to Reduce Deficit, Create Surplus by 2020
- December 22,2016
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- SUSTG Team
Saudi Arabia’s government will reportedly unveil a plan to balance its high deficit and work to achieve a surplus in 2020, according to a senior government official with knowledge of the matter as quoted in Bloomberg. The plan was devised by the powerful Council on Economic and Development Affairs (CEDA), which is chaired by Deputy Crown Prince […]
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U.S. Chamber of Commerce Brings Global Initiative on Health and Economy to Saudi Arabia
- December 21,2016
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- SUSTG Team
A delegation from the U.S. Chamber of Commerce recently traveled to Saudi Arabia as part of an initiative aimed at promoting healthy living as a way to achieve a thriving economy. The U.S. Chamber’s Global Initiative on Health and Economy works to promote health as an economic asset around the world. This month, representatives from the […]
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Saudi Housing Authorities to Set Up Online Portal to Increase Transparency and Resolve Renter, Landlord Disputes
- December 20,2016
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- SUSTG Team
Saudi Arabia plans to set up a center to resolve disputes between tenants and landlords as authorities look to reform and modernize the way property is bought, sold, and leased in Saudi Arabia. According to the English language daily Saudi Gazette, the Saudi housing ministry plans to establish the “Center for Real Estate Dispute Redressal,” which will […]
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Careem, an Uber Rival in the Middle East, is Newest ‘Unicorn’ Company with Saudi, Japanese Investments
- December 19,2016
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- SUSTG Team
Careem, one of Uber’s rivals in the Middle East, has taken in $350 million in investment led by Japanese e-commerce firm Rakuten and Saudi Telecom Company (STC), the second investment made by Saudi Arabia’s government into ride-sharing apps this year. Saudi Arabia’s Public Investment Fund (PIF) invested $3.5 billion in ride-hailing app Uber in June, […]
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Saudi Arabia’s SIDF Gets New Investment Muscle to Enter New Industries
- December 16,2016
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- SUSTG Team
Saudi Arabia’s Energy Minister Khalid al-Falih said that Saudi Arabia plans to boost the capital of the Saudi Industrial Development Fund (SIDF) by SAR6bn ($1.6bn) to help finance the kingdom’s entry into new industries. The additional planned allocation would be on top of the SAR3bn ($800m) of capital recently injected in the fund, Falih said, […]
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Monetary and Financial Developments in the Kingdom
- December 15,2016
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- SUSTG Team
A recently released report by Jadwa Investment finds that, following the US Federal Reserve’s second rate hike since 2008, the US’s path to policy normalization “is expected to accelerate.” For the Saudi monetary system, the Saudi Arabian Monetary Authority (SAMA) has passed several measures to enhance liquidity in the domestic financial system, which has contributed […]
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Saudi Arabia’s New Currency Offers Security Upgrades, Phases Out Small Notes
- December 14,2016
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- SUSTG Team
Saudi Arabia has unveiled newly designed banknotes and coins with added security features that make forgery difficult. The new issuance is the first step to addressing the preponderance of one-Riyal bills currently in circulation. Half of all Saudi paper notes are one-Riyal notes, which is worth a little more than a quarter U.S. dollar. A […]
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Surprise Early Gains for Saudi Leaders in Fight Against State Spending as Successful Deficit Cuts Seen Beyond Projections – Reuters
- December 13,2016
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- SUSTG Team
Saudi Arabia’s 2017 state budget is “likely to show Riyadh has shrunk a huge deficit caused by cheap oil faster than expected, which may let it spend more to bolster a shaky economy” next year, according to a report in Reuters by reporters Marwa Rashad and Andrew Torchia. After a tough year economically for the Kingdom, […]
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Experts share details of cheetah remains found in Saudi Arabia and launch reintroduction program
The discovery last year of the mummified cheetah remains, which was described as significant, attracted worldwide attention and prompted international experts to work with local specialists to discuss and research the find. Ahmad Alboug, general manager of the wildlife center’s terrestrial wildlife conservation department, told Arab News: “The discovery of the mummies in ground caves in Saudi Arabia is a big opportunity, not only on a national level but an International level.”
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‘Bring it on’: Emirates airline boss welcomes Saudi competition
"Do I see this as a threat to us? No, I don't think so. Because Emirates has spent the best part of 35, 36 years building its brand," Clark said. "Never in my wildest dreams did I think that Emirates would have it all its own way in perpetuity... but is there room for more? Well, bring it on." Clark would not pre-empt next week's earnings announcement but said it had been a "good year", with a seat factor or passenger load of nearly 80 percent last week.
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Abu Dhabi tops Dubai as ‘smartest city’ in MENA region
For the third consecutive year, Abu Dhabi ranked as the smartest city in the Middle East and North Africa (MENA) region for 2023, according to the IMD Smart City Index released by the International Institute for Management Development (IMD) in Switzerland in collaboration with the Singapore University of Technology and Design (SUTD).
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What is happening in Sudan? Fighting in Khartoum explained
A conflict in Sudan that erupted on April 15 has killed hundreds of people, driven more than 100,000 to flee across the borders and displaced hundreds of thousands inside the country where many already relied on international aid before fighting began.
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Saudi low-cost airline budgets for expansion
Saudi Arabia’s Flyadeal is set to add four new aircraft to its fleet this year as it realises its international ambitions. The budget carrier, owned by Saudia, the kingdom’s flagship operator, was launched in 2017 to serve the domestic market and is now the second largest operator in the country behind Saudia. Flyadeal launched international operations at the tail-end of the coronavirus pandemic and currently flies to destinations in the Middle East, Europe and North Africa. It has plans to launch in South Asia later this year.
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Iran’s brain drain accelerates as crackdown on dissent intensifies
According to the Nilgam Center, a Tehran-based agency providing services to Iranians seeking to emigrate, between 2010 and 2020 roughly 500,000 migrants left the country permanently. The Stanford Iran 2040 Project, an academic platform dedicated to the study of Iran’s development, reported in April 2020 that the population of Iran-born emigrants increased from about half a million before the 1979 revolution to 3.1 million in 2019, with the United States, Canada, Germany and the United Kingdom being their top destinations.
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Chart: The World’s Highest-Paid Athletes
After leaving Manchester United for a two-and-a-half year contract with Saudi Arabia’s Al Nassr team, soccer star Cristiano Ronaldo has become the highest paid athlete in the world, according to Forbes’ latest ranking. The 38-year-old earned a total of $136 million over the past twelve months, having pulled in $46 million for his work on the pitch and $90 million off it, between May 1, 2022 and May 1, 2023.
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Kuwait again dissolves reinstated parliament by decree
Kuwait's parliament was dissolved by royal decree on Monday, state news agency KUNA said, having only been reinstated in March based on a Constitutional Court ruling after a previous dissolution. Kuwait's Crown Prince Sheikh Meshal al-Ahmad al-Sabah said last month the legislature would be dissolved and that new parliamentary elections would be held in coming months. The Gulf Arab state, an OPEC member, has seen prolonged bickering between the government and the elected parliament that has hampered fiscal reforms.
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Turkish raid prompted ISIS leader to detonate suicide vest
ISIS leader Abu Hussein al-Qurashi's six-month rule ended when he detonated a suicide vest during a Turkish special forces raid in northwest Syria on Saturday after refusing to surrender, a senior Turkish security official said. The third ISIS leader to die by detonating an explosive vest during a raid since 2019, Qurashi leaves behind an organization that once ruled millions of people via its control of a third of Iraq and Syria but has now been forced underground.
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‘We love competition’: Qatar Airways CEO welcomes new Saudi carrier
Qatar Airways says it welcomes the competition from the new Saudi Arabian flag carrier Riyadh Air, although acknowledging a range of challenges and headwinds that the wider industry is currently facing. “We love competition,” Qatar Airways CEO Akbar Al Baker told CNBC’s Hadley Gamble at the Arabian Travel Market conference in Dubai Monday.
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