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Recent stories from sustg

  • Jadwa: Economic Data for July Shows ‘Mixed Picture’ for Saudi Economy
     

    Recently-released Jadwa Investment monthly chartbook data on the Saudi economy for July showed “a mixed picture in economic activity,” the Riyadh-based investment firm said, noting that data on point-of-sale transactions and ATM withdrawals showed a notable slowdown in July, while the non-oil PMI rose to a 2016 high. The Saudi unemployment rate rose slightly to 11.6 […]

     
  • Deputy Crown Prince to Promote Saudi Vision 2030 in Japan, China and at G20
     

    Saudi Deputy Crown Prince, Minister of Defense and head of the influential Council of Economic and Development Affairs, HRH Mohammed bin Salman, plans to visit China August 29-31 and Japan August 31-September 3. Prince Mohammed will then attend the Group of 20 Summit September 4-5 to be held in Hangzhou, China where he will be […]

     
  • John Kerry to Visit Saudi Arabia
     

    U.S. Secretary of State, John Kerry, will travel to Kenya, Nigeria and Saudi Arabia next week as part of a tour that is expected to focus on counter terrorism.  Secretary Kerry is expected to be in Jeddah on Wednesday, August 24th. AFP reports that Secretary Kerry will meet with his counterparts from the six-nation Gulf […]

     
  • Ematah (Removal) Campaign Addresses Saudi Litter
     

    The ‘Crying Indian’ was one of the most iconic images on American television in the 1970s. Produced by the Keep America Beautiful organization it featured Iron Eyes Cody as a Native American distraught over the amount of pollution and litter there was in the United States. Litter was a significant issue in America at the […]

     
  • As Entertainment Industry Develops, A ‘Great Opportunity’ for Cinema Business Awaits in Saudi Arabia
     

    With Deputy Crown Prince Mohammed bin Salman’s recent visit to the United States that included meetings with several top entertainment industry executives in Silicon Valley, it is quite possible that entertainment options in Saudi Arabia could be dramatically greater in a decade. But what will that look like? The Vision 2030 document states that the Kingdom’s leaders “consider culture […]

     
  • U.S. State Department Approves Potential $1.15b Sale of 130 Abrams Battle Tanks, 20 Armored Recovery Vehicles to Saudi Arabia
     

    The U.S. State Department has approved the potential sale of more than 130 Abrams battle tanks, 20 armored recovery vehicles and other equipment, worth about $1.15 billion, to Saudi Arabia, the Pentagon said on Tuesday. “The State Department has made a determination approving a possible Foreign Military Sale to the Kingdom of Saudi Arabia for […]

     
  • Gallup Poll on Saudi Attitudes About Economy, Prosperity Sees Hope after Oil, Divide Between Saudis and Expats
     

    A recently released Gallup poll, conducted shortly after the announcement of Vision 2030, found that nearly half of adults (48%) rate their lives well enough to be considered “thriving,” up significantly from 35% a year earlier. Such a large shift in thriving rates in a single year “is rare in any country,” Gallup said. However, there is a sharp […]

     
  • Saudi Presents Investigation into Coalition Bombings in Yemen
     

    An investigative committee examining charges that the Saudi-led coalition fighting against Houthi rebels in Yemen has caused civilian casualties largely defended their actions, Reuters reports. According to the Saudi Press Agency (SPA), the coalition’s investigative committee is independent and composed of representatives from six countries, all members of the Gulf Cooperation Council, in addition to […]

     
  • Reuters Poll: Non-Oil Business Activity Slows in Gulf as Governments Tighten Spending
     

    A recently released Reuters poll of economists finds that non-oil business activity is slowing in the Gulf because of government austerity measures, causing some to revise their economic forecasts down for the region. In 2015, growth in the GCC “began to lose steam as governments reduced spending to limit big budget deficits caused by cheap oil,” […]

     
  • Aramco Names Ibrahim Al Buainain as Chief Executive of Its Trading Arm
     

    Saudi Aramco has named Ibrahim Al-Buainain as chief executive of its trading arm, the company said on Tuesday, as Al-Buainain’s star continues to rise within the ranks of the energy giant. Ibrahim Al-Buainain’s promotion to CEO of Saudi Aramco Trading takes effect this month. In November 2014, Aramco named Al Buainain as head of Saudi […]

     

MUST-READS

  • Saudi Arabia prioritizes sports for NEOM plans as costs balloon, sources say

    Saudi Arabia has scaled back lofty ambitions for its NEOM gigaproject to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, three sources told Reuters a day after the sudden departure of the project's longtime CEO.Saudi Arabia has scaled back lofty ambitions for its NEOM gigaproject to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, three sources told Reuters a day after the sudden departure of the project's longtime CEO. "When the (NEOM) project was first pitched as an idea, costs were $500 billion. However, The Line alone was going to cost over a trillion which was why it's been scaled back," one consultant with knowledge of the matter said.

  • Air Products in talks for more NEOM offtake

    Negotiations are underway for additional offtake at the NEOM green hydrogen megaproject in Saudi Arabia which would exceed the production of the facility, according to CEO Seifi Ghasemi. Speaking on an earnings call following the release of Q4 and full year results (click here), Ghasemi said construction is about 60% complete, and it is on track to launch the facility at the end of 2026. Target production is 600 tonnes of hydrogen daily and analysts heard how the company plans to ‘fully load’ from 2027.

  • Trump’s Middle East Picks Signal Staunch Pro-Israel Policy

    President-elect Donald J. Trump’s nominees to serve as top diplomatic envoys to Israel and the Middle East have little, if any, official policy experience in the region. But there is not much question about where their sympathies lie. Mike Huckabee, a former governor of Arkansas who was tapped on Tuesday to be the next U.S. ambassador to Israel, has said that “there’s really no such thing as a Palestinian” and argued that all of the West Bank belonged to Israel. Steven Witkoff, who was named on Tuesday as the incoming administration’s Middle East envoy, raised a vast amount of money for Mr. Trump’s campaign — including from Jewish voters after the Biden administration stopped shipping some bombs to Israel.

  • Commentary: Saudi Arabia’s ruler used to be one of Trump’s biggest fans. This time it’s complicated.

    "Gulf Arab states have concerns about Trump being unpredictable and the risks of having him back in the White House," Giorgio Cafiero, CEO of consultancy Gulf State Analytics, told Business Insider. Of particular concern, said Cafiero, is the fear that Trump could inflame the Middle East at a time when it is on the brink of all-out regional war. "His first administration had a highly Israel-centered foreign policy in the region and there are many open questions about how he'll approach the wars in Gaza and Lebanon after his second term begins in January 2025," he added.

  • Diving in Saudi Arabia: Discover the Red Sea’s Newest Dive Haven

    The Red Sea has attracted many scuba enthusiasts, may they be diving out of Aqaba in Jordan, Eilat in Israel or the dive centers of Egypt’s Sharm El-Sheikh, Hurghada or Dahab, home of the famed Blue Hole. In Saudi Arabia, where the Red Sea meets over 1,200 miles of its western shoreline, scuba diving isn't new to locals. However, international travelers like myself are only now discovering the recreational diving scene in this Middle Eastern kingdom, because historically, it hasn’t always had its doors open to tourism.

  • Saudi Fintech Lean Raises US$67.5m in Series B Funding Round

    Lean Technologies, a Riyadh-based financial infrastructure provider that enables businesses to embed banking services into their platforms, has secured US$67.5m in Series B funding led by General Catalyst. The investment brings Lean's total funding to more than US$100m and positions the company to expand its open banking services across the Middle East and North Africa (MENA) region. General Catalyst, a Silicon Valley venture capital firm known for investments in high-growth technology companies, led the round. Other participants included Bain Capital Ventures, Duquesne Family Office - managed by investor Stanley Druckenmiller - Arbor Ventures and Saudi Venture Capital.

  • Israel hits Beirut, ceasefire terms come into focus

    A senior Lebanese official has signalled that Hezbollah is ready to pull its forces away from the Lebanese-Israeli border in any ceasefire, whilst rejecting Israel's demand for freedom to act against the Iran-backed group in the future. Pressing its offensive against Hezbollah, Israel launched airstrikes on Beirut's southern suburbs for a third consecutive day, levelling more buildings in the area of the Lebanese capital controlled by the group.

  • COP29 climate talks urged to find $1 trillion a year for poorer countries

    Developing countries need at least $1 trillion per year by the end of the decade to cope with climate change, economists told U.N. talks in Baku, where early efforts to reach a finance deal risk being overshadowed by diplomatic rows. Money is a focus at COP29 whose success is likely to be judged by whether it can agree a new target for how much richer countries, development lenders and the private sector must provide each year to help developing countries finance the transition to greener energy and protect against extreme weather.

  • Russia President, Saudi Crown Prince discuss Palestine-Israel conflict, situation with oil markets

    Russian President, Vladimir Putin, discussed the Palestinian-Israeli conflict and the situation with the global oil market with Saudi Crown Prince, Mohammed Bin Salman (MBS), over the telephone, the Kremlin said Wednesday. The talk was initiated by the Saudi side and two leaders marked their positions on a possible settlement between the Palestinians and Israelis, according to a statement, Anadolu Agency reports. “The importance of continuing close coordination in OPEC Plus was emphasized. The effectiveness and timeliness of the steps taken in this format to ensure balance in the global energy market were noted,” it added.

  • Saudi Arabia Solar Photovoltaic Industry Research Report 2024-2029: Saudi Vision 2030 – A Catalyst for Booming Solar PV Industry Amidst Oil Dependency Reduction

    The Saudi Arabia Solar Photovoltaic Market was valued at USD 3.92 Billion in 2023, and is expected to reach USD 44.89 Billion by 2029, rising at a CAGR of 49.87%. The Saudi government has implemented various incentives, such as subsidies, tax benefits, and funding programs, to encourage the adoption of solar energy. These measures reduce the financial burden on businesses and households, making solar PV installations more attractive. Additionally, the decreasing cost of solar technology, driven by advances in manufacturing and economies of scale, is making solar PV systems more affordable. This trend is further supported by ongoing research and development in solar technologies, which enhances efficiency and reduces costs.