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Despite Downturn, Half in New Poll Expect Saudi Economy to Improve
- October 11,2016
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- SUSTG Team
With tough economic decisions at hand and the price of oil at a tipping point, where is the Saudi economy heading? In a recent poll conducted by Bayt.com and YouGov, 50% of respondents in Saudi Arabia expect business conditions to improve in one year, and 40% believe things will improve in the next six months. […]
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Deadly Coalition Missile Attack on Funeral in Yemen Draws International Condemnation, Prompts U.S. Review of Support
- October 10,2016
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- Lucien Zeigler
The ongoing conflict in Yemen was further inflamed this weekend after a missile attack on a funeral hall killed over 160 civilians, sparking outrage across the war-torn country. Yemeni officials and witnesses are blaming the Saudi-led coalition fighting in Yemen for the attack, which threatens to significantly alter the war’s course. The coalition initially denied […]
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Video: Paramotoring in Saudi Arabia’s Qassim Desert
- October 7,2016
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- SUSTG Team
A recently released report and video by Reuters highlights the start and growth of a “paramotoring” club in the Qassim Desert in Saudi Arabia as “a hobby, curiosity, a change.” Paramotoring, also referred to as powered paragliding, involves the use of a motor driving propeller that is worn on one’s back. The motor can be stopped and started in […]
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Jadwa Investment Revises Saudi GDP Down to 1.1%
- October 6,2016
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- SUSTG Team
The latest quarterly GDP update on the Saudi economy from Jadwa Investment finds year-on-year growth continued to slow for the fourth consecutive quarter, “mainly owing to a deceleration in annual GDP growth for both the oil sector and the non-oil private sector.” However, in real terms, the Saudi economy was 1.4 percent larger in the second quarter […]
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Top Saudi Investment Officials in New York for Two-Day JPMorgan Chase Event
- October 4,2016
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- SUSTG Team
Saudi Capital Market Authority Chairman Mohammed Al-Jadaan and Tadawul stock exchange Chief Executive Officer Khalid Al Hussan are among officials attending a two-day event in New York City this week organized by JPMorgan Chase & Co., Bloomberg reports. According to Bloomberg, senior representatives of the kingdom’s economy ministry and central bank will also be present. The […]
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Saudi Arabia Switches to Gregorian Calendar
- October 3,2016
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- SUSTG Team
Saudi Arabia has shifted to the Gregorian or “Western” calendar as a basis for paying civil servants as part of broader fiscal changes, according to reports. The kingdom adopted the lunar Islamic calendar when it was founded in 1932, but the change places its payment schedule in line with the West. It also brings civil […]
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Saudi Arabia’s Foreign Ministry Criticizes JASTA, Congress Weighs Adjustment of Law
- September 30,2016
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- SUSTG Team
Although the Congressional override of President Obama’s veto on the controversial Justice Against Sponsors of Terrorism Act (JASTA) was anticipated, it’s reality has proved shocking to U.S. leaders as well as countries globally. Saudi Arabia’s foreign ministry has issued a statement strongly condemning the legislation and noted, as has been done frequently in the run-up […]
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Jadwa Investment Report Looks at ‘Significant Implications of Vision 2030 on Trade and Financial Flows’ for Saudi Arabia
- September 29,2016
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- SUSTG Team
A recently released Jadwa Investment report researches the impact that Vision 2030 is likely to have on international trade and investment flows with Saudi Arabia. This report looks at the evolution of the current account for the period 2016-30, which is forecast to reach a surplus of $135 billion (8 percent of GDP) by 2030. “While oil export […]
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Deputy Crown Prince Mohammed bin Salman Cracks Bloomberg’s 50 Most Influential in Finance
- September 27,2016
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- SUSTG Team
Saudi Deputy Crown Prince Mohammed bin Salman has been ranked 42nd Bloomberg’s list of the 50 Most Influential People in the world of finance. Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after […]
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Opposition to JASTA ‘Bubbles’ but Override Still Likely after White House Veto on Friday
- September 26,2016
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- SUSTG Team
President Obama vetoed the Justice Against Sponsors of Terrorism Act (JASTA) on Friday, setting up an expected showdown with Congress over the controversial bill that would open up foreign nations to lawsuits in the United States. In a thoughtful letter to Congress attached to the veto, President Obama says that while he has deep sympathy […]
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Saudi Arabia Taps Trip.com Group for Campaigns to Promote Tourism
China’s Trip.com Group has signed a memorandum of understanding with the Saudi Tourism Authority to promote Saudi Arabia as a tourism destination. As part of the collaboration, Trip.com and Saudi Tourism Authority will launch joint marketing campaigns in several markets to drive awareness and attract tourists to Saudi Arabia through Trip.com, Ctrip, Travix, and other travel companies.
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Qatar and Bahrain say they will resume diplomatic ties
Qatar and Bahrain will resume their diplomatic ties, both Bahrain news agency (BNA) and the Qatari foreign ministry said on Wednesday. The move comes over two years after an Arab boycott of Qatar was lifted. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in January 2021 ended a 3-1/2-year embargo of Qatar but all but Bahrain restored travel and trade links in 2021.
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Commentary: Saudi Arabia Stands to Gain From Iran Outreach and More
The resumption of diplomatic relations between Saudi Arabia and Iran, and the Saudis’ diplomatic overtures toward Syrian President Bashar al-Assad, are part and parcel of the Saudis’ overall reassessment of their geostrategic interests, which rest on three distinctive goals: regional stability, exerting greater regional and international influence, and uninterrupted oil exports. These three fundamental goals are tightly linked and are within the Saudis’ reach.
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Xi Hosts Brazil’s Lula in Diplomatic Push for Ukraine Cease-Fire
Brazil President Luiz Inacio Lula da Silva arrives in China on Wednesday as President Xi Jinping seeks to build momentum for talks to halt fighting in Ukraine more than a year after Russia’s invasion. Lula’s trip to Shanghai and Beijing comes as Xi embarks on a round of diplomacy in the weeks after visiting Moscow, where he strengthened political ties with Russian President Vladimir Putin even while touting Beijing’s vague blueprint for peace that included a call for a cease-fire in Ukraine. The Chinese leader last week hosted French President Emmanuel Macron and European Commission President Ursula von der Leyen to discuss the effort.
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Saudi authorities brace for rain in Makkah during last 10 days of Ramadan
Authorities in Saudi Arabia said that they were implementing “emergency plans to confront the rain” in the holy city of Makkah, amid early preparations to ensure the safety and security of pilgrims visiting the Grand Mosque during the last ten days of the Muslim fasting month of Ramadan.
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Saudi Arabia’s Nod To The Shanghai Cooperation Organization
Riyadh applied for SCO dialogue partner status in 2019, which was formally approved in September 2021 and officially granted exactly a year later. Turkiye, Egypt and Qatar are other current dialogue partners while Iran is set to be granted full member status in April. The process of becoming a full member involves a few steps besides the consensus of all existing members. There appears to be no hurdles to the Kingdom’s inclusion by the member-states and secretariat.
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Saudi Arabia Taps Trip.com Group for Campaigns to Promote Tourism
China’s Trip.com Group has signed a memorandum of understanding with the Saudi Tourism Authority to promote Saudi Arabia as a tourism destination. As part of the collaboration, Trip.com and Saudi Tourism Authority will launch joint marketing campaigns in several markets to drive awareness and attract tourists to Saudi Arabia through Trip.com, Ctrip, Travix, and other travel companies.
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UAE Leader Consolidates Power Amid Regional Uncertainty
On March 29, Sheikh Mohammed bin Zayed Al Nahyan (MBZ), the president of the United Arab Emirates (UAE) and ruler of Abu Dhabi emirate, appointed three brothers and a son to key positions, consolidating his authority and clarifying the succession. Most significantly, MBZ appointed his 41-year-old eldest son, Sheikh Khaled bin Mohammed bin Zayed Al Nahyan, as Abu Dhabi crown prince - effectively positioning him as heir apparent to the 62-year-old leader.
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Leaked US intel: Russia operatives claimed new ties with UAE
U.S. officials declined to comment on the document, which bore known top-secret markings and was viewed by The Associated Press. The Emirati government on Monday dismissed any accusation that the UAE had deepened ties with Russian intelligence as “categorically false.” But the U.S. has had growing concerns that the UAE was allowing Russia and Russians to thwart sanctions imposed over the invasion of Ukraine.
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Saudi Crown Prince and top Biden aide hail ‘progress’ in ending Yemen war
Saudi Crown Prince Mohammed bin Salman and US national security adviser Jake Sullivan discussed the situation in Iran and steps aimed at ending the war in Yemen in a phone call on Tuesday. "Mr Sullivan highlighted the remarkable progress in Yemen over the past year, during which fighting has nearly ceased under a UN-mediated truce," the White House said in a statement. "He welcomed Saudi Arabia’s extraordinary efforts to pursue a more comprehensive road map for ending the war and offered full US support for those efforts."
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