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Recent stories from sustg

  • Is the Saudi Health Ministry Failing to Meet Targets?
     

    Saudi Arabia is in danger of failing to meet crucial targets set out in the Kingdom’s ninth development plan for 2010 to 2014, according to a post published in the Saudi Gazette, based on information from the Arabic-language Al-Eqtisadiah. “With only two months left until the end of 2014, the ministry is far from reaching […]

     
  • 23rd NCUSAR Policymaker’s Conference Begins Tomorrow in Washington
     

    The National Council‘s 23rd Annual Arab-U.S. Policymakers Conference begins tomorrow, September 28th-29th at the Ronald Reagan Building and International Trade Center in Washington, D.C. Saudis scheduled to speak at the event include HRH Prince Turki Al Faisal, H.E. Dr. Abdullah I. El-Kuwaiz and others.  For a full list of speakers and the agenda, click here. You can […]

     
  • Opinion: Teaching Religious Tolerance in Schools
     

    In recent months, much attention has been given to the expanding influence of jihadist groups and religious extremists in the Middle East. The rise of the Islamic State (ISIS) in Iraq has been attributed, in part, to former Prime Minister Maliki’s sectarian policies. The Houthis, a Shiite rebel group in Yemen have occupied Sanaa and […]

     
  • Murder of Abdullah Alkadi in California Hits Home for Saudi Students, Families
     

    The suspected murder-carjacking death of Saudi Arabian national Abdullah Alkadi has caused tremors through the vast, tightly-knit community of Saudi students in the United States. In comments to SUSTG, Ghadah Alghunaim, co-founder of the popular Saudi student social networking group, Saudis in USA, said that the event shook many Saudi students in the US and […]

     
  • Cracking the Online Payments Puzzle in MENA
     

    Online payments have been at the center of electronic commerce challenges in the Middle East and North Africa since the first regional e-commerce sites came online. In many cases, they’ve kept both investors and founders worried about venturing into e-commerce businesses, and prevented many consumers from enjoying the benefits. Research shows that 47% of people […]

     
  • Saudi Labor Reform and a Supermarket Checkout Line
     

    Last month SUSTG featured a Summer 2014 Report Card analysing the Nitaqat Program to significantly increase the number of Saudis in the workforce.  In that article Nathan Field assessed the structural reform required simply to implement the Nitaqat initiative as well as the array of regulatory changes and their impact on the Saudi labor environment. In […]

     
  • PHOTOS: Saudi Commando Forces Train in the Alps
     

    Saudi Arabia’s commando forces are training in the Alps with their French counterparts. The forces included “Saudi commando units, surveillance units of paratroopers and special forces units from the Royal Saudi Land Forces, joined by French commandos, all took part in the high-altitude drills dubbed ‘Shamrakh 1,’ Al Arabiya reports. [CLICK HERE TO VIEW A […]

     
  • Taxi Apps Prosper As Women Seek to Cope with Ban Driving – Report
     

    Taxi apps in Saudi Arabia are flourishing in large part due to demand from women unable to drive themselves, according to a Wall Street Journal report. Rory Jones and Ahmed al-Omran note that taxi and ride-sharing businesses are rushing to meet demand in Saudi Arabia, and the services are well-liked by many women who are finding […]

     
  • After Sfakianakis Hire, Ashmore to Open an Office in Saudi Arabia Ahead of Market Opening
     

    London-based Ashmore Investments is set to open an office in Saudi Arabia before the opening of the Saudi Stock Exchange to foreign investors, the Wall Street Journal‘s Nicholas Parasie reports. Ashmore, which is registered with the Saudi market regulator the Capital Markets Authority and based in Riyadh on Olaya Main Street, recently hired John Sfakianakis to join the […]

     
  • Saudi FM Says Iran is ‘Part of the Problem and Not Part of the Solution’ in Regional Conflicts as KSA Diplomatic Activity Increases
     

    The Kingdom of Saudi Arabia had an active start to the week for its regional policy as the Emir of Qatar and Germany’s Foreign Minister were in Jeddah to meet with Saudi officials. Qatar’s Emir Sheikh Tamim bin Hamad al-Thani met with King Abdullah at his palace on the Red Sea, while Prince Saud al-Faisal met […]

     

MUST-READS

  • Saudi Arabia Eyes Major Slice of China’s Tourism Market

    Saudi Arabia welcomed over 150,000 Chinese visitors last year, and it’s on track to boost those numbers to half a million this year with ambitious tourism and economic strategies in play. An investment of $800 billion is fueling the country’s drive to grow its global tourism appeal, with $500 billion specifically aimed at opening up the Kingdom to new markets like China. Chinese tourist groups will also benefit from easier access to Saudi Arabia due to its newly received Approved Destination Status from China. This initiative is part of the Kingdom’s strategy to make China its third-largest source of international tourists by 2030, with a target of attracting five million Chinese visitors by then.

  • Saudi foreign reserve assets fall to SAR 1.63T in October

    Saudi Arabia's foreign reserve assets declined by SAR 80.9 billion, or 5%, month-on-month (MoM), to SAR 1.63 trillion in October, according to the Saudi Central Bank (SAMA). Reserve assets include investments in foreign securities, foreign cash and deposits, reserve position in the International Monetary Fund (IMF), special drawing rights (SDRs), and monetary gold.

  • Saudi: MBC Group’s profits skyrocket 36,686% in 9M-24

    MBC Group achieved net profits valued at SAR 250.51 million in the first nine months (9M) of 2024, an annual leap of 36,686% from SAR 681,000. The sales hit SAR 2.95 billion in January-September 2024, higher by 355.34% than SAR 649.33 million a year earlier, according to the interim financial statements. The group reported a 378% hike in net income to SAR 250.50 million, driven by solid revenue growth and expanded profit margins across all segments. Earnings per share (EPS) climbed year-on-year (YoY) to SAR 0.67 in 9M-24 from SAR 0.02

  • Saudi GDP per capita reaches $33,114 by end of 2023

    Between 2010 and 2023, Saudi Arabia’s GDP grew by approximately 102%, while population growth registered at around 34%, underscoring a balance between economic growth and improvements in living standards. In 2010, GDP per capita stood at 82,500 riyals. A sharp rise followed in 2011, with a 22% increase lifting the figure to 100,000 riyals. This upward trend continued in 2012, reaching 106,000 riyals.

  • The UAE’s strategic AI ambitions

    The United Arab Emirates (UAE) has in past years made significant strides towards economic diversification, with a strategic focus on advanced technologies such as artificial intelligence (AI) and semiconductor manufacturing. These efforts are central to its vision of becoming a regional hub for innovation. The momentum has recently accelerated, with two of the world's largest chipmakers—Taiwan Semiconductor Manufacturing Co. (TSMC) and Samsung Electronics—reportedly in talks to establish mega-factories in the Gulf Arab state. The projects could be worth more than 100B USD, elevating the Emirati role in the global tech value chain and generating significant economic opportunities.

  • Iran projects unity, openness to talks as Trump wins elections

    Senior political figures in Iran, including government officials, are signaling an openness to dialogue with the Donald Trump administration. In parallel, the Islamic Republic is moving to project unity at home, in a possible message that any talks will be held from a position of strength. But the path to negotiations is fraught with challenges. The latest snag is an alleged murder-for-hire plot by Iran to assassinate Trump, which Tehran has dismissed.

  • Saudi Arabia to Cut Oil Supply to China Amid Weak Demand

    Weak demand in China will lead to lower supply from the world’s top crude exporter, Saudi Arabia, to the world’s largest crude importer in December, trading sources told Reuters on Monday. The drop in Saudi supply would come despite the fact that the Kingdom has reduced its official selling prices (OSPs) for crude loading in December for Asia. December will see a second consecutive month of lower Saudi deliveries to China, estimated at a total of 36.5 million barrels. This would be down from 37.5 million barrels expected this month, and 46 million barrels in October, according to trade data compiled by Reuters.

  • Saudi Residential Real Estate: The Market Is Booming

    Residential real estate prices and rents continue to soar in Saudi Arabia. The cities of Riyadh and Jeddah saw year-on-year sales prices jump by 10% and 5%, respectively, in the first half of 2024, according to property consultancy company JLL's KSA Market Dynamics Report H1 2024. Rental yields also remain high, with year-on-year growth of 9% in Riyadh and 4% in Jeddah. The total number of real estate transactions across all asset classes surged by 38% to just over 106,700 in the first half of 2024, while their total value leapt by 50% to Saudi riyal (SAR) 127.3 billion, according to global real estate company Knight Frank's Saudi Arabia Residential Market Review - Summer 2024.

  • Saudi Arabia’s Mohammed bin Salman says Israel committing genocide in Gaza

    At a joint summit by the Arab League and the Organisation of Islamic Conference held in Riyadh, the prince and other Arab leaders doubled down on their criticism of Israel's assaults on Gaza and Lebanon, calling for an immediate ceasefire. "This summit is held as an extension to the previous summit in light of the continued heinous Israeli aggressions against our brotherly Palestinian people and the extension of aggressions on the brotherly Republic of Lebanon," he said in his keynote speech. "The kingdom reiterates its denounciation of the genocide perpetrated by Israel against the brotherly Palestinian people, which resulted in more than 150,000 martyrs, wounded and missing, the majority of whom are women and children."

  • In Gaza, ‘an entire society now a graveyard’

    Aid workers and U.N. officials paint a picture of complete devastation. Louise Wateridge, a spokesperson for the U.N. agency for Palestinians, UNRWA, posted a video of her recent drive through stretches of northern Gaza, showing an endless moonscape of cratered buildings and desolate, debris-strewn streets. “There is no way of telling where the destruction starts or ends,” she wrote online. “No matter from what direction you enter Gaza City, homes, hospitals, schools, health clinics, mosques, apartments, restaurants — all completely flattened. An entire society now a graveyard.”