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Saudi Space Agency and WEF Establish Space C4IR Center
- April 30,2024
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- SUSTG Team
The World Economic Forum has signed an agreement with the Saudi Space Agency to establish a Centre for the Fourth Industrial Revolution (C4IR) focused on space. The Centre for Space Futures, set to open in autumn 2024, will be hosted by the Saudi Space Agency.
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Special World Economic Forum Convenes in Riyadh
- April 29,2024
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- SUSTG Team
The World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh convenes 1,000 global leaders from 92 countries on 28-29 April, to support global dialogue and find actionable, collaborative and sustainable solutions to shared global challenges.
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Vision 2030 Marks 8th Year Since Launch
- April 26,2024
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- SUSTG Team
Launched on April 25, 2016, Vision 2030, Saudi Arabia’s blueprint for economic and social transformation marks it 8th year and the halfway point between 2016 and 2030.
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IMF Launches New Regional Office in Saudi Arabia
- April 25,2024
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- SUSTG Team
The goal of the new office is to strengthen the IMF’s collaboration with governments and institutions in the Middle East including promoting economic stability, growth, and regional integration. It also underscores the growing economic importance of the region.
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Saudi’s Regional Headquarters Program Moves Forward
- April 24,2024
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- SUSTG Team
In February the Zakat, Tax and Customs Authority published guidelines specifying RHQ tax rules. Under the new rules, specific activities qualify for tax incentives. The new RHQ tax rules aim to clarify the scope and conditions of tax relief for RHQ entities, as announced by MISA in December 2023.
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EU announces five-year Schengen visas for Saudi, Omani and Bahraini citizens
- April 23,2024
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- SUSTG Team
The EU will now allow citizens from Saudi Arabia, Oman, and Bahrain to apply for five-year Schengen visas. This marks a significant step forward in strengthening people-to-people relations between the EU and the GCC.
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IMF Sees OPEC+ Turn on Oil Production as Boon for Saudi Economy in 2025 – Report
- April 19,2024
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- SUSTG Team
The International Monetary Fund said it expects OPEC and its partners to start increasing oil output gradually from July, “a transition that’s set to catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year,” according to a report in Bloomberg. “We are assuming the full reversal of cuts is happening at the beginning of 2025,” […]
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Saudi Arabia Moves Closer to $1 Billion stake in a Pakistani mine – Report
- April 18,2024
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- SUSTG Team
Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp., people with knowledge of the matter told Bloomberg.
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Saudi Arabia Fares Well in 2024 Kearney FDI Confidence Index
- April 16,2024
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- SUSTG Team
Ongoing economic and business-related reforms helped the United Arab Emirates and Saudi Arabia post the biggest jumps in Kearney’s 2024 Foreign Direct Investment Confidence Index. The countries climbed ten spots from 2023, to eighth for the UAE and 14th for Saudi Arabia.
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Saudi defense minister receives phone call from US counterpart; Kingdom denies role in shooting down Iranian attack
- April 16,2024
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- SUSTG Team
Saudi Minister of Defense Prince Khalid bin Salman received on Sunday a phone call from U.S. Secretary of Defense Lloyd Austin, according to reports.
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MUST-READS
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Arbitration in the Kingdom of Saudi Arabia Part 4 – Drafting and Concluding Effective Arbitration Agreements in Saudi Arabia
An effective, well-drafted arbitration clause (or arbitration agreement) provides parties with a contractual mechanism through which they can enforce their legal rights. Therefore, it is an essential part of any contract pursuant to which the parties have agreed to resolve their disputes by arbitration. Arbitration clauses need to be properly drafted to be valid, effective and enforceable. Poorly drafted arbitration clauses may be challenged at the stages of initiating arbitration or enforcing arbitral awards, and defective or "pathological" arbitration clauses may even deprive the parties of access to arbitration.
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Saudi Arabia’s Inochem starts trial runs at soda ash, calcium chloride plants
Khair Inorganic Chemical Industries Co (Inochem) has started trial operations at its soda ash and calcium chloride plants in Saudi Arabia, its part-owner Sahara International Petrochemical Co (Sipchem) said. The 300,000 tonne/year soda ash plant and the 350,000 tonne/year calcium chloride plant are located at the Ras Al-Khair Industrial City. Total project cost was Saudi riyal (SR) 2.9bn ($773m), Sipchem said in a filing on the Saudi bourse on 12 November.
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Saudi Arabia: Riyadh to host 2024 Smart Cities Forum
The Saudi Data and AI Authority (SDAIA) unveiled a three-year partnership with FIRA Barcelona at the Smart City Expo World Congress (SCEWC) in Barcelona. This alliance lays the groundwork for the Riyadh-hosted Smart Cities Forum scheduled for early 2024. The Riyadh Smart Cities Forum aims to gather national, regional, and global thought leaders to drive discussions on people-centric, smart, and sustainable cities in Saudi Arabia. This platform will showcase the Kingdom’s latest innovations and foster global dialogues with key stakeholders.
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Saudi Arabia exceeding regional headquarters target, says investment minister
Saudi Arabia has outperformed its target for attracting regional headquarters, with over 180 companies now established in the Kingdom. This number surpasses the initial goal of securing 160 HQs by the end 2023, as disclosed by Minister of Investment Khalid Al-Falih. In an interview with Bloomberg, Al-Falih emphasized that the regional headquarters program is part of a “long-term journey,” adding that the Kingdom is working with international entities to create the “right ecosystem” to open their offices in Saudi Arabia.
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Saudi Arabia Participates in UNESCO’s 42nd General Conference in Paris
Minister of Culture and Chairman of the National Commission for Education, Culture and Science Prince Badr bin Abdullah bin Farhan leads Saudi Arabia's delegation to the 42nd session of the General Conference of UNESCO, held in Paris between November 7 and 22. The delegation includes representatives of the ministries of culture and education, the Saudi Data and Artificial Intelligence Authority, and other national authorities.
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200,000-year-old hand axe discovered in the northern part of Saudi Arabia
The Royal Commission for AlUla (RCU) of Saudi Arabia has announced that archeological excavation teams at the Qurh site in AlUla Governorate have discovered a Paleolithic Age hand axe estimated to be more than 200,000 years old. Qurh (AL-Mabiyat) is located near the village of Mugheira, some 20 Kilometers south of the modern town of AlUla.
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The Heart of Arabia Expedition, The Conclusion
On the evening of 16 October 2023, the Society hosted an evening celebrating not only Philby’s 1917 east/west crossing of the Arabian Peninsula, but also the completion of The Heart of Arabia Expedition, the fascinating recreation of Philby’s journey completed earlier this year by explorer Mark Evans MBE, Reem Philby (granddaughter of H. St. J. Philby), photographer Ana-Maria Pavalache, and logistics expert Alan Morrissey.
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The Heart of Arabia Expedition, The Conclusion
On the evening of 16 October 2023, the Society hosted an evening celebrating not only Philby’s 1917 east/west crossing of the Arabian Peninsula, but also the completion of The Heart of Arabia Expedition, the fascinating recreation of Philby’s journey completed earlier this year by explorer Mark Evans MBE, Reem Philby (granddaughter of H. St. J. Philby), photographer Ana-Maria Pavalache, and logistics expert Alan Morrissey.
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A Look at the Progress at Saudi Arabia’s Ski Resort Trojena, Part of NEOM
Trojena is envisioned to be a year-round tourist destination and will feature a ski village,luxury family and wellness resorts, and various retail stores and restaurants. It will be the venue for sporting events as well as art, music, and cultural festivals. By 2030, the mountain resort is expecting to attract 700,000 visitors and 7,000 permanent residents to live within the projects and adjacent residential districts.
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A Look at the Progress at Saudi Arabia’s Ski Resort Trojena, Part of NEOM
Trojena will be Saudi Arabia’s first all-year mountain resort and is envisaged to feature the first ski area in the country. Trojena is part of Saudi Arabia’s ambitious NEOM project and is located about 30 miles (50km) from the coast and is close to the border of Jordan, located in the Sarawat Mountains. While the majority of Saudi Arabia is a desert climate, the southwestern part is semi-arid and Trojena is in a mountainous region of between 4,900 to 8,500 ft (1500 to 2600 m) in altitude. Temperatures in the area range from -17°C (1.4°F) to 22°C (71.6°F) in winter but snowfall is fairly rare as the area is typically very dry.
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