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Recent stories from sustg
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Lucid Shares Tumble on News of $3 Billion in New Fundraising
Shares of Lucid Group’s stock tumbled today on news that the group is raising about $3 billion in a common stock offering, with the majority of the money coming from the electric vehicle maker’s Saudi owners, the Public Investment Fund.
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Neom Green Hydrogen Company to Start Producing Hydrogen by Next Year, Company Says — Report
Neom Green Hydrogen Co. said it will begin producing the fuel for transportation by 2024, the head of the venture said according to Bloomberg.
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Harold Varner III Wins LIV Golf DC Tournament at Crowded Trump National in Northern Virginia
Harold Varner III won his first professional tournament on US soil this weekend at the LIV Golf DC event held at Trump National in Northern Virginia, beating South Africa’s Branden Grace by one shot.
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Saudi Arabia, Canada Restore Diplomatic Relations after 5 Years
Saudi Arabia and Canada restored diplomatic relations on Wednesday, putting an end to a five-year rift between the two nations.
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Bechtel Saudi Arabia Names Abdulrahman Al-Ghabban New VP of Infrastructure in Kingdom
Bechtel Saudi Arabia has named company veteran Abdul-Rahman Al-Ghabban as new Infrastructure Vice President in the Kingdom of Saudi Arabia, the company confirmed to SUSTG in a press release.
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At Cannes, Saudi Arabia Launches Two Film Funds to Jumpstart Local Industry
Saudi Arabia’s newly-minted Cultural Development Fund has officially unveiled two separate film sector funds at the Cannes Film Festival in France, Variety reports.
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Saudi Arabia’s Rua Al-Madinah Giga-Project Signs Major Deal with Accor for 1,000 More Keys
Saudi Arabia’s in-development Rua Al-Madinah giga-project signed an agreement with France-based Accor group for three hotels, adding 1,056 keys to the area spread across three brands.
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Saudi tops S&P Global Survey of Middle East and Africa’s 30 largest banks
S&P Global’s latest ranking of the top 30 Middle Eastern and African banks by total assets finds Saudi institutions leading in both total numbers and total assets.
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Unemployment in Saudi Arabia Reaches Record Low with Women Driving the Change — Jadwa Investment
The unemployment rate in Saudi Arabia dropped to 8 percent at the end of 2022, down from 11 percent in 2021, with women driving that positive change, according to a recently-released report from Jadwa Investment, citing the General Authority for Statistics’ (GaStat) latest labor market release.
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Saudi Arabia Condemns Israeli Attack on Mosque, Following Developments with ‘Great Concern’ – Reports
Saudi Arabia on Wednesday condemned Israeli police’s “blatant” attacks on worshipers inside the al-Aqsa Mosque in Jerusalem during the Islamic holy month of Ramadan, after viral video showed Israeli forces beating worshippers inside the mosque.
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MUST-READS
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Saudi Arabia’s Flyadeal considering new Airbus jet order amid route expansion plans
Saudi Arabia's budget airline Flyadeal is considering placing an order for more single-aisle Airbus aircraft and upgrading its existing order of 50 narrow-body jets, as it seeks to grow its international route network.
Flyadeal, an all-Airbus fleet operator, is looking into converting its existing order of A320 Neos and A321 Neos to higher specification aircraft, Steven Greenway, the new boss of the no-frills carrier, told The National.
The potential modification will increase the maximum take-off weight, improve the performance of the jet engines and secure the so-called ETOPS certification that allows for longer flights over water.
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Saudi students among global winners in Apple’s developer program
Two students from Saudi Arabia are among the global winners in Apple’s developer programme, highlighting the region's potential in the growing technology segment.
Jawaher Shaman, the creator of the My Child app that assists people with speech conditions, is among the top three “distinguished winners” of the Swift Student Challenge, joining Elena Galluzzo from Canada and US-based Dezmond Blair.
A total of 50 distinguished winners were chosen, from a pool of 350 winning submissions, and they have been invited to attend Apple's annual Worldwide Developer Conference, which runs from June 10 to 14 at its headquarters in California.
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Commentary: The longshot plan to end the war in Gaza and bring peace to the Middle East
“The Saudis have a global and regional leadership role in the Islamic world that the others don’t have,” said Hussein Ibish, senior resident scholar at the Arab Gulf States Institute in Washington. “They have [more than] 30 million people and a lot of regional factions and divisions, so they have to worry about their internal political stability as well as their Arab leadership role.”
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Despite Oct. 7, Netanyahu is determined to run for reelection, and certain he can win
Netanyahu believes that Israel is in the midst of a war that will last for many years to come and that only he is fit to lead this challenge. More than that though, he is convinced that he will win an election — perhaps in the coming months — if a proposal for a hostage deal comes to a vote and wins the expected majority it needs to pass.
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The Emergent Gulf Sovereign Wealth Fund-Global Tech Nexus
These efforts are not just garnering global attention but also – in some cases – paying off. On April 15, Microsoft announced a $1.5 billion strategic investment in G42 for a minority stake and Microsoft’s vice chair and president, Brad Smith, joining the Emirati company’s board. At Saudi Arabia’s annual tech-focused LEAP conference, Amazon Web Services announced plans to spend $5.3 billion to create a new infrastructure region in the kingdom. Gulf countries are racing to build data centers with the help of local, Asian, and Western companies.
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Perspective: Unfairly Maligned? The Cost of Mediation on Qatar-U.S. Relations
Moreover, many of Qatar’s past actions toward Gaza that voices within the United States and Israel now denounce were implemented at the behest of officials in Washington and Tel Aviv. A look back at Qatari mediation in Gaza over the past decade could remind U.S. policymakers of Qatari maneuverability in the region when crises erupt.
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Saudi Arabia’s Deserts have been turning green around the Holy Cities
After heavy rains, parts of Saudi Arabia’s desert near Mecca and Medina have turned green. This transformation, particularly in the West, is due to excess water, leading to the growth of grass and plants. Photos show camels grazing on fresh grass, and once arid areas are now vibrant with color. This unusual sight has also been visible from NASA satellites.
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Saudi Arabia’s non-oil business activity growth steady in April
Saudi Arabia's non-oil business activity grew at a steady rate in April despite a slowdown in new order growth, a survey showed on Sunday, with domestic demand driving output.The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 57.0 in April, the same as March, and well above the 50.0 mark denoting expansion in activity.The Output subindex retreated slightly to 61.9 in April from a six month high of 62.2 the previous month, but continued to reflect strong demand conditions, with Wholesale & Retail registering the strongest expansion in output.
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Saudi PMI stabilizes at 57 points in April, business activity up sharply
The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, kept unchanged at 57 points in April 2024. The non-oil private sector saw a strong operational improvement in April. Meanwhile, business activity hit sharply at the beginning of the second quarter, according to sub-sector data, the wholesale and retail businesses witnessed the strongest expansion in output.
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30% of cars sold in Saudi Arabia bought by women last year
Japan, South Korea and the US stood out among the main suppliers of cars to Saudi Arabia over the past two years, according to the Saudi news agency SPA. Car sales in Saudi Arabia last year reached around 730,000, of which 30 per cent were bought by women, according to market observers.Car sales are expected to surge to 870,000 this year.
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