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Senate Passes JASTA Despite Stiff Opposition from White House, Saudi Leaders
- May 18,2016
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- SUSTG Team
The Senate on Tuesday passed H.R.3815, also known as the Justice Against Sponsors of Terrorism Act (JASTA), a bill that would allow the families of victims of the Sept. 11, 2001, attacks to sue Saudi Arabia over its alleged support for terrorism, despite stiff opposition from the White House and Saudi leaders. This is the second time […]
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Responding to Bloomberg Freedom of Information Act Request, U.S. Treasury Reveals How Much U.S. Debt is Held by Saudi Arabia
- May 17,2016
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- SUSTG Team
The U.S. Treasury Department revealed for the first time ever how much debt Saudi Arabia is holding, breaking an unusual and longstanding policy of secrecy regarding how much the Kingdom holds. Saudi Arabia held $116.8 billion in U.S. debt at the end of March. That is down 6% from its highest level in January 2016. Bloomberg first reported the […]
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Secretary Kerry Meets with Saudi Leaders in Jeddah Ahead of Crucial Syria Talks
- May 16,2016
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- SUSTG Team
Secretary of State John Kerry travelled to Jeddah, Saudi Arabia to meet with Saudi Arabia’s King Salman and other Saudi officials ahead of critical talks on Syria, according to reports. The Secretary, who also met with Crown Prince Mohammed bin Naif and Foreign Minister Adel Al-Jubeir, “discussed a range of regional issues – Yemen, Libya, […]
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Saudi Aramco Energy Ventures Steps Up Investments in U.S.
- May 13,2016
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- SUSTG Team
Saudi Aramco ventures, the venture capital arm of the state-owned Saudi oil giant, has increased its investments in early stage and high growth companies in energy, petrochemicals, and renewables recently with two investments into U.S. companies, according to Forbes. The Dhahran, Saudi Arabia-based VC can is looking to invest $1 million and $30 million per […]
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Saudi General’s New Warning on Yemen’s Capital Underscores Importance of Latest U.N.-Backed Peace Talks
- May 12,2016
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- SUSTG Team
The Saudi-led coalition will fight to regain Yemen’s capital city from Houthi rebels if current peace talks backed by the United Nations collapse, according to Saudi Arabia’s Brigadier General Ahmed Asseri, who has been the official spokesman for the Saudi military during the conflict. The threat underscores the importance to Saudi Arabia of bringing a lasting solution to […]
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How Riyadh’s King Abdullah Financial District’s Future Has Shifted
- May 11,2016
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- SUSTG Team
Riyadh’s unfinished King Abdullah Financial District (KAFD) located halfway between downtown Riyadh and King Fahd International Airport is headed for new ownership and a revised master plan. KAFD – the city within a city that was originally designed to be home to the Kingdom’s banks and international financial houses – will soon be owned by […]
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Graphic: Saudi Arabia Reshuffles Government Leaders, Modifies Ministries
- May 9,2016
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- SUSTG Team
Saudi Arabia’s King Salman issued a Royal Order on Saturday, May 7th, 2016 making changes to the government structure and key leaders. The Royal Order follows the recently released ‘Vision 2030’ economic and development plan to transform the Saudi economy and society into the 21st Century. The full text of the changes as issued by […]
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Ahead of ‘Vision 2030’, Saudi Arabia Tested Foreign Lending Appetite
- May 6,2016
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- Lucien Zeigler
Ahead of Saudi Arabia’s landmark Vision 2030 announcement, the Kingdom tested its credit-worthiness from international lenders by raising $10 billion, despite downgrades by Moody’s and Standard & Poor’s (S&P) earlier this year. Not only was Saudi Arabia able to easily raise the funding, the issuance was oversubscribed – so much so that the Kingdom increased […]
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Difficult Times for the Saudi Binladin Group
- May 5,2016
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- SUSTG Team
The Saudi Binladin Group (SBG) is facing its toughest challenges in the construction giant’s 85 years of operation as tightened government spending and a 8-month restriction on new projects in the pipeline has undermined the company’s finances. Saudi Binladen has announced a reduction in jobs totaling 77,000, or about one-third of its total workforce. “The […]
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Jadwa Investment: ‘Vision 2030’ Plan May Help Saudi Avoid Significant Fiscal Deficit
- May 5,2016
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- SUSTG Team
Jadwa Investment’s recently released economic analysis on Saudi Arabia’s ‘Vision 2030’ finds that Saudi Arabia’s new plan to move toward sustainability may help it avoid a looming fiscal crisis. Calling the plan “major and ambitious,” the Riyadh-based Jadwa looks at what might hypothetically happen if Saudi Arabia were to do nothing about the harsh fiscal […]
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MUST-READS
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Air Force may shrink Middle East presence, proposed budget cut shows
Most American airmen in the region are stationed at the hubs of Al Udeid Air Base, Qatar; Al Dhafra Air Base, United Arab Emirates; and Ali Al Salem Air Base, Kuwait, which altogether host more than 17,000 U.S. troops. The Pentagon hasn’t made any decisions to change the Air Force’s footprint in U.S. Central Command, Jones said.
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Saudi Arabia aiming for three cities in the global top 100 for quality of life: Minister
Speaking at the National Transformation Forum in Riyadh, Majed Al-Hogail noted that the Kingdom is now among the top 17 economies globally, and it will soon become one of the top 15.
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Statement from White House Press Secretary Karine Jean-Pierre on Saudi Arabia’s Historic Purchase of Boeing Aircraft
Today, Boeing completed two deals with Saudi Arabia to manufacture up to 121 Boeing 787 Dreamliner aircraft equipped with General Electric’s most advanced GEnex engines. These landmark deals with Saudi Arabia – one to anchor a new airline and another to expand an existing fleet – are valued at nearly $37 billion.
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Massive sand tornado strikes Saudi Arabia’s Taif
Twitter user Mir Bilal wrote: “Unbelievable footage shows a tornado ripping through the countryside near Taif, Saudi Arabia, as a powerful western disturbance wreaks havoc.” The Kingdom’s National Center of Meteorology had issued a warning on Sunday about thunderstorms of varying intensity that were expected to hit most regions of Saudi Arabia over the next week.
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Defense sector needs local supply chain to ensure reliability, says SAMI CEO
“Vision 2030 is not a vision anymore. It is a reality, and it is happening. Vision 2030 taught us that nothing is impossible. Though the defense industry has not been established in the past, I think the way forward is extremely optimistic and positive, and we will make things happen,” he concluded. Earlier in February, during an interview with Arab News, Abukhaled said that SAMI has hired some of the best local talents, along with international experts who have first-hand knowledge about the defense sector. He pointed out that this played a crucial role in determining the company's success in a very short period.
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Improving Gulf security: A framework to enhance air, missile, and maritime defenses
This report is the final product of the Scowcroft Middle East Security Initiative‘s Gulf Security Task Force, a team of experts whose US government experience includes senior roles at the Department of Defense, Department of State, White House, and Intelligence Community. The Task Force joined together to shape this new strategy, with an eye on sustainable success in protecting both US and allies in the Gulf.
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Morocco joins Portugal and Spain in transcontinental bid to host 2030 World Cup
Morocco is set to join Spain and Portugal in a bid to host the FIFA 2030 Men’s World Cup, apparently replacing Ukraine in a three-way alliance with the two European nations. Ukraine said it would team up with Spain and Portugal in a joint bid last October, but Morocco’s announcement suggests it will no longer be part of the process. CNN has reached out to all the nations involved.
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Saudi Arabia Plans to Buy 121 Boeing 787 Dreamliner Planes for New Riyadh Air
The new airline, called Riyadh Air, will buy 39 787-9 jets, with options for 33 more, while existing state-owned carrier Saudia will purchase 39 787 and have a top-up option for another 10, Boeing said. The jets will be fitted with General Electric Co. engines. The White House put the deal value at almost $37 billion, though big customers typically receive steep discounts.
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Why the Saudi GP could throw up a different F1 mix to Bahrain
The 2023 Bahrain Grand Prix will not go down as an all-time classic Formula 1 race. While the sheer dominance of Max Verstappen and Red Bull was deeply impressive, the reality is that audiences will be inclined to switch off if the remaining 22 rounds are similarly one-sided. So, what chance does a third visit to Saudi Arabia have of producing a thriller?
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Saudi Arabia launches Riyadh Air, entering crowded field
But the carrier, which will be owned entirely by the government’s Public Investment Fund, faces steep competition, including from the country’s other state-owned airline, Saudia, formerly known as Saudi Arabian Airlines. Saudi Arabia’s neighbor, the United Arab Emirates, owns the successful Emirates airline, as well as the smaller Etihad Airways. State-owned Qatar Airways is another long-standing competitor in the region. Tony Douglas, previously the chief executive of Etihad, will lead Riyadh Air.
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