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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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Prospects for Saudi Arabia hitting 2030 Renewable Energy Targets
- April 19,2024
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- SUSTG Team
In 2016 Saudi Arabia’s Vision 2030 had an initial target of deploying 9.5GW of green energy by 2030. The latest revision made in 2023 targets 130GW of renewable power capacity by 2030. GlobalData, a leading data and analytics company, says the Kingdom can come close to that target.
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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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Halo Space to test Balloon Flight from Saudi
- April 11,2024
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- SUSTG Team
Spanish company Halo Space is in talks with Saudi regulators to set up a base in the kingdom for balloon flights into space. Ongoing tests are planned for Saudi Arabia this summer.
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MUST-READS
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Neuralink competitor Paradromics secures investment from Saudi Arabia’s Neom
Texas-based neurotech startup Paradromics on Wednesday announced a strategic partnership with Saudi Arabia’s Neom and said it will establish a Brain-Computer Interface Center of Excellence in the region. Paradromics is building a brain-computer interface, or a BCI, which is a system that deciphers brain signals and translates them into commands for external technologies. The company will work with Neom to “advance the development of BCI-based therapies” and set up the “premier center for BCI-based healthcare” in the Middle East and North Africa, it said in a release.
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Saudi Arabia’s First Luxury Train Is A Moving Oasis Of High Design
From Italy’s new La Dolce Vita Orient Express to the United Kingdom’s new Britannic Explorer, luxury rail travel is having a global renaissance, and the Middle East is about to get in on the action with Dream of the Desert, a new 14-carriage luxury train coming in 2026. Unveiled by Saudi Arabia Railways (SAR) and Arsenale (the Italian hospitality house behind Accor’s upcoming La Dolce Vita Orient Express train), this five-star rolling masterpiece promises to define high-end rail travel across the Arabian Peninsula.
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Trump says he might meet Putin in Saudi Arabia after call on Ukraine
Trump made the comment a few hours after speaking with Putin in their first publicly disclosed call since Trump took office. Trump said they had agreed on "starting negotiations immediately" to end the war in Ukraine, which is approaching its third anniversary. Speaking to reporters in the Oval Office, Trump floated the idea of meeting Putin in Saudi Arabia, along with the Saudi crown prince. He did not lay out a timeline and said he would deal with Putin on the phone in the meantime. In an interview with the Economist published on Wednesday, Zelensky had said he'd had little contact with Trump's team and raised concerns about "any decision-making" on Ukraine taking place without Kyiv's involvement.
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Trump says he and Putin expect to meet, probably in Saudi Arabia
US President Donald Trump said on Wednesday he did not think it was practical for Ukraine to join NATO and that it was unlikely Ukraine will get back all of its land. Trump discussed the war in Ukraine on Wednesday in phone calls with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy, in the US president’s first big step toward diplomacy in a conflict he has promised to end. Trump said he and Putin expect to meet in the future, probably in Saudi Arabia.
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Secretary Rubio’s Travel to Germany, Israel, Saudi Arabia, and the United Arab Emirates
Secretary of State Marco Rubio will travel to Munich on February 13 to participate in the Munich Security Conference, where he will discuss a range of U.S. priorities with international partners. While in Munich, Secretary Rubio will also participate in the G7 Foreign Ministers’ Meeting. He will then travel to Israel, Saudi Arabia, and the United Arab Emirates from February 15-18. Secretary Rubio’s engagements with senior officials will promote U.S. interests in advancing regional cooperation, stability, and peace. The trip will center on freeing American and all other hostages from Hamas captivity, advancing to Phase II of the ceasefire agreement in Gaza, and countering the destabilizing activities of the Iranian regime and its proxies.
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How LEAP 2025 is Driving AI Investment Across Saudi Arabia
Michael Champion, CEO of Tahaluf, states: “The massive volume of new investments announced on day one builds on the progress made at LEAP and across the Kingdom in previous years, reaffirming Saudi Arabia’s undisputed status as the primary digital accelerator in the Middle East and North Africa.” Arvind Krishna, Chairman & CEO of IBM, took to the stage to predict quantum computing breakthroughs are “three to five years away”, for significant impacts for pharmaceuticals, energy and AI. Quantum computing emerges as a prominent topic of discussion, exploring how this will solve problems rapidly to drive efficiency and innovation.
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Esports Olympics to debut in Saudi Arabia later than expected in 2027
The first Olympic Esports Games will be hosted in Riyadh in 2027, two years later than expected when a 12-year deal with Saudi Arabia was signed last year. The International Olympic Committee said Tuesday its founding partner for the event will be the kingdom’s Esports World Cup Foundation. The first annual Esports World Cup was held last July and August in Riyadh with tens of millions of dollars in prize money paid for games including Call of Duty, Fortnite and Street Fighter. It is unclear which, if any, shooter games the IOC will allow on the Esports Olympics program, which it has repeatedly said must align with Olympic values.
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Saudi Arabia moves to ban sale of tobacco in kiosks and grocery stores
The Saudi Ministry of Municipalities and Housing has proposed a ban on the sale of tobacco products in kiosks, grocery stores and central markets. This is among the draft proposals, published by the ministry, on the public survey platform Istitlaa, seeking the opinions and viewpoints of the public before putting the draft into a final shape. The draft rules include several regulations with regard to the sale of tobacco products. According to this, the sale of tobacco products must comply with the standard specifications issued by the Saudi Food and Drug Authority (SFDA). Tobacco products must be 100 percent invisible to visitors at the commercial facility and must be placed inside closed drawers.
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Records set for Arab artists at Sotheby’s debut Saudi Arabia auction
Sotheby’s inaugural auction in Saudi Arabia — and the country’s first major international art and luxury auction — took place in Diriyah on Saturday with works by regional artists selling particularly well. Sotheby’s reported a full house for the “Origins” sale, which was held in a 250-seat outdoor amphitheater and featured participants from 45 countries. The sale totaled $17.28m with a sell-through rate of 67% by lot and 74% by value. Almost a third of the buyers were from Saudi Arabia.
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Saudi Arabia launches ferocious state media attack on Netanyahu
Saudi anger has been thrust into the open as Riyadh is expected to face pressure from US President Donald Trump to normalise relations with Israel. Like other Arab states, Riyadh has also been rattled by Trump’s insistence that Palestinians should be forced out of Gaza. Saudi Arabia was closing in on a three-way deal with the Biden administration before Hamas’s October 7 2023 attack. The kingdom would have agreed to formal diplomatic relations with Israel in return for a US defence pact and assistance with a nuclear programme. The war in Gaza shook up those plans. Riyadh never took normalisation off the table, but has escalated its condemnation of Israel’s conduct of its war in Gaza and has hardened its position, insisting Israel would need to take irreversible steps towards a two-state solution. In September, Crown Prince Mohammed bin Salman went further, telling the consultative Shura Council that the kingdom would not recognise Israel without the establishment of an independent Palestinian state including Gaza and the West Bank, with East Jerusalem as its capital.
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