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Saudi Arabia Adjusts Fiscal Outlook for 2022, Jadwa Investment Sees ‘Conservative’ Approach by Saudi Ministry of Finance
- October 4,2021
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- SUSTG Team
Saudi authorities released a preliminary budget statement for the 2022 fiscal year on 30th September 2021, and some fiscal and economic indicators were revised for the medium term. According to a report and analysis by Jadwa Investment, the main adjustment to Saudi Arabia’s fiscal outlook “relates to government revenue, with the upward revision to revenue from 2022 […]
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Residential Mortgages Soar in Saudi Arabia; Commercial Rents in Riyadh See Post-Pandemic Recovery
- September 21,2021
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- SUSTG Team
Roughly five years after the launch of the Kingdom’s National Transformation Plan (NTP), a key part of the Saudi Arabia’s Vision 2030 social and economic masterplan, Saudi is seeing major initial progress in the real estate sector, with new residential mortgages soaring 1000% since 2016, according to a report from industry powerhouse KnightFrank.
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‘Massive’ Coral Colony Discovered on Saudi Arabia’s Al-Waqadi Island is First in Region
- September 7,2021
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- SUSTG Team
A team of marine scientists and environment experts working for the Red Sea Development Company found a massive and unique coral reef south of Al-Waqadi Island off of Saudi Arabia’s coastline, Arab News and the Saudi Press Agency report.
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Report: Potential Showdown Looms as PGA Tour Says it Wont Allow Players to Compete in Saudi International
- July 30,2021
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- SUSTG Team
The PGA Tour will refuse to allow some of its biggest stars to play in the Saudi International golf tournament next year in response to the Saudi Public Investment Fund’s backing of a new challenging tour to rival the PGA, according to a report in Golf Week.
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Saudi Arabia’s Rock Art Complex Hima Gets Sought-After UNESCO World Heritage list Designation
- July 27,2021
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- SUSTG Team
Hima, one of the largest rock art complexes in the world located in Saudi Arabia, has landed on UNESCO’s World Heritage list, the sixth such location in the Kingdom to receive the sought-after designation, according to reports. Entered into UNESCO’s listings as the Ḥimā Cultural Area, the incredible rock art is located in an arid, mountainous area of […]
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Biden Administration, Saudi Arabia ‘Working Closely on Multiple Fronts’, Top Embassy Spokesman Fahad Nazer Says
- July 12,2021
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- SUSTG Team
Saudi Arabia and the Biden Administration are working closely on multiple fronts as strategic allies to resolve regional conflicts, the Royal Embassy of Saudi Arabia in Washington’s top spokesperson, Fahad Nazer, said in an interview with Frank Kane of Arab News.
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Saudi Screening of Hajj Applicants Enters Second Stage as 560k Apply for Only 60k Spots
- June 25,2021
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- SUSTG Team
The second stage of the selection process for 60,000 places available at the Hajj pilgrimage in 2021 began on Friday, The National reports, with applications being sorted according to health status.
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U.S. State Department Blasts Yemen’s Houthis, Says Iran-Backed Group Bears ‘Major Responsibility’ in Conflict
- June 4,2021
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- SUSTG Team
The Biden administration’s State Department on Friday blamed Iran-aligned Houthis for the failure of a ceasefire to take hold in Yemen and accused them of failing to take additional meaningful steps to end the conflict, Reuters and other news agencies report. “While there are numerous problematic actors inside of Yemen, the Houthis bear major responsibility for refusing to engage […]
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Saudi Arabia, Arab League Blast Israel’s ‘Excessive Force’ in Gaza
- May 12,2021
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- SUSTG Team
Saudi Arabia’s foreign minister on Tuesday condemned Israel’s attempts to evict Palestinians from their homes, as the Kingdom and the Arab League “angrily denounce” what they call the use of excessive force in Gaza.
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Saudi Economy: TASI Rises in April, and Consumer Spending Bounces Back
- April 30,2021
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- SUSTG Team
Recent data on Saudi Arabia’s economy showed a mixed picture for the Kingdom, with non-oil PMI trending lower in March, month-on-month, while remaining in expansionary mode, according to Jadwa Investment and official government figures.
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MUST-READS
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SecurityLebanon monitored Australia bomb plot suspects: minister
Lebanon monitored the brothers accused of plotting to blow up a flight from Sydney to Abu Dhabi for more than a year and coordinated with the Australian government on it for a long time, the Lebanese interior minister said on Monday.
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Al-Rajhi BankAdmirers Grow for Biggest Saudi Bank on Index-Addition Bet
Saudi Arabia’s largest lender has become a favorite among equity analysts and investors as its business improves and the potentially lucrative inclusion in an emerging-markets benchmark index approaches next month.
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Non-Bank LendingFunding squeeze hastens take-off of non-bank lending in Middle East
Middle East investment companies are ramping up their lending to businesses, providing a lifeline for small and medium-sized firms struggling to secure finance from banks that tightened credit after a suffering rise in bad loans.
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Al Rajhi CapitalSaudi Arabia’s Largest Bank Said to Hire Investment Banking Head
Sameer Nawaz has been appointed head of investment banking at Saudi Arabia’s Al Rajhi Capital as the Islamic bank looks to build its advisory business, according to people familiar with the matter.
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Saudi BanksHigher interest rates and cost cutting lifts Saudi banks outlook
Bank of America Merrill Lynch said it saw an improved outlook for Saudi Arabian banks due to higher interest rates and cost cutting measures that lenders have been taken to bolster profitability.
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Donald Trump PresidencyInterview: Steve Bannon, Unrepentant
Trump’s embattled strategist phones me, unbidden, to opine on China, Korea, and his enemies in the administration.
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Banking and FinanceMideast private bankers getting hot on Saudi Arabia
After many years in the doldrums, private banking in the Middle East is showing signs of a comeback. The region's private wealth sector has taken a hit in recent years thanks to lower oil prices, which put a damper on wealth creation as economic growth slowed down.
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Banking and FinanceJapan’s Biggest Bank Is Hiring in Saudi Arabia
Mitsubishi UFJ Financial Group Inc. is looking to hire in Saudi Arabia as the lender seeks to benefit from privatizations valued at more than $350 billion over the next five years.
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Saudi BanksTop Saudi banks to protect profitability amid challenges
Saudi Arabia’s big-5 banks could face further profitability pressures as government tightens spending, however these banks will largely protect their profitability in the next 12 to 18 months, according to rating agency Moody’s.
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SoftBankWhat Is SoftBank’s Endgame in the U.S.?
With the world’s largest tech fund at his disposal (a cool $93 billion), the Japanese conglomerate's brash CEO Masayoshi Son has spent big on everything from robotics to pharmaceuticals, and now he hopes to leverage his investment in Sprint for an aggressive push into pay TV.
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