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Recent stories from sustg
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Despite ‘Kafalah’ Lending Programs for SMEs, Saudi Banks Leave Startup Entrepreneurs Without Needed Funding
- February 27,2015
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- SUSTG Team
Saudi banks are making it difficult for startups get off the ground by decreasing loans to new entrepreneurs, according to a Bloomberg report, despite the fact that these loans are backed by a government SME Loan Guarantee Program. Deema Almashabi writes that entrepreneurs cannot count on receiving necessary startup capital because “banks are not lending to any startups […]
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Tadawul Up 11.2 Percent This Year, Funds Seen as Increasingly Bullish on Saudi Arabian Equities
- February 26,2015
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- SUSTG Team
After a rough second half of 2014, Saudi Arabia’s stock market, the Tadawul or TASI, has begun a bounce-back. The bourse is up 11.2 percent this year, and a recent Reuters survey of regional asset managers found bullishness in those polled about Saudi Arabia equities and the Tadawul. The current gains in Riyadh are the […]
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King Salman’s Cash Payments Give One-Off Jolt to Saudi Economy
- February 25,2015
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- Lucien Zeigler
After the death of King Abdullah and the smooth succession to Saudi Arabia’s new King Salman, the new Custodian of the Two Holy Mosques announced a one-off $32.3 billion spend of two months of wages and other cash handouts to Saudi citizens, government employees, soldiers, pensioners and students on government stipends at home and abroad. After the announcement, […]
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MERS Still ‘Baffling’ Scientists as WHO Criticizes Implementation of Prevention Methods in Saudi Arabia; Riyadh Hospital Temporarily Closed
- February 24,2015
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- SUSTG Team
As MERS cases spike in Saudi Arabia, a delegation of World Health Organization (WHO) and other international organizations visited Saudi Arabia and concluded that the Kingdom must do more to combat the spread of the disease, particularly in hospitals, according to a press release from the WHO today. “Although data collection and surveillance have improved globally […]
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King’s Speech at Global Islamic Conference in Mecca to Counter Terrorism Urges Strategy
- February 23,2015
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- SUSTG Team
At the Global Islamic Conference that brought together scholars in Mecca, Prince Khaled Al-Faisal read a speech on behalf of King Salman in which the monarch urged the defeat of extremism and noted, “terrorists do not at all represent Islam.” “Many people have the misconception that terrorism is the main feature of Islam and Muslims,” […]
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Prince Turki al Faisal Says Poorly-Coordinated ‘Pinprick’ Attacks on Daesh Are Too Limited to Succeed
- February 20,2015
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- SUSTG Team
Saudi Arabia’s Prince Turki al Faisal told NPR that limited attacks on the self-styled Islamic State, or Daesh, are unlikely to work and that efforts thus far have been “disjointed.” “Having simply these pinprick attacks on certain areas is not going to resolve the issue,” al Faisal said, and added, “You really have two air […]
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Kechichian: How will Saudi Foreign Policy Evolve Under King Salman?
- February 19,2015
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- SUSTG Team
Following the successful and smooth transition of power from Saudi Arabia’s King Abdullah to the new King Salman, all eyes are on how the new Custodian of the Two Holy Mosques will navigate the regional and global foreign policy landscape. Although King Salman kept on the Minister of Foreign Affairs, Prince Saudi al Faisal, major […]
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Military Officials from 26 Nations Battling Daesh Begin 2-Day Summit in Saudi Arabia
- February 19,2015
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- SUSTG Team
Military officials from 26 nations descended on Saudi Arabia this week for a two-day meeting to discuss joint efforts to combat the self-styled Islamic State extremist group, or Daesh, in Iraq and Syria, according to the Saudi Press Agency. According to the Military Times, the head of the U.S. military’s Central Command, Gen. Lloyd Austin, […]
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Jadwa Investment: Healthy Growth in Consumer Spending; Strong Consumption Growth in 2015 Likely
- February 18,2015
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- SUSTG Team
A recently released note by Riyadh-based Jadwa Investment predicts strong growth in consumer spending on the back of recent spending announced in Royal Decrees. Jadwa: “December data showed healthy growth in both cash withdrawals from ATMs and point of sale transaction. Consumption growth in 2015 is likely to be strong following the recent Royal decrees. […]
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#FocusKSA Video: Theodore Karasik on Saudi Arabia’s Political Transition
- February 17,2015
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- SUSTG Team
Gulf-based expert and analyst Theodore Karasik discussed the political transition in Saudi Arabia following the death of King Abdullah and the transition to King Salman last week with SUSTG and SUSRIS in an exclusive #FocusKSA interview. Karasik noted that the transition “went very smoothly,” and added, “I think what caught all of us by surprise […]
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MUST-READS
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Al-Rajhi: 364000 Saudis join employment market for the first time in 2024
Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi said that as many as 364000 Saudi citizens have joined the local employment market, for the first time, during the year 2024. Addressing the first dialogue session of the Global Health Exhibition in Riyadh on Monday, the minister revealed that a total of 50 decisions have been taken to localize qualitative jobs, during the past four years, including the professions of accounting, pharmacy, radiology, and that is in coordination with the Ministry of Health and Ministry of Investment.
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Saudi Arabia Taps BlackRock to Build Mortgage-Backed Securities Market
The country hopes developing a secondary market for mortgages would allow banks to offer borrowers lower interest rates and improve the cost of home ownership, BlackRock Inc. Chief Executive Officer Larry Fink said at a conference in Johannesburg. In August, BlackRock signed an agreement with Saudi Real Estate Refinance Company — the state-owned equivalent of Fannie Mae and Freddie Mac in the US — to develop the real estate finance market in the kingdom. “Spreads are much wider than if there was a securitization market,” Fink said. “It would be much narrower and the homeowners would benefit, so the cost of home ownership would go down.”
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The World’s Largest Building Is Coming to Saudi Arabia
Located in northwest Riyadh, Saudi Arabia, the forthcoming Mukaab skyscraper is just one component of a 19-square-kilometer project spearheaded by New Murabba and the country’s Public Investment Fund (PIF), according to the developers. Though far from the tallest building at a projected 1,312 feet upon completion, the structure is expected to handily take the title of the world’s largest by volume.
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Saudi Finance Minister warns against rise in global fragmentation
Saudi Finance Minister Mohammed Al Jadaan on Monday offered a strong defence of multilateralism, warning of the challenges that global fragmentation poses to trade and humanitarian efforts. Mr Al Jadaan, who leads the International Monetary and Financial Committee, said countries have become increasingly isolated in recent years and that numerous shocks have weakened faith in multilateralism. “We can see that the world is becoming more and more fragmented,” Mr Al Jadaan said in remarks at the Peterson Institute for International Economics. “It is more difficult to build consensus of digital security, trade, development and countless ambitions.”
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Washington’s Arab allies engage with Iran as US efforts to stem Middle East violence falter
In a rare meeting this month, Saudi Arabia’s Crown Prince Mohamed bin Salman, who once called Iran’s Supreme Leader Ayatollah Ali Khamenei the “new Hitler of the Middle East,” sat down with Iranian Foreign Minister Abbas Araghchi in Riyadh. It was the third meeting between Iranian and Saudi officials in one month. Tehran’s top diplomat also met Jordan’s King Abdullah II in Amman and made a rare trip to Egypt for a meeting with President Abdel Fattah Al Sisi in Cairo. He has also met Qatar’s prime minister in Doha, the Omani foreign minister in Muscat and the Bahraini king in Manama.
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Meet Ali from Saudi Arabia, a Nursing Student at the University of South Carolina
Ali from Saudi Arabia has been passionate about pursuing a career in nursing since middle school. He completed one year of his undergraduate education in Australia, then transferred through the International Accelerator Program (IAP) to the University of South Carolina (USC) to explore opportunities in the US.“The total nursing program is two years lower division [pre-nursing] and two years upper division,” Ali said. Lower division students take core general education classes including English, history, math, and basic sciences. The curriculum also includes courses in nursing that focus on health and wellness, the history of nursing, pathophysiology, and more. Once students complete the prescribed number of lower division courses, they can then apply to the upper division level.
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Iranians debate leak of US docs on Israeli attack plans
A fringe pro-Iranian channel on the messaging app Telegram has published highly classified US intelligence documents detailing how Israel is preparing for an attack on Iran. US media have confirmed the authenticity of the documents, but the source of the leak and the possible motives remain unclear. The reaction in Tehran has been muted. However, some speculate that the leak is deliberate and meant to delay or reduce the scale of Israel’s pledged response to Iran’s Oct. 1 missile barrage.
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Syria: Iran and Hezbollah’s Savior and Achilles’ Heel
As the Netanyahu government engages in wars throughout the Middle East to degrade Iran and its allied militias, Biden administration officials are reportedly calling these military victories a “history-defining moment.” But is this moment history-defining in the way that White House officials seem to hope it is? Without a political solution that accommodates the millions yearning for peace and justice in the Middle East including Palestinians, Lebanese, and Syrians, it’s likely not. Israel’s tactical victories and Iran’s losses will be ephemeral.
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In Photos: Novak Djokovic embraces Saudi culture during 6 Kings Slam exhibition in Riyadh
The Serbian tennis star donned the traditional Saudi attire and was seen sitting on a carpet alongside sand dunes and mountains captured in the background in pictures posted on his Instagram page. Djokovic posted a series of images from his time in Riyadh with captions such as “Sand slam” and “Kingdom style.”
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Construction starts on world’s largest building in Saudi Arabia
Construction has begun on the 400-metre-high, cube-shaped Mukaab supertall skyscraper in Riyadh designed by AtkinsRéalis, which will be the world's largest building when it completes. Designed as the centrepiece of the 19-square-kilometre New Murabba development in northwest Riyadh, Mukaab is now officially under construction with excavations underway, according to its development company. The developer, named New Murabba Development Company and funded by Saudi Arabia's central Public Investment Fund (PIF), said groundworks at the site are now 86 per cent complete.
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