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Recent stories from sustg
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IMF’s Regional Economic Outlook Says Saudi Needs $85 Oil for Fiscal Balance
- April 30,2019
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- SUSTG Team
A recently-released IMF report on the oil-producing Middle East and North African economies said that Saudi Arabia’s newest breakeven price for oil – the price of oil at which its government could fund its operations without a deficit – is $85 on the Brent index. The report is a quarterly update on the economies of oil-producing […]
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Saudi Youth Unemployment Numbers Improve Significantly in 2018, Report Reveals
- April 17,2019
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- SUSTG Team
A recently released report by Jadwa Investment, citing latest government data, shows major gains in curbing high youth unemployment in the Kingdom. Overall unemployment declined slightly in Saudi Arabia by the end of 2018, to 12.7 percent by the end of 2018, from 12.8 percent in 2017, according to data from the latest General Authority for […]
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Saudi Arabia to Invest $35 Billion in Movie Theaters by 2020; Seeks 2,500 Screens
- April 4,2019
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- SUSTG Team
Saudi Arabia’s General Commission for Audiovisual Media (GCAM) announced that the Kingdom will spend $35 billion on cinemas by 2020, according to reports. The announcement was made Thursday at CinemaCon, the official convention of the National Association of Theatre Owners at Caesar’s Palace in Las Vegas. The GCAM is the authority in charge of issuing cinema licenses […]
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PIF-backed Uber Technologies Buys Regional Rival Careem for $3.1 Billion
- March 26,2019
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- SUSTG Team
It’s the biggest tech deal the Middle East region has ever seen. Uber Technologies, Inc. is buying regional ride-sharing rival Careem for $3.1 billion, $1.7 billion in convertible notes and $1.4 billion in cash. Dubai-based Careem successfully rivaled Uber in Saudi Arabia and other parts of the Middle East region, amassing 30 million users across 90 […]
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King Salman Announces New Governor of the General Authority for Foreign Trade in Weekend Royal Orders
- March 25,2019
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- SUSTG Team
Custodian of the Two Holy Mosques King Salman issued several royal orders on Saturday appointing a number of officials to positions, including appointing Abdulrahman Al-Harbi to be the first governor of the General Authority for Foreign Trade. Al-Harbi is serving as Deputy Minister for Foreign Trade and Investment in Saudi Arabia’s Ministry of Commerce and Investment. The […]
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Saudi Arabia Enters Global Race for 5G Telecom with New STC Deals
- February 26,2019
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- SUSTG Team
Saudi Arabia is in the global race to launch one of the first 5G telecom networks in the world and the largest 5G in the Middle East and North Africa, according to reports. The stakes are high for all countries in the 5G race; the new cellular system will potentially transform the world as we […]
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VAT Rollout in Saudi Arabia ‘Raised More Revenue than Initially Expected’ – Latest PWC Middle East Economy Watch
- February 7,2019
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- SUSTG Team
The latest Middle East Economy Watch quarterly report by PWC examined the economic impact of the VAT roll out in the UAE and Saudi Arabia, noting that “with some caveats, the early data suggests that the inflationary impact of the tax has been contained, the impact on growth is limited and in Saudi Arabia it has raised more revenue […]
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PIF-backed Saudi mortgage refinancing firm to expand offering in 2019 – Report
- February 1,2019
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- SUSTG Team
The Public Investment Fund-backed Saudi Real Estate Refinance Company (SRC) expects to issue its first public sukuk this year and a second private placement in the next two weeks, while developing further plans to finance an expansion of the kingdom’s home mortgage market, according to reports. Saudi Real Estate Refinance Co., a unit of the kingdom’s […]
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‘MSCI Tadawul 30 Index’ Goes Live with 30 Biggest Saudi Equities
- January 30,2019
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- SUSTG Team
MSCI Inc. and the Saudi Stock Exchange (Tadawul) announced today the launch of the MSCI Tadawul 30 Index, a tradeable index, according to a press release. The Index is based on the MSCI Saudi Arabia IMI Index that represents the performance of large, mid and small-cap stocks of the Saudi Arabia equity market. The Index […]
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Saudi Arabia Sets Up New Company for NEOM Fully Owned by Kingdom’s PIF
- January 29,2019
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- SUSTG Team
Saudi Arabia has established a new company to proceed with the development of NEOM, the planned $500 billion mega-city to be built in the northwest of the Kingdom, according to reports. The company will be owned by the government’s Public Investment Fund, according to a Reuters report, which cited the Saudi Press Agency. The new legal status of […]
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MUST-READS
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AfghanistanTop U.S. General in Europe Says Russia May Be Supplying Taliban in Afghanistan
"I've seen the influence of Russia of late — increased influence in terms of association and perhaps even supply to the Taliban," Gen. Scaparrotti said.
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Airline Electronics RestrictionsPerspective: Trump’s Laptop Ban Targets Gulf Airlines
The truth is that Abu Dhabi, Dubai and Doha airports have as strict security procedures in place as Heathrow, Charles De Gaulle and Schiphol.
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Food and BeverageSaudi Arabia Advises Citizens to Dump Brazil Meat as Ban Imposed
Saudi Arabia halted chicken and beef imports from four Brazilian companies that the South American nation’s authorities are investigating for possible sales of tainted meat.
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STCEx-Google Executive Wants Saudi Telecom to Be the Next Softbank
“We are in a race against time to transform STC,” Tarabzouni said in an interview in his office in Riyadh. “Value is shifting away from legacy telecom assets into new industries globally, so we want to leverage those existing assets now to get a leg into the future.”
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Saudi Aramco IPOSaudi Aramco Weighs Rolling Bank Mandates for Record IPO
Saudi Arabian Oil Co. is weighing a plan to hire investment banks for different stages of its initial public offering, four people with knowledge of the matter said.
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Flight RestrictionsLaptops and Tablets Are Now Banned from Use on 56 Routes to the US
The ban applies to flights to the US from the airports for Cairo, Kuwait City, Dubai, Doha, Abu Dhabi, Casablanca, Jeddah, Amman, Riyadh and Istanbul.
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Airline Electronics BanMiddle East airline Royal Jordanian raises concerns the US is rolling out an in-flight electronics ban
The US Department of Homeland Security is rolling out a ban on carrying electronics in passenger cabins on some flights to and from the US from several countries in the Middle East.
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Israel-LebanonIDF chief says Lebanon responsible for next conflict with Hezbollah
Gadi Eisenkot warns Beirut will pay a price for allowing terror group to operate within its borders
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Trump Travel BanFederal judges block Trump’s travel ban
Two federal judges have temporarily blocked President Donald Trump's travel ban, both citing Trump's statements about Muslims during the presidential campaign as part of their rulings.
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Banking and FinanceSaudi Arabia, Three Gulf Central Banks Raise Rates After Fed
The central banks of four Gulf Arab oil-exporting countries followed the U.S. Federal Reserve by raising key interest rates on Wednesday, reaffirming their commitment to the dollar peg even as economic growth slows.
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