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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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AfghanistanDollars Disappear in Afghanistan With Exiting U.S. Troops
The number of Afghans looking to buy dollars has risen 30 percent over the past month, according to Khan Mohammad Baz, head of the Afghan Currency Traders Association. He said the Afghani’s weakness stems from last year’s disputed election, which led to months of political uncertainty before the U.S. brokered a unity government with his main rival in September. Eight months later, key cabinet posts are still empty. A finance minister was appointed only in January, and the central bank doesn’t yet have a full-time governor.
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Peak DemandThe world’s biggest oil exporter has quietly seized a market milestone from the U.S.
The result is that Saudi Arabia’s winter-to-summer “swing” in oil consumption has eclipsed that of the United States, where gasoline consumption jumps by as much as 10 per cent every summer as millions of families take advantage of school holidays and warm weather to embark on the classic American road trip.
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U.S. - AfghanistanSatellite photos of Camp Leatherneck in Afghanistan, before and after U.S. withdrawal
The satellite photos were taken by DigitalGlobe, a private company that frequently works with the U.S. government. They would not typically be released while the U.S. military was using the base, but concerns appear to have waned now that the military drawdown there is complete.
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Joint Exercises: Morocco3,000 U.S., allied troops launch crisis response drills in Morocco
More than 3,000 U.S. and partner-nation troops have gathered in Morocco for the annual joint force exercise, the largest on the continent. Set to end Friday, it aims to reinforce training engagements from previous African Lion exercises and create a foundation for future military-to-military cooperation.
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Anti-ISIS Campaign: IraqFall of Ramadi raises new questions about U.S. strategy in Iraq
The fall of Ramadi to the Islamic State has raised new questions about the Obama administration’s Iraq strategy, including its efforts to resurrect Iraqi security forces and the focus of U.S. and Iraqi attention on retaking the city of Mosul by the end of this year.
- USA Today - Analysis: Ramadi rout shows limits of U.S. plan to train Iraqi military
- Defense One - Ramadi is Only Part of the Problem With Iraq
- Defense One - DoD Workers Want More of Everything In Fight Against ISIS, Except Ground Troops
- Reuters - Iraqi forces say they defeat Islamist attack near Ramadi
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U.S. - GCC Summit: AnalysisMore than Keeping Up the Facade: The U.S.-GCC Summit at Camp David
There is one truly important theme. The ritualistic statements do include a clear and continuing U.S. commitment to a strategic partnership with the GCC and Arab Gulf, and U.S. efforts to make it clear America will not somehow turn away from its Arab partners and “normalize” relations with Iran in ways that ignore the many other threats Tehran poses to the region.
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U.S. Oil ProductionU.S. set to get more accurate oil production data: Kemp
Figures on U.S. oil production are subject to much more uncertainty than the numbers for oil stocks, refinery throughput and imports because the Energy Information Administration (EIA) has to rely on state-level data rather than its own surveys. That could be about to change, however, because the EIA has received approval from the White House to launch its own mandatory monthly survey of oil and condensate production.
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U.S. - GCC SummitU.S.- Gulf Cooperation Council Camp David Joint Statement
In this spirit, and building on the U.S.-GCC Strategic Cooperation Forum, the leaders discussed a new U.S.-GCC strategic partnership to enhance their work to improve security cooperation, especially on fast-tracking arms transfers, as well as on counter-terrorism, maritime security, cybersecurity, and ballistic missile defense.
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U.S. - GCC SummitObama: U.S. would use force to defend Gulf allies
A joint statement delivered at the end of the gathering declared that the U.S. will continue to "deter and confront external aggression against our allies and partners, as we did in the Gulf War," and that the U.S. Is ready would work with them to determine an appropriate response in the face of such aggression, "including the potential use of military force."
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U.S. - GCC SummitU.S. experts may travel to Gulf to look at expediting arms sales
The United States and its allies in the Gulf will discuss ways to expedite weapons sales during high-level meetings in Washington this week, followed by a likely trip to the region by a team of U.S. arms sales experts, U.S. and Gulf officials said on Tuesday.
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