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Recent stories from sustg
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‘Shamoon’ Comeback: Several Saudi Government Agencies Attacked by Malware from Iranian State-Sponsored Hack
- December 1,2016
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- SUSTG Team
State-sponsored hackers have reportedly conducted a series of destructive malware attacks on Saudi Arabia over the last two weeks, including erasing data and wreaking havoc in the computer banks of the agency running the country’s airports and hitting five additional targets, Bloomberg reports. U.S. security firms said that a version of Shamoon, the computer virus […]
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Saudi Prince Alwaleed bin Talal: ‘Stop the Debate…It’s Time for Women to Drive’ in Saudi Arabia
- November 30,2016
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- Lucien Zeigler
In a 4-page essay entitled, “It’s High Time Women Started Driving Their Cars,” billionaire Saudi businessman Prince Alwaleed bin Talal urged an end to the debate about women’s driving in Saudi Arabia. The essay is as much a short treatise on modern Saudi feminism and the progress of women’s rights in the Kingdom as it […]
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Saudi Arabia Begins to ‘Inject Large Amounts of Money Into Economy’ to Boost Growth
- November 29,2016
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- SUSTG Team
Saudi Arabia’s government has begun “injecting large amounts of money into the economy to boost growth at the end of this year after a sharp slowdown due to low oil prices,” Reuters reports citing Saudi Central Bank data. After raising $17.5 billion last month in its first international bond issue, Saudi Arabia “did not hold that […]
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Government Makes Payments to Construction Companies as MMG Sends Letter to Deputy Crown Prince Warning of Operations Halt
- November 21,2016
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- SUSTG Team
Saudi Arabia has reportedly made good on $10.7 billion that it owed to private sector companies, according to Arab News, but one construction firm said on Monday that it wrote directly to the Deputy Crown Prince warning it may need to cease operations. Mohammad Al Mojil Group (MMG) said in a short statement through Saudi […]
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Saudi Student Murdered in Wisconsin Shocks Community
- November 2,2016
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- SUSTG Team
A University of Wisconsin-Stout student from Saudi Arabia died one day after being assaulted on a street in downtown Menomonie, Wis., about 70 miles east of Minneapolis, according to reports. Hussain Saeed Al-Nahdi was reportedly assaulted by a suspect whom police described as a white male about six feet tall. He died a day later […]
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Saudi Arabia Replaces Finance Minister in Continued Shift Toward Younger Technocrats
- November 1,2016
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- Lucien Zeigler
Saudi Arabia has replaced its Minister of Finance, Dr. Ibrahim Al-Assaf, with the head of the Kingdom’s capital markets regulator Mohammed Al-Jadaan in the latest move toward a younger generation of technocratic leaders in high positions. Al-Assaf was Saudi Arabia’s longest-serving active minister, having held the position of Minister of Finance since 1996. Another Royal […]
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US Customs Facilities Coming to Riyadh, Jeddah Airports to Add Convenience, Efficiency to U.S.-Saudi Travelers
- October 27,2016
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- SUSTG Team
The United States Customs and Border Protection (CBP) will soon set up facilities at Riyadh and Jeddah airports to process U.S.-bound passengers’ arrival documents before landing in the U.S., the Saudi Gazette reports, citing a person with knowledge of the situation who spoke with the Okaz Arabic daily. Long delays and extra screenings have become standard for […]
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Candor from High-Ranking Saudi Ministers on Economy Latest Example of Increased Transparency
- October 24,2016
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- SUSTG Team
Several high-ranking officials and Ministers in Saudi Arabia discussed the state of the Kingdom’s economy on a popular television show last week, according to Bloomberg, in what amounted to “an unusual attempt by a government not known for transparency to promote its plan to cope with the plunge in oil prices.” “Saudis who switched on a […]
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Government Payments to Top Companies Resume, Al-Assaf Says on Saudi TV
- October 20,2016
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- SUSTG Team
Saudi Arabia has resumed payments of its debts to contractors after long delays that imperiled company finances and hurt investor sentiment, according to Bloomberg, which cited comments made by Saudi Finance Minister Ibrahim Al-Assaf on Saudi television. In the televised interview late on Wednesday, Al-Assaf said payments have been “regularized and will rise in the coming period.” […]
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72-Hour Ceasefire in Yemen Set for Wednesday Night
- October 18,2016
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- SUSTG Team
The United Nations Special Envoy to Yemen announced a 72-hour cease-fire to begin Wednesday night, after he received commitments from all of the country’s warring factions, according to reports. Ismail Ould Cheikh Ahmed said the cessation of hostilities will begin at 8:59 p.m. UTC Wednesday and could be renewed after the initial three-day period. Twice […]
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LebanonLebanon set to elect president, ending two-year vacuum
Supporters of Michel Aoun gathered in the Lebanese capital Monday ahead of a parliament session expected to elect him president and end a political stalemate of more than two years.
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SoftBank Vision FundWhat to expect from the $100 billion Saudi-SoftBank partnership
Already, “The government is responsible for 50 percent of the Kingdom’s startup incubators,” reports Arab News, which tend to be in healthcare, energy, and, now, ICT.
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Saudi Fiscal ReformSaudi central bank foreign assets shrink $7.4 bln in September
Net foreign assets at Saudi Arabia's central bank fell by $7.4 billion to $546.7 billion in September from the previous month, as the government drew down reserves to cover a budget deficit caused by low oil prices, official data showed on Sunday.
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Saudi BankingSaudis take new steps to ease bank liquidity crunch
The rate has stopped climbing this week, partly because traders believe the government is likely to deposit some of its $17.5 billion bond proceeds in local banks, improving liquidity. It made a special deposit of about 20 billion riyals for this purpose last month.
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Bank RatesSaudi Arabian Bank Rates Decline in Sign Cash Squeeze Is Easing
Saudi Arabian bank-lending costs declined in a sign the kingdom’s cash squeeze may be easing after the government pledged to inject $5.3 billion into its financial institutions.
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Life in the RuinsStreet artist and rebel fighter Abu Malik al-Shami is being hailed as “Syria’s Banksy”
Syria’s answer to Banksy is Abu Malik al-Shami, 22-year-old rebel fighter. He paints on rubble in Darayya, a suburb outside Damascus hit hard by the civil war.
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Commercial BankingRumors of ban on bank loans to expats denied
A top banking official has denied rumors that the Saudi Arabian Monetary Agency has issued a directive to all local banks to stop offering loans to expatriates regardless of their income.
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Saudi-LebanonIn Lebanon deal, Iran wins and Saudi retreats
A veteran Christian leader is set to fill Lebanon's long-vacant presidency in a deal that underlines the ascendancy of the Iranian-backed Hezbollah movement and the diminished role of Saudi Arabia in the country.
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Saudi Bond IssueSaudi Bond Coup Seen Strengthening Banks Seeking Aramco IPO Role
Banks that helped Saudi Arabia raise a record $17.5 billion last week will next turn to an even bigger prize: landing a role on the potential $100 billion initial public offering of Saudi Arabian Oil Co.
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Talk Show SurpriseSaudis angry at ‘lazy’, ‘bankruptcy’ comments
Many Saudis expressed outrage at comments made by two ministers that civil servants in the Kingdom work only an hour a day and the country faces bankruptcy in three years unless austerity measures are enforced.
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