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Saudi-Turkey Ties Grow with Erdogan Visit, Agree to Form ‘Strategic Cooperation Council’
- December 30,2015
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- SUSTG Team
Turkish President Recep Tayyip Erdogan visited Saudi Arabia this week to meet with top Saudi officials to discuss security and energy cooperation. Erdogan said his government and Saudi Arabia are working “in solidarity and consultation” to find a political solution for Syria, as both countries push for an agreement that would remove Assad from power, […]
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Early Look at Saudi Arabia’s 2016 Budget Reveals Spending at $226b
- December 28,2015
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- SUSTG Team
Saudi officials revealed the Kingdom’s 2016 budget at a press conference today in Riyadh, a budgeted spend of 840 billion riyals ($224 billion) and forecasted revenue at 513 billion ($137 billion). The budget plan aims to reduce the fiscal deficit while raising revenues from sources other than oil. King Salman said that Saudi Arabia’s economy […]
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‘Major Economic Shake-Up’ In the Works for Saudi Arabia
- December 21,2015
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- SUSTG Team
Saudi Arabia’s deputy crown prince Mohammed bin Salman, Minister of Defense and chair of the powerful Council of Economic and Development Affairs, is planning a major economic shake-up that involves “plans to reshape the economy to withstand low oil prices,” sources told Reuters privately. The strategy includes state spending reforms and privatizations. Bloomberg reports that Saudi officials […]
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Foreign Minister Al-Jubeir Discusses Yemen, Islamic Military Alliance in France 24 Interview
- December 18,2015
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- SUSTG Team
In an interview with France24 on YouTube, Saudi Arabia’s foreign minister Adel Al-Jubeir discussed the ongoing Yemen peace talks in Geneva, the situation in Yemen, the newly created Islamic Military Alliance and also responded to a question about Donald Trump’s recent remarks regarding Muslims in America. On the conflict in Yemen, Al-Jubeir said that he hoped […]
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No Change in Oil Strategy As Producers Continue With Pursuit of Market Share
- December 4,2015
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- SUSTG Team
OPEC appeared likely to maintain its policy of high production levels at its annual meeting in Vienna, according to reports, a decision that will continue downward pressure on crude prices in favor of greater market share. The decision to stick to the strategy was expected, but it is risky for countries that need the revenue, […]
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All Eyes on Vienna as OPEC’s 168th Meeting Marks One Year of Saudi-led Strategy to Squeeze High Cost Producers
- December 1,2015
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- SUSTG Team
The oil-producing nations of OPEC convene in Vienna on Friday, exactly one year since Saudi Arabia took the lead on its strategy to ramp up output to drive out higher-cost producers and secure market share. The results have been a global oil market in a state of persistent oversupply and unexpected resilience from smaller producers. Saudi […]
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Jeddah Construction Gets Boost with $2.2b Real Estate Fund
- November 30,2015
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- SUSTG Team
A new real $2.2 billion estate fund will drive ongoing construction at the Kingdom Tower Jeddah and the surrounding development, slated to become the world’s tallest building upon its targeted completion in 2018. Jeddah Economic Co., co-founded by Saudi billionaire Prince Alwaleed Bin Talal’s Kingdom Holding Co., is forming the 8.4 billion-riyal ($2.2 billion) real estate […]
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‘The key challenges are our overdependence on oil and the way we prepare and spend our budgets’, Saudi Deputy Crown Prince Mohammed bin Salman Says to NYT Columnist Friedman
- November 25,2015
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- SUSTG Team
In an op-ed published today in the New York Times, columnist Tom Friedman discussed his recent visit to Saudi Arabia and the seismic shift in governance in the Kingdom over the last year. The columnist spent an evening with one of the Middle East’s most powerful leaders, Deputy Crown Prince Mohammed bin Salman, and said the […]
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Report: Saudi Arabia to Work with OPEC to ‘Stabilize Prices’
- November 24,2015
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- SUSTG Team
A Bloomberg report citing the Saudi Press Agency said the Kingdom would work with producers within and outside the Organization of the Petroleum Exporting Countries to stabilize the market. The news sent oil price futures higher on international indices on Monday, but speculation about a global supply glut and signs of rising U.S. stockpiles caused […]
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Land Tax Finalized: 2.5% Annual Fee on Property Approved in Cabinet Session Chaired by King Salman
- November 23,2015
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- SUSTG Team
Saudi Arabia’s cabinet, in a meeting chaired by King Salman, finalized a 2.5% fee on undeveloped land within city limits intended for residential or commercial use, according to the SPA and reports. Property experts told the Saudi Gazette that the fee could raise up to $13 billion (SR50 billion) worth of revenues annually for the government. The […]
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MUST-READS
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Deloitte Saudi BanDeloitte says ‘disappointed’ by Saudi regulator ban
The company is barred from offering auditing services to CMA-authorised companies in Saudi for two years
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Nuclear Test Ban TreatyUN: Israel for ratifying nuke test ban treaty
While Israel does not comment on its nuclear capabilities it is commonly considered to be the only nation in the Middle East to have atomic arms. Ratification by the Jewish state would move the treaty closer to taking effect, leaving only seven holdouts among the 44 countries that must approve the pact for it to go live.
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AfghanistanThe Taliban now hold more ground in Afghanistan than at any point since 2001
The 9,800 remaining U.S. troops in Afghanistan are scheduled to drop to 5,500 by the end of this year, but the pace of that decline has yet to be decided.
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Urban TransportPlanning Integrated Urban Transport for Saudi’s Busiest Cities
By 2030, the population of Riyadh, the capital and the largest city in the country, is expected to increase from 5.4 million to 8 million. Five Saudi cities have over a million people each and a number of medium size cities are expanding rapidly.
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Smoking BanPublic Smoking Banned in Saudi Arabia From June 2016
It's not the only Middle Eastern country moving forward with the times; Syria was the first in the region to ban public smoking in 2010. Plus, annually, No Tobacco Day sees a 24-hour ban on purchasing tobacco products. Now will more follow?
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LaborMidday labor work ban begins in Saudi Arabia
Saudi Arabia’s Ministry of Labor and Social Development announced has that midday work under sun will be banned between 12 p.m. and 3 p.m. from Wednesday onward.
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TalibanAl-Qaeda Leader Zawahri Pledges Allegiance to New Taliban Chief
Al-Qaeda leader Ayman al-Zwahari, in an online audio message, pledged allegiance to the new head of the Afghan Taliban, who was appointed last month after his predecessor was killed in a US drone strike.
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Smoking BanSaudi Arabia bans smoking in public areas
The decree was issued 12 months ago and prohibits smoking in a series of public areas, including religious, educational, health, sport and cultural institutions, Saudi Gazette reported citing a source.
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Mohammed Bin Salman VisitPowerful Saudi prince to meet Obama, Ban on U.S visit
Prince Mohammed, spearheading an ambitious plan to revamp the economy of the world's top oil exporter, will also travel to California where he is expected to meet company executives in Silicon Valley, the Saudi-owned Asharq al-Awsat newspaper said.
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YemenHow Yemen’s wartime central bank keeps country afloat
As civil war engulfs Yemen, the central bank is so committed to staying neutral that it pays salaries of soldiers on both sides.
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