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  • Saudi Arabia’s net foreign direct investment rises 5.6% in first quarter

    Net foreign direct investment (FDI) inflows to Saudi Arabia rose 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024, government data showed on Sunday. Inflows were up 0.6% to 17 billion riyals in the first three months compared with a year earlier, while outflows fell by 5.1% to about 7.5 billion riyals.
    The kingdom hopes to attract $100 billion in FDI by 2030 to boost non-oil gross domestic product as part of a wider strategy by de facto ruler Crown Prince Mohammed bin Salman to diversify the economy away from its reliance on crude oil exports.

  • Christie’s celebrates Saudi artist Ahmed Mater and poetic power of art

    “This was the first language of art that told me that art is symbolic, that art is telling a story, that art is your voice,” Mater tells The National. “Here, art is from society, it's part of the family. Art was not inside a frame. It's art for life. It's coming out of the frame to be part of the walls, part of our lifestyle.”

  • The EU and GCC have embarked on a new era of strategic partnership

    The EU has become acutely aware of the absolute urgency of a fresh and coherent approach to reflect, strengthen and lead the growing strategic convergence with the GCC around trade, investment and new technologies; energy security, climate change and green transition; people to people; regional, global security and humanitarian challenges; and a new generation of dedicated institutional engagements.

  • Aramco and Sempra announce Heads of Agreement for equity and offtake from Port Arthur LNG Phase 2

    Aramco, one of the world's leading integrated energy and chemicals companies, and Sempra (NYSE: SRE) (BMV: SRE), one of North America's leading energy infrastructure companies, today announce that their respective subsidiaries have executed a non-binding Heads of Agreement (HoA) for a 20-year sale and purchase agreement (SPA) for liquefied natural gas (LNG) offtake of 5.0 million tonnes per annum (Mtpa) from the Port Arthur LNG Phase 2 expansion project. The HoA further contemplates Aramco's 25% participation in the project-level equity of Phase 2.

  • Saudi Arabia’s Qiddiya City unveils groundbreaking performing arts center

    Qiddiya Investment Company (QIC) on Monday unveiled plans to launch a groundbreaking Performing Arts Center that is set to become a new cultural icon in Saudi Arabia, the Saudi Press Agency (SPA) reported. The addition aims to enrich Saudi Arabia’s cultural landscape and enhance the array of attractions within Qiddiya City, according to SPA.

  • Mapping the World’s Readiness for Artificial Intelligence Shows Prospects Diverge

    Our research has already shown how AI is poised to reshape the global economy. It could endanger 33 percent of jobs in advanced economies, 24 percent in emerging economies, and 18 percent in low-income countries. But, on the brighter side, it also brings enormous potential to enhance the productivity of existing jobs for which AI can be a complementary tool and to create new jobs and even new industries.

  • Saudi-backed Almar Water seeks lithium partnership in Chile, CEO says

    Almar Water Solutions, part of Saudi Arabian group Abdul Latif Jameel, is looking to form a partnership with Chile's state mining giant Codelco in its planned Maricunga lithium mining project, Almar's chief executive said on Tuesday. The Spain-based firm, which focuses on water solutions for renewable energy production, wants to leverage its technology in the extraction of battery-metal lithium, a water-intensive process, CEO Carlos Cosin told Reuters.

  • EV startup Fisker files for bankruptcy, aims to sell assets

    U.S. electric vehicle (EV) maker Fisker filed for bankruptcy protection late on Monday, looking to sell its assets and restructure its debt, after succumbing to rapid cash burn to deliver its "Ocean" SUVs in the United States and Europe.
    EV makers such as Proterra, Lordstown and Electric Last Mile Solutions have also gone bankrupt in the past two years due to depleting cash reserves, fundraising hurdles and challenges in ramping up production due to global supply chain issues. Fisker's cars were also under investigation by U.S. regulators.

  • Brazil joins race to loosen China’s grip on rare earths industry

    Mining giant Brazil has big ambitions to build a rare earths industry as Western economies push to secure the metals needed for magnets used in green energy and defence and break China's dominance of the supply chain. Working to its advantage are low labour costs, clean energy, established regulations and proximity to end markets, including Latin America's first magnet plant which would provide a ready buyer for the metals.

  • Saudi authorities thwart attempt to smuggle 240kg of qat

    Saudi Arabia’s Border Guard has foiled an attempt to smuggle 240 kg of qat into the country. Officers in Asir’s Al-Raboah district arrested several suspects, the Saudi Press Agency reported on Wednesday. The government has urged the public to report suspected smuggling operations or customs violations on the confidential numbers 1910 and 00 966 114208417, or via email at 1910@zatca.gov.sa.