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Saudi Arabia Taps Foreign Reserves to Weather Coronavirus Crisis
- April 29,2020
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- SUSTG Team
Saudi Arabia’s central bank foreign reserves fell in March at their fastest rate in at least 20 years and to their lowest since 2011, Reuters reports, as the Kingdom draws down on reserves to weather the Coronavirus crisis and keep citizens and residents safe.
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‘We are looking into any opportunity’, PIF Chief Says as Saudi Eyes Value Investments
- April 24,2020
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- SUSTG Team
Saudi Arabia’s head of its Public Investment Fund, Yasir Al-Rumayyan, said the fund is looking to make more value investments in the weeks and months to come with global markets down as a result of the Coronavirus pandemic.
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Saudi Cabinet: Kingdom Prepared to ‘Take Extra Steps with OPEC+’ to Stabilize Oil Market
- April 21,2020
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- SUSTG Team
Saudi Arabia said on Tuesday it is monitoring oil markets and is ready to take extra measures to stabilize them along with OPEC+ allies and other oil producers, Reuters reports, citing an SPA report and Saudi Cabinet statement.
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COVID-19-Induced Oil ‘Demand Destruction’: Jadwa Sees Saudi Crude Production at 9.4 mbpd Average in 2020
- April 20,2020
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- SUSTG Team
With a bleak outlook for oil demand growth in 2020 by OPEC, and recent pledged cuts agreed to by the so-called OPEC+ group of producers last week, Saudi Arabia is set to produce about 2 million barrels per day less on average compared to previous forecasts, Jadwa Investment writes in a new quarterly oil market […]
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Saudi Arabia’s PIF Eyes Bargain Stakes in Blue Chip Companies Likely to Rebound – Report
- April 16,2020
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- SUSTG Team
A “shopping list is being readied” for potential investments by Saudi Arabia’s Public Investment Fund in healthcare, technology, and logistics companies around the world as the coronavirus pandemic creates potential opportunities for bargain investments, according to a Financial Times report.
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After Coronavirus Hit in 2020, Saudi Economy to Grow 2.9% in 2021, IMF Says
- April 15,2020
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- SUSTG Team
Saudi Arabia’s economy is forecast to contract 2.3 percent in 2020, with non-oil GDP expected to contract by 4 percent due in part to the global recession caused by the spread of the deadly coronavirus, the IMF said.
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Saudi Arabia, Russia Agree on Oil Cuts, Hope to Finalize Participation from Mexico, U.S.
- April 10,2020
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- SUSTG Team
Saudi Arabia, Russia and their allies will press Mexico on Friday to join an accord for collective oil production cuts equivalent to 10% of global supplies, Reuters reports, after the two heavyweights agreed on the cuts but Mexico “walked out” of talks yesterday at the last minute.
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Saudi Arabia’s PIF Bulks Up Energy Holdings with $1 Billion in Four Major European Oil Companies
- April 9,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund has “amassed stakes worth roughly $1 billion in four major European oil companies,” the WSJ reports, as the deep-pocketed sovereign wealth fund goes on a buying spree of assets on the cheap amidst a global economic downturn.
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To Avoid Layoffs, Saudi Arabia to Guarantee Salaries to Support Virus-Hit Firms
- April 3,2020
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- SUSTG Team
Saudi Arabia moved to help firms avoid having to fire Saudi citizens amid an economic slowdown resulting from the coronavirus pandemic, according to reports.
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Jadwa Investment’s April 2020 Chartbook Shows Early Challenges for Saudi Economy Amid Global Coronavirus Outbreak
- April 2,2020
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- SUSTG Team
Jadwa Investment’s recently-released April 2020 Saudi Chartbook highlighting latest data for the Kingdom’s economy shows indications that the Coronavirus will have a negative impact on the economy as Saudi Arabia locks down to safeguard its citizens.
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MUST-READS
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Saudi Arabia clamps down on residency and labour law breaches
According to the interior ministry, 7,118 were arrested for breaking residency laws, 5,015 for flouting border security regulations and more than 1,576 people over the labour law. A total of 365 people were also arrested while trying to cross the border into Saudi Arabia illegally.
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Graeme McDowell: Competition From the Saudis Makes Other Tours Better
“The PGA Tour is obviously stepping up and taking care of these guys now and some of that’s been driven by the competition that Golf Saudi has put out there with potential guarantees with these guys, just for being there,” McDowell said. “That's something the PGA Tour model hasn’t ever really embraced before because it’s been very much, 'we’re going to put it out there and if you want come and play the best, you can earn it.'”
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Saudi: Stricter lockdown measures over Omicron fears ruled out
The reason for this is that the symptoms of the pandemic at present in the Kingdom do not have the same intensity as it had during the time of its outbreak early in 2020. The ministry has also said that the escalation of Omicron will decrease soon, especially after the re-imposition of health precautionary measures, while adding that the studies have proven that the third dose strongly protects against getting infected with the virus, as well as containing its spread.
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Saudi Arabia Doubles Down On Asian Demand
Beijing has softened its electricity mandates, ramped up coal production, drew down its insane crude inventories, being seemingly ready for potential cold snaps coming up. It is against this background that Middle Eastern national oil companies have set their pricing for cargoes loading in January 2022.
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Official exchange rate obsolete, mandatory reserves down to $12.5 billion: Salameh
Lebanon is grappling with an unprecedented economic crisis branded by the World Bank as one of the planet's worst in modern times. More than 80 percent of the population lives in poverty and the currency has lost more than 90 percent of its black market value amid political squabbling that has delayed an agreement with the International Monetary Fund. "Our quota in the International Monetary Fund is $4 billion," Salameh said in an AFP interview. "If countries add to it, we could reach $12 to $15 billion, an amount that could help start Lebanon's recovery and restore confidence," he said.
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In Khashoggi’s shadow, Macron holds Saudi talks with crown prince
French President Emmanuel Macron held face-to-face talks in Saudi Arabia on Saturday with Crown Prince Mohammed bin Salman, becoming the first major Western leader to visit the kingdom since journalist Jamal Khashoggi's 2018 murder. Macron considers Saudi Arabia vital to help forge a region-wide peace deal with Iran, as well as an ally in the fight against Islamist militants from the Middle East to West Africa, and a rampart against the Muslim Brotherhood.
- ABC - France to work with Saudis to resolve crisis with Lebanon
- Bloomberg - Macron’s Hard-Power Diplomacy Helps Saudis Turn Page on Khashoggi
- Reuters- Saudi Aramco signs five agreements with French firms, including Gaussin
- Reuters - Saudi's SAMI forms components joint venture with Figeac Aero
- France24 - Macron announces Saudi-French initiative to solve diplomatic crisis with Lebanon
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Report: Saudis used ‘incentives and threats’ to shut down UN investigation in Yemen
The Saudi effort ultimately succeeded when the UN human rights council (HRC) voted in October against extending the independent war crimes investigation. The vote marked the first defeat of a resolution in the Geneva body’s 15-year history. Speaking to the Guardian, political officials and diplomatic and activist sources with inside knowledge of the lobbying effort described a stealth campaign in which the Saudis appear to have influenced officials in order to guarantee defeat of the measure.
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Pakistan’s tech ecosystem is booming. Here’s why it will slow down in 2022
Pakistan’s tech ecosystem has seen unprecedented growth this year. Startups in the country raised over $244 million in the first three quarters of 2021, which is more than the previous six years combined. But experts suggested to Rest of World that the momentum is unsustainable and likely to slow in 2022.
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Al Shehri header maintains unbeaten run as Saudis down Vietnam
Saudi Arabia moved a step closer to FIFA World Cup qualification as Herve Renard's side defeated Vietnam 1-0 in Hanoi on Tuesday to stay unbeaten in the final phase of Asia's preliminaries for Qatar 2022.
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F1 plays down concern over pace of Saudi circuit construction
Formula One's governing body has said it is confident Saudi Arabia will be ready for its grand prix debut next month after media reports highlighted the amount of track work still to be completed. The floodlit night race along the Red Sea shore in Jeddah is scheduled for Dec. 5 as the penultimate round of the championship.
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