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Recent stories from sustg

  • Home boom aids Saudi Telecom profit surge
     

    Soaring demand for broadband helped Saudi Telecom Co (STC) post a 60 percent increase in first-quarter profit on Wednesday, with the former monopoly reporting rising revenues in its mobile, fixed line, corporate and wholesale units. The former monopoly, which will pay a quarterly dividend of 0.5 riyals per share, made a profit of 2.52 billion […]

     
  • Saudi tops in job creation in GCC
     

    The Gulf region continued to create jobs despite the impact of Arab Spring in 2011 with the regional powerhouse Saudi Arabia topping the list followed by Qatar and Oman, according to a new survey. The oil and gas industry, healthcare and retail sectors enjoyed the largest headcount expansion in 2011, while banking and construction fared the […]

     
  • Chart of the Day: A Short History of 200 Years of Global Energy Use
     

    If you want to tell the story of worldwide energy consumption over the past 200 years, you need three chapters. Chapter 1: The Coal Age. Chapter 2: The Oil Age. Chapter 3: The China Age. In the early days of industrialization, the use of biofuels such as wood declined as the West learned to live […]

     
  • Saudis Increasing Riyadh Water Supply
     

    With the bulk of Saudi Arabia’s drinking water coming from desalination plants, the country’s sky-rocketing population growth puts enormous demand on water supply. Arab News reports that a new desalination plant in the Eastern Province is gearing up to go online. When it is producing, it will nearly double the amount of water flowing into […]

     
  • Internet in the Middle East Still Short of Its Potential
     

    Last week’s third ArabNet conference for digital entrepreneurs in the MENA region was, by the standard of these things, a modest affair. But nonetheless it showed how the regional digital economy has grown, and how it is poised to take off. As one commentator said: “Jordan for the talent, Lebanon for the creativity, Egypt for […]

     
  • Saudi to maintain oil supply if U.S. draws stocks
     

    Saudi Arabia is likely to maintain high oil production in the event consumer countries release emergency stocks, but it will not seek to lure buyers for more oil by discounting its crude, industry sources said. U.S. Secretary of State Hillary Clinton on Saturday in Riyadh sought an assurance from Saudi King Abdullah that the kingdom […]

     
  • Hillary Clinton: Time running out for diplomacy with Iran
     

    U.S. Secretary of State Hillary Rodham Clinton made clear Saturday that time is running out for diplomacy over Iran’s nuclear program and said talks aimed at preventing Tehran from acquiring a nuclear weapon would resume in mid-April. With speculation over a possible U.S. or Israel military attack adding urgency to the next round of discussions […]

     
  • Water Brings Green to Saudi Arabia
     

    Over the last two-and-a-half decades, a series of NASA’s Landsat satellites have captured these pictures of the growing agriculture industry in the northern reaches of the Syrian Desert in Saudi Arabia, not far from Jordan. Farmers use a technique called center-pivot irrigation to bring up water from below the desert floor to grow wheat and […]

     
  • U.S. Might Have More Oil Than Saudi Arabia, But…
     

    People are often confused about the overall extent of U.S. oil reserves. Some claim that the U.S. has hundreds of billions or even trillions of barrels of oil waiting to be produced if bureaucrats will simply stop blocking development. In fact, in a recent debate between Republican candidates contending for Gabrielle Giffords’ recently vacated House seat, one candidate […]

     
  • Five short stories from World Energy Outlook
     

    The IEA’s World Energy Outlook (WEO) is an annual tradition, the result of much work, data analysis and presentation. A formative volume is produced for all to read and digest, but few of us have the time to do so in the detail required.  As such we rely to some extent on IEA presentations and summary documents. […]

     

MUST-READS

  • Middle East broadcaster MBC receives approval for Saudi IPO

    Regional broadcaster MBC Group has received approval from Saudi Arabia’s market regulator for an initial public offering amid the listing boom in the Gulf.

    The Capital Market Authority has granted approval for MBC to sell 33.25 million shares in the float, amounting to 10 per cent of the company's share capital, it said in a filing to the Tadawul on Tuesday.

    “The CMA’s approval on the application shall be valid for six months from the CMA Board resolution date,” it said.

    The approval shall be “deemed cancelled” if the offering and listing of the company's shares are not completed within this period.

  • MBC Group Announces Plans To Float 10% Stake On Saudi Stock Exchange

    Saudi Arabian media giant MBC Group has announced its intention to float a 10% stake in an Initial Public Offering (IPO) on the Saudi Exchange, known as Tadawul, in the coming months.

    The announcement follows a decision on Tuesday by Saudi Arabia’s Capital Market Authority to allow MBC to float 33.25 million shares, which is equivalent to 10% of the company’s share capital. The approval is valid for six months.

  • Exploring the Crossroads of Cultures: Saudi Arabia’s Riyadh International Philosophy Conference on Trans-cultural Values

    As a key player in various industries and sectors, Saudi Arabia continues to forge ahead with its ambitious Saudi Vision 2030 goals. This year, the Kingdom takes a significant step in the realm of philosophical engagement by hosting the third annual Riyadh International Philosophy Conference from December 7th to 9th. The conference's theme, 'Trans-Cultural Values and Ethical Challenges in the Communicative Age', represents a substantial highlight on the global philosophical calendar for the year 2023.

  • What Saudi crown prince’s call to stop weapons exports means for Israel

    Saudi Crown Prince Mohammed bin Salman (MBS) called on the international community to cease weapons exports to Israel on Monday, a statement that reflects increased pressure from Riyadh to de-escalate the Israel-Hamas war and complicates Washington's efforts to get Saudi Arabia and Israel to normalize ties. MBS made the remarks at an extraordinary virtual summit of the BRICS alliance. He said that he “demands that all states stop exporting weapons to Israel” in a video statement published by the Saudi government-funded news outlet Al-Arabiya. Read more: https://www.al-monitor.com/originals/2023/11/what-saudi-crown-princes-call-stop-weapons-exports-means-israel#ixzz8JnoDd1cu

  • Contractors to start work in 2024 on Saudi Landbridge

    In a report published by the local Arabic daily Aliqtisadia on Tuesday 21 November, Suleiman al-Mazrou, CEO of the NIDLP, said that the negotiations regarding the implementation of the project have reached advanced stages. Earlier this year, Transport & Logistics Minister Saleh al-Jasser said in a forum in Riyadh that Saudi authorities are undertaking negotiations with the Saudi China Landbridge Consortium (SLCC) to determine the final cost and financing of the project. The SLCC signed a memorandum of understanding to implement the project on a public-private partnership basis in October 2018. The SLCC was formed by Saudi Railway Company (SAR) and China Civil Engineering Construction Company.

  • Saudi Arabia’s Upcoming 2024 Tax Reforms: The Proposals

    These proposed reforms are intended to be made through amendments to the Kingdom’s Income Tax Law. Last month, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) released draft laws seeking public input on changes that aim to overhaul the tax code in line with its Vision 2030 economic agenda. The proposed law represents a significant reform, aiming to modernise the tax system in line with global best practices. Key changes under consideration include more stringent residency rules, expanded tax bases, and alignment with international standards on issues like transfer pricing and preferential tax regimes.

  • Eurofighter Middle East Sales Could Be Bolstered If Germany Lifts Saudi Ban

    Germany is reportedly reconsidering its five-year ban on selling additional Eurofighter Typhoon fighter jets to Saudi Arabia amid the rapidly shifting circumstances in the region. If Berlin does ultimately reverse its ban and authorizes sales to other Middle Eastern countries, the Eurofighter could give France’s Dassault Rafale much-needed competition in that region’s lucrative arms market.

    The Israel-Hamas War has sparked renewed debate in Germany over the policy of blocking Britain’s sale of 48 jets to Riyadh, according to a report in the Financial Times.

  • WHO chief praises Saudi medical programs that improve patients’ care globally

    Director General of the World Health Organization (WHO) Tedros Adhanom Ghebreyesus praised Saudi Arabia's medical programs, carried out by the King Salman Humanitarian Aid and Relief Centre (KSrelief), that aimed at improving the health situation of patients and injured people around the world.

    Ghebreyesus made the remarks during a meeting with the Advisor to the Royal Court and Supervisor General of KSrelief Dr. Abdullah Al Rabeeah, on the sidelines of the Global Food Security Summit held in London.

  • Zain to offload remaining Saudi tower stake

    Zain Saudi Arabia announced it would sell the remaining 20 per cent stake it owns in its tower business to the country’s Public Investment Fund (PIF) for SAR726 million ($194 million). In a stock market statement, the operator revealed it would divest its holding in Golden Lattice Investment Company after PIF exercised its option to buy the stake, which was part of a deal to sell the other 80 per cent announced in 2022.

  • AlUla Tour to welcome world’s best cyclists to Saudi Arabia in 2024

    Some of the world's best cyclists and teams will head to Saudi Arabia at the start of next year after organisers announced the dates for the rebranded AlUla Tour.

    Formerly known as the Saudi Tour, the race returns for a fourth edition and takes place from January 30 to February 3. It will be organised by the Ministry of Sport and The Royal Commission for AlUla in cooperation with the Saudi Cycling Federation and the International Cycling Union (UCI).