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Recent stories from sustg

  • Journey of a lifetime
     

    To say that I was excited to be in the presence of such history would be an understatement. I had been looking forward to this trip for months and was absolutely beside myself. My purpose was to travel with my mother to Saudi Arabia to perform the Umrah, a mini version of the annual Hajj […]

     
  • Al-Qaida’s wretched utopia and the battle for hearts and minds
     

    Driving east out of Aden, we were just a few hundred metres past the last army checkpoint when we saw the black al-Qaida flag. It flew from the top of a concrete building that had been part-demolished by shelling. From here into the interior, all signs of control by the government of Yemen disappeared. This […]

     
  • Positive Steps: Interview with Saudi Minister of Finance Al Assaf
     

    The industrial sector is the real excitement for us, which is growing at a rate of 15 per­cent, which is not a joke. The other one is service sector, like the financial services or the restaurant and hotels or other services in the economy. A particular sector that we are excited about is the mineral […]

     
  • “Milestone” oil manipulation case unsettles traders
     

    U.S. regulators’ $14 million settlement with high-frequency trading firm Optiver over oil price manipulation in 2007 is a “milestone” victory in their toughening stance on market malfeasance which is being closely watched by traders. In its first major case against an algorithmic trader, the Commodity Futures Trading Commission said late on Thursday that a court […]

     
  • 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 […]

     

MUST-READS

  • Saudi Arabia Achieves Remarkable 300% Surge In Installed Renewables Capacity

    In conjunction with COP28, the third edition of the Saudi Green Initiative (SGI) Forum showcased Saudi Arabia’s commitment to climate action and its strides towards achieving net zero by 2060. Launched in 2021 by Crown Prince Mohammed bin Salman, the SGI aims to unite the nation’s efforts in combating climate change and fostering sustainable innovation.

  • Saudi Arabia Cuts the Price of Its Flagship Crude for Asian Buyers

    On Tuesday, Saudi Arabia reduced the official selling price of its flagship Arab Light for Asian buyers in January. This is the first price reduction for the last seven months, Reuters noted in a report, but it is a modest one, at $0.50 per barrel. This is half what analysts expected as a price reduction, the report also said. "Saudi set the price too high. That could prompt some buyers to nominate less cargoes and turn to buy cheaper crude from other suppliers from the spot market," a refinery executive from Asia told Reuters.

  • Jon Rahm’s LIV defection would be the ultimate Saudi power play before pivotal PGA Tour talks

    It would be something seismic. Rahm would be the first European giant to go. He is the reigning Masters champion and among the four best players in the world. He is the Saudis’ top realistic target, given how vigorously Tiger Woods and Rory McIlroy have denigrated LIV and ruled themselves out of a move.

  • Saudi PIF allocates $3bn for investments in Iraq, says ambassador

    Saudi Arabia’s Public Investment Fund (PIF) has allocated $3 billion for investments in various sectors in Iraq, the country’s envoy in Baghdad said on Wednesday. Saudi Ambassador to Iraq Abdulaziz Al-Shammari's remarks to the Iraqi state media INA came on the sidelines of a signing ceremony of a partnership agreement in the industrial field.

  • Saudi Arabia meets expectations as powerhouses, and a lesser light, march on in AFC Champions League

    After all the hype -- and heightened expectations -- surrounding the Saudi Pro League for its mega-spending ways over the past 12 months, its clubs certainly did not disappoint when it came to the big stage. Not yet, at least. With the group stage of the 2023-24 AFC Champions League -- Asia's premier club competition -- done and dusted, Saudi Arabia's three giants in Al Hilal, Al Nassr and Al Ittihad all booked their places in the round of 16 with a game to spare.

  • Asia’s first Saudi Arabia ETF lists on Hong Kong stock exchange

    Asia’s first exchange traded fund investing solely in Saudi Arabia’s equities market has listed on the Hong Kong exchange attracting $1bn in initial investment, marking one of the territory’s largest ever debuts. The CSOP Saudi Arabia ETF was launched on the back of strong government support, after more than a year of high-level efforts by senior Hong Kong officials attempting to woo investment from the Middle East. The ETF invests in a portfolio correlated to the FTSE Saudi Arabia Index, which has a market capitalisation of more than $270bn and aims to align with the Saudi Vision 2030 project, Crown Prince Mohammed bin Salman’s road map for economic diversification and global engagement.

  • Front Row Takes MENA Distribution for Saudi Drama ‘Norah’

    Dubai-based distributor Front Row Filmed Entertainment has picked up Middle East and North Africa (MENA) region distribution rights to groundbreaking Saudi drama “Norah,” which world premiered in competition at the Red Sea Film Festival. Directed by pioneering Saudi director Tawfik Alzaidi, making his feature film debut, “Norah” is set in 1990s Saudi Arabia, when conservatism was at its height and all forms of art and painting were banned for religion-related reasons.

  • Saudi Filmmakers Form Trade Org to Hold Sway in Sector Regulations

    Saudi Arabia’s burgeoning filmmakers have formed a trade organisation called Film Association in an effort to hold sway in regulations being laid out for the country’s booming film industry. The Saudi Film Association, announced during the ongoing Red Sea Film Festival in Jeddah, comes five years after the government removed its 35-year-old religion-related ban on cinemas. Since then, Saudi Arabia has built studios, formed film commissions and launched tax incentives for production.

  • Edelman Hires Ex-Ogilvy Leader As Saudi Arabia General Manager

    Edelman has appointed former Ogilvy leader Elie Azzi as the new general manager of its business in the Kingdom of Saudi Arabia (KSA). Azzi (pictured, left) will join Edelman in January, replacing Kenana Dahlan, who has left the firm to become a government advisor in Saudi Arabia. In his time at Ogilvy, Azzi led the agency’s transformation of the communications and PR function in the kingdom, and has also held senior positions at Havas and Porter Novelli in the region. At the same time, Edelman KSA has appointed Sarah Alarrak (pictured, right) in the newly-created role of strategic communications advisor, with a remit that includes growing the agency’s client base in Saudi Arabia.

  • Saudi Arabia offers 30-year tax relief plan to lure regional corporate HQs

    Saudi Arabia announced a 30-year tax exemption package for foreign companies establishing their regional headquarters in the kingdom, the latest move in its aggressive campaign to attract international investment and headcount. “The Ministry of Investment of Saudi Arabia, in coordination with the Ministry of Finance and the Zakat, Tax and Customs Authority today announced 30-year tax incentive package for The Regional Headquarters (RHQ) Program, to further streamline the process for multinational companies (MNCs) to establish their RHQ in Saudi Arabia,” the Saudi state press agency wrote in a statement Tuesday.