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Recent stories from sustg

  • “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 […]

     
  • 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 […]

     

MUST-READS

  • Morocco Becomes Leading Blueberry Supplier to Saudi Arabia

    Morocco has become the leading supplier of blueberries to Saudi Arabia, outperforming several other markets including Chile, Peru, and South Africa.

    Data from agriculture-focused news outlet East Fruit said that Morocco has exported 480 tonnes of fresh blueberries to Saudi Arabia in the 2022/2023 market year. Morocco has doubled the number of its blueberry exports to the Gulf country, compared to less than 200 tonnes exported last year.

  • Saudi authorities arrest over 10k residency violators

    Saudi authorities arrested 17,463 people in one week for breaching residency, work and border security regulations, according to an official report. A total of 10,856 people were arrested for violations of residency laws, while 3,934 were held over illegal border crossing attempts and a further 2,673 for labor-related issues, the Saudi Press Agency reported on Saturday. The report showed that among the 773 people arrested for trying to enter the Kingdom illegally, 44 percent were Yemeni, 45 percent Ethiopian, and 11 percent were of other nationalities.

  • Overhauling Business Frameworks: An Insight Into Saudi Arabia’s New Companies Law

    In the ever-evolving landscape of Saudi Arabian business regulations, the Saudi Arabia Companies Law to improve the legal framework for businesses stands out as a pivotal milestone. Enacted in 2015, this law is more than a set of amendments; it's a commitment to fostering a business environment that is not only flexible but also deeply rooted in modern corporate governance principles.  

  • Saudi Arabia unveils lineup for 5th Winter at Tantora

    As winter approaches, anticipation is building for the fifth Winter at Tantora, a month-long cultural extravaganza presented by AlUla Moments. Running from Dec. 21 to Jan. 27, the festival has become the region’s premier event, blending culture, art, and music against the backdrop of AlUla’s stunning desert landscapes.

  • Ancient 20-inch-long hand ax discovered in Saudi Arabia may be world’s largest

    Archaeologists in Saudi Arabia have discovered what may be the world's largest prehistoric hand ax. The stone tool measures 20.2 inches (51.3 centimeters) long and, despite its size, is easily held with two hands, according to a statement. An international team of researchers found the basalt hand ax on the Qurh Plain, just south of AlUla, a region in northwest Saudi Arabia. Both of the hand ax's sides have been sharpened, suggesting that it could have been employed for cutting or chopping. However, it's still unclear how the stone tool was used and which species, for instance Homo erectus or Homo sapiens, crafted it.

  • Economic Diversification Efforts Paying Off in GCC Region but More Reforms Needed

    The Gulf Cooperation Council (GCC) region is estimated to grow by 1% in 2023 before picking up again to 3.6 and 3.7 % in 2024 and 2025, respectively, according to the recently published World Bank Gulf Economic Update (GEU) report. The weaker performance this year is driven primarily by lower oil sector activities, which is expected to contract by 3.9%, to reflect OPEC+ successive production cuts and the global economic slowdown. However, the reduction in oil sector activities will be compensated for by the non-oil sectors, which are expected to grow by 3.9 % in 2023 and 3.4 % in the medium term supported by sustained private consumption, strategic fixed investments, and accommodative fiscal policy.

  • World Bank: Saudi Arabia’s Non-Oil Sectors Continue to Grow, Women’s Participation in Workforce Doubles

    The World Bank (WB) report titled "Structural Reforms and Shifting Social Norms to Increase Women's Labor Force Participation" revealed the latest economic developments in the Gulf Cooperation Council (GCC) countries. The report indicates that the efforts towards economic diversification in the region have started to show positive results, but there is still a need for further reforms. According to the report, the number of workers in the Saudi private sector increased by approximately 153,300 by the end of the first half of 2023 compared to the end of the first half of 2022, with the total number of workers being around 2.3 million. The report also highlights that the participation of Saudi women in the workforce has doubled within six years, rising from 17.4% in early 2017 to 35.3% in the second quarter of 2023.

  • GCC States and the War on Gaza: Positions, Perceptions, and Interests

    There is not, and may never have truly been, a single ‘Gulf-wide’ position on Israel (or Palestine for that matter). Instead, the six Gulf Cooperation Council (GCC) states straddle a spectrum of positions toward Israel from no ties (Kuwait) to pragmatic coexistence (Oman, Qatar, and Saudi Arabia) to full normalization (Bahrain and the United Arab Emirates). Initial statements by Gulf governments in response to the October 7 Hamas attack on Israel echoed these positions, as the UAE and Bahrain condemned Hamas for the eruption in violence while the other four states, including Saudi Arabia, placed greater focus on the Israeli occupation as a contributory factor.

  • White House grapples with internal divisions on Israel-Gaza

    The previously unreported meeting of officials underscores how Biden’s handling of what is arguably the biggest foreign policy crisis of his presidency is dividing a White House that has prided itself on running a disciplined and united operation. The Israel-Gaza war has roiled the administration more than any other issue in Biden’s first three years in office, according to numerous aides and allies inside and outside the White House, as staffers agonize over their positions on highly emotional issues.

  • White House grapples with internal divisions on Israel-Gaza

    Earlier this month, a group of about 20 distressed White House staffers requested a meeting with President Biden’s top advisers, as Israel’s war in Gaza entered its sixth week.

    The diverse group of staffers had three main issues they wanted to discuss with White House Chief of Staff Jeff Zients, senior adviser Anita Dunn and deputy national security adviser Jon Finer: They wanted to know the administration’s strategy for curbing the number of civilian deaths, the message it plans to send on the conflict and its postwar vision for the region.

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