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Recent stories from sustg
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Dolce & Gabbana Launches Flagship Saudi Store at Via Riyadh after Approaching KSA Market with ‘Caution and Respect’
Fashion icon Dolce & Gabbana unveiled a unique strategy for Saudi Arabia, opening up a flagship new store in Via Riyadh after approaching the market with “caution and respect,” Vogue Middle East reported.
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KSRelief Spearheads Saudi aid to Gaza and the Globe
King Salman Humanitarian Aid and Relief Centre (KSRelief) provides humanitarian aid and relief to people outside of Saudi Arabia’s borders. KSRelief was established by King Salman bin Abdulaziz in 2015 and works in 46 countries, with a focus on the Middle East and North Africa region.
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Biden’s Oil Boom
Reuters reports that during the Biden administration not only has oil production hit record highs but energy company profits, dividends, drilling permits, jobs and energy exports are all up.
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PIF Increases Investment in Lucid
Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a regulatory filing with the U.S. securities regulator.
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Saudi Arabia to join Miss Universe for the first time
27-year-old model, influencer, and beauty pageant veteran Rumy AlQahtani announced on Instagram that she will be representing Saudi Arabia in 72nd Miss Universe contest in Mexico later this year.
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Hyundai and Red Sea Global Agree to Test EVs and Air Mobility Systems
Hyundai Motor Group said on Monday it has agreed with Saudi Arabia’s state-sponsored developer Red Sea Global (RSG) to cooperate in the Middle Eastern country’s push for electrification and other eco-friendly future mobility projects.
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Saudi Film Commission Reports Impressive 2023 Growth Statistics
Published in Screen Daily, the Saudi Film Commission reported on topline 2023 metrics for Saudi Arabia’s growing film industry. With more than 50% of the Saudi population under 25, there is a significant appetite for cinema, particularly for US action films, Egyptian comedies, and Saudi narratives.
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FIFA Series 2024 Friendly Matches Kick Off in Jeddah
The FIFA Series: Saudi Arabia A will be held in Jeddah, Saudi Arabia from March 21–26, 2024. The event will feature two groups, including Cambodia, Equatorial Guinea, Guyana, and Cape Verde. The series is designed to help national teams that do not often play teams from other confederations, and FIFA will cover the teams’ travel costs. There will be […]
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NYT Reports on Proposed $40B Saudi AI Investment
The New York Times’ Maureen Farrell and Rob Copeland report that Saudi Arabia is working with Wall Street banks to establish a $40 billion AI-focused investment fund.
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U. S. Secretary of State Antony Blinken to Visit Middle East this week Seeking Ceasefire Agreement
U.S. State Department spokesman Matthew Miller said, “The Secretary will discuss efforts to reach an immediate ceasefire agreement that secures the release of all remaining hostages, intensified international efforts to increase humanitarian assistance to Gaza, and coordination on post-conflict planning for Gaza, including ensuring Hamas can no longer govern or repeat the attacks of October 7.”
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MUST-READS
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Henning Larsen Architects Reveals Jeddah Opera House in Saudi Arabia
Henning Larsen Architect has just revealed the designs for The Jeddah Opera House, a new local landmark in Saudi Arabia. Drawing inspiration from the historical Al-Balad neighborhood, the Opera House celebrates culture and regional geography. Situated along the Red Sea waterfront, the opera house aims to connect residents and visitors to the sea through a culture spine under a natural canopy. Extending from the city, through the opera house, to the water, this “spine” forms an integral part of the Jeddah Central masterplan for the new Opera Quarter.
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Saudi Arabia Makes Strides In Global Energy Discourse At 26th World Energy Congress
From April 22 to 25, 2024, the 26th World Energy Congress convened in the Netherlands, drawing participation from the Kingdom of Saudi Arabia’s energy industry. This pivotal event delved into various energy-related themes, including transitions within the vital energy sector, with a focus on fostering just, equitable, and eco-friendly management of these transitions.
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Saudi economy witnessing a fundamental shift, says minister
Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to promote sustainable development since the launching of the Vision 2030 plan. He said the Kingdom’s efforts to diversify its economy have led to the creation of new sectors due to the initiation of several megaprojects such as NEOM, the Red Sea, and others
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GCC’s project awards jump 20% to $45b despite geopolitical headwinds
The regional upswing also defies oil production cutbacks which have all weighed on economic growth in the region as seen from International Monetary Fund’s latest forecast that slashed GCC economic growth forecast for 2024 to 2.4 per cent from its previous forecast of 3.7 per cent, Kamco said in its study titled ”GCC Projects Market Update: Q1-2024. Saudi Arabia accounted for more than half of the contracts awarded in the region during the quarter with aggregate awards of $23.5 billion against $19.1 billion in Q1-2023, shrugging off underwhelming GDP growth projections by the IMF and continuing its strong non-oil growth rate run.
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UAE economy set to expand at ‘fastest clip’ in GCC
Buoyed by strong performance in non-oil sectors, the UAE economy is on track to expand at the fastest clip in the region while Saudi Arabia will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks. The UAE's economy, expected to show strong performance in non-oil sectors, was forecast to expand 4.0 per cent in 2024, an upgrade from 3.8 per cent in January's poll, according to a Reuter’s poll. With oil prices not expected to rise significantly this year, economists now predict weaker growth for Saudi Arabia's oil-dependent economy. The latest Reuters poll forecast that the Saudi economy would expand 1.9 per cent in 2024, down from 3.0 per cent in a January poll.
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Oil price could exceed $100 a barrel if Middle East conflict worsens, World Bank warns
A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse the recent downward trend in global inflation, the World Bank has said.
The Washington-based institution said the recent fall in commodity prices had been levelling off even before the recent missile strikes by Iran and Israel – making interest rate decisions for central banks tougher.
But it added that its forecast that crude prices would average $84 a barrel this year would prove too optimistic in the event of the crisis worsening.
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U.S. and 17 Other Nations Call on Hamas to Release Hostages
President Biden and the leaders of 17 other nations called on Hamas on Thursday to release all of the hostages seized during its Oct. 7 terrorist attack on Israel, an effort to raise international pressure on the group’s leader in Gaza to agree to a U.S.-brokered deal.
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Perspective: U.S. Fixation on Nuclear Deal Let Iran Loose on the Middle East
Early in the process, there was a clear imbalance between Washington’s perception and Tehran’s. Washington thought that engaging Iran on the nuclear file would curb the latter’s destabilizing potential in the region, and this assumption motivated the signing of an initial nuclear agreement with Iran in 2013. But Iran celebrated the agreement as a political victory and otherwise carried on. Despite this, the Obama administration pressed on in pursuit of a wider nuclear deal, and in 2015 managed to secure the signing of the Joint Comprehensive Plan of Action (JCPOA).
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Biden names new special envoy for Middle East humanitarian issues
U.S. President Joe Biden on Thursday appointed Lise Grande as the new special envoy for Middle East humanitarian issues, the State Department said in a statement.Grande, who replaces David Satterfield, is currently head of the independent U.S. Institute of Peace. She previously worked for the United Nations for more than 25 years, a career that included running aid operations in Yemen, Iraq and South Sudan.
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US State Dept’s Middle East spox resigns over Gaza policy
The U.S. State Department's spokeswoman for Middle East and North Africa announced her resignation on Thursday, in protest of Washington's policies regarding the Gaza Strip, amid Israel's atrocities. "I resigned April 2024 after 18 years of distinguished service in opposition to the United States’ Gaza policy. Diplomacy, not arms. Be a force for peace and unity,” Hala Rharrit wrote in a LinkedIn post, according to Al Arabiya.
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