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Recent stories from sustg
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Halo Space to test Balloon Flight from Saudi
Spanish company Halo Space is in talks with Saudi regulators to set up a base in the kingdom for balloon flights into space. Ongoing tests are planned for Saudi Arabia this summer.
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Saudi Arabia Gets First Cannes Official Selection Slot With Drama ‘Norah’
Saudi Arabia has landed its first film in the Cannes Film Festival official selection with “Norah,” a drama by pioneering director Tawfik Alzaidi set in 1990s Saudi, according to reports.
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MBS’ True Legacy
Writing in Al-Arabiya, Richard Wilson, SUSTG president and The 966 Co-host, points out the fundamental (rather than flashy) changes that represent Crown Prince Mohammed Bin Salman’s true legacy.
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U.S. Ambassador Michael Ratney joins The 966 for a truly informative Episode #127
U.S. Ambassador Michael Ratney shares his insights with The 966 in a wide-ranging conversation with Richard Wilson. Just over one year in his position, Amb. Ratney offers his perspective on change in Saudi Arabia and an evolving U.S.-Saudi relationship.
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Eid Mubarak 2024
Wishing all peace and serenity on this blessed occasion.
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Saudi Arabia’s Ambassador to the U.N. to Chair Historic Commission on the Status of Women
The United Nations Commission on the Status of Women (CSW) unanimously decided to choose Saudi Arabia to chair the 69th session of the commission during the year 2025, according to reports.
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Saudi Stock Market Lists 400th Security
Formally established in 2007 after the devastating market crash of 2006 and incorporated as a holding company in 2021, the Saudi stock market (Tadawul) recently hit a milestone of 400 listed securities.
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Saudi Arabia’s non-oil business activity grows robustly in March, PMI shows
Strong demand helped drive non-oil business activity in Saudi Arabia in March, Reuters reports, with output accelerating to a six-month high.
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Saudi Aramco to Expand Huge Gas Plant as Global Demand Surges and Market Dynamics Shift
Saudi Aramco is moving ahead with plans to expand the Fadhili gas processing facility in the kingdom’s Eastern Province as part of its strategy to tap vast and under-developed gas resources within Saudi Arabia, according to a report in Bloomberg.
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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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MUST-READS
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Saudi Arabia records 16% surge in credit card loans in Q1 2024
Saudi Arabia recorded a 16 percent annual surge in credit card loans in the first quarter of 2024 to reach SR27.25 billion ($7.3 billion), the latest central bank data showed. The Saudi Central Bank, also known as SAMA, figures indicate a shift in consumer behaviors about cashless payment options and show that the Kingdom is on track to become a cashless society. Advertisement In an April report by GlobalData, Ravi Sharma, a banking and payments analyst, emphasized the transition from cash to electronic payments, noting: “While cash has traditionally been a preferred method of payment in Saudi Arabia, its usage is on the decline in line with the rising consumer preference for electronic payments.”
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Saudi Industrial Production Index drops 8.7% in March
Saudi Arabia’s Industrial Production Index (IPI) declined by 8.7% year-on-year (YoY) in March. Data issued by the General Authority for Statistics (GASTAT) showed that Saudi IPI fell to 104.48 points in March 2024, according to the base year 2021, compared to 114.47 points in March 2023. The index was directly affected by the decline in the mining and quarrying activity, which accounts for 61.4% of the index, the authority said. The IPI measures the relative change and reflects the production quantities of materials and goods, which have been converted from raw materials to consumables in their final form as goods, for the purpose of achieving a return.
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UN Warns of Four-Month Lean Period in Yemen
The Food and Agriculture Organization (FAO) warned that Yemen would be facing a lean period from June to September due to a decrease in humanitarian food assistance in Houthi-controlled areas and a projected increase in food prices in areas held by the legitimate government. In its quarterly food security update, the FAO said that despite a brief relief experienced from mid-March through April this year due to augmented social support (zakat) during the holy fasting month of Ramadan, food security is anticipated to deteriorate from June to September, marking “the peak of the lean period in the country.” FAO noted that during the first quarter of 2024, the food security situation deteriorated compared to the same period last year.
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PGA Championship invites 7 LIV players to get top 100 in the world
The PGA Championship officially has Tiger Woods in a field released Tuesday that includes invitations to seven players from Saudi-funded LIV Golf, giving the major 99 of the 100 in the world ranking at Valhalla next week. The PGA of America strives to have the top 100 in the world to maintain its reputation for having the strongest field of the four majors, although it is not part of the criteria. Those hopes ended late Tuesday when Rikuya Hoshino (No. 94) withdrew. The PGA leans on a catch-all category of “special invitations.” The group of LIV players includes Patrick Reed, whose tie for 12th in the Masters moved him inside the top 100. He is at No. 92, and the invitation keeps alive his streak of playing every major since the 2014 Masters.
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Italy and Libya sign co-operation agreements
Italian Prime Minister Giorgia Meloni signed three agreements with Libya during an official state visit on Tuesday, in which she met officials from the Tripoli and Benghazi-based governments in the conflict-torn country. The agreements are part of the Mattei plan, a project in which Italy promised a €5.5 billion ($5.92 billion) investment package for projects in Africa at a summit in Rome in January. Ms Meloni initially met Prime Minister Abdul Hamid Dbeibeh, who leads the National Unity Government in Tripoli.
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Podcast: A Plan to Remake the Middle East
If and when Israel and Hamas reach a deal for a cease-fire, the United States will immediately turn to a different set of negotiations over a grand diplomatic bargain that it believes could rebuild Gaza and remake the Middle East. Michael Crowley, who covers the State Department and U.S. foreign policy for The Times, explains why those involved in this plan believe they have so little time left to get it done.
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US believes Hamas, Israel can break Gaza ceasefire impasse; Israeli forces cut Rafah aid route
The U.S. said negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas while Israeli forces seized the main border crossing in Rafah on Tuesday, closing a vital route for aid. Hamas official Osama Hamdan, speaking to reporters in Beirut, warned that if Israel's military aggression continued in Rafah, there would be no truce agreement. The Palestinian militant group accused Israel of undermining ceasefire efforts in the seven-month-long war that has laid waste to Gaza and left hundreds of thousands of its people homeless and hungry.
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Saudi Telecom (STC AB) Posts Best First-Quarter Profit Since 2006
Saudi Arabia’s top telecom company reported its strongest first-quarter profit since 2006 as it made more revenue from business at home. Saudi Telecom Co.’s net income rose almost 6% year on year to 3.29 billion riyals ($877 million) in the first three months of the year, according to a statement on Wednesday. That beat the average analyst estimate for 3.15 billion. Revenue also exceeded expectations on the back of stronger activity in the commercial unit.
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Saudi Arabia’s $100 Billion AI Fund Says US Is No. 1 ‘Partner’
“The US is the number one partner for us and the number one market for AI, chips and semiconductor industry.” Amit Midha, the head of Saudi Arabia’s new investment fund for semiconductor and artificial intelligence technology Alat, discusses his strategy. He speaks with Bloomberg on the sidelines of the Milken Institute Global Conference in California. (Source: Bloomberg)
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Minister of Industry and Mineral Resources Opens Riyadh International Industry Week 2024
Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef today opened Riyadh International Industry Week 2024, which will run through May 9, at the Riyadh International Convention and Exhibition Center. The event, in which more than 500 companies, 385 international and 115 local, from 24 countries participate, was designed to embrace four exhibitions: the Saudi Exhibition for Plastics and Petrochemical Industries; Printing and Packaging; Smart Logistics Services; and Smart Manufacturing. Various capabilities will be reviewed, such as fair competition, a competitive environment, sustainability and exporting. The accompanying exhibition also includes many activities and events to support and strengthen industry in Saudi Arabia, review industry developments, and discuss ways to improve and develop them.
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