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Saudi MOF and IMF convene first annual AlUla Conference for Emerging Market Economies
- February 17,2025
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- SUSTG Team
The AlUla Conference for Emerging Market Economies, organized jointly by the Saudi Ministry of Finance and the International Monetary Fund (IMF) was held February 16-17, 2025.
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$5 million PIF Saudi Ladies International tees off in Riyadh
- February 14,2025
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- SUSTG Team
The 5th edition of the Aramco Saudi Ladies International presented by the Public Investment Fund (PIF), is underway at the Riyadh Golf Club.
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685 ‘exceptional talents’ obtain Premium Residency at LEAP ’25
- February 13,2025
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- SUSTG Team
Saudi Arabia’s Premium Residency Program which is intended to increase the number of highly skilled individuals, entrepreneurs, and investors residing long-term in Saudi Arabia got a big boost at Leap ’25.
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LEAP ’25 sees big bets on AI, data centers and IT
- February 12,2025
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- SUSTG Team
LEAP 2025 Tech Conference, the fourth iteration of this event, and organized by the Ministry of Communications and Information Technology and others, has seen over $22 billion in commitments across a broad range of tech sectors.
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Sotheby’s ‘Origins’ auction in Diriyah nets $17 million; Saudi artists in demand
- February 11,2025
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- SUSTG Team
Sotheby’s inaugural auction in Saudi Arabia which was also the kingdom’s first major international art and luxury auction, took place in Diriyah this weekend and included works by regional and Saudi artists.
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Lenovo and Alat break ground on new manufacturing facility
- February 10,2025
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- SUSTG Team
Making good on a strategic collaboration agreement announced in May 2024, Alat and Lenovo broke ground on Sunday on a new manufacturing plant outside of Riyadh.
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Saudi population grows to 35.3M in H1 2024
- February 7,2025
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- SUSTG Team
Saudi Arabia’s population grew 4.7% to 35.3 million by mid-2024 according to the General Authority for Statistics.
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Automotive cluster named in King Abdullah Economic City (KAEC)
- February 6,2025
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- SUSTG Team
Crown Prince Mohammed bin Salman named the automotive manufacturing hub within King Abdullah Economic City the “King Salman Automotive Cluster” with the intent that it become an automotive industry center.
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Saudi Arabia issues “unequivocal rejection” of Trump proposals for Gaza: text
- February 5,2025
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- SUSTG Team
At 4 a.m. Riyadh time on February 5, 2025, the Saudi Foreign Ministry issued a strongly worded statement rejecting President Trump’s proposals for Gaza and the displacement of Palestinians.
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Fitch gives Saudi Arabia Default Rating ‘A+’; Outlook Stable
- February 4,2025
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- SUSTG Team
Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating at ‘A+’ with a Stable Outlook.
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MUST-READS
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Commentary: What Explains Saudi Arabia’s Sudden Wave Of Amnesty For Dissidents?
In an unexpected turn, Saudi Arabia is witnessing a wave of prisoner releases for those who have completed their sentences, with some having spent years behind bars. Yet concerns persist over potential retrials or indefinite detentions without legal clarity. The reform was followed by an even bigger, long-awaited step: the unprecedented announcement allowing the "voluntary" return of exiled individuals. State Security Chief Abdulaziz al-Howairini announced the change, quoting Crown Prince Mohammed bin Salman during an appearance on a Ramadan program: "The homeland is for everyone, and the state rehabilitates and does not punish."
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A landmark for the Kingdom as PIF launches Al Waha, first Saudi-owned duty-free retailer
In a breakthrough for the Kingdom’s rapidly evolving aviation and tourism landscape, Public Investment Fund (PIF) today announced the establishment of travel retailer Al Waha Duty-Free Company (Al Waha), the first Saudi-owned duty-free operator. Al Waha, a wholly owned PIF company, pledges to become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy. Al Waha will develop premium and luxury stores in select locations across the country and feature a variety of merchandise including distinctive, high-quality Saudi products. The newly formed entity will operate its airport stores on a duty-free basis. It will also explore additional travel retail opportunities at land border crossings and seaports and channels such as inflight shopping.
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Saudi Investment Recycling Company aims to drive the circular economy
Every year, millions of tons of waste are generated by humans around the world – from unwanted food to single-use plastics. Less than 20% is currently recycled, with most of it still sent to landfill sites. This inflicts a heavy toll on the environment, affecting the soil, water and air, and adversely impacts people’s health and wellbeing. The largest waste management company in the GCC, SIRC is taking serious measures to improve recycling and treatment facilities in Saudi Arabia. Covering 14 kinds of refuse – such as everyday garbage, medical waste, and construction and demolition waste – the company aims to meet the targets set by the Waste Management National Regulatory Framework for 2035. Utilizing a variety of methods, including recycling, reusing, treatment and waste-to-energy conversion, SIRC’s goals include diverting 82% of all waste from landfill by 2035.
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Rubio in Saudi Arabia for US-Ukraine talks, hopes to resolve Ukraine aid pause
“The Ukrainians are already receiving all defensive intelligence information as we speak. I think all the notion of the pause in aid broadly is something I hope we can resolve. Obviously, I think what happens tomorrow will be key to that,” Rubio told reporters aboard a military plane before landing in Jeddah. “We're not going to be sitting in a room drawing lines on a map but just get a general sense of what concessions are in the realm of the possible for them [Ukrainians],” Rubio said, adding that there is no military solution to the war, and that both Russia and Ukraine need to “do difficult things.” On Tuesday, Rubio will join U.S. national security adviser Mike Waltz for the Jeddah talks with Ukrainian officials as President Donald Trump pushes to broker a swift end to the war.
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Analysis: Why Saudi Arabia Makes Sense For Ukraine Peace Talks
The talks are slated to bring together a Ukrainian delegation that will include Ukrainian Foreign Minister Andriy Sybiha, Zelenskyy's chief of staff Andriy Yermak, and Defense Minister Rustem Umerov. US Secretary of State Marco Rubio is also due in Jeddah; in addition to meetings with Ukrainian counterparts, the State Department said he is also expected to meet with the Saudi crown prince. Saudi Arabia’s role in potential peace talks came into focus in February, when US and Russian diplomatic officials held a first round of talks on ending the war in Ukraine. Those discussions yielded the promise of slightly less frigid relations between Washington and Moscow, with the two countries agreeing to begin restoring diplomatic ties. But the ruckus in the Oval Office showed, dealmaking with Trump is a highly personal affair. And the Saudi crown prince, widely known by his initials MBS, has a uniquely close relationship with the US president.
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Rubio heads to Saudi Arabia for US-Ukraine talks, then Canada for G7
U.S. Secretary of State Marco Rubio will arrive in Jeddah, Saudi Arabia, on Monday for U.S.-Ukraine talks as President Donald Trump pushes to broker a swift end to the Russia-Ukraine war, despite Russia’s latest massive aerial attacks against Ukraine’s energy infrastructure. While in Jeddah, Rubio will also meet with Saudi Crown Prince Mohammed bin Salman Al Saud to discuss ways to advance shared interests in the region and strengthen the U.S.-Saudi relationship, said State Department spokesperson Tammy Bruce. According to the State Department, Rubio has “underscored President Trump's determination to end the war as soon as possible and emphasized that all sides must take steps to secure a sustainable peace” in a Friday call with Ukrainian Foreign Minister Andrii Sybiha.
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What can Ukraine expect from talks with US in Saudi Arabia?
Ukrainian President Volodymyr Zelenskyy is to visit Saudi Arabia next week for a planned meeting there between delegates from Ukraine and the US. If all goes according to plan, it will be the first Ukraine-US meeting since the presidents of the two countries quarreled in the White House on February 28. At those talks, US President Donald Trump and Vice President JD Vance accused Zelenskyy of being ungrateful for the US aid given to Ukraine and of being unwilling to end the war in his country. After the Oval Office catastrophe, Zelenskyy cut his US trip short and left Washington. No new meeting between Zelenskyy and Trump is to be held in Riyadh. Now, ahead of his planned visit to Saudi Arabia, he has announced on the messaging app Telegram that he is planning a meeting with the de facto Saudi ruler, Crown Prince Mohammed bin Salman, adding: "Ukraine is most interested in peace. As we told President Trump, Ukraine is working and will work exclusively constructively for a quick and reliable peace."
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Saudi MoH warns against fake sick leaves, imposes jail, SAR 100,000 fine
The Ministry of Health (MoH) warned against engaging with social media accounts that promote fraudulent sick leaves, emphasizing that such practices are criminal offenses subject to legal penalties. This warning is part of the ministry’s regulatory efforts to enhance the digital healthcare system and ensure compliance with regulations. According to the Saudi Press Agency (SPA), the ministry stated today, March 9, that penalties apply to anyone issuing false or misleading medical reports. Punishments include up to one year in prison and a fine of up to SAR 100,000.
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Saudi quick commerce startup Ninja, by HungerStation’s founder, in talks to raise at $1B+ valuation: report
Ninja, a Saudi quick commerce startup founded and led by Ebrahim Al-Jassim, the founder of HungerStation is in talks to raise fresh funds at a valuation of over $1 billion, Bloomberg reported on Tuesday. The round, according to the report, could be finalized and closed as early as this month, and is being led by Riyad Capital, the investment arm of Riyad Bank, one of Saudi Arabia’s largest banks. While it launched 1957 Ventures last year to focus on fintech, this investment will likely come from its main entity due to the round’s large size. The firm is is also behind Riyad Taqnia Fund (RTF), a VC fund it founded with Taqnia, a Saudi technology investment and development company, in 2016.
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Syria’s Sharaa scrambles to contain deadliest violence in years
Syria's leader vowed on Sunday to hunt down the perpetrators of violent clashes pitting loyalists of deposed President Bashar al-Assad against the country's new Islamist rulers and said he would hold to account anyone who overstepped their authority. The clashes, which a war monitoring group said had already killed over 1,000 people, mostly civilians, continued for a fourth day in Assad's coastal heartland. In a speech broadcast on national television and posted on social media, Ahmed Sharaa, whose rebel movement toppled Assad in December, accused Assad loyalists and foreign powers that he did not name of trying to foment unrest.
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