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Oil Continues Slide as Recession Fears Mount
- August 15,2019
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- SUSTG Team
Oil fell 2% toward $58 a barrel on Thursday, extending the previous session’s 3% drop, pressured by mounting recession in the United States and and a surprise boost in U.S. crude inventories, Reuters reports. Last week, oil prices rallied in response to indications from Saudi Arabia and the so-called OPEC+ group that it would work […]
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Successful 2019 Hajj wraps up without incident as Muslims pilgrims pray in Mecca
- August 14,2019
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- SUSTG Team
Millions of Hajj pilgrims began heading back to Mecca for final prayers on Tuesday as the world’s largest annual pilgrimage went off without incident despite the logistical challenges and escalating regional tensions, Reuters reports. Even with some heavy rainfall, senior officials said there had been no major incidents and that the Hajj experience for nearly 2.5 […]
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Saudi Aramco Reports $47 Billion in Earnings; Plans to Buy Reliance Refining Stake
- August 12,2019
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- SUSTG Team
In its first-ever half-year earnings report, Saudi Aramco said the company had earned a net income of $46.9 billion in the first half of 2019, a 12 percent decrease from $53 billion in the period a year earlier, when oil prices were higher. Saudi Aramco partly attributed the decline in net income to a 4% fall in the average […]
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Saudi Embassy Responds to Misinformation in U.S. Election Debates
- August 8,2019
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- SUSTG Team
The spokesperson for the Saudi embassy in Washington, Fahad Nazer, responded to “worrisome and false” allegations being made by U.S. politicians against Saudi Arabia as the 2020 election cycle gears up. Nazer sought to “set the record straight” especially on accusations connecting Saudi Arabia with Al-Qaeda made by longshot Democratic candidate, representative Tulsi Gabbard from Hawaii. […]
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‘History in the Making’: Saudi Arabia Allows Women to Travel Independently; Enacts Other Reforms
- August 5,2019
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- SUSTG Team
Saudi Arabia’s decision to allow women to travel independently is being hailed a historic leap for gender equality in the Kingdom as women celebrate their new rights and freedoms enacted under King Salman and Crown Prince Mohammed bin Salman. “The new regulations are history in the making,” Princess Reema Bint Bandar, Saudi Arabia’s first woman ambassador […]
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The Seven Wonders of Arabia, a Tribute to the Kingdom’s Remarkable Heritage Sites – Part 6: Rijal Alma—’A Wonder to Behold’
- August 2,2019
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- SUSTG Team
Aramco Expats, an online blog that is a resource for current and former Saudi Aramco expatriates and their families, recently published a series of excellent blog posts on the seven wonders of the Arabia – the best heritage sites and historical places in the Kingdom.
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IMF: Saudi Arabia’s real non-oil growth is expected to strengthen to 2.9 percent in 2019, outlook positive
- July 23,2019
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- SUSTG Team
The International Monetary Fund (IMF) expects real non-oil growth in Saudi Arabia to pick up in 2019 to 2.9% as government spending and confidence increase, according to reports, while real GDP growth is projected to slow to 1.9 percent as real oil growth slows to 0.7 percent with the implementation of the OPEC+ agreement. The data was […]
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U.S. Preparing to Send 500 Troops to Prince Sultan Air Base in Saudi Arabia
- July 18,2019
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- SUSTG Team
The Trump administration is preparing to send 500 troops to Saudi Arabia amid increasing tensions with Iran, CNN reports. The troops are expected to be sent to the Prince Sultan Air Base, located in the desert east of Riyadh. A small number of troops and support personnel are already on site with initial preparations being made for a […]
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New E-Commerce Law in Saudi Arabia May Boost Kingdom’s Fast-Growing Online Retail Market – Report
- July 15,2019
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- SUSTG Team
A new e-commerce law in Saudi Arabia, passed last week by the Saudi cabinet, is set to “further accelerate the kingdom’s fast-growing online retail market,” analysts told Zawya. The new law aims to enhance the reliability of e-commerce in the Kingdom and provide a boost to that sector. The new law is being hailed as a first of its kind […]
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Jadwa Investment Sees Non-Oil Sector Growth in Saudi Arabia at 2.4% in 2019
- July 11,2019
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- SUSTG Team
A recent report issued by Jadwa Investment shows expected growth in the non-oil sector at 2.4 percent in 2019, compared to 1.7 percent in 2018, and forecasted 2020 non-oil sector growth at 2.7 percent. “Our economic forecast for the Kingdom has been revised down wholly on the account of developments related to the oil market…On the non-oil side, however, we see […]
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MUST-READS
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Qatar reveals plans to open over 100 new properties in FIFA 2022 World Cup countdown
Qatar is adding 105 new hotels and hotel apartments to its already extensive portfolio of properties, as the country gears up to host the FIFA World Cup Qatar 2022™. The new properties will broaden Qatar's appeal to a range of travellers and enhance the visitor experience, as Qatar Tourism continues its mission to turn the country into a world-leading destination.
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West and Russia head to showdown over aid to northwest Syria
The key issue is whether the U.N. Security Council should authorize deliveries through the Bab al-Hawa crossing for another year as the West, U.N. and humanitarian groups want or for just six months as Russia, Syria’s closest ally, is insisting on.
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Aramco CFO Khalid al-Dabbagh steps down
Aramco (2222.SE) Chief Financial Officer Khalid al-Dabbagh has stepped down and been replaced by Ziad al-Murshed, who takes over the role in an acting capacity, the Saudi oil company said on Thursday. Murshed, as acting senior vice president of finance, strategy and development, will oversee Aramco’s strategy, corporate planning & performance management, treasury, finance, accounting, reporting, investor relations, and internal controls, the statement said.
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Saudi resumes crackdown on illegal workers, residents
Saudi has resumed its campaign of cracking down on labour and residency violators, the Saudi Press Agency (SPA) reported. The kingdom has been detaining people for residential, labour and border security regulations since November 2017. However, no announcements about the crackdown were made following the Covid-19 outbreak, when the kingdom also implemented several travel restrictions.
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US-made drones downed over Yemen weren’t military’s, CENTCOM says
The US military disavowed two drones reportedly shot down by Yemen’s Houthi rebels near the contested city of Marib over the weekend, saying it had lost no such unmanned aircraft recently in the region.
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US takes down Iran-linked news sites, alleges disinformation
The Justice Department said 33 of the seized websites were used by the Iranian Islamic Radio and Television Union, which was singled out by the U.S. government last October for what officials described as efforts to spread disinformation and sow discord among American voters ahead of the 2020 presidential election.
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Saudi Arabia intensifies crackdown on human traffickers, residency violators
“The penalty for smugglers or those involved in facilitating the illegal entry or movement of illegal immigrants in the Kingdom, provide shelter or provide any form of assistance will face 5-10 years in jail and a fine of SR1 million ($266,000), confiscation of vehicles or property intended to transport or house them,” Border Guard official spokesman Col. Misfir bin Ghannam Al-Qiraini told Al-Ekhbariya news channel.
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Iran’s sole nuclear power plant undergoes emergency shutdown
This is the first time Iran has reported an emergency shutdown of the plant in the southern port city of Bushehr. It went online in 2011 with help from Russia. Iran is required to send spent fuel rods from the reactor back to Russia as a nuclear nonproliferation measure.
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Israel and Hamas Scale Down the Conflict, Avoiding Another War
The stage was set this week for another spasm of violence between Hamas and Israel. A provocative march was planned by far-right Israelis through Palestinian areas of Jerusalem, as it had been before the 11-day war last month. And Hamas threatened to respond with violence if the march took place, as it had in May.
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Saudi Arabia doubling down on Diriyah Gate project, says DGDA CEO
“What has happened is that the master plans, (following further) research, have evolved into a broader vision to allow it to be a component (of the strategy to turn) Riyadh into one of the 10 great cities of the world,” he said.
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