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  • Saudi Arabia launches water and sanitation projects worth USD 1.2 billion

    Among the key projects, the Saudi Water Authority (SWA) will implement SAR 1.3 billion (about USD 346 million) in infrastructure upgrades, including technology replacements at Shuqaiq 1 desalination plant, as well as new security systems and water transport systems. The National Water Company (NWC) is investing SAR 607 million (about USD 162 million) in 20 water and sanitation projects in the Jazan region, improving supply networks and implementing advanced wastewater treatment plants. Additionally, SAR 48 million (about USD 13 million) will be allocated to three projects by the National Center for Vegetation Development and Combating Desertification.

  • Opinion: How Donald Trump Should Deal With Saudi Arabia

    Trump and MBS are prepared to pick up where they left off. The two view each other as force multipliers for their respective agendas. Trump looks at the Saudi crown prince and sees a high net-worth individual who could throw a gargantuan amount of petrodollars into the American economy. In Trump, MBS spots a transactional businessman who couldn't care less about high-browed concepts like the rules-based international order. Both men are also nationalists to the core. MBS can relate to Trump's "Make America Great Again" mantra because he is following the same playbook in the kingdom. MBS wants to make his country stronger and wealthier than ever before, best exemplified by his Vision 2030 economic campaign to diversify Saudi Arabia from an oil-pumping machine into a center of banking, finance, and sports.

  • Saudi Arabia: Stricter Exit Visa Rules Implemented for Resident Permits

    Holders of a resident permit who are applying for an exit visa must now have at least 30 days of validity on their resident permit; whereas previously such foreign nationals could apply for an exit visa up until the last day of their resident permit. As a result of this change, resident permit holders whose resident permit has a remaining validity period of less than 30 days must first renew their resident permit before they can apply for an exit visa. This new rule only applies to standard resident permits, as premium resident permits are not subject to any exit visa requirement.

  • Saudi Arabia’s king, crown prince express their condolences after Washington air crash

    Saudi Arabia’s king and crown prince sent cables of condolences on Thursday to US President Donald Trump after an American Airlines passenger jet collided with an army helicopter on Wednesday. At least 28 bodies were pulled from the icy waters of the Potomac River after the helicopter apparently flew into the path of the jet late Wednesday as it was landing at Ronald Reagan National Airport near Washington, officials said. King Salman offered his condolences to Trump, the families of the victims, and the American people. Crown Prince Mohammed bin Salman sent a similar cable separately.

  • Franchise industry in Saudi Arabia hits $15B: Official

    Khaled Al-Ghamdi, Chairman of the National Franchise Committee at the Federation of Saudi Chambers, said that the value of the franchise industry in the Kingdom is estimated at about $15 billion (about SAR 53 billion). He added that the Kingdom is one of the largest franchise hubs in the Middle East. There are more than 1,200 registered trademarks in the Kingdom’s franchise sector, which is witnessing remarkable expansion, as brands grow at an annual rate of 27%, Al-Ghamdi told Argaam on the sidelines of the Saudi Franchise Expo in Riyadh. Furthermore, there is a move to empower Saudi franchises in Europe and the US, as Saudi products are globally admired for their quality and compliance with Halal standards, especially in the food industry, which will greatly enhance the opportunities for restaurants and cafes to spread, the official said.

  • SAMA licenses STC Bank to start operations in Saudi Arabia

    The Saudi Central Bank (SAMA) gave the green light for STC Bank to commence its operations in the Kingdom. In April 2024, SAMA granted stc an experimental launch permit for STC Bank.  The bank, in which stc holds an 85% stake, aims to provide Shariah-compliant banking services and financial solutions. Arabian Internet and Communications Services Co. (solutions) initially established STC Bank in 2017, with SAR 100 million in capital. The ownership was transferred to stc in 2019, with capital increased to SAR 400 million by the end of the same year.

  • Saudi Arabia’s evolving lending market: Surge in international interest and diversification of borrowers

    In recent years, the Kingdom of Saudi Arabia has implemented large scale regulatory reforms, including the Civil Transactions Law, Bankruptcy Law, Public-Private Partnership Program, and the Government Tenders and Procurement Law. These reforms were designed to enhance the Kingdom’s diversification efforts and attract international business – they have also propelled the country to rank 16th globally on the IMD World Competitive index. Historically, the interest in Saudi borrowing has been predominantly domestic or from the Gulf Cooperation Council (GCC) countries. However, we expect to see a shift in 2025, with a surge in interest from international markets. Several factors contribute to this change.

  • Saudi Arabia says GDP grew 1.3% in 2024, lifted by non oil sector

    Saudi Arabia's economy returned to growth in 2024, with real gross domestic product increasing 1.3% compared to the previous year, preliminary government data released on Thursday showed, with non-oil sector activities lifting overall GDP. GDP growth surged 4.4% in the fourth quarter versus the same period a year earlier, estimates from the General Authority for Statistics showed, the highest quarterly growth rate in two years, with non-oil activity increasing 4.6%. Non-oil growth vastly outperformed overall GDP in 2024 as well, increasing 4.3% while oil activities declined 4.5% and government activities grew 2.6%. The Saudi economy contracted 0.8% in 2023 as oil production cuts and lower oil prices hit growth in the world's biggest crude exporter.

  • Saudi Arabia set to become a key wheat flour exporter if government controls relax further

    Flour mills across the Middle East are bracing for intensified competition from Saudi Arabia in the export market as expectations grow that the government will loosen its control over wheat procurement. "It's quite a concern for us," a UAE flour mill said. "Once public organizations have slowly been turning into the private realm, which means they'll be better managed for profit moving forward." Flour mills in Saudi Arabia procure all their wheat from the government body responsible for food security in the Kingdom of Saudi Arabia, the General Authority for Food Security (GFSA). However, 2025 is expected to be the year when the government's control over wheat purchases comes to an end, which means mills would take charge of imports themselves rather than buying from the GFSA, according to the source.

  • King & Spalding’s Strategic Expansion: Merging with Al Fahad & Partners in Saudi Arabia

    In a landmark move to solidify its presence in the Middle East, King & Spalding, ranked 17th in the 2023 Am Law 100 with a gross revenue of $2.14 billion, has merged with Abdulaziz H. Al Fahad & Partners, one of Saudi Arabia’s most esteemed law firms. The newly formed entity, King & Spalding Al Fahad, is poised to deliver an expansive suite of legal services, aligning with the region’s evolving needs and the ambitious economic transformation under Saudi Arabia’s Vision 2030.