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Wamda: MENA Startups Raised $95 Million in July 2023, a Bounce-Back from June’s Total but Deal Volume Falls
- August 3,2023
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- SUSTG Team
Startups in the Middle East and North Africa region (MENA) raised $95 million across 31 deals in July 2023, a slight dip from the $105 million recorded in the same month last year, according to Wamda, the leading website tracking the development of the startup ecosystem in the region.
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Saudi Arabia Enters Recession Now, Report from Capital Economics Says, but Non-Oil Economy Continues to Shine
- August 2,2023
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- SUSTG Team
Saudi Arabia has entered a recession, a report from Capital Economics said, as oil production cuts designed to prop up prices hurt the Kingdom’s bottom line – but the Kingdom’s non-oil economy continued to grow at a robust pace.
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Temperatures Soar Across Saudi Arabia; Certain Places Hit 50 Degrees Celsius
- July 31,2023
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- SUSTG Team
Temperatures are expected to soar up to 50 degrees celsius (122 degrees farenheit) in several areas Saudi Arabia, starting from Sunday until the end of the week, according to the National Center for Meteorology (NCM).
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PepsiCo Middle East CEO Aamer Sheikh joins The 966, plus a full update on Saudi football, King Saud University’s overhaul and more…
- July 28,2023
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- SUSTG Team
Episode 96! The 966 speaks with PepsiCo Middle East CEO Aamer Sheikh for a conversation about the company’s strategy to plug into Vision 2030’s opportunities and continue to stay on top as the number one food and beverage brand in the Kingdom of Saudi Arabia. Mr. Sheikh, who is Pakistani-American and grew up in the […]
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Royal Order Converts Riyadh’s King Saud University to Independent, Non-Profit Academic Institution under Umbrella of RCRC
- July 27,2023
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- SUSTG Team
Crown Prince Mohammed bin Salman issued a Royal Order transforming King Saud University into an independent, non-profit academic institution that be under the “umbrella” of the Royal Commission for Riyadh City, according to multiple reports.
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Brazilian Miner Vale Nears Deal to Sell 10% of Its Base Metals Business to Saudi Arabia’s PIF, Ma’aden – Report
- July 26,2023
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- SUSTG Team
Brazilian miner Vale is reportedly close to completing a deal to sell a roughly 10% stake in its $25 billion base metals unit to a joint venture between Saudi Arabia’s sovereign-wealth fund, the PIF, and the Saudi mining company Ma’aden, people familiar with the matter told the Wall Street Journal.
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Saudi Arabia’s Receipts from Oil Sales Abroad Down in May, Lowest in Over a Year – Report
- July 25,2023
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- SUSTG Team
Saudi Arabia’s leadership in OPEC+ with voluntary cuts to production has proven to be costly, sending its receipts from oil sales abroad down by a third, to its lowest in over a year, according to a report in Bloomberg, which cited the Kingdom’s General Authority for Statistics (GASTAT).
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PSG Confirms Saudi club Al Hilal Makes World Record $332m Bid for French Mega-Star Mbappé
- July 24,2023
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- SUSTG Team
Saudi team Al Hilal made a record €300 million ($332m) bid for Kylian Mbappé on Monday, which could see the France striker join Cristiano Ronaldo for the next year of the Saudi Pro League, according to reports.
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Saudi Arabia Leads MENA in VC Funding So Far in 2023, MAGNiTT Report Says
- July 19,2023
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- SUSTG Team
Saudi Arabia was the MENA leader in VC funding in the first half of 2023, a report by the research and analysis firm MAGNiTT said in its recently-released report.
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Turkey’s Erdogan Departs for Saudi Arabia to Seek Investment
- July 17,2023
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- SUSTG Team
Turkey’s President Recep Tayyip Erdogan will visit Saudi Arabia and the United Arab Emirates this week as he looks to attract foreign investment into Turkey.
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MUST-READS
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Saudi Arabia to make new residential buildings earthquake resilient
According to the Saudi Gazette, the housing ministry has instructed engineering and construction agencies about the changes, which are in line with the newly passed Saudi Building Code. The directive comes as an earthquake measuring 4.1 on the Richter scale was measured in the southeast of the country by the Saudi Geological Survey, as reported by Zawya.
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Inside Saudi Arabia’s New Andy Warhol Art Exhibit
The second edition of Saudi Arabia’s AlUla Arts Festival has wrapped. But some installations remain on view among the Ashvar Valley’s canyons, including Fame, a show of 70 works by famed pop artist Andy Warhol. The Andy Warhol Museum in Pittsburgh curated the exhibition, on display in a mirrored mirage of a concert hall called the Maraya—the world’s largest mirrored building—through May 16. Themed “Living In Color,” this year’s AlUla Arts Festival presented four exhibitions, nine workshops, and three tours, with “film screenings and a lively program of performing arts.”
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Saudi Arabia to establish 15 new plants for medicines, aircraft parts, and metal forming
Speaking as part of a dialogue session at the third edition of the International Engineering Conference and Exhibition, Osama Al-Zamil said three of the new plants will be advanced factories for vital medicines and medical vaccines, four for assembling aircraft components, and eight for metal forming. The announcement comes as the national strategy for industry is seeking to boost the number of factories in the Kingdom to 36,000 factories by 2035, the deputy minister said.
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Assad hosts Arab delegation as Syria pursues earthquake diplomacy
Iraqi Parliament Speaker Mohammed Al-Halbousi has led a high-profile Arab delegation to Damascus to “return Syria to the Arab fold” and show solidarity following devastating earthquakes. The group included representatives of states that severed ties with Syria following the eruption of civil conflict in 2011. As Arab normalization with Syrian President Bashar Al-Assad continues, the absence of delegates from Qatar and Saudi Arabia in Damascus was notable.
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Saudi Arabia Retrieves its Artifacts
To this end, Saudi Arabia has created a list of the artifacts that had been illegally taken out of the country and sold, gifted to foreign museums or private collections, or made their way to the auctions. It has also adopted the appropriate frameworks for recovering these items from bodies and individuals inside and outside the Kingdom, working alongside an array of international institutions and organizations that work on bringing looted heritage back to its original homes.
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Tanmiah Food Company and Tyson Foods Strengthen Strategic Partnership at Saudi Arabia Event
Saudi-based Tanmiah Food Company ("Tanmiah" or the "Company", 2281 on the Saudi Exchange) and US-based Tyson Foods, Inc. (NYSE: TSN) met this week in Jeddah to recognize their strategic partnership made in 2022 including the potential growth opportunities across the Kingdom of Saudi Arabia and the broader Middle East.
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How Saudi Arabia Is Fostering a Supportive Startup Ecosystem
Despite decreasing entrepreneurial activity in other parts of the world, Saudi Arabia’s support for entrepreneurship and diverse business sectors is fueling an expanding startup ecosystem. Its fastest-growing sectors include tech, fintech, and especially e-commerce, which is predicted to surpass $13 billion in value by 2025, according to a report conducted by Boston Consulting Group and Meta.
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How China Became Saudi Arabia’s Largest Trading Partner
Back in 2001, Saudi Arabia’s trade with China was a mere fraction—just one-tenth—of its combined trade with the EU and United States. While the total value of trade was modest at this time, it’s been increasing consistently almost every year since. By the year 2011, China had surpassed the U.S. for the first time in bilateral trade value with Saudi Arabia. Then by 2018, trade between China and Saudi Arabia surpassed the Middle-Eastern country’s trade with the entire EU.
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Earthquake of 4.1 magnitude strikes southeast Saudi Arabia
An earthquake measuring 4.1 magnitude on the Richter scale struck southeastern Saudi Arabia. The Saudi Geological Survey (SGS) said in a press statement Sunday that the earthquake occurred at a depth of 16 km, and it is about 240 km from the Saudi border. SGS spokesperson Tariq Aba Al-Khail affirmed that the earthquake had no impact on Saudi lands and was not dangerous due to its remote location.
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World Defense Show reaffirms strategic partnership with Saudi Arabia’s military industries in five-year deal
The World Defense Show, which will be held on Feb. 4-8, 2024, has extended its partnership with Saudi Arabian Military Industries as its national strategic partner for the event’s next three events. Following the successful inaugural edition in 2022 that saw SR29.7 billion ($7.916 million) worth of deals being signed, the second event will be held next year, with an aim to provide a platform to exchange knowledge and technology for local and international firms operating in the defense sector. SAMI’s objectives are aligned with the World Defense Show’s efforts to support localizing more than 50 percent of its defense spending by 2030, as outlined in the Saudi Vision 2030, a press statement read.
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