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Major Fossil Discovery in Saudi Arabia is 90,000 Years Old
- April 10,2018
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- SUSTG Team
A recently discovered fossil finger bone dating back about 90,000 years that was unearthed in Saudi Arabia’s Nefud Desert is “pointing to what scientists are calling a new understanding of how our species came out of Africa en route to colonizing the world,” Reuters reports. The discovery, the middle bone of an adult’s middle finger, […]
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Interview: Bechtel’s Millennial Saudi Country Manager Abdulrahman Al-Ghabban Discusses Company’s Activities and Ambitions in Vision 2030 Era
- March 19,2018
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- Lucien Zeigler
San Francisco-based Bechtel is one of the largest engineering, construction, and project management companies in the world, and it’s been doing business in Saudi Arabia for 75 years. Following the announcement of Saudi Arabia’s Vision 2030 economic and social reform plan, the company hired its first Saudi national as country head of its operations in the Kingdom […]
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Crown Prince Mohammed bin Salman Visits UK on Wednesday with Billions in Deals Eyed
- March 6,2018
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman will arrive to the United Kingdom on Wednesday, his second stop in a multi-national tour with a broad economic and diplomatic agenda. The Crown Prince is due to meet Prime Minister Theresa May and other senior ministers, members of the royal family, as well as security officials and […]
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King Salman Replaces Top Military Commanders in Cabinet Shuffle
- February 27,2018
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- SUSTG Team
Saudi Arabia has replaced some of its top military officers by royal decree, elevating a younger generation as the war in Yemen approaches its fourth year without a victory. No reason was given for the changes, according to Bloomberg and the Financial Times. King Salman appointed First Lieutenant General Fayyad bin Hamed al-Ruwayli as chief […]
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Saudi Arabia Aims for over 1000% Increase in Entertainment Sector Employment this Year as Massive Investment Planned
- February 22,2018
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- SUSTG Team
Saudi Arabia is betting big on the entertainment sector to boost job creation and provide for a more vibrant society with a whopping $64 billion planned to spend in the next decade, according to the head of the General Entertainment Authority Ahmed Al-Khatib. Al-Khatib said that the investment and development is already underway, and that the […]
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New Body in Saudi Labor Ministry Created to Fight Rising Unemployment in Saudi Arabia
- February 21,2018
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- SUSTG Team
Saudi Arabia’s cabinet announced the creation of a new body within the labor ministry to combat an increase in joblessness in Saudi Arabia and a seeming reluctance by Saudis to take available jobs, according to a report. Unemployment in Saudi Arabia has risen slightly since the announcement of Saudi Arabia’s Vision 2030 and National Transformation Program, […]
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Major Leap for Saudi Economy as Kingdom Set to Introduce Bankruptcy Laws
- February 19,2018
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- SUSTG Team
Saudi Arabia’s cabinet has approved a bankruptcy law that is likely to be a boost to the Kingdom’s efforts to attract investment and provide protection for entrepreneurs, according to reports. King Salman has reportedly endorsed the new law. As Reuters reports, modern bankruptcy legislation does not currently exist in Saudi Arabia, which creates difficulties for struggling companies seeking to restructure […]
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Saudi Films on Display in Los Angeles for Second Annual Young Saudi Film Festival
- February 16,2018
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- SUSTG Team
Six films from Saudi Arabia will headline the second annual Young Saudi Film Festival in Los Angeles this week, as the Kingdom looks to expand its entertainment offerings back home. The festival, run by the New York Film Academy (NYFA), will also showcase two films from Egypt. The eight short films range from five to 20 […]
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Saudi Crown Prince Mohammed bin Salman will Visit Washington, Other U.S. Cities in Early March
- February 2,2018
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- SUSTG Team
The Royal Embassy of Saudi Arabia in Washington is working to organize a visit by crown prince Mohammed bin Salman to the United States in early March, the first trip to the U.S. since he became crown prince last year, according to reports. Rumors of a forthcoming visit by the powerful crown prince have surfaced in […]
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JLL Research: 2018 a ‘Year of Implementation’ for Saudi Arabia
- February 1,2018
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- SUSTG Team
A recent report by international real estate company Jones Lang LaSalle said that 2018 would be a “year of implementation” for Saudi Arabia following a historic 2017 in which Saudi Arabia saw great social and economic change. JLL predicts that recent reforms enacted by King Salman and Crown Prince Mohammed bin Salman will “translate positively” to the economy and […]
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MUST-READS
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Climate change and the dust environmental impact in MENA
The Middle East experiences an enhanced level of warming in comparison with the average warming trend over the Northern Hemisphere. One of the reasons is extreme dryness of the region that prevents the land surface energy balance adjustment by increasing evaporation. Therefore, the desert temperature sensitivity to radiative forcing, solar and longwave, is higher than that averaged over the global landmasses.
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Notable Changes to Insolvency Legislation in the GCC
Historically, Saudi’s restructuring laws were essentially limited to liquidation or requiring the injection of capital in order to return a company to solvency. Faced with claims that exceed assets, a company’s only route to avoid bankruptcy was to seek to agree an out of court settlement with the buy-in of 100% of its creditor base, which predominantly comprised banks. Unsurprisingly, this rarely occurred.
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Leaders of Saudi Arabia, Muslim world exchange Ramadan greetings
Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman exchanged greetings with leaders of the Muslim world on the advent of the holy month of Ramadan on Monday. In their messages, the Custodian of the Two Holy Mosques and the Crown Prince prayed to Allah Almighty to accept from everyone his/her good deeds and worship, and bless the Islamic world with further progress and prosperity on this occasion.
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Saudi Research and Marketing Group shareholders to vote on group name change on 29 April
Saudi Research and Marketing Group’s (SRMG) shareholders will vote to amend Article 2 of the company’s Articles of Association, to change the firm’s name to Saudi Research and Media Group, during the extraordinary general assembly meeting (EGM) to be held on April 29, 2021, Argaam English reported.
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Saudi Arabia’s stock exchange gets a revamp ahead of IPO this year
The new parent company is now called the Saudi Tadawul Group, instead of Tadawul, with four portfolio companies: the Saudi Exchange (its stock exchange business previously known as the Saudi Stock Exchange Company - Tadawul), a securities clearing company, a securities depository company, and Wamid, a new technology services business focused on innovation in the Saudi economy.
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Saudi FM: Iran Must Stop its Plan to Change Syria’s Demographics
Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah said on Tuesday that a UN-sponsored political settlement was the only solution to the crisis in Syria.
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Saudi Crown Prince announces two massive green initiatives to combat climate change
The initiative will include the planting of 10 billion trees within the kingdom in the upcoming decades, the equivalent to rehabilitating roughly 40 million hectares of degraded lands, translating to a 12-fold increase from current tree covers. The move will represent more than 4 per cent of the goals of the global initiative to limit the degradation of lands and fungal habitats, and 1 per cent of the global target to plant 1 trillion trees.
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Saudi begins changes to kafala sponsorship system
The Saudi private sector employed 8.02 million people by the end of 2020, nearly 6.27 million of them were foreigners. According to a previous statement by the Saudi Ministry of Labour, the initiative enhances the competitiveness of the kingdom's labour market and attracts a competent labour force.
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How a Hasty Move to Change the World’s Key Oil Price Unraveled
While Platts may have hit pause on the plan, what the saga really highlighted was a more fundamental problem facing the global oil market. Volumes of Brent oil -- which gets its name from a Scottish oil field whose production peaked in the 1980s -- have slowed to a trickle. Platts widened what constituted ‘Brent’ to include four other grades -- Forties, Oseberg, Ekofisk and Troll -- but even those are slowly running out.
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Oil Jumps After OPEC+ Surprises Market With Unchanged Output
OPEC+ has helped drain a global glut that accumulated during the pandemic through its supply management, pushing crude futures up more than 30% so far this year. The strength is evident across many corners of the oil market, with key timespreads widening further in a bullish backwardation structure -- an indication of tightening supplies -- and data from brokers showing rallies in key swap markets in the North Sea.
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