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Analysis: Vision 2030 is Well Underway. Here’s What’s Needed to Make it a Success.
- February 25,2019
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- Hussain Abusaaq
In 2016, Saudi Arabia’s Crown Prince Mohammed bin Salman announced his “Vision 2030″—the most comprehensive transformation plan in the history of the country, which includes wide-ranging social and economic reforms. Vision 2030 was designed as a 14-year project; however, in its first three years, we have already seen tangible advances, such as fiscal consolidation efforts, […]
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Al-Falih: ‘Going forward the world is going to be Saudi Aramco’s playground’
- February 12,2019
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- SUSTG Team
In a new interview with the Financial Times, Saudi Arabia’s powerful minister of energy, industry, and mineral resources Khalid Al-Falih indicated that Saudi Aramco would take on an active position as investor in resource opportunities outside the Kingdom of Saudi Arabia. Saudi Arabia’s state-owned energy company, Saudi Aramco, will seek to develop an international energy […]
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VAT Rollout in Saudi Arabia ‘Raised More Revenue than Initially Expected’ – Latest PWC Middle East Economy Watch
- February 7,2019
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- SUSTG Team
The latest Middle East Economy Watch quarterly report by PWC examined the economic impact of the VAT roll out in the UAE and Saudi Arabia, noting that “with some caveats, the early data suggests that the inflationary impact of the tax has been contained, the impact on growth is limited and in Saudi Arabia it has raised more revenue […]
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December Economic Data Shows Slight Cooling but Non-Oil Exports Grow, Jadwa Says
- February 6,2019
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- SUSTG Team
The latest monthly economic chartbook released by Jadwa Investment found a cooling in some key economic data points, although the Saudi stock market soared by 10% in January as oil prices rose. The Riyadh-based Jadwa’s report found that POS rose by 10 percent while cash withdrawals were flat, and non-oil PMI index was marginally down […]
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Saudi Arabia Launches Office to Monitor State Spending, Corruption After Crackdown
- February 5,2019
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- SUSTG Team
Saudi Arabia has launched a new office to monitor state spending, saying it would help keep up the fight against corruption after the closing of a 15-month crackdown that yielded over $100b of assets to the government, according to Reuters. A newly created financial reporting office would be part of the state’s General Auditing Bureau, which watches […]
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Kingdom Ends Corruption Crackdown with $106 Billion Recovered
- January 31,2019
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- SUSTG Team
Saudi investigators have recovered assets worth more than $106 billion in an anti-corruption crackdown ordered by Crown Prince Mohammed bin Salman, the royal court said on Wednesday. The crackdown began in November 2017 when Saudi Crown Prince Mohammed bin Salman ordered suspects detained at the Ritz Carlton in Riyadh. The government summoned 381 people, although some appeared only […]
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Saudi Arabia Doubles Down on Industrial Development Program; Seeking over $400 Billion in Investment
- January 28,2019
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- SUSTG Team
Saudi Arabia is seeking to attract 1.6 trillion riyals (nearly $429 billion) in private sector investment over the next 10 years for an infrastructure and industrial program, according to an announcement over the weekend and at an investment conference in Riyadh today. Investments will be made through the National Industrial Development and Logistics Program (NIDLP), […]
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Ambitious Saudi Entertainment Push Announced by GEA’s Turki al-Sheikh
- January 23,2019
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- SUSTG Team
Saudi Arabia is looking to maintain heavy investment in the entertainment sector in 2019, according to comments made by a top Saudi official, as it looks to make good on key Vision 2030 economic reforms. Reuters reports that Saudi Arabia’s recently named chairman of the General Entertainment Authority, Turki al-Sheikh, said the Kingdom would put on […]
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Report: The Oil Market Roller Coaster
- January 21,2019
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- SUSTG Team
It has been a tumultuous six months for oil prices on international indices. Prices have slightly rebounded early in 2019 after a precipitous fall from over $86 in September on the Brent Index to just over $50 on Christmas Day. In response, the Saudi-led OPEC+ group agreed in December to cut prices to erode a global […]
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A Gradual Pickup in Private Sector Lending in Saudi Arabia Seen in Monetary Update
- January 11,2019
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- SUSTG Team
A recently-released report by Jadwa Investment finds a gradual pickup in private sector lending since April 2018 after showing a slowdown in 2017 and Q1 2018. The Monetary and Financial Update report from the Riyadh-based Jadwa looks at the Kingdom’s monetary policy and other key economic data. Jadwa Investment sees “a rising level of uncertainty” in the […]
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Saudi unemployment rate down to 14.9% in Q3 2020
The unemployment rate among Saudis decreased to 14.9 percent in Q3 2020 from 15.4 percent in Q2 2020, compared to 11.8 percent in Q1 2020, according to data from the Saudi General Authority for Statistics. In addition, unemployment rate among males and females stood at 7.9 percent and 30.2 percent, respectively in the same period.
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Downsize or delay: Saudis weigh up wedding options amid pandemic
“We actually had more weddings than we’re used to normally,” she told Arab News. “Those who had decided to postpone their weddings during lockdown approached us as soon as it was over to plan. Numbers were especially high during the mid-year school vacation, we had back-to-back weddings then.”
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Saudi Arabia’s anti-corruption authority arrests 65 as crackdown continues
The Kingdom’s Oversight and Anti-Corruption Authority (Nazaha) has arrested 65 Saudis and expats while 411 are still under investigation as the agency continues its crackdown against fraud, bribery and other crimes. Among those incarcerated, 48 were government employees from seven different ministries. Others detained were employees from the Presidency of State Security, the Saudi Food and Drug Authority and the General Authority of Meteorology and Environment Protection.
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Saudi IPO market set for bumper year boosted by lockdown savings
Saudi Arabia’s stock market is set for another bumper year of stock market listings with several sizeable initial public offerings (IPO) in the pipeline as investors look to allocate a pile of cash built up through the coronavirus pandemic.
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Saudi Arabia calls on public to ‘act responsibly’ to avoid Covid-19 lockdown
Last week, Health Minister Dr Tawfiq Al Rabiah said that Saudi’s second wave of the virus could be worse than the first if action was not taken. Authorities will continue to arrest and fine those who violate the precautionary measures, including those who do not maintain social distance or wear a mask, a security spokesman from the health ministry said.
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Consumer spending in Saudi Arabia down 12% in 2020
Consumer spending in Saudi Arabia slid by 12% or SAR 130 billion ($34.6 billion) during 2020 when compared to the previous year.
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In Lebanon, protests erupt over coronavirus lockdown
For the fourth night in a row, protesters flooded the streets of Lebanon's port city Tripoli on Thursday, objecting to a 24-hour lockdown that has disrupted employment and demanding government support to help low-income citizens weather the pandemic. Meager government aid and rising food prices have further angered the city’s unemployed, who are now demanding public assistance or an entirely new government.
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Hiring of Saudis up 2.9% with 49,000 new jobs; non-Saudis numbers down by 2.6% in 2020
On an annual basis, the Saudization rate at the end of 2020 is the highest rate ever according to available data since 2015, reaching 17 percent at the end of 2015, 16.5 percent at the end of 2016, 18.4 percent at the end of 2017, 19.8 percent at the end of 2018, and 20.9 percent at the end of 2019.
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IEA says oil, gas methane emissions down 10% in 2020 as output fell
Global emissions of the potent greenhouse gas methane from oil and gas production dropped 10% in 2020 mainly because of lower output as opposed to concerted climate action, a report by the International Energy Agency (IEA) found. Methane has more than 80 times the warming potential of carbon dioxide in its first 20 years in the atmosphere and is liable to leak from oil and gas infrastructure, such as pipelines.
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How an anti-elite TV drama became Iran’s lockdown hit
The Aghazadeh series, which was released by the Iranian version of Netflix, Namava, is one of the most-watched series to date, with about two million subscribers tuning in. Yet what makes this drama stand out is not just the display of taboo subjects – the use of drugs and depiction of illegal mixed parties with alcohol and Billie Eilish’s Bad Guy blaring in the background – but its attempt to address the Iranian public’s discontent over the blatant corruption of the political elite’s children.
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