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Secretary of State Pompeo Kicks Off 8-Nation Middle East Tour
- January 8,2019
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- SUSTG Team
Secretary of State Mike Pompeo begins a weeklong tour of eight Arab nations in the Middle East through Jan. 15, including a visit to Saudi Arabia. The Secretary’s schedule will take him to Amman, Cairo, Manama, Abu Dhabi, Doha, Riyadh, Muscat, and Kuwait City. Pompeo will give a major speech about America’s role in the region and privately […]
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Salaries in Saudi to Increase 5-6% in 2019, Women Participation to Rise 15%, Study Says
- January 7,2019
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- SUSTG Team
Salaries for mid-level to senior professionals in Saudi Arabia will rise between 5-6% on average in 2019 and women will see a 15% rise in workforce participation in 2019, a recent study by GCC-based recruitment consultancy Cooper Fitch said. The study, the Cooper Fitch Salary Guide for the Kingdom of Saudi Arabia in 2019, provides salary expectation […]
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Positive Trends Seen in Latest Saudi Economic Data; Non-Oil PMI Up
- January 2,2019
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- SUSTG Team
A recently-released report from Jadwa Investment found a positive trend in Saudi economic data for the month of November, with POS and cash withdrawals rising by 18 percent and 2 percent respectively, year-on-year, and growth in the non-oil PMI index. The monthly report from the Riyadh-based investment firm analyzes key macro and micro economic trends in […]
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Saudi Arabia’s Collections from VAT Double Expectations in 2018; Foreign Investment Rebounds
- December 19,2018
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- SUSTG Team
Foreign investment into the Kingdom and VAT collections both more than doubled in 2018 over the previous year, government officials revealed this week as information regarding the Kingdom’s 2019 budget are published. Reuters reports that the Kingdom saw a rebound in foreign investment into Saudi Arabia in 2018 to 13 billion riyals ($3.5 billion), more than […]
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KPMG Releases Second Edition of its Saudi Arabia CEO Outlook report; Finds Positivity Among Saudi CEOs
- December 12,2018
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- SUSTG Team
KPMG has released its second edition of its Saudi Arabia CEO Outlook report, available as a .PDF from the company’s website here. The report is based on interviews with 50 CEOs of organizations in Saudi Arabia for their thoughts and insights on the potential opportunities that they have while preparing for the challenges that lie ahead, […]
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Gulf Economies Recovering, but Oil Price Volatility Threatens to Weigh on Future Growth – IMF
- November 13,2018
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- SUSTG Team
A recently released report by the IMF found that economic growth in Gulf states will recover in 2018 from a contraction last year, but that future growth remains vulnerable to volatility in crude oil prices. The global lender predicted that an overall energy price recovery from 2015-2016 lows would spur the economies of the six-nation Gulf […]
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Saudi Arabia Adjusts National Transformation Plan (NTP)
- November 2,2018
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- SUSTG Team
Saudi Arabia has adjusted some targets within its five-year National Transformation Plan (NTP), making changes to metrics on the official document that can be found on the Kingdom’s Vision 2030 website. Bloomberg first reported the changes on November 1, noting that the new document “doesn’t affect major fiscal or energy-related reforms” but nevertheless represents a scaling back of […]
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Unemployment Unchanged in Saudi Arabia in Latest Labor Market Report
- October 30,2018
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- SUSTG Team
Unemployment in Saudi Arabia remained unchanged in the latest government estimated figures, according to a recently released report by Jadwa Investment on the Saudi labor market. The latest General Authority for Statistics (GaStat) labor market release for Q2 2018 shows that unemployment rate remained unchanged, at 12.9 percent, for the second consecutive quarter. However, the […]
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Saudi Crown Prince Promises Justice for ‘Heinous Crime’ of Khashoggi Murder, Touts Reform Progress
- October 25,2018
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- SUSTG Team
Crown Prince Mohammed bin Salman took the stage yesterday at the Future Investment Initiative conference in Riyadh, making his first public comments since the murder of Saudi journalist Jamal Khashoggi in Istanbul grabbed the world’s attention. The Crown Prince did not shy away from the topic, and opened with addressing what he and the Saudi […]
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Oil Down 11% in Two Weeks
- October 19,2018
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- SUSTG Team
Despite sanctions against Iran and tensions between Riyadh and Washington over the disappearance of Saudi journalist Jamal Khashoggi, the price of oil has fallen 11% in two weeks on oversupply and other downward pressures, according to reports. U.S. crude has plunged 11 percent from peak to trough over the last two weeks, while Brent is […]
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MUST-READS
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OPEC sees oil outlook for first half of 2021 full of downside risks
In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd gradual rise this year but some members have questioned the need for a further boost due to spreading coronavirus infections.
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World takes in muted New Year’s Eve under Covid shadow
New Year’s Eve marks one year since the World Health Organization first mentioned a mysterious pneumonia in China later identified as Covid-19, which went on in 2020 to kill more than 1.79 million people and devastate the global economy in unprecedented ways.
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2020 Was One of the Worst-Ever Years for Oil Write-Downs
Oil-and-gas companies in North America and Europe wrote down roughly $145 billion combined in the first three quarters of 2020, the most for that nine-month period since at least 2010, according to a Wall Street Journal analysis. That total significantly surpassed write-downs taken over the same periods in 2015 and 2016, during the last oil bust, and is equivalent to roughly 10% of the companies’ collective market value.
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New in 2021: US troop presence heading down to 2,500 in Iraq and Afghanistan
Though it did not set another milestone for Iraq, the Trump administration has said it hopes to have all troops out of Afghanistan by May. That will ultimately be up to President-elect Joe Biden, who on the 2020 campaign trail pledged to “end the forever wars in Afghanistan and the Middle East.”
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Remittances from Saudi Arabia surge as expats help families in lockdown
Expats in Saudi Arabia sent SR123.4 billion ($32.9 billion) in remittances to their home countries in the first 10 months of this year, a rise of 18.58 percent compared with 2019. The surge in payments came as foreign workers in the Kingdom looked to support their families during the coronavirus pandemic.
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Exxon Slashes Spending, Writes Down Assets
Battered by three straight quarterly losses, oil giant pulls back from CEO Darren Woods’s aggressive plan to increase production by 2025
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China’s crude oil imports from Russia down 4%, Saudi down 30% as buying frenzy cools
Russia and Saudi Arabia remained the top two crude oil suppliers to China in October, although arrivals from both countries plummeted from September levels as Chinese refiners put a brake on crude purchases.
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Saudi Exports Drop in September, With Oil Revenue Down 39%
Total revenue from exports was 53.3 billion riyals ($14.2 billion) compared with 77.3 billion riyals for the same month last year, according to a statement from the General Authority for Statistics. Oil exports slumped 38.7% to about 35 billion riyals.
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Acting defense secretary assures end of ‘generational’ Mideast wars in announcement of partial drawdown
Those conditions are a bit of a moving target. Pentagon officials have been saying for months that they include a reduction of violence against U.S. troops and a demonstration on the part of the Taliban that they are committed to preventing Afghanistan from becoming an al-Qaida safe haven again, in turn assuring that no further terrorist attacks against the U.S. will come out of that country.
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‘Countdown to catastrophe’ in Yemen as U.N. warns of famine – again
Millions of men, women and children in war-torn Yemen are facing famine - again, top United Nations officials warned on Wednesday as they appealed for more money to prevent it - again. “We are on a countdown right now to a catastrophe,” U.N. food chief David Beasley told the U.N. Security Council. “We have been here before ... We did almost the same dog-and-pony show. We sounded the alarm then.” The United Nations describes Yemen as the world’s largest humanitarian crisis, with 80% of the people in need of help.
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