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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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Physician and media commentator Dr. Qanta Ahmed joins The 966 to talk about ‘colossal’ changes in Saudi Arabia and much more
- July 14,2023
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- SUSTG Team
Physician, non-fiction author, and broadcast media commentator and writer Dr. Qanta Ahmed joins The 966 from New York to discuss the “colossal” changes in Saudi Arabia since Vision 2030 was launched and her view that Saudi Arabia has emerged as an increasingly important and influential global power. Dr. Qanta is an Academic Pulmonologist and Sleep Disorder Specialist at NYU […]
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MUST-READS
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Ministry of Investment of Saudi Arabia and Janssen kickstart a national campaign on the value of innovation in healthcare
The Ministry of Investment (MISA) and Janssen, the pharmaceutical companies of Johnson & Johnson, have launched Oloumak, a national multi-stakeholder campaign developed to shed light on the value of research, development, and innovation in healthcare and biotechnology in the Kingdom. In addition, the campaign aims to highlight the ways in which innovation in these vital industries fuels growth and economic transformation, and enhances patient care and quality of life.
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Bank of America Taps StanChart Banker to Run Saudi Franchise
Bank of America Corp. has hired Standard Chartered Plc’s Yazaid Al-Salloom to run its business in Saudi Arabia, according to people familiar with the matter. Al-Salloom is replacing Motashar Al Murshed who joined a Saudi government body in recent months after nearly 12 years with Bank of America, the people said, asking not to be named because the information is not public. Besides Saudi Arabia, Al-Salloom will also cover Kuwait and Bahrain for the U.S. bank.
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Heart And Soul – Vignettes from Ali Al-Baluchi’s Memoir : Part I – Early Days
During the 1930s and ‘40s, the Eastern seaboard of the Saudi Kingdom witnessed the discovery and early development of the industry to which its future fortunes would be linked: oil. The following extract from the early pages of Heart and Soul sets the context of Ali Al-Baluchi’s family background and reveals the insight of his father in steering him towards an education that would open up opportunities within this newly developing industry.
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United Arab League suspending Israeli parliamentary participation
The UAL party members, led by Mansour Abbas, are mostly comprised of Israeli Arabs. Notably, over 20 percent of Israel's population is Palestinian. The UAL was the first party representing Palestinian citizens to ever join an Israeli government and holds four seats in Prime Minister Naftali Bennett’s coalition.
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Interior Department to resume oil and gas leasing, charge higher fees
The department said it plans to open roughly 144,000 acres up for lease next week and will charge oil and gas companies higher royalties to drill on federal land, raising the fees for the first time. Under the plans unveiled Friday, royalty rates would increase to 18.75 percent from 12.5 percent for oil and gas lease sales.
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Saudi start-ups emerge star attraction for top investors
Start-ups from across the Middle East and North Africa (Mena) had raised nearly $375 million during the past month, with the Saudi firms taking a sizeable chunk of the pie, netting $219 million across 23 investment deals in February, according to a report.
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Saudi start-ups emerge star attraction for top investors
Start-ups from across the Middle East and North Africa (Mena) had raised nearly $375 million during the past month, with the Saudi firms taking a sizeable chunk of the pie, netting $219 million across 23 investment deals in February, according to a report. With 58% of overall funding in the wider region going towards Saudi Arabia, it is no surprise to hear that headcount has grown by 20% within the kingdom's start-ups over the past 12 months, said the report by leading recruitment consultancy Robert Walters Group, adding that this figure is expected to grow further this year as the government continues to create the ideal environment for start-up growth and international investment.
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Yemen’s warring parties agree two-month truce in major breakthrough
The U.N.-brokered deal between a Saudi-led coalition and the Houthi group aligned with Iran is the most significant step yet towards ending a conflict that has killed tens of thousands and pushed millions into hunger. The last coordinated cessation of hostilities nationwide was during peace talks in 2016.
- ME Monitor - Saudi Arabia welcomes Yemen truce
- Guardian - Yemen’s warring sides accept two-month truce starting with Ramadan
- White House - President Biden Statement on UN-Mediated Truce in Yemen
- Saudi Gazette - Biden indebted to Saudi Arabia's leadership role in making Yemen' truce succeed
- Reuters - Iran welcomes Yemen truce, urges political solution
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Talks on Yemen war start in Saudi, without Huthi rebels
The week-long discussions in the Saudi capital are hosted by the six-nation Gulf Cooperation Council and will include United Nations envoy Hans Grundberg and Washington's Tim Lenderking. The talks come after the Saudi-led military coalition backing the Yemeni government said it would cease military operations during Ramadan, which starts in coming days.
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Saudi Arabia’s start-up sector to see $162m in new investments
Saudi Arabia issued licences to six start-up entities that have collectively pledged to invest up to $162.2 million. Four start-ups, including re-commerce platform Cartlow, second-hand marketplace Soum, delivery company Rabbitmart and dental service Smileneo received licences from Saudi Arabia’s Ministry of Investment. Licences were also granted to imVentures, a Riyadh-based venture capital fund, and Silicon Valley-based early stage accelerator Plug and Play.
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