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Saudi Arabia’s Al-Jadaan Announces New Measures to Shore Up Kingdom’s Finances
- May 11,2020
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- SUSTG Team
Saudi Arabia is taking new austerity measures to cope with the impact of the coronavirus pandemic and low oil prices, announcing that it would triple its VAT and slash a cost-of-living allowance for government workers, according to reports and comments from the Kingdom’s finance minister H.E. Mohammed Al-Jadaan.
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Saudi Arabia’s SABIC Closes Deal to Establish JV to Build One of the World’s Biggest Utility-Scale Battery Factories
- May 7,2020
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- SUSTG Team
Saudi Arabia’s SABIC has established a joint venture company to build one of the world’s biggest utility-scale battery factories as global investment in the sector heats up, according to a report in Arab News.
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Despite Pandemic, Delivery Food App Uber Eats Ceases Operations in Saudi Arabia, Company Says
- May 5,2020
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- SUSTG Team
Uber Eats has decided to withdraw its food delivery service in both Saudi Arabia and Egypt, and will join forces with Careem in the UAE, according to reports, citing comments from company leadership in the region.
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Kingdom Climbs in International Budget Transparency Index
- May 1,2020
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- SUSTG Team
Saudi Arabia jumped 18 places in an index that measures the transparency of budgets worldwide as the Kingdom moves forward with economic and social reforms.
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Saudi Arabia, Russia Agree on Oil Cuts, Hope to Finalize Participation from Mexico, U.S.
- April 10,2020
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- SUSTG Team
Saudi Arabia, Russia and their allies will press Mexico on Friday to join an accord for collective oil production cuts equivalent to 10% of global supplies, Reuters reports, after the two heavyweights agreed on the cuts but Mexico “walked out” of talks yesterday at the last minute.
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To Avoid Layoffs, Saudi Arabia to Guarantee Salaries to Support Virus-Hit Firms
- April 3,2020
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- SUSTG Team
Saudi Arabia moved to help firms avoid having to fire Saudi citizens amid an economic slowdown resulting from the coronavirus pandemic, according to reports.
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Jadwa Investment’s April 2020 Chartbook Shows Early Challenges for Saudi Economy Amid Global Coronavirus Outbreak
- April 2,2020
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- SUSTG Team
Jadwa Investment’s recently-released April 2020 Saudi Chartbook highlighting latest data for the Kingdom’s economy shows indications that the Coronavirus will have a negative impact on the economy as Saudi Arabia locks down to safeguard its citizens.
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Everything Saudi Arabia is Doing to Combat the Spread of COVID-19 in One Video
- March 17,2020
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- SUSTG Team
Saudi Arabia’s ambassador to the United States HRH Princess Reema bint Bandar recently shared on twitter a 60-second video showing all the steps that Saudi Arabia has taken to combat the spread of the Coronavirus, or COVID-19, within the Kingdom.
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Saudi-Russia Still in Communication on Oil Policy; Former Minister Al-Falih Speaks with Russia’s Novak
- March 10,2020
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- SUSTG Team
Saudi Arabia and Russia dug in on the potential for an oil price war on Tuesday, with each indicating they are willing and able to open the spigots after the two sides failed to reach an agreement on supply curbs which sent global markets to major losses, according to reports. On Tuesday, the Kingdom’s state-run Saudi Arabian […]
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Global Markets Plummet as Saudi, Russia Fail to Agree on Oil Supply
- March 9,2020
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- SUSTG Team
After the OPEC+ countries failed to come to an agreement on oil prices, Saudi Arabia dramatically cut its export prices over the weekend, creating the largest single-day oil price drop since the start of the Gulf war in 1991, according to reports.
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MUST-READS
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World Bank Doing Business 2020 ReportChina Tops France for Ease of Business as Emerging World Gains
The Middle East showed new strength with Saudi Arabia, Jordan, Bahrain and Kuwait among the top 10 gainers. That most-improved group also included India, Pakistan and Nigeria, three of the most populous nations.
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World Bank Doing Business 2020 ReportDoing Business 2020: Saudi Arabia Accelerated Business Climate Reforms, Joins Ranks of 10 Most Improved
Saudi Arabia carried out a record number of business reforms in the past year, earning the country a spot in this year’s top 10 global business climate improvers, according to the World Bank Group’s Doing Business 2020 report.
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Saudi-PalestineSaudi Arabia and Palestinians agree to establish economic committee, joint business council
Saudi Crown Prince Mohammed bin Salman and Palestinian President Mahmoud Abbas agreed to establish an economic committee and joint business council on Thursday, Saudi Press Agency reported.
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SocietyNew Saudi rules on hookah leave businesses, consumers confused
The Saudi Ministry of Rural and Municipal Affairs has imposed new regulations on restaurants and cafes serving hookah. Although many were disappointed following the announcement to allow hookah inside cities, businesses were shocked to know about the fees imposed on them. Nonsmokers have also raised their concerns after they realized that bills will rise by 100 percent if they visit a restaurant that serves hookah.
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Saudi EconomyIEA: ‘Business as Usual’ for Oil after Saudi Attacks
“Prices fell back as it became clear that the damage, although serious, would not cause long-lasting disruption to markets.”
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Global Oil Markets‘Business as usual’ for oil after Saudi attacks, oversupply looms: IEA
The kingdom took just 11 days to restore lost output, though average supply there tanked by 770,000 barrels per day to just over 9 million bpd in September - the lowest level since 2011.
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Global RisksFasten Your Seatbelts: The Global Risks of Most Concern to Business Leaders
The top-ranked risks and key risers — at national, regional and global levels — suggest that the specter of a major economic slowdown is high on executive minds, along with apprehension about a wide range of possible geopolitical shocks.
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Women EmpowermentSaudi trapeze artist has soaring success with aerial yoga business
A Saudi flying trapeze artist has found soaring business success just months after launching the Kingdom’s first aerial yoga studio. Roa’a Al-Sahhaf, the country’s first female circus performer, said her modern yoga classes have proved so popular among Saudis she is already looking to expand throughout the Kingdom.
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SyriaUAE business delegation attends Syria trade fair, defying U.S. warning
A delegation of at least 40 businessmen from the United Arab Emirates attended a state-backed trade fair in Syria's capital, defying U.S. warnings against doing business with the government and associates of President Bashar Assad.
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SAMIWalid Abukhaled, new Chief Strategy and Business Development Officer at Saudi Arabian Military Industries
Walid Abukhaled is the newly appointed Chief Strategy and Business Development Officer of strategy and business development at Saudi Arabian Military Industries (SAMI). The former deputy minister for industrial affairs announced the news on Twitter, saying he will start working with SAMI on Sept. 1.
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