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  • W.Media brings together DC Industry Stalwarts in Saudi Arabia

    Over 100 of the best and brightest of the Middle East's Cloud and Data Center industry came together at the Hyatt Regency, Riyadh Olaya in the capital city of the Kingdom of Saudi Arabia (KSA) for W.Media's maiden edition of Saudi Cloud & Datacenter Convention on December 19. These included industry experts and thought leaders, including C-level executives, digital infrastructure professionals including architects, engineers and consultants (AECs), key buyers, decision makers, data center owners and operators.

  • Saudi investment funds surpass one million participants milestone in Q3

    According to official data, the number of subscribers in public and private investment funds in Saudi Arabia has surpassed one million for the first time. At the end of the third quarter of 2023, there were over 1.126 million subscribers, marking a significant increase compared to the same period last year when the number stood at 677,400. This represents a remarkable 66 percent growth. The real estate sector, encompassing both public and private funds, accounted for the largest number of subscribers, SPA reported.

  • Saudi art blooms with the kingdom’s transformation

    “Venice is very important for any artist in their career,” AlDowayan says. “But it’s about bringing our Saudi art. The cultural scene in this country is very strong, it always was, but it wasn’t seen. There is a transformation taking place.”

  • Saudi Arabia’s NEOM: $500 bln project unveils Utamo to host global mega artists

    Saudi Arabia’s NEOM – the Kingdom’s $500 billion mega business and tourism project – has unveiled Utamo, a new destination for art and entertainment which aims to host performances from the globe’s biggest artists.

    NEOM has billed its latest project as “an innovative and multipurpose event and performance space” featuring VIP lounges, and signature restaurants that aims to make it one of the world’s most exclusive event spaces.

  • Saudi Artisanal Co. launches to boost handicrafts sector 

    The Saudi Artisanal Co. has commenced operations in the Kingdom with a mission to promote the nation’s cultural heritage, and boost the economy, through the design and production of high-quality, innovative and modern products. With the global handicraft market expected to surpass SR5 trillion ($1.3 trillion) and the domestic industry projected to reach SR5 billion by 2028, the company aims to service 15 percent of the market, while also nurturing the growth of small- and medium-sized enterprises within the sector. Amid Saudi Arabia’s ambitious plan to welcome 150 million tourists by 2030, Husameddin Almadani, CEO of the firm, emphasized the company’s role in this pursuit.

  • Saudi Arabia’s 30-Year Tax Relief: A Strategic Incentive for Regional Headquarters

    Under Saudi Arabia’s new policy, foreign companies that set up their regional headquarters in the kingdom are eligible for a generous 30-year withholding tax. This tax incentive aims to encourage foreign companies to establish a strong presence (regional headquarters) in Saudi Arabia, leveraging its strategic geographical location, investment hub and robust infrastructure for regional operations.

  • Saudi Economy Shrinks 4.4% In Third Quarter On Plunge In Oil Sector

    The country’s oil activities plunged by 17% year-on-year in the quarter, while non-oil and government activities rose by 3.5% and 1.9%, respectively, in the quarter, according to the General Authority for Statistics (GASTAT).

  • Ma’aden and Ivanhoe Electric start exploration activities in Saudi Arabia

    Ivanhoe Electric Inc. and the Saudi Arabian firm Ma’aden have officially begun exploration activities in Saudi Arabia through their 50/50 joint venture company. The joint venture, established earlier this year, aims to explore approximately 48,500 km2 of the underexplored Arabian Shield, focusing on discovering copper, gold, silver and other electric metals. Ivanhoe Electric will operate during the exploration phase, with Ma’aden set to assume operatorship if an economically viable deposit is identified for further development.

  • Saudi Arabia’s Acwa Power seeks development partners to invest in Africa projects

    Saudi Arabia's Acwa Power is working on a “recipe” to finance sustainable infrastructure projects in Africa, given the continent's opportunities and risks, its chief executive has said. The Riyadh-based company is looking for the best development institutions to work with local governments on the continent and foster dialogue with private investors while ensuring that "proper” guarantees are in place for the investments, Marco Arcelli told The National. “Africa, to me, is very interesting as a case because the most successful developer built 1.5 to 2 gigawatts in 15 years. So, the whole continent is quite fragmented and slow in development,” he said ahead of the Cop28 climate conference in Dubai.

  • Saudi start-up Riyadh Air unveils network co-operation pact with Turkish Airlines

    Saudi Arabian start-up carrier Riyadh Air has provisionally agreed to enter a strategic co-operation with Turkish Airlines. The agreement is set to include codeshare and interline operations between Riyadh and Istanbul, and the deal will also cover “points beyond”, the Saudi carrier says. “Guests of both airlines will be able to take full advantage of each carrier’s worldwide network,” it states.