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Recent stories from sustg
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Lucid CEO Says Saudi Arabia Views Struggling EV Maker as Strategic Investment for Economic Diversification
- February 27,2024
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- SUSTG Team
Lucid Motors CEO said at the Geneva International Motor Show today that the struggling EV maker and its Saudi backers are “in this together for the long run” and the relationship is like a “marriage,” according to a report in Bloomberg.
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NEOM Announces Launch of ‘Topian’, the NEOM Food Company, Seeking to ‘Revolutionize Global Food Systems’
- December 11,2023
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- SUSTG Team
NEOM launched this weekend a new company, called “Topian,” the NEOM Food Company, which “seeks to redefine food production, distribution, and consumption through the creation of sustainable and innovative food solutions across five vertical pillars: climate-proof agriculture; regenerative aquaculture; novel foods; personalized nutrition; sustainable food supply and ESG.”
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Lucid Air Limited Assembly In Saudi Arabia To Start In September; Company Slashes ‘Air’ Model Price
- August 9,2023
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- SUSTG Team
Lucid Motors, an EV company in which the Saudi Arabian Public Investment Fund (PIF) has a majority ownership stake, announced its second-quarter financial results yesterday, and provided some updates on its plans during an earnings call lead by CEO Peter Rawlinson. Lucid on Monday reported revenue in the April-June period of $150.9 million, missing estimates […]
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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 PIF Reports $11 Billion Loss in 2022 after Earning $19 Billion in 2021 – Reports
- July 12,2023
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- SUSTG Team
Saudi Arabia’s sovereign wealth fund lost $11 billion on its investments last year, as the fall in global stock and bond prices impacted its holdings, according to a report in Bloomberg.
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Congressional Hearing Puts Capitol Hill Focus on Saudi Arabia’s Role in PGA
- July 11,2023
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- SUSTG Team
Two top PGA Tour officials will meet with US lawmakers today on Capitol Hill and plan to tell them that Saudi Arabia would have little sway over the golf business if a proposed merger with LIV Golf goes through, according to Bloomberg.
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Kingdom at the Forefront of Air Taxi Tech with Test of Volocopter in Collaboration with Neom
- June 22,2023
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- SUSTG Team
Saudi Arabia’s NEOM hosted the first test campaign of air taxi flights in the northwest of Saudi Arabia, building on a reputation of a leader in technologies in the under-development futuristic zone.
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Saudi Arabia Targets Massive $800 Billion in Tourism Investment Over Next Decade – Report
- June 12,2023
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- SUSTG Team
Tourism Minister Ahmed Al-Khateeb said at an Arab-China investment summit that Saudi Arabia is investing $800 billion in the tourism sector over the next ten years, according to reports.
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NEOM Secures $5.6 billion Investment for Workforce Housing
- June 7,2023
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- SUSTG Team
Saudi Arabia’s planned mega-city NEOM has secured 21 billion riyals ($5.60 billion) in financing and has finalized contracts to develop the first phase of housing expansion for its workforce, it said in a statement on Tuesday, Reuters reports.
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Lucid Shares Tumble on News of $3 Billion in New Fundraising
- June 1,2023
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- SUSTG Team
Shares of Lucid Group’s stock tumbled today on news that the group is raising about $3 billion in a common stock offering, with the majority of the money coming from the electric vehicle maker’s Saudi owners, the Public Investment Fund.
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MUST-READS
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UAE-IndiaCommentary: India’s most vital hub city isn’t in India
Look up at the departures screens at any major Indian airport and you are likely to see a familiar pattern: Dubai and Abu Dhabi appear repeatedly on the flickering displays. Roughly one in three international passengers in India are either heading to or arriving from the United Arab Emirates.
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Saudi-IsraelAir India’s flight to Israel will be first to use Saudi airspace
For the first time ever, an international airline can use Saudi airspace to fly to Israel.
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Saudi AirspaceAir India denies getting approval for flights to Israel over Saudi Arabia
Hours after Netanyahu claims deal reached, spokesman tells Times of Israel airline still awaiting okay for Delhi-Tel Aviv route over Saudi airspace
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Saudi-IndiaSaudi Arabia eyes Indian crude market comeback, new downstream ventures
Falih was in India, the main driver of global oil demand growth in 2017, on a two-day visit to discuss increased Saudi involvement in the Indian energy sector. This includes an invitation by the petroleum ministry to participate in its Strategic Petroleum Reserve program.
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IndiaIndian PM embarks on Mideast tour, to engage in “temple diplomacy”
Indian Prime Minister Narendra Modi left for a four-day tour to the Middle East on Friday, which will bring an Indian premier to Palestine for the first time.
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AgricultureSaudi Arabia temporarily bans poultry imports from India over bird flu
Saudi Arabia has temporarily banned imports of live birds, hatching eggs and chicks from India after a form of bird flu that is highly lethal for poultry was found in the south Asian country, the Saudi agriculture ministry said on Thursday.
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Aramco InvestingInterview: Saudi Aramco’s Asian expansion drive turns to Indian refinery
It runs a refining and petrochemical plant in the Chinese province of Fujian, in partnership with state-owned China Petroleum & Chemical (Sinopec) and U.S. giant Exxon Mobil. During a monthlong tour of Asia last spring, Saudi Arabia's King Salman approved a massive investment in a project in Malaysia. Aramco is also participating in a project to upgrade a refinery in Indonesia.
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Delhi to Tel Aviv?Israel prepares for air bridge to India over Saudi Arabia
The newspaper said that India and Israel are waiting for Saudi Arabia to accept the passage of the aircrafts owned by the two airlines through its skies.
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Indians in KSASaudi Arabia among most preferred destinations for Indian job seekers
According to figures provided by the Embassy of India in Riyadh, the number of expatriate Indians in Saudi Arabia shot up from 3,039,193 in March this year to 3,253,901 in October, a rise of over 200,000 within seven months.
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Aramco Asia IndiaSaudi Aramco plugs into India’s oil growth story
Both International Energy Agency and BP Statistical Review of World Energy have projected India's oil consumption growth to be the fastest among all major economies over the next two decades. India has already surpassed Japan as the world's third largest oil consumer and is expected to overtake China.
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