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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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As Turkey Asks for U.S. Help, Trump Befriends Its Old Enemy
Greece has emerged as key to American plans to counter the influence of China and Russia in the Eastern Mediterranean as countries jostle for energy resources and infrastructure.
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Turkey threatens Europe with refugees after 33 troops killed
Turkish President Recep Tayyip Erdogan, whose country already hosts more than 3.5 million Syrian refugees, has long threatened to “open the gates” for millions of refugees eager to flee to Europe unless more international support was provided.
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Turkey will repel Syrian forces from Idlib posts this week: Erdogan
Turkey plans to push Syrian government forces away from its military observation posts in northwest Syria’s Idlib region this week, President Tayyip Erdogan said on Wednesday, despite advances by Damascus’s Russian-backed military.
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Libya conflict: Turkey confirms first soldiers killed
Two Turkish soldiers have been killed in Libya, the first casualties the nation has confirmed since it sent troops to the oil-rich state. "We have two martyrs in Libya," President Recep Tayyip Erdogan said, without giving further details. Last month, Turkey sent soldiers and Syrian fighters to Libya to bolster the UN-backed government in Tripoli.
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Earthquake in Turkey-Iran border region kills nine, injures more than 100
Nine people were killed and buildings collapsed across southeastern Turkey on Sunday when a magnitude 5.7 earthquake struck near the border with Iran, injuring more than a hundred in villages and towns in both countries, government officials said.
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SyriaA disaster in Syria as Russia and Turkey clash
For years, Syria’s besieged province of Idlib has served as a final haven for those escaping forces loyal to President Bashar al-Assad. But they are now running out of places to go. Turkey, which already hosts upward of 3.6 million Syrian refugees, has closed its border, even as it threatens to launch a retaliatory campaign against Assad’s regime.
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SyriaTurkey-Syria clashes escalate as 800,000 displaced people battle bitter temperatures
Despite continued talks between Russia and Turkey no new cease-fire or de-escalation agreement has been reached between the two sides. Instead, President Recep Tayyip Erdogan threatened Wednesday to escalate the conflict beyond Idlib’s borders if another Turkish soldier was hurt.
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Turkey in the RegionSaudi Arabia accuses Turkey of supporting extremist militias in three Arab countries
Al-Jubeir stated in a press conference on the sidelines of his visit to the Romanian capital, Bucharest, to meet officials there, on Thursday: “We oppose Turkey’s incursion into Syria, and we oppose Turkey’s support for militias in Somalia, Syria and Libya.”
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Turkey in the RegionTurkey will hit Syrian government forces anywhere if troops hurt: Erdogan
Erdogan said Turkey is determined to push Syrian government forces beyond Turkish observation posts in Idlib by the end this month, and he urged allied Syrian rebels not to give government forces an excuse to attack.
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U.S.-TurkeyU.S. halts secretive drone program with Turkey over Syria incursion
The U.S. decision to indefinitely suspend the program, which has not been previously reported, was made in response to Turkey’s cross-border military incursion into Syria in October, the U.S. officials said, revealing the extent of the damage to ties between the NATO allies from the incident.
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