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Saudi Arabia’s Collections from VAT Double Expectations in 2018; Foreign Investment Rebounds
- December 19,2018
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- SUSTG Team
Foreign investment into the Kingdom and VAT collections both more than doubled in 2018 over the previous year, government officials revealed this week as information regarding the Kingdom’s 2019 budget are published. Reuters reports that the Kingdom saw a rebound in foreign investment into Saudi Arabia in 2018 to 13 billion riyals ($3.5 billion), more than […]
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Saudi Aramco CEO: ‘We Need a Major Acquisition For Us to Be In Different Markets Quickly’
- November 26,2018
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- SUSTG Team
In an interview with Bloomberg, Saudi Aramco’s CEO Amin Nasser said the company is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects. The interview, given in Dhahran, Saudi Arabia, said the planned spending would come on top of the already planned purchase of a […]
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PIF Launches Plans to Build Amaala, a Brand New ‘Ultra-Luxury’ Tourist Destination to Compete with Riviera
- September 27,2018
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) has announced the launch of Amaala, set to become an uber-luxury destination on the northwestern coast of Saudi Arabia that the Kingdom hopes will compete with the French Riviera for tourism dollars when completed. Amaala is a new 3,800 square kilometer project that aims to create an all-new concept […]
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Kingdom of Saudi Arabia Contributes $100 Million for Syria’s Stabilization Efforts: Raqqa and Areas of Northeast Syria Liberated from ISIS
- August 17,2018
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- SUSTG Team
Saudi Arabia has announced that it has contributed $100 million for Global Coalition to Defeat ISIS-supported stabilization projects in areas liberated from ISIS in northeast Syria, the largest Coalition contribution to date for these liberated areas. “This substantial contribution will play a critical role in the Coalition’s efforts to revitalize communities, such as Raqqa, that […]
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Crown Prince Mohammed bin Salman Meets with U.N. Secretary General in New York
- March 28,2018
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- SUSTG Team
Crown Prince Mohammed bin Salman continued his active visit to the United States yesterday, attending a business meeting in New York with over 200 executives, and separately meeting with the Secretary General of the United Nations, Antonio Guterres. 200 top business leaders from the U.S. and Saudi Arabia – including two dozen women – assembled in […]
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Crown Prince Mohammed bin Salman Kicks Off Two Week U.S. Visit Today with Meeting at White House
- March 20,2018
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman arrived in Washington, D.C. last night and will kick off a two week, multi-city U.S. tour with a meeting today at the White House. The Saudi embassy in Washington, D.C. issued a release providing further details on the trip, noting that in addition to meeting with President Trump […]
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New Life-Sized Camel Sculptures Discovered in Saudi Arabia May Date Back 2,000 Years
- February 13,2018
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- SUSTG Team
Archaeologists from France’s National Center for Scientific Research (CRNS) and their colleagues from the Saudi Commission for Tourism and National Heritage (SCTH) have discovered camelid sculptures “unlike any others in the region” dating back to the first centuries BC or AD, according to a press release from the CRNS. The find sheds new light on the evolution […]
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Saudi Crown Prince Mohammed bin Salman will Visit Washington, Other U.S. Cities in Early March
- February 2,2018
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- SUSTG Team
The Royal Embassy of Saudi Arabia in Washington is working to organize a visit by crown prince Mohammed bin Salman to the United States in early March, the first trip to the U.S. since he became crown prince last year, according to reports. Rumors of a forthcoming visit by the powerful crown prince have surfaced in […]
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With Abbas Visit, Saudi Arabia’s King Salman Reaffirms Support for Palestine
- December 21,2017
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- SUSTG Team
Saudi Arabia’s King Salman reaffirmed Saudi Arabia’s longstanding support for the Palestinian cause during a meeting with Mahmoud Abbas at Al-Yamamah Palace in Riyadh on Wednesday, in the wake of President Trump’s controversial move to recognize East Jerusalem as the capital of Israel and move the U.S. embassy there. The meeting between King Salman and President Abbas is the […]
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Former President of Yemen Ali Abdullah Saleh Killed by Houthi Allies in Major Turning Point
- December 4,2017
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- SUSTG Team
In a major turn in the ongoing civil war in Yemen, former President Ali Abdullah Saleh has reportedly been killed in fighting against his former allies in the three-year old war, the Iran-aligned Houthi militia. Clashes broke out between fighters allied with the armed Houthi militia and those in Saleh’s General Peoples Congress over the […]
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Saudi pours billions into Diriyah as megaproject nears completion
Developer Diriyah Company — backed by Public Investment Fund — secured $1.6 billion in financing to develop the Wadi Safar project, an upscale residential community being built alongside ultra-luxury resorts the Six Senses, Aman, and an Oberoi, in view of a Greg Norman-designed golf course. Armani, the Italian fashion house that has hotels and residences in Milan and Dubai, said it would build 15 branded residences in Diriyah. Saudi Arabia’s $63 billion Diriyah megaproject is taking shape with a flurry of new deals as the kingdom looks to complete major construction works in the capital before it hosts Expo 2030.
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Saudi Arabia launches loan guarantees for SMEs to stimulate investment in environmental projects
Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley witnessed on Sunday the signing of an agreement between the Environment Fund and the Small and Medium Enterprises Loan Guarantee Program (Kafalah) to launch a loan guarantee product to support environmental projects in the Kingdom. The agreement seeks to provide guarantees for credit facilities provided to small and medium-sized enterprises (SMEs), contributing to stimulating investment in the environmental sector. This agreement coincides with the launch of the Incentives and Grants Program Platform to support environmental projects in the Kingdom.
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Crown Prince launches Saudi Architecture Characters Map to celebrate Kingdom’s architectural heritage
The Saudi Architecture Characters Map highlights 19 architectural styles inspired by geographical, natural and cultural characteristics, derived from urban and historical studies of building traditions passed down through generations. As chairman of the Supreme Committee for Saudi Architectural Design Guidelines, the Crown Prince emphasized that Saudi Architecture reflects the cultural and geographical diversity of the Kingdom. He further highlighted the importance of sustainable urban planning that harmonizes with the local environment while integrating traditional architectural elements into modern designs.
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Experts react: Trump just ordered major strikes against the Houthis. What does this mean for Yemen, Iran, and beyond?
“We will use overwhelming lethal force.” That’s how US President Donald Trump described a campaign of airstrikes he launched Saturday in Yemen against the Houthis. The Iran-backed militia has been disrupting international shipping in the Red Sea since October 2023, and has continued to operate despite previous rounds of US and allied airstrikes. How exactly is the second Trump administration executing its largest military campaign yet? What will the impact be on the region? And what does this signal about Trump’s approach to Iran? Our experts responded in force with the answers.
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Saudi Arabia unveils plans for Global T20 League with $500M investment
Saudi Arabia is set to launch a groundbreaking global Twenty20 league, backed by its $1 trillion sovereign wealth fund. Spearheaded by Australian cricket figure Neil Maxwell, the ambitious project aims to transform the sport by introducing a traveling eight-team league modeled after tennis’s Grand Slams. Financed by Saudi Arabia’s SRJ Sports Investments, the league is expected to host matches in four different locations throughout the year. Discussions with the International Cricket Council (ICC) are already underway, with sources indicating that Saudi Arabia is prepared to invest $500 million in the venture.
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Saudi Arabia records 23,865 violations in nationwide residency and labor law inspections
The Ministry of Interior conducted inspection campaigns across Saudi Arabia between March 6 and March 12 to ensure compliance with residency, labor, and border security laws. A total of 23,865 violations were recorded, including 16,644 related to residency, 3,896 to border security, and 3,325 to labor laws. Authorities intercepted 1,432 individuals attempting to cross into the Kingdom illegally, of whom 29% were Yemenis, 67% Ethiopians, and 4% from other nationalities. Additionally, 97 people were arrested for attempting to leave the Kingdom illegally. Thirteen individuals involved in transporting, sheltering, and employing violators were also arrested.
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Saudi Arabia, Indonesia to ink MoU to resume hiring domestic workers
Saudi Arabia and Indonesia are set to sign a memorandum of understanding (MoU) to facilitate the recruitment of domestic workers from Indonesia to Saudi Arabia, Bloomberg reported. “The MoU will be signed between the two countries later this month in Jeddah,” said Abdul Qadir Karding, Indonesia’s Minister for the Protection of Migrant Workers. Saudi Arabia is offering a total of 600,000 job opportunities, including 400,000 positions for domestic workers and 200,000 jobs in the formal sectors, added Karding.
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Saudi Arabia launches crackdown on ‘immoral acts’ amid social reforms
Saudi Arabia has arrested more than 50 people, including 11 women on prostitution charges, in a new crackdown on “immoral acts” amid ongoing social and economic transformations under Crown Prince Mohammed bin Salman. According to a report by the FT, the Ministry of Interior’s newly established unit, tasked with tackling “community security and human trafficking,” has also detained dozens of foreigners for alleged offences in massage parlours and for forcing women and children into begging. This marks the first time in over a decade that authorities have publicly acknowledged the existence of prostitution in the kingdom.
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US ends Iraq’s Iran electricity waiver, stoking crisis and opportunity
The Donald Trump administration has declined to renew a sanctions waiver for Iraq's electricity imports from Iran, raising the spectre of a power crisis in Baghdad. Part of Trump’s "maximum pressure" policy towards the Islamic Republic—and with the Iraqi banking sector also seemingly in Washington’s crosshairs—the move has stoked fears that the fallout could reverse Iraq’s delicate economic and security gains, particularly in an election year.
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Saudi crown prince congratulates Mark Carney on confirmation as Canada PM
Saudi Arabia's Crown Prince Mohammed bin Salman congratulated Mark Carney on Friday, on the occasion of the formation of the new government headed by him and his taking the constitutional oath as Prime Minister of Canada, the Saudi Press Agency reported. The crown prince expressed his best wishes for success and guidance to Carney and for the friendly people of Canada further progress and prosperity, SPA added. Ex-central banker Carney succeeded Justin Trudeau as Canadian premier, following the latter’s announcement of his resignation in January.
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