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Successful 2019 Hajj wraps up without incident as Muslims pilgrims pray in Mecca
- August 14,2019
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- SUSTG Team
Millions of Hajj pilgrims began heading back to Mecca for final prayers on Tuesday as the world’s largest annual pilgrimage went off without incident despite the logistical challenges and escalating regional tensions, Reuters reports. Even with some heavy rainfall, senior officials said there had been no major incidents and that the Hajj experience for nearly 2.5 […]
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Saudi Aramco Reports $47 Billion in Earnings; Plans to Buy Reliance Refining Stake
- August 12,2019
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- SUSTG Team
In its first-ever half-year earnings report, Saudi Aramco said the company had earned a net income of $46.9 billion in the first half of 2019, a 12 percent decrease from $53 billion in the period a year earlier, when oil prices were higher. Saudi Aramco partly attributed the decline in net income to a 4% fall in the average […]
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2019 C3 U.S.-Arab Healthcare and Business Summit Set for Monday, September 23rd at the Union League Club in New York
- August 6,2019
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- SUSTG Team
The 8th annual C3 U.S.-Arab Healthcare and Business Summit is set to take place on Monday, September 23rd, 2019 at the Union League Club in New York City. Organized in cooperation with the U.S. State Department and the U.S. Chamber of Commerce, this year’s event takes place under the banner, “Fortifying the Globalization of Healthcare and […]
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Saudi Binladen Group Seeks Restructure Advisor for Billions of Debt – Report
- July 31,2019
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- SUSTG Team
The Saudi BinLaden Group is seeking an advisor to help the troubled company restructure as much as $20-$30 billion in debt, according to a new report in Reuters. The once-dominant construction company in the Kingdom that has fallen on hard times is now looking for a comeback. In late 2017, the Saudi government, through a Finance-ministry […]
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‘Expanded Reach’ for SIDF to Mining, Logistics and Energy Projects – Report
- July 10,2019
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- SUSTG Team
Saudi Arabia is reportedly expanding the reach of its $28b Saudi Industrial Development Fund (SIDF) to allow the financing of energy, logistics and mining projects as part of broader efforts to develop the kingdom’s industries. The changes greatly extend the purview of the Saudi Industrial Development Fund, which previously only provided financing to local manufacturing […]
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Saudia’s Flyadeal Cancels $6b Boeing Deal, Opts for Airbus’ A320neo
- July 8,2019
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- SUSTG Team
Saudi airline Flyadeal has canceled an order for up to $6 billion worth of Boeing 737 Max planes, instead opting to purchase from Boeing’s top European competitor, Airbus SE, according to reports. Flyadeal had committed to purchasing up to 50 planes from Boeing, but after the global grounding of the company’s 737 Max 8 planes […]
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Dates Set for Saudi Arabia’s Future Investment Initiative 2019
- July 5,2019
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- SUSTG Team
Saudi Arabia’s Future Investment Initiative (FII) will take place from 29-31 October in Riyadh, the event’s official Twitter page said in an announcement. Dubbed “Davos in the Desert,” the FII brings together world leaders, investors and innovators will explore the opportunities, trends, and challenges shaping the global investment landscape. Attendees will gather to “continue to discuss the […]
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Saudi Arabia’s PIF has ‘$300b in Assets’ and is Still Growing, Report Says
- June 10,2019
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- SUSTG Team
Saudi Arabia’s sovereign wealth fund, the Saudi Arabian Public Investment Fund (PIF), has “about $300 billion in assets” now, a report has found, and its growing size is set to “improve the country’s international investment position.” “We now estimate PIF’s assets at about $300 billion, of which one-fourth are invested abroad….Proceeds from privatization (a target of about […]
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U.S. Senators Preparing Legislation Seeking to Block Trump’s Plan to Sell $8b in Weapons to Saudi Arabia, UAE and Jordan
- June 5,2019
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- SUSTG Team
Members from both parties in Congress are preparing legislation seeking to block President Trump’s plan for $8.1 billion in weapons sales to Saudi Arabia, the UAE and Jordan, according to reports. Last month, The Trump administration declared an emergency to bypass Congress and expedite billions of dollars in arms sales to several countries, citing the need to deter what it […]
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Saudi Arabia Jumps 13 Places to 26th Overall in IMD World Competitiveness Ranking
- May 29,2019
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- SUSTG Team
Saudi Arabia jumped 13 places in one ranking on world competitiveness as the Kingdom’s economic reforms continue to gather steam. 63 countries participated in the IMD World Competitiveness Yearbook 2019 issued this week. Saudi Arabia was 26th overall in the ranking, and the 7th most competitive country among its G20 peers. IMD highlighted Saudi investment in education, […]
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MUST-READS
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Saudi PaymentsU.S. Businesses Complain Saudi Arabia Is Slow to Pay
General Dynamics’ remarks on Wednesday were a rare public airing of payment delays that defense company executives say have long plagued sales to Saudi Arabia, the biggest U.S. arms export market.
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EU-IranEurope To Launch Financial Mechanism To Conduct Business In Iran
The so-called special-purpose vehicle (SPV), expected to come into force on January 31, will help European firms with legitimate business interests to use barter techniques to conduct business in Iran.
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EconomySaudi Arabia in Talks With Businesses to Adjust Economic Reforms
Saudi officials are talking to businesses to see how the government can adjust its economic reform plan after rapid changes hit the private sector hard.
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DavosSaudis to Davos: Move on from Khashoggi, let’s do business
The Davos gathering in the Swiss Alps is a chance for the Saudis to try to put behind them months of intense criticism over the murder of Khashoggi, a critic of Crown Prince Mohammed bin Salman, inside the Saudi consulate in Istanbul in October.
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Corruption CrackdownSaudi businessman, two consultants released from detention: sources
Saudi businessman Amr Dabbagh and two management consultants have been released more than a year ago after their detention in a corruption crackdown which has shaken investor confidence in the world’s top oil exporter, seven sources said on Wednesday.
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Total-AramcoFrench Total To Enter Saudi Downstream Business
[L]ocal ventures could be making headlines again very soon. In the last couple of days, news has popped up that Aramco and French oil major Total, through its Satorp joint-venture, Sumitomo Mitsui Banking Corporation and Riyad Bank to help raise funds to develop a petrochemical facility in the kingdom.
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2018 In ReviewA year in headlines: The Middle East’s top 10 business news stories in 2018
From the introduction of VAT in Saudi Arabia and the UAE, to the bail-out of Bahrain by its GCC neighbours, here is a timeline of some of the most significant stories that happened in the Arab world that appeared on Zawya this year.
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Carlos GhosnNew allegations against Ghosn concern payments to Saudi businessman – sources
Prosecutors arrested Ghosn for a third time on Friday, accusing him of aggravated breach of trust in transferring personal investment losses to the automaker.
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Saudi AramcoSaudi Aramco sets up fuel retail subsidiary as part of downstream business push
The move is part of Aramco’s overall strategy of further enhancing its crude production, increase its refining capacity and invest in its consumer-facing business.
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Saudi-EgyptMBS visit is big business in Egypt
The Kingdom is quickly becoming the largest Arab investor in the Egyptian market, and the second largest foreign investor in general, accounting for 11 percent of total foreign investment in Egypt.
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