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Saudi Transfer Spending on Par With European Top Leagues, Statista Report Says
- August 8,2023
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- SUSTG Team
A new chart from the website Statista places into context Saudi Arabia’s spending this transfer season vis-a-vis other top leagues, showing that the money spent on transfers by Saudi clubs this summer matches or exceeds the investments made by clubs from European top leagues, with the notable exception of the Premier League.
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PIF Announces Establishment of a Female-Centered Health and Well-Being Company, the Kayanee Company, with Princess Reema Bint Bandar as its Leader
- August 7,2023
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) announced on Monday the establishment of a female-centered health and well-being company with Princess Reema bint Bandar as its head, the Saudi Press Agency (SPA) reported.
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Pulitzer Prize winning journalist and former publisher of the Wall Street Journal Karen Elliott House joins The 966
- August 4,2023
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- SUSTG Team
American journalist, author, media executive, and pulitzer prize winner Karen Elliott House joins The 966. Elliott House discusses her recent work, a paper entitled ‘Saudi First’, for the Belfer Center at Harvard’s Kennedy School of Government, as well as her experiences traveling to and from Saudi Arabia for decades and her views on Saudi Arabia as […]
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Wamda: MENA Startups Raised $95 Million in July 2023, a Bounce-Back from June’s Total but Deal Volume Falls
- August 3,2023
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- SUSTG Team
Startups in the Middle East and North Africa region (MENA) raised $95 million across 31 deals in July 2023, a slight dip from the $105 million recorded in the same month last year, according to Wamda, the leading website tracking the development of the startup ecosystem in the region.
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Saudi Arabia Enters Recession Now, Report from Capital Economics Says, but Non-Oil Economy Continues to Shine
- August 2,2023
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- SUSTG Team
Saudi Arabia has entered a recession, a report from Capital Economics said, as oil production cuts designed to prop up prices hurt the Kingdom’s bottom line – but the Kingdom’s non-oil economy continued to grow at a robust pace.
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Saudi Arabia’s SEVEN Breaks Ground on BUJV, a $347 Million Entertainment Project in Madinah
- August 1,2023
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- SUSTG Team
Saudi Entertainment Ventures (SEVEN), a wholly-owned subsidiary of the Public Investment Fund (PIF), has announced its construction work on BUJV, its new entertainment destination in Madina, according to a report in Construction Week Online and a press release from SEVEN.
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Temperatures Soar Across Saudi Arabia; Certain Places Hit 50 Degrees Celsius
- July 31,2023
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- SUSTG Team
Temperatures are expected to soar up to 50 degrees celsius (122 degrees farenheit) in several areas Saudi Arabia, starting from Sunday until the end of the week, according to the National Center for Meteorology (NCM).
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PepsiCo Middle East CEO Aamer Sheikh joins The 966, plus a full update on Saudi football, King Saud University’s overhaul and more…
- July 28,2023
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- SUSTG Team
Episode 96! The 966 speaks with PepsiCo Middle East CEO Aamer Sheikh for a conversation about the company’s strategy to plug into Vision 2030’s opportunities and continue to stay on top as the number one food and beverage brand in the Kingdom of Saudi Arabia. Mr. Sheikh, who is Pakistani-American and grew up in the […]
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Royal Order Converts Riyadh’s King Saud University to Independent, Non-Profit Academic Institution under Umbrella of RCRC
- July 27,2023
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- SUSTG Team
Crown Prince Mohammed bin Salman issued a Royal Order transforming King Saud University into an independent, non-profit academic institution that be under the “umbrella” of the Royal Commission for Riyadh City, according to multiple reports.
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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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MUST-READS
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The best residential PV system configuration for Saudi Arabia
Researchers in Saudi Arabia have identified the best and optimum PV system configurations for the Saudi residential market. Their analysis investigated the capacity threshold that leads to a lower cost of electricity compared to grid electricity costs. They used NREL’s HOMER software to analyze the energy requirements of the residential units, the solar energy potential and weather characteristics of the selected location, and the financial parameters influencing a project’s profitability.
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Saudi wealth fund ramps up efforts to tap ETF investors
The Saudi Arabian sovereign wealth fund’s investment in a recently launched exchange traded fund underlines the kingdom’s growing interest in using the mass-market fund structure to develop its capital markets. The Saudi Public Investment Fund has stumped up $200mn as a seed investor in State Street Global Advisors’ Europe-listed SPDR JPMorgan Saudi Arabia Aggregate Bond Ucits ETF, which launched in December. The ETF provides exposure to US dollar-denominated Saudi sovereign and quasi-sovereign bonds with an average maturity of about 10 years. It is believed to be the first Saudi bond ETF to be listed in Europe or the US. According to its latest strategy report, the PIF’s mandate is to act as an “economic catalyst” for Saudi Arabia at a time when the kingdom aims to diversify the economy away from oil and to develop its capital markets with the ambitious Vision 2030 development programme.
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Saudi EXIM Bank Provides Over $1.5 Billion to Support Global Mineral Flow
Saudi Export-Import Bank (Saudi EXIM Bank) participated as a strategic partner in the fourth annual Future Minerals Forum (FMF), organized by the Ministry of Industry and Mineral Resources under the theme "Year of Impact." The bank contributed insights to drive global development in the mining sector and foster international trade relationships through panel discussions and the conference’s accompanying exhibition. On the sidelines of the forum, Saudi EXIM Bank signed a $15 million credit-line agreement with Pakistan’s Habib Metropolitan Bank Limited to enhance the flow of non-oil Saudi exports to the South Asian country. Under the agreement, Habib Metropolitan Bank will provide credit facilities to importers in Pakistan to finance the purchase of Saudi products. The collaboration aligns with Saudi EXIM Bank's efforts to expand the Kingdom's export base, boost competitiveness in regional and global markets, and open new avenues for export.
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Trump wants an Israel-Saudi normalisation deal. Will he get one?
Now that US President Donald Trump’s second term has begun, officials in his administration optimistically see the recently implemented Gaza ceasefire as paving the way for a normalisation deal between Israel and the Kingdom of Saudi Arabia. The new US national security advisor Mike Waltz said he has high hopes for the “next phase of the Abraham Accords”, with Israeli-Saudi normalisation a “huge priority” for Trump’s administration. A diplomatic accord between Tel Aviv and Riyadh would be a “tremendous historic region-changing agreement,” he added. One of the main foreign policy legacies of the first Trump administration was the Abraham Accords, which brought four Arab states - the United Arab Emirates (UAE), Bahrain, Sudan, and Morocco - into normalisation deals with Israel.
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Cristiano Ronaldo nets 2 and leads Saudi league in scoring
Cristiano Ronaldo scored twice for Al-Nassr in a 3-1 victory over Al-Khaleej on Tuesday to move atop the Saudi Pro League goalscoring standings above Aleksandar Mitrovic and Karim Benzema. The five-time Ballon D’Or winner fired Al-Nassr into the lead after 65 minutes, finding the net with a low shot from the edge of the area for his 100th goal contribution since joining the Riyadh club in December 2022.
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Saudi Arabia FM Prince Faisal says he plans to visit Lebanon’s Beirut this week
Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan said Tuesday that he plans to visit Beirut this week. “We will need to see a commitment to a Lebanon that is looking to the future, not to the past, in order for us to raise our engagement,” he said at the World Economic Forum (WEF) in Davos.
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90% of GCC CEOs confident of revenue growth in 2025: PwC’s 28th Annual CEO Survey
CEOs in the Middle East are among the most confident globally about revenue growth in 2025, as revealed in PwC’s 28th Annual CEO Survey. Yet the survey also finds that regional chief executives are acutely aware of the huge wave of disruptive change, primarily driven by AI, climate challenges and an intensifying competition over new domains of growth as industry lines blur. In summary, the survey reveals that our region’s CEOs are striking a difficult balance - capturing the significant market opportunities today while also reinventing their businesses for tomorrow.
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Establishment of First Saudi-Palestinian Business Council
Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Ambassador of the State of Palestine to Saudi Arabia Mazen Mohammed Rateb Ghanem agreed today to establish the first Saudi-Palestinian Business Council. This initiative aims to increase trade and investment between the two countries. Alhwaizy stated that the private sector in the Kingdom aligns with the directives of the wise leadership in supporting the Palestinian people. He emphasized the importance of empowering Palestinian business owners to invest in Saudi Arabia and market Palestinian products and industries in Saudi markets. Alhwaizy also reaffirmed the Federation's support for organizing exhibitions and conferences to promote Palestinian products, with active participation from the Saudi Chambers of Commerce.
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Saudi Arabia introduces national policy to eliminate forced labor
Saudi Arabia has unveiled a National Policy for the Elimination of Forced Labor, reinforcing its commitment to creating a safe and fair working environment for all. This landmark initiative, announced by the Ministry of Human Resources and Social Development, positions Saudi Arabia as the first Arab country to implement a comprehensive policy aimed at eradicating forced labor. Saudi Arabia was the first Gulf Cooperation Council (GCC) nation to ratify the International Labour Organization's (ILO) 2014 Protocol to the Forced Labor Convention. The introduction of the new policy underscores the Kingdom’s alignment with international standards and its determination to combat forced labor on both a national and global scale.
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The Middle East and the Return of US President Donald Trump
President Trump comes into the White House from a position of relative strength compared to the outgoing Biden administration. He is inheriting two ceasefire agreements: one, of course, between Israel and Lebanon over the future of Hezbollah, as well as the recently announced agreement for a ceasefire in Gaza. From Trump's point of view, these are already successes, and particularly the Gaza ceasefire deal he has been claiming – and will continue to claim – some credit for. It’s easier for the Trump administration to enforce the ceasefire agreements than it would have been to come into office having to negotiate such deals from scratch.
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