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Saudi Arabia to Invest $35 Billion in Movie Theaters by 2020; Seeks 2,500 Screens
- April 4,2019
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- SUSTG Team
Saudi Arabia’s General Commission for Audiovisual Media (GCAM) announced that the Kingdom will spend $35 billion on cinemas by 2020, according to reports. The announcement was made Thursday at CinemaCon, the official convention of the National Association of Theatre Owners at Caesar’s Palace in Las Vegas. The GCAM is the authority in charge of issuing cinema licenses […]
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Energy Secretary Rick Perry Confirms KSA One of 16 Countries Approved for Unclassified Civil Nuclear Technology
- March 29,2019
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- SUSTG Team
The Trump administration has approved seven applications for U.S. companies to sell nuclear power technology and assistance to Saudi Arabia, but did not reveal the particular companies or specifics of those authorizations, the Energy Department said Thursday. Energy Secretary Rick Perry told the Senate Armed Services Committee that the seven applications approved were among 37 […]
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Saudi Aramco Agrees to Buy 70% Stake in SABIC from Kingdom’s Public Investment Fund
- March 28,2019
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- SUSTG Team
Saudi Arabia’s national oil company Saudi Aramco has agreed to buy a 70% stake in Saudi Basic Industries Corporation (SABIC), the kingdom’s leading petrochemical firm, for $69.1 billion in a private transaction, SABIC said in a press release. The move continues Saudi Aramco’s plans to diversify away from oil to “generating more of its profits […]
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PIF-backed Uber Technologies Buys Regional Rival Careem for $3.1 Billion
- March 26,2019
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- SUSTG Team
It’s the biggest tech deal the Middle East region has ever seen. Uber Technologies, Inc. is buying regional ride-sharing rival Careem for $3.1 billion, $1.7 billion in convertible notes and $1.4 billion in cash. Dubai-based Careem successfully rivaled Uber in Saudi Arabia and other parts of the Middle East region, amassing 30 million users across 90 […]
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King Salman Announces New Governor of the General Authority for Foreign Trade in Weekend Royal Orders
- March 25,2019
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- SUSTG Team
Custodian of the Two Holy Mosques King Salman issued several royal orders on Saturday appointing a number of officials to positions, including appointing Abdulrahman Al-Harbi to be the first governor of the General Authority for Foreign Trade. Al-Harbi is serving as Deputy Minister for Foreign Trade and Investment in Saudi Arabia’s Ministry of Commerce and Investment. The […]
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Inflows Surge as Tadawul Upgrades to Inclusion in FTSE Russell and S&P Dow Jones Emerging Market Indices
- March 18,2019
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- SUSTG Team
Saudi Arabia’s stock exchange, the Tadawul, began the first phase of inclusion into the FTSE Russell and S&P Dow Jones Indices (S&P DJI), which is expected to lead to billions in inflows into the country and represent a milestone for Saudi authorities as the country continues to open up to investment. Inclusion of Saudi Arabia into the FTSE Russell […]
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Ambitious Goals for Saudi Ports in Vision 2030 Drive
- March 15,2019
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- SUSTG Team
The Saudi Ports Authority says it aims to reduce container time at its ports to three days by 2020 while simultaneously pushing for more than double handling by 2030, according to the Saudi Press Agency and other reports. The goals fit into the kingdom’s Vision 2030 economic and social reform drive which prioritizes the generation of efficiencies […]
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Second ‘Mega Entertainment Hub’ Planned for Riyadh Will Be Over 30 Acres
- March 12,2019
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- SUSTG Team
Saudi authorities have announced a second major entertainment hub for citizens and visitors of the Kingdom’s capital city, Riyadh. At over 135,000 square meters (33 acres), the new complex will be located in the Al-Rabwa neighborhood of Riyadh and have metro line access via the Salah Al-Din station of the soon-to-be-completed Riyadh metro mega project, the […]
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Saudi Society Debates Keeping Shops Open during Prayer Times ahead of Shoura Consideration
- March 4,2019
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- SUSTG Team
A debate is raging on social media in Saudi Arabia about whether the Kingdom should continue to require by law the closing down of all shops, malls, restaurants, gas stations, and even hospitals during the call for adhan (Islamic prayer) and throughout prayer time, according to media reports. According to Gulf News, Yahya Al Samaan, assistant president of […]
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Saudi Arabia Names New Ambassador to United States: Princess Reema bint Bandar
- February 25,2019
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- SUSTG Team
Saudi Arabia has named Princess Reema bint Bandar bin Sultan bin Abdulaziz Al Saud as the 11th Saudi Ambassador to the United States, making her the first woman ever to serve in the role. Princess Reema will take over the role from Prince Khalid bin Salman, who has been appointed as the country’s deputy defense […]
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MUST-READS
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Iran SanctionisHow Europe plans to skirt Trump’s sanctions and keep doing business with Iran
With a second round of U.S. sanctions set to take effect in November, European officials are working at cross-purposes with Trump's "maximum pressure" campaign as they try to preserve as much business as possible with Iran.
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U.S.-GCCIt’s all business in US-GCC trade flows
The US maintains a trade surplus in goods with most of the Gulf states. The trend partly reflects efforts by the Trump administration to sell more military hardware and commercial aircraft to these markets.
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BPBP pays $10.5 billion for BHP shale assets to beef up U.S. business
The deal, BP’s biggest since it bought oil company Atlantic Richfield Co in 1999, will increase its U.S. onshore oil and gas resources by 57 percent.
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KuwaitNew US Military Air Hub in Kuwait Set to Open for Business
The U.S. Air Force, Army and coalition partners are nearly done constructing "Cargo City," an offshoot port near Kuwait International Airport in Kuwait City, which will serve the U.S. military, allies and the Kuwait Air Force, according to a recent release.
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EducationOwners of Saudi schools operator weigh sale of business
The owners of Ma’arif for Education & Training, the largest owner and operator of private schools in Saudi Arabia, are in talks about selling the business, two sources familiar with the discussions told Reuters on Tuesday.
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GE Global Innovation BarometerSaudi businesses upbeat about innovation & future technologies driving growth
he three innovations creating the most hype in the Kingdom are industry focused: 65% IoT, 64% Artificial & Machine Intelligence and Smart Energy Grids (59%).
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InnovationSaudi universities to open doors to small businesses in R&D push
Small businesses in Saudi Arabia are to be given access to the research facilities of local universities, under plans being developed by the country’s Research and Development Office (RDO).
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Iran SanctionsSwift shows impact of Iran dispute on international business
President Donald Trump’s reimposition of nuclear sanctions on Tehran poses a direct challenge to the business model of Swift, a company that bills itself as an internationally available, politically neutral “utility”.
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Vision 2030Businesses In Saudi Arabia Struggle With Changing Regulations
"I give them very high salary ... but the problem is they don't like (the work)". He says the Saudis would rather be working in a government office. "Each one he like to have a table, he's a boss. Even if just to graduate he just want to be a boss, direct," he says.
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UAEUAE To Allow 100% Business Ownership For Companies As Part Of Changes To Visa System
The plan is expected to result in a clear boost for UAE’s emerging small businesses, as the country now has plans to allow for 100% business ownership of all enterprises in the country- an incentive previously only applicable for companies operating in the free zones
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