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Saudi Economy: Jadwa Investment Revises 2021 GDP Forecast Upward as Activity Rises
- August 26,2021
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- SUSTG Team
With both oil and non-oil economic activity in Saudi Arabia growing as the Kingdom’s economy bounces back from the pandemic, Riyadh-based Jadwa Investment said in a research note that it will upgrade Saudi Arabia’s 2021 forecasted GDP.
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Kingdom’s Sights Remain on Renewables as Energy Ministry Allocates Land Plots for Solar
- August 20,2021
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- SUSTG Team
Saudi Arabia’s Ministry of Energy is building two renewable energy plants on land plots with a total area of 12 million square meters (4.6 square miles) to generate 600mw of energy, according to Zawya via the Saudi Press Agency. The two announced plans fit into the Kingdom’s ongoing solar and renewable power ambitions. Saudi Arabia […]
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IATA Lauds Saudi Embrace of Travel Pass for Covid Vaccination Clearance
- August 19,2021
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- SUSTG Team
The International Air Transport Association (IATA) said in a press release that it welcomed the decision of the General Authority of Civil Aviation (GACA) of the Kingdom of Saudi Arabia to accept IATA Travel Pass to confirm pre-departure COVID-19 test results for departing and arriving passengers starting 30th of September 2021.
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Report: For Now, OPEC+ Resists Calls by U.S. for Increased Oil Production
- August 17,2021
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- SUSTG Team
The so-called OPEC+ group of oil producing nations, including Russia, “believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise,” a report in Reuters said.
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Saudi Aramco Joins ACWA Power, Others in $1 billion Sudair Solar Power Plant Development
- August 16,2021
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- SUSTG Team
A consortium that is developing Saudi Arabia’s largest solar project has reached financial close for the nearly $1 billion plant, and has secured the backing of state oil producer Saudi Aramco, according to Bloomberg. According to the report, Aramco, through a unit called The Saudi Aramco Power Company (SAPCO, will hold a 30% stake in the […]
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Saudi Aramco Posts Nearly 300% Jump in 2Q Profit on Soaring Energy Demand Recovery
- August 9,2021
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- SUSTG Team
Saudi Aramco generated a net income of $25.5 billion in the second quarter of 2021, beating expectations and boosting the company’s earnings to nearly quadruple its earnings from the same quarter last year. The income was a 288% increase in net income for the second quarter, and the company maintained its dividend of $18.8 billion.
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Saudi Arabia Steps Up Pressure on Residents to Vaccinate with New Restrictions on Public Spaces
- July 21,2021
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- SUSTG Team
Saudi Arabia is stepping up pressure on its citizens and residents to receive both doses of a COVID-19 vaccine with a new announcement confirming that most public spaces, malls, and other areas will be open to only those who are vaccinated, according to Arab News.
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Crown Prince Mohammed bin Salman, UAE’s Sheikh Mohamed bin Zayed Meet in Kingdom
- July 20,2021
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- SUSTG Team
The Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed visited Riyadh on Monday on an official visit to the Kingdom to meet with Crown Prince Mohammed bin Salman and discuss bi-lateral relations amid recent differences on energy and foreign policy.
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Oil Demand Soars in 2021, Expected to Grow Further as Market Reacts to Reported Saudi-UAE Agreement
- July 16,2021
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- SUSTG Team
Global demand for oil is soaring in 2021 as the world rebounds from the pandemic year, according to OPEC data and shared by Riyadh-based Jadwa Investment in an oil market update.
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IEA: Lack of Agreement in OPEC+ Means Volatility, Tightening Market
- July 13,2021
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- SUSTG Team
The oil market will see tighter supply for now as a dispute inside OPEC+ between Saudi Arabia and the UAE goes unresolved, according to a new report from the International Energy Agency (IEA). World oil markets are on edge with OPEC+ negotiations to boost supply now in deadlock, and after initially surging to multi-year highs in early […]
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MUST-READS
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Gender Gap Report Finds MENA Region Lags in Leadership Roles for Women
While no country has yet achieved full gender parity, the top 10 economies have closed at least 80 percent of the gender gap. Iceland (90.8%) is the only economy to have closed more than 90 percent of the gap. Other Scandinavian countries were among the world’s top five, with Finland (86%) coming in second, Norway (84.5%) third, and Sweden (82.2%) fifth. In contrast, Afghanistan ranked last, having closed only 43.5 percent of its gender gap. Three Arab countries were in the bottom ten: Qatar (61.7%), Oman (60.9%), and Algeria (60.2%).
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Saudi Arabia doubles second-quarter Russian fuel oil imports for power generation
Data obtained by Reuters through Refinitiv Eikon ship tracking showed Saudi Arabia imported 647,000 tonnes (48,000 barrels per day) of fuel oil from Russia via Russian and Estonian ports in April-June this year. That was up from 320,000 tonnes in the same period a year ago.
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Saudi Arabia doubles Q2 Russian fuel oil imports for power generation
Saudi Arabia, the world's largest oil exporter, more than doubled the amount of Russian fuel oil it imported in the second quarter to feed power stations to meet summer cooling demand and free up the kingdom’s own crude for export, data showed and traders said. Russia has been selling fuel at discounted prices after international sanctions over its invasion of Ukraine left it with fewer buyers. Moscow calls the war in Ukraine a "special military operation".
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Global Energy Crisis May Get Worse, International Energy Agency’s Birol Warns
“China has big-footed a lot of the technology and supply chains, and that could end up making us vulnerable if we don’t develop our own supply chains,” she said. The nation controls about 80% of the global supply chains for solar power, which is set to rise to 95% by 2025, according to the IEA. China dominates much of the lithium-ion battery sector, is a key producer of wind turbines and seeking to quickly build capacity in clean hydrogen technology.
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80% of Turkey’s Gen Z tell pollster they won’t vote for Erdogan
The opinion polling data continues to look bleak for Turkey’s President Recep Tayyip Erdogan, who must face the electorate by next June at the latest. Some 80% of Turkey’s Generation Z—those born after 2000—say they will not vote for Erdogan’s ruling Justice and Development Party (AKP), according to a study by Gezici Research. By next June, Gen Z will represent 11.8% of Turkey’s voting adult population.
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Saudi interior minister launches national platform for early warning in emergencies
During the inauguration in Makkah, the Director-General of the Civil Defense, Lt. Gen. Suleiman bin Abdullah Al-Amro, said that the platform will contribute to protecting lives and property and mitigating the effects resulting from risks. He added that through the platform, warning messages with a distinctive and loud tone will be sent to phones connected to mobile communications networks.
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Saudi Arabia Seeks to Facilitate Citizens’ Visa-Free Entry to Schengen Countries
The Saudi Deputy Foreign Minister, Waleed al-Khuraiji, met with the Head of Visa Policy at the General Authority for Migration and Home Affairs of the European Commission, Dimitri Giotakos, and his team.
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British Muslim travel agencies in uproar over Saudi hajj changes
But travel companies said the sudden change – announced by Saudi Arabia in a move to crack down on fraudulent firms weeks before the start of the pilgrimage to Mecca from 7 to 12 July – could cause them to go under. The hajj, an obligation for able-bodied Muslims, is one of the largest religious pilgrimages in the world and usually draws about 2 million people a year. The Council of British Hajjis charity estimates the UK’s hajj sector is worth about £200m.
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Saudi Arabia Seeks to Facilitate Citizens’ Visa-Free Entry to Schengen Countries
The Saudi Deputy Foreign Minister, Waleed al-Khuraiji, met with the Head of Visa Policy at the General Authority for Migration and Home Affairs of the European Commission, Dimitri Giotakos, and his team.
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British Muslim travel agencies in uproar over Saudi hajj changes
British Muslim travel companies have said they face going out of business, with travellers potentially losing thousands of pounds, after Saudi Arabia launched a new system for applying for the hajj pilgrimage. The Saudi government announced this month that pilgrims from Europe, the US and Australia could no longer book through travel agencies and would instead have to apply through a lottery system.
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