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Recent stories from sustg
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Saudi International Kicks Off with English golfer David Horsey with a Day One Lead
This week’s Saudi International kicked off today at the Royal Greens Golf and Country Club in King Abdullah Economic City, Saudi Arabia, playing host to an impressive field of star Tour pros.
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Future Investment Initiative Conference Opens with Impressive Virtual Platform for Distance Participation, Audience
Saudi Arabia’s annual flagship investment conference, the Future Investment Initiative, began today with both in-person and remote participation from speakers and audience on an impressive digital platform built to expand engagement in the conference around the world.
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Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Voices Optimism with U.S.-Saudi Relations under Biden Administration
Saudi Arabia’s foreign minister has voiced optimism that relations between Riyadh and Washington will be “excellent” under new U.S. President Joe Biden, Al-Arabiya TV channel cited him as saying on Thursday. Appointments made by Biden show “understanding of the common issues” by the new U.S. administration, Prince Faisal bin Farhan added.
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Saudi Arabia’s Crown Prince Says Kingdom Offering $6 Trillion in Investment Opportunities Over Next Decade
Saudi Arabia’s Crown Prince Mohammed bin Salman said the Kingdom offers investment opportunities worth $6 trillion over the next decade, with new projects representing half of this value, he said in a speech at the World Economic Forum on Wednesday.
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After Summit Agreement, Saudi Arabia’s Crown Prince Extends Saudi Hospitality to Visiting Qatari Emir
This week, Saudi Arabia and other GCC nations buried the hatchet with neighboring Qatar after a diplomatic standoff that lasted over three years. The two sides, working toward a fresh start in recent weeks, finalized the end of the feud at Tuesday’s 42nd GCC Summit in Saudi Arabia, reuniting to once again reinvigorate trade between […]
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Trump Administration Approves Nearly $300 Million in Bomb Sales to Saudi Arabia
The Trump Administration’s State Department has approved a possible the sale of nearly $300 million in GBU-39 Small Diameter Bomb I (SDB I) Munitions and related equipment to Saudi Arabia, the latest large U.S.-Saudi security deal to be approved in recent years. The principal contractor will be U.S.-based Boeing, St. Louis, MO.
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Saudi Arabia Joins Dozens of Nations in Blocking International Travel as Mutant Coronavirus Strain Alarms Authorities
Saudi Arabia suspended late on Sunday all international commercial flights for a renewable week except for the foreign flights already in the kingdom which will be allowed to leave, according to reports. The variant, detected in England, is up to 70 percent more transmissible than earlier versions, officials said. People in southeast England, where the […]
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Oil Approaches Prices Not Seen Since Start of Pandemic as Optimism on Vaccines, U.S. Stimulus Drives Prices
Oil reached its highest close in almost 10 months as U.S. lawmakers worked toward finalizing a stimulus deal that may boost near-term demand ahead of a broad roll-out of the Covid-19 vaccine. Futures in New York were near $48.50, headed for a seventh weekly gain, Bloomberg reports.
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Saudi Arabia’s Economy Still Shrank in 3Q Despite Rebound Trend
Saudi Arabia’s economy shrank more slowly in the third quarter of this year as the government relaxed some measures put in place to curb the spread of the Coronavirus but the oil sector continued to weigh on the Kingdom’s overall economic outlook, according to reports.
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Saudi Arabia Registers Pfizer COVID-19 Vaccine for Import, Distribution in Kingdom
Health authorities in Saudi Arabia have registered the Pfizer-BioNTech COVID-19 vaccine for import and use in the country, state news agency SPA said on Thursday. Saudi Arabia’s Food and Drug Agency registered the vaccine. Procedures necessary for its import and use will begin, the statement said.
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MUST-READS
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Opinion: The Coming Arab Backlash Middle Eastern Regimes—and America—Ignore Public Anger at Their Peril
It is difficult to exaggerate the extent to which Arabs blame the United States for this war. They can see that only U.S. weapons sales and United Nations vetoes allow Israel to continue its war. They are aware that the United States defends Israel for actions that are the same as those the United States condemned Russia and Syria for.
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Middle East Biennale pavilions challenge entrenched views of women
Saudi Arabia and Lebanon's installations at the Venice Biennale seek to redress the balance by questioning masculine views and Western myths surrounding the portrayal of women in Middle Eastern societies.
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Chipotle kicks off Middle East expansion with first Kuwait restaurant
Chipotle Mexican Grill Inc. has opened a location in Kuwait, marking its first restaurant in the Middle East and the first time Chipotle has entered a new country in 10 years. The Kuwait City restaurant has been operating with adjusted hours since the beginning of April to account for holidays and staff training, Chipotle CMG, +0.53% said, in a statement. The restaurant’s official grand opening will be on April 23.
Last year Chipotle announced a partnership with franchise retail operator Alshaya Group to open restaurants in the Middle East. In Monday’s statement announcing the new location, Chipotle said that Alshaya Group will open the company’s first Dubai location later this year. Alshaya Group is expected to open total of four new restaurants this year, the company said. -
GCC economies to forge ahead despite geopolitical risks
The growth forecast for the Middle East and Central Asia was revised slightly lower – to 2.8 per cent in 2024, from 2.9 per cent in January – largely due to the impact of conflict on trade and economic activity, as well as high debt levels in low-income countries in the region. The latter was also the focus of a World Bank report released last week.
However, the outlook for the GCC economies remains relatively robust, with non-oil growth forecast at 3.6 per cent this year and a predicted headline gross domestic product growth of 2.4 per cent.
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The world must adapt to a new generation of GCC sovereign-owned investors
Instead of recycling revenues from oil exports into, say, US Treasuries for future generations, sovereign wealth is being used to kick-start a regional economic and infrastructure transformation, both through regional investment and international tie-ups. They are seeking to achieve their objectives by sharpening their strategies, investing in human capital (with both homegrown talent and expatriates) and hiring the world’s best advisors.
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Iran’s military stays on ‘high alert’ as diplomacy ‘relies on Gaza’
While details remain unclear, Israel is suspected of having targeted military sites in central Iran and early warning facilities in Syria. The Iranians were informed that there would be Israeli activity via two regional channels carrying a message from the US, Amwaj.media has learned. Speaking on condition of anonymity, an Arab diplomatic source alleged that Israel was planning to strike earlier this week, but that the targets it chose were vetoed by the Joe Biden administration. Amwaj.media could not independently confirm this assertion.
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Stephen Kotkin: The Five Futures of Russia
Readers seeking odds on Russia’s trajectory should consult the betting markets. What Western officials and other decision-makers need to do, instead, is to consider a set of scenarios: to extrapolate from current trends in a way that can facilitate contingency planning. Scenarios are about attempting to not be surprised. Needless to note, the world constantly surprises, and something impossible to foresee could occur: the proverbial black swan. Humility is in order. Still, five possible futures for Russia are currently imaginable, and the United States and its allies should bear them in mind.
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Israel’s Iran attack carefully calibrated after internal splits, US pressure
Israel's apparent strike on Iran after days of vacillation was small and appeared calibrated to dial back risks of a major war, even if the sheer fact it happened at all shattered a taboo of direct attacks that Tehran broke days earlier.Prime Minister Benjamin Netanyahu's war cabinet had initially approved plans for a strike on Monday night inside Iranian territory to respond forcefully to last Saturday's missile and drones from Iran, but held back at the last-minute, three sources with knowledge of the situation said.
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The U.S. Prevented War, Yet Iran’s Strategic Decision-Making Process Remains Flawed
The Israeli military is believed to have carried out strikes against a target in Isfahan, central Iran, on April 19. This action was reportedly in retaliation for Iran’s April 13 missile and drone attack against Israel, which itself was in response to Israel’s April 1 targeting of the Iranian Consulate in Damascus, Syria. While these exchanges of attacks and counterattacks have the potential to escalate and engulf the entire Middle East region in conflict, they did not escalate further. Encouraged by the United States, both Israel and Iran exercised restraint and may even glean lessons in prudence from the crisis. However, the Iranian regime should reassess its strategic decision-making process to minimize the risk of dangerous miscalculations.
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Splashy Saudi mega-project NEOM chases Chinese funds
Bigwigs behind a Saudi megacity dogged by questions about its viability have wrapped up a tour courting Chinese investors, detailing plans for a futuristic ski resort and 170-kilometre-long skyscrapers. The roadshow for NEOM, brainchild of de facto ruler Crown Prince Mohammed bin Salman, travelled from Beijing to Shanghai to Hong Kong, where for two days would-be business partners flocked to a chic museum to peruse eye-popping renderings in various stages of development. No major deals were announced, and top project officials did not address recent reports that NEOM's ambitious construction and population targets are being rolled back.
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