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Petrochemicals Sector in Saudi Arabia Remains Vital for Vision 2030 Aims
- February 20,2017
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- SUSTG Team
The Petrochemicals sector in Saudi Arabia makes up 60% of the Kingdom’s non-oil exports and remains vital to the Kingdom’s Vision 2030 aims, according to a recent study on the sector released by Jadwa Investment. The sector’s prominence in the non-oil economy means it has been identified by both the National Transformation Program (NTP) 2020 and […]
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Stability in Oil Price Attributable to Coordinated Action by OPEC, But Will U.S. Shale Spoil the Party?
- February 16,2017
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- SUSTG Team
With Brent oil hovering around $55 for the past two months, actions by OPEC and non-OPEC members to keep 900,000 barrels per day off the market have had a stabilizing effect on prices, Riyadh-based Jadwa Investment said in a note released to investors. But despite the stable start to the year, Jadwa sees a likely return of […]
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Photos Show Severe Floods Hitting Saudi Arabia’s Asir Region
- February 15,2017
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- SUSTG Team
At least one person was killed and hundreds rescued on Wednesday after severe flooding in Saudi Arabia’s Asir region. Videos and photos emerging online of the floods show fast-moving currents sweeping away cars and motorists stranded in water. Saudi Arabia’s Civil Defense said that 10 others were injured and over 280 people were rescued while dealing with […]
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December Data a Mixed Picture for Saudi Economy
- February 6,2017
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- SUSTG Team
Saudi Arabia’s total government accounts with SAMA fell $80 billion last year, representing a significant slowdown from 2015 which saw a $116 billion net decline, according to a recently released chartbook by Jadwa Investment. The net monthly change to government accounts with SAMA remained negative in December, falling for the seventh consecutive month, part of […]
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Tunnel for Longest Riyadh Metro Line 3 Complete as City Eyes Long-Term Solution to Traffic, Pollution
- January 24,2017
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- Lucien Zeigler
Tunnel excavation for Line 3 of the under-construction Riyadh Metro – the longest line of the six total being created as part of the project – has been completed, according to a report. Line 3 is also known as the Orange Line and is more than 25 miles long, of which almost 7 miles will be underground, […]
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Another ‘Mixed Picture’ for Saudi Economy as Data Show Negatives on Consumer Spending, Inflation Down
- January 3,2017
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- SUSTG Team
Jadwa Investment’s recently released Chartbook for the month of January 2017 finds a mixed picture for the Saudi economy, including negative data on consumer spending and a significant dip in net change to government accounts with SAMA. Data on consumer spending came out negative “partly reflecting the impact of allowance reductions to public sector employees,” […]
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Saudi Government Publishes New Overview of Economy Highlighting Balanced Budget Goal by 2020
- December 28,2016
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- SUSTG Team
Saudi Arabia has published a new report highlighting its goals to achieve a fiscal balance by the year 2020. The 85-page report, which places the goal in the context of the Kingdom’s ongoing economic transformation plans, is the first of its kind since Saudi Arabia published its Vision 2030 and National Transformation Program overviews earlier this year. The […]
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Saudi Housing Authorities to Set Up Online Portal to Increase Transparency and Resolve Renter, Landlord Disputes
- December 20,2016
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- SUSTG Team
Saudi Arabia plans to set up a center to resolve disputes between tenants and landlords as authorities look to reform and modernize the way property is bought, sold, and leased in Saudi Arabia. According to the English language daily Saudi Gazette, the Saudi housing ministry plans to establish the “Center for Real Estate Dispute Redressal,” which will […]
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Monetary and Financial Developments in the Kingdom
- December 15,2016
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- SUSTG Team
A recently released report by Jadwa Investment finds that, following the US Federal Reserve’s second rate hike since 2008, the US’s path to policy normalization “is expected to accelerate.” For the Saudi monetary system, the Saudi Arabian Monetary Authority (SAMA) has passed several measures to enhance liquidity in the domestic financial system, which has contributed […]
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Mixed Picture for Saudi Labor Market as Unemployment in Kingdom Hits 4-Year High
- December 12,2016
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- SUSTG Team
Saudi unemployment rose to a four-year high despite overall employment growth remaining positive, the Riyadh-based Jadwa Investment finds in a report on the Saudi labor market. The report is a mixed picture for Saudi Arabia. For example, during the first three quarters of 2016, total net employment in the Kingdom saw a “significant rise” of […]
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MUST-READS
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As Coronavirus Crisis Persists, Iran Tones Down Anti-Israeli Qods Day Events
Explaining the "lack of coordination," Rouhani said: "One says blood [plasma] is the criteria for diagnosis of the disease, the other one says it is CT Scan, and still another one names diagnostic tests while yet another one calls for serology tests." Nevertheless, Rouhani once again talked about "foreign media's conspiracy" and charged that "they wanted to shut down the country and disrupt its security, but we resisted against them." Mindless of the global nature of the pandemic, he had said in April that the Ministry of Intelligence has "detailed documents" about a "counter-revolutionary conspiracy."
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Facebook cracks down on smear campaign against Manchester City
Facebook has cracked down on a fake news campaign aimed at discrediting Premier League club Manchester City. The US social media giant removed dozens of pages, groups and accounts that it said had breached its policy “against foreign or government interference”.
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Saudi researchers propose harvesting atmospheric water to cool down PV panels
Scientists from Saudi Arabia have proposed a new PV panel cooling technique which employs an atmospheric water harvester. The device uses waste heat from the PV panel to collect atmospheric water at night and then releases it during the day to cool down the module.
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Will it be a downsized Dubai that emerges from pandemic?
Even before the crisis struck, Dubai was in a downturn. Property prices had slumped more than 30 per cent from 2014 highs, and bankers and analysts were speculating whether the “build it and they will come” model had run its course.
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U.S. Eyes Troop Drawdown in Egypt’s Restive Sinai
The plan, which officials say faces opposition from the State Department and Israel, could hobble the peacekeeping mission at a time when Islamic State’s insurgency in the area is flaring again. A series of deadly attacks have targeted Egyptian forces, including an improvised bomb that killed and injured 10 soldiers on April 30, according to the country’s military.
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US-Backed Forces Crack Down on Resurgent Islamic State
The raid was at least the second in the Deir el-Zour area in the past week. An SDF-led operation on May 1 resulted in the arrest of an IS cell in Hajin that had been targeting U.S.-backed forces in the eastern countryside of Deir el-Zour.
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Oil prices extend gains on demand hopes as lockdowns ease
Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.
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Coronavirus, oil shock: Saudi Arabia gets downgrade, ‘painful’ measures ahead — but can likely weather the storm
The striking change in tone from the minister, which just ten days prior was more vocally optimistic and spoke of the country’s resilience to deal with the situation, was not taken well by markets: Saudi Arabia’s stock exchange, the Tadawul, dropped more than 7% during trading the following day. While al-Jadaan in April suggested additional borrowing on international markets, this time he said that “all options for dealing with the crisis are open.”
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Saudi Arabia’s Q1 Budget Report: Deficit Spending and Reserve Drawdowns
Saudi Arabia’s central bank depleted its net foreign assets in March at the fastest clip since at least 2000, showing the severity of the damage inflicted on public finances by the slump in oil prices. The drop of more than 100 billion riyals ($27 billion) brought the stockpile to $464 billion, the lowest since 2011, according to data compiled by Bloomberg. Last week, Saudi Finance Minister Mohammed Al-Jadaan said the kingdom would only draw down reserves by up to 120 billion riyals over the whole year.
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Egypt loosening some lockdown restrictions for Ramadan; coronavirus toll rises
Egypt will ease its coronavirus lockdown for the holy fasting month of Ramadan by allowing more businesses to reopen and shortening a night-time curfew, the prime minister said on Thursday, as new coronavirus cases reached the highest daily toll since the first infection was confirmed in February.
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