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Before the Pandemic, Saudi Arabia’s Tourism Sector Showed Encouraging Rates of Growth
- July 9,2020
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- SUSTG Team
Before the global pandemic and resulting economic slowdown, Saudi Arabia registered significant growth in one of its key industries of focus in 2019 as the Kingdom looks to diversify its economy away from oil, an encouraging sign of progress that could be resumed when Coronavirus fears wane. Inbound tourism in Saudi Arabia was up a […]
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Despite Downturn, Kingdom Presses Ahead with Ambitious Goals for Saudi Capital Riyadh
- July 7,2020
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- SUSTG Team
Saudi Arabia is seeking to “double the size and population” of its capital Riyadh in the next decade, Reuters reports, citing comments from Fahd Al-Rasheed, president of Riyadh’s royal commission. Al-Rasheed said the government has “already committed some $266.6 billion for ongoing and new projects as part of total investments of some $800 billion over the […]
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Saudi Arabia’s Central Bank Governor Sees ‘Light at the End of the Tunnel’ for Saudi Economy
- July 6,2020
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- SUSTG Team
Saudi Arabia’s central bank governor said it’s “too early” to tell if the Kingdom’s economy will bounce back with a V-shaped recovery as the government loosens coronavirus-related restrictions, according to a Bloomberg report.
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Life in Saudi Arabia: After Weeks of Lockdown, Savvy Saudi Shoppers Hunt for Bargains Ahead of VAT Deadline
- June 30,2020
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- SUSTG Team
After weeks in lockdown with access to stores and malls restricted, Saudi shoppers found themselves under a time crunch to hunt for deals ahead of a planned increase in the Kingdom’s Value Added Tax (VAT) on July 1.
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Report: Kingdom Owns a Majority Stake in Tesla Rival Lucid Motors
- June 26,2020
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- SUSTG Team
Saudi Arabia has amassed a more than 50% stake in California EV startup and Tesla rival Lucid Motors, according to a report in The Verge.
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With Demand Recovery Accelerating, Oil Markets Tick Up
- June 19,2020
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- SUSTG Team
Stronger consumption of oil globally pushed markets higher on Friday as countries move forward with opening back up despite concerns about the Coronavirus pandemic.
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Report: PIF to buy 2.32% stake in India’s Jio Platforms for $1.49 billion
- June 18,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) will buy a 2.32% stake in Reliance Industries’ digital unit Jio Platforms for $1.49 billion, Reuters reports.
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Saudi Industrial Development Fund Launches Near $1 billion Stimulus Package for Saudi Private Sector for Coronavirus Aid
- June 17,2020
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- SUSTG Team
The Saudi Industrial Development Fund (SIDF) said on Tuesday it launched initiatives totaling 3.7 billion riyals ($986.40 million) to support private sector industrial enterprises impacted by the coronavirus pandemic, Reuters reports.
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Saudi Aramco Completes Acquisition of 70% Stake in SABIC with Purchase of 2.1 Billion Shares on Tadawul
- June 15,2020
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- SUSTG Team
State-owned Saudi Aramco bought 2.1 billion shares of Saudi Basic Industries (SABIC) on the Tadawul, the Kingdom’s stock market, on Sunday, completing its deal to buy 70% of the petrochemical giant, according to a report in Reuters.
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New York-based Wahed Invest, an Online Halal Investment Platform, Secures Funding from Saudi Aramco
- June 8,2020
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- SUSTG Team
New York-based online Islamic investment platform Wahed Invest has secured backing from Saudi Aramco, the world’s biggest company, to expand into the Middle East and make Riyadh its hub for the region, according to Bloomberg.
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Qatar’s emir visits White House, as Biden may need help with natural gas for Europe
In addition to his meeting with Biden, the emir is also scheduled for talks with Defense Secretary Lloyd Austin, Homeland Security Secretary Alejandro Mayorkas and members of Congress. Those talks are likely to focus on Afghanistan, where Qatar continues to play a central role in facilitating the evacuation of tens of thousands of U.S. citizens, permanent residents and at-risk Afghans.
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Biden to Host Qatar’s Leader in Bid for Europe Energy Security
U.S. President Joe Biden and Qatar’s ruler are due to discuss shoring up energy supplies to Europe and diplomacy with the Taliban when they meet at the White House on Monday. Biden will update Sheikh Tamim bin Hamad Al Thani on efforts for a diplomatic solution to the crisis over Ukraine, which has led the U.S. to ask Qatar to step up supplies of liquefied natural gas if fallout from a Russian invasion leads to energy shortages in Europe.
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Before Ukraine Standoff, U.S. Pitched Its ‘Freedom Gas’ to Europe and Found Few Takers
Now, as Europe confronts the possibility of a serious supply squeeze amid Russian hostilities toward Ukraine, the U.S. is trying to help Europe secure emergency gas supplies. But there is only so much the Biden administration can do: Most American gas has been sold to other customers, and Europe has limited facilities to import more.
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Macron tells Iran’s Raisi nuclear talks need to speed up | Reuters
France, Germany and Britain, known as E3, and the United States are trying to save the 2015 Vienna agreement with Iran but Western diplomats have said negotiations, which have been in their eighth round since Dec. 27, were moving too slowly.
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Kuwait pursues corruption charges in Eurofighter plane deal
Kuwait ordered 28 Eurofighter Typhoon jets, made by a consortium of European companies, in 2016 under a contract valued at some $8.7 billion. The first two planes in the order joined Kuwait’s Air Force last month. The high cost of the deal raised eyebrows when compared with similar purchases of the combat planes across the Middle East as many Gulf Arab states went on spending sprees amid the region’s grinding conflicts.
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Turkey still interested in bringing Israeli gas to Europe, Erdogan says
Turkish President Recep Tayyip Erdogan said Ankara is still interested in bringing Israeli gas to Europe through Turkey, following Washington’s decision last week not to support the rival eastern Mediterranean pipeline project that could have cut out his country.
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How Russia will maintain its energy stranglehold on Europe
For Europe, Nord Stream 2 is a potential solution to surging gas and electricity prices. For Russia, it’s an extremely lucrative cash cow that will tighten the country’s already strong grip on Europe as its chief supplier of gas. But for the US Congress to impose sanctions this week would have likely doomed the NATO talks, widening an untimely rift between German and US officials at the moment Russia appears ready to invade Ukraine.
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Maersk can’t find enough green fuel for its carbon-neutral ships
On Jan. 10, Maersk confirmed that it had ordered four more carbon-neutral container ships, on top of the eight green ships it had already ordered from South Korean shipwright Hyundai Heavy Industries. The ships, which can either run on fossil fuels or a low-carbon fuel called green methanol, are set to be delivered starting in 2024.
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Saudi PIF chief says mining firm Ma’aden aiming for carbon neutrality by 2050
Saudi Arabian Mining Co is aiming for carbon neutrality by 2050, said Yasir al-Rumayyan, governor of Saudi Arabia's sovereign wealth fund, the Public Investment Fund. Rumayyan, who is also chairman of Ma'aden, was speaking at a mining conference in Riyadh on Wednesday.
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Saudi Aramco Is Fighting To Regain A Key European Market
In a move to regain some of its former glory in the North West European crude oil and products market, Saudi Aramco Trading Company (ATC) has clinched a major 110,000 bpd supply deal with international independent private equity group Klesch Group.
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