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Road to the G20: B20, T20 Meetings Conclude Ahead of Main G20 Event
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. Saudi Arabia just wrapped up the hosting of the B20 business-focused group, as well as the T20 meetings last week. The Business 20 […]
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Road to the G20: Two-Day Virtual B20 Begins Today
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. This week, Saudi Arabia will host the B20 business-focused group, as well as the T20 meetings later this week.
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Strict Countermeasures Continue to Pay Off as Saudi Arabia’s Covid Deaths Hit New Lows
Strict rules and regulations in place and an elevated social awareness of the danger of the coronavirus continues to pay dividends in stopping the spread of the virus in Saudi Arabia, data confirms. Saudi Arabia on Friday recorded just 383 new coronavirus cases and 14 deaths, representing some of the lowest figures seen in the Kingdom since […]
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IMF Sees Contraction in 2021 for Middle East Economies, With Oil Prices in $40-$50 Range
The International Monetary Fund (IMF) downgraded its outlook for Middle East and Central Asian economic recovery, predicting a 4.1% contraction for the region as a whole, according to latest data released by the international organization.
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Saudi Aramco in Talks with BlackRock, Others for $10 Billion Pipeline Deal
Saudi Aramco is in talks with U.S.-based global investment management corporation BlackRock and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business, sources told Reuters, although the deal is still in early stages.
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Saudi Arabia Celebrates 90th National Day
Saudis around the world are celebrating Saudi Arabia’s 90th National day today, the Kingdom’s top national holiday dedicated to the history of the Kingdom as a unified state.
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King Salman Issues Rare Royal Decree Firing Tourism Officials over Corruption Allegations – SPA
Saudi Arabia’s King Salman has issued a rare royal decree firing a number of officials for legal violations and alleged corruption at tourism projects, including the Red Sea Project and Al-Ula, state news agency SPA reported.
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Saudi Arabia’s King Salman Arrives in NEOM for Vacation, Recovery Period
Saudi Arabia’s King Salman bin Abdulaziz traveled to NEOM in the Kingdom’s northwest on Wednesday for a period of rest and relaxation, according to state news agency SPA and Reuters.
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Saudi Arabia’s Schools, Universities Eye August 30th for Restart of Educational Programs
Saudi Arabia is beginning to plan to reopen its schools and universities with a target date of August 30th, according to reports. The Kingdom closed schools and universities on March 9 after the Coronavirus pandemic was detected in Saudi Arabia and countries worldwide began to shutter to stop the spread of the deadly disease.
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Report: Saudi Arabia’s Government Revenue in 2Q 2020 Down by 49% Year-on-Year, but Diversification Push Continues Apace
The twin crises of the Coronavirus and Saudi-led efforts to stabilize the price of oil in the second quarter of this year lead to a sharp decline in the Kingdom’s government revenues, Bloomberg reports. Saudi Arabia’s government revenue dropped by 49% in the second quarter from the same period last year, according to Bloomberg, as the […]
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MUST-READS
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Saudi Arabia Seeks Data Law Balance: Streamlining Business While Upholding International Standards
Saudi Arabia's Proposed amendments to its Data Protection Law (DPL) could significantly impact international companies operating in the region. These changes focus on streamlining the process of transferring personal data outside the country, potentially offering greater flexibility and cost savings for businesses.
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Hiba Husseini: Peacemaking After Oslo
Hiba Husseini is a Ramallah-based lawyer who lives in Jerusalem. She served as a legal advisor to Palestinian peace negotiators for 30 years. About a year ago, she and longtime Israeli peace negotiator Yossi Beilin released a plan called the Holy Land Confederation, which seeks to lay the groundwork for a two-state solution to the Palestinian-Israeli conflict.
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Perspective: Israel Exposes the Contradictions in Biden’s Foreign Policy
The main non sequitur at issue concerned Biden’s dual message to Israel following this weekend’s massive barrage of drones and missiles from Iran. Part I says that American support for Israel is, and will forever remain, “ironclad.” Part II qualifies that the US is determined to “prevent escalation,” meaning a wider regional or even global war. That second aspect requires leaning on Israel to show restraint in its retaliation. But which of the two parts has priority?
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Miscalculation Led to Escalation in Clash Between Israel and Iran
Aides quickly alerted Jake Sullivan, President Biden’s national security adviser; Jon Finer, the deputy national security adviser; Brett McGurk, Mr. Biden’s Middle East coordinator; and others, who saw that the strike could have serious consequences, a U.S. official said. Publicly, U.S. officials voiced support for Israel, but privately, they expressed anger that it would take such aggressive action against Iran without consulting Washington.
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Iraq Moves to Tackle Climate Challenge
Although Iraq is the second-largest oil producer in OPEC after Saudi Arabia, it is a net natural gas importer because lack of infrastructure investment has meant that until 2023 it was flaring roughly half of the estimated 3.12 billion cubic feet per day of gas produced in association with crude oil. According to the World Bank’s Global Gas Flaring Tracker, Iraq is the world’s second-largest emitter after Russia. Iraq’s West Qurna 2 oil field, operated by Russia’s Lukoil, is the biggest source of flaring in the world.
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Iran Attack on Israel: Implications and Oil Market Concerns
Iran and Israel are now officially out of the shadow war, which was becoming more and more open, especially as the Houthis increased their ability to target Israeli territory with drones and missiles since February.[5] The long-standing threat of Hezbollah on the northern Israeli border has been somewhat contained in a pattern of retaliatory rocket strikes, but may be expanding.[6] Hezbollah leadership and the US government are communicating indirectly and more frequently, such that the White House was successful in discouraging Israel to directly attack Hezbollah forces in Lebanon shortly after October 7.[7] The daylight between US and Israeli policy toward Lebanon is increasing. The Biden administration does not want to see an Israeli war in Lebanon, but Israel may calculate that now is the best time to both attack Iranian interests and settle its threat on the northern border.
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Saudi Arabia poised to become clean netting jurisdiction
Saudi Arabia is set to become the final G20 country to implement close-out netting legislation, with the Gulf state’s central bank having recently finalised new rules. The draft regulation on netting agreements and collateral arrangements sets out that netting is permitted once bankruptcy procedures have commenced and is broadly aligned with the International Swaps and Derivatives Association’s model netting law.
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Flooded UAE counts cost of epic rainstorm, airport still facing disruptions
Emergency workers tried to clear waterclogged roads and people assessed the damage to homes and businesses on Thursday after a rare and epic rainstorm swamped the United Arab Emirates.Dubai International Airport, a major travel hub, struggled to clear a backlog of flights and many roads were still flooded in the aftermath of Tuesday's deluge.The rains were the heaviest experienced by the Gulf state in the 75 years that records have been kept. They brought much of the country to a standstill and caused significant damage.
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Israel will defend itself, Netanyahu says, as West calls for restraint
Israel will make its own decisions about how to defend itself, Prime Minister Benjamin Netanyahu said on Wednesday, as Western countries pleaded for restraint in responding to a volley of attacks from Iran.The United States, European Union and G7 group of industrialised nations all announced plans to consider tighter sanctions on Iran, seen as aimed at mollifying Israel and persuading it to rein in its retaliation for the first ever direct Iranian strikes after decades of confrontation by proxy.
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UAE cloud seeding did not take place during heavy rains, says NCM: Reports
The UAE weather bureau has denied claims that its cloud seeding program was responsible for the recent heavy rainfall that caused widespread flooding in the country. The National Centre of Meteorology (NCM) confirmed on Wednesday that no cloud seeding missions were conducted during the torrential rain on Tuesday, according to local reports.
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