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  • Saudi Arabia’s MBC media group prices IPO at top of range

    Saudi state-owned media giant MBC priced its initial public offering (IPO) at the top of the previously announced range, selling its shares at 25 riyals ($6.67) each on Tuesday.

    MBC plans to float 10% of its share capital on the Saudi Exchange with the company's market capitalisation expected to be 8.3 billion riyals ($2.21 billion) at listing.

    It operates 13 free-to-air TV channels and runs the streaming-platform Shahid, known as the Netflix of the Middle East.

  • Russia and Saudi Arabia urge all OPEC+ countries to join output deal

    Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman have urged all OPEC+ countries to join the group's agreement on output cuts, saying it would serve the interests of the global economy.

    The appeal was made in a joint statement published on Thursday after the two met a day earlier and also said that Russia and Saudi Arabia had agreed it was important to boost cooperation in oil and gas, including in equipment supplies.

  • Saudi Arabia Says for First Time Some 2030 Projects Get Delayed

    Saudi Arabia has delayed past 2030 some of the projects launched as part of its economic transformation plan, in the first admission that the kingdom is having to shift the timeline for meeting the goals of the multi-trillion dollar program. The government, which is forecasting budget deficits every year out to 2026, has decided on the extension to build capacity and avert huge inflationary pressures and supply bottlenecks, Finance Minister Mohammed Al Jadaan said Thursday. He didn’t specify which projects would be affected.

  • Russia and Saudi Arabia urge all OPEC+ powers to join oil cuts

    Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy only days after a fractious meeting of the producers' club. Hours after Russian President Vladimir Putin went to Riyadh in a hastily arranged visit to meet Saudi Crown Prince Mohammed bin Salman, the Kremlin released a joint Russian-Saudi statement about the conclusion of their discussions.

  • Saudi Arabia Achieves Remarkable 300% Surge In Installed Renewables Capacity

    In conjunction with COP28, the third edition of the Saudi Green Initiative (SGI) Forum showcased Saudi Arabia’s commitment to climate action and its strides towards achieving net zero by 2060. Launched in 2021 by Crown Prince Mohammed bin Salman, the SGI aims to unite the nation’s efforts in combating climate change and fostering sustainable innovation.

  • Asia’s first Saudi Arabia ETF lists on Hong Kong stock exchange

    Asia’s first exchange traded fund investing solely in Saudi Arabia’s equities market has listed on the Hong Kong exchange attracting $1bn in initial investment, marking one of the territory’s largest ever debuts. The CSOP Saudi Arabia ETF was launched on the back of strong government support, after more than a year of high-level efforts by senior Hong Kong officials attempting to woo investment from the Middle East. The ETF invests in a portfolio correlated to the FTSE Saudi Arabia Index, which has a market capitalisation of more than $270bn and aims to align with the Saudi Vision 2030 project, Crown Prince Mohammed bin Salman’s road map for economic diversification and global engagement.

  • Edelman Hires Ex-Ogilvy Leader As Saudi Arabia General Manager

    Edelman has appointed former Ogilvy leader Elie Azzi as the new general manager of its business in the Kingdom of Saudi Arabia (KSA). Azzi (pictured, left) will join Edelman in January, replacing Kenana Dahlan, who has left the firm to become a government advisor in Saudi Arabia. In his time at Ogilvy, Azzi led the agency’s transformation of the communications and PR function in the kingdom, and has also held senior positions at Havas and Porter Novelli in the region. At the same time, Edelman KSA has appointed Sarah Alarrak (pictured, right) in the newly-created role of strategic communications advisor, with a remit that includes growing the agency’s client base in Saudi Arabia.

  • Saudi Arabia urges US restraint as Houthis attack ships in Red Sea

    Saudi Arabia has asked the United States to show restraint in responding to attacks by Yemen's Houthis against ships in the Red Sea, two sources familiar with Saudi thinking said, as Riyadh seeks to contain spillover from the Hamas-Israel war. The Iran-aligned Houthis have waded into the conflict that has spread around the Middle East since war erupted on Oct. 7, attacking vessels in vital shipping lanes and firing drones and missiles at Israel itself.

  • Saudi Arabians envisage a rise in cross-border payments by 2024, study shows

    Mastercard’s Borderless Payments Report 2023 reveals 43% of people in Saudi Arabia expect to send cross-border payments more frequently in the next 12 months. Around 40% of people in Saudi Arabia expect to receive more cross-border payments in the next year.

  • Saudi Arabia Pumps Another $100M Into Aviation As It Targets 250 Destinations By 2030

    Saudi Arabia’s larger plan of creating a bigger travel market received a significant push with its plan to invest $100 million in developing its aviation infrastructure. The Middle Eastern nation has been trying to diversify its revenue stream by gradually shifting to other sectors, and tourism features heavily as part of that plan.