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Recent stories from sustg
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Gidori, a New Private Golf-Focused Community and Destination at NEOM, Announced with A Focus on Lush Landscaping
The Board of Directors of NEOM has announced Gidori – an exclusive private golf community set amidst the breathtaking coastal hills of the Gulf of Aqaba – as the latest addition to NEOM, the evolving regional development in northwest Saudi Arabia, according to a press release.
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Ramadan Fasting Projected to Begin March 11, Muslims Worldwide Prepare
Based on the Islamic lunar calendar, the dates for Ramadan move through the year which can result in significantly different daily fasting periods depending on where you live. Since there are 12 lunar months superimposed over 12 solar months, Ramadan “moves back” about 11 days per solar year.
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Saudi Arabia Transfers 8% of Aramco to Kingdom’s Public Investment Fund
Saudi Arabia has moved a roughly $160 billion stake in its state oil giant Aramco into its main sovereign wealth fund, the Public Investment Fund, according to a report in the Wall Street Journal.
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New Imagery Released of F1 Circuit at Forthcoming Entertainment City Qiddiya
Saudi Arabia has released computer-generated images of its planned new racing circuit in the forthcoming mega entertainment project Qiddiya, which will feature a 20-story-high elevated first corner and a swimming pool overlooking a section of track, according to reports.
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Saudi PIF, Bahraini Counterpart Mumtalakat Sign Agreement to Boost Cooperation and Investment
Saudi Arabia’s Public Investment Fund (PIF) and its Bahrani counterpart, Mumtalakat, have signed a memorandum of understanding (MoU) to expand cooperation and enable new and promising investment opportunities in Bahrain.
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Israel, Gaza, and a region with shifting power dynamics with columnist Hussein Ibish
In Episode 125, the hosts welcome veteran columnist and analyst Hussein Ibish onto The 966 for his third appearance on the program to unpack the implications of Israel’s brutal war in Gaza and the shifting regional and global power dynamics since October 7th.
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Report Says Saudi Arabia Seeing a Surge in Demand for Cybersecurity Specialists
Saudi Arabia has seen a surge in demand for cybersecurity specialists amid growing concerns about cyber threats within the Kingdom, according to a recent report by security software company Qrator Labs.
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Human Capability Initiative Conference in Riyadh Concludes with Goal of Increasing Employment Rate in New Industries
The Human Capability Initiative (HCI) Conference launched this week in Riyadh at the King Abdulaziz International Convention Center under the patronage of Crown Prince Mohammed bin Salman with the goal of boosting human capital in the Kingdom.
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Riyadh Air Makes Waves at Aviation Festival of Asia 2024
New Saudi airline Riyadh Air is touting its new offering at an industry event in Asia, with the CEO and COO giving public appearances and with it a glimpse into the plans and aspirations of the startup airline.
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Lucid CEO Says Saudi Arabia Views Struggling EV Maker as Strategic Investment for Economic Diversification
Lucid Motors CEO said at the Geneva International Motor Show today that the struggling EV maker and its Saudi backers are “in this together for the long run” and the relationship is like a “marriage,” according to a report in Bloomberg.
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MUST-READS
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State Department OKs Saudi Arabia’s $250M Blanket Order Training Support FMS Request
Under the proposed transaction, the U.S. Navy will also provide professional military education support for Saudi Arabia’s naval forces, which will not require the deployment of any additional U.S. government and contractor personnel to the Middle Eastern country.
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Saudi Arabia’s Vision 2030 Is Too Expensive For Tourists – And Everyone Knows It
Between now and the end of the decade, 320,000 new hotel rooms are expected to open in Saudi Arabia. According to Knight Frank, 82% of those new rooms are in the luxury and upscale segments. And 66% of Saudi’s current 149,400 rooms are also upscale and luxury.
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Can Saudi Arabia’s Vision 2030 still succeed?
“I don’t think I’ve ever met anyone who believed it would be built as conceived, Saudis included,” Jim Krane, energy research fellow at Rice University’s Baker Institute, told The New Arab.
“Erecting a 100-mile-long skyscraper in the middle of nowhere is not a great use of scarce resources.”
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Saudi tourism sector booming, IHG currently builds 39 hotels: CEO
The Saudi tourism sector is seeing continuous growth. The Ministry of Tourism has managed to surpass the target number of visitors, in addition to the rise in occupancy rates and increased demand from tourists and businessmen to the Kingdom, Haitham Mattar, CEO of IHG Hotels & Resorts in the India, Middle East, and Africa region, said that the tourism sector, said.
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Saudis push for ‘plan B’ that excludes Israel from key deal with US
The US and Saudi Arabia have drafted a set of agreements on security and technology-sharing which were intended to be linked to a broader Middle East settlement involving Israel and the Palestinians.
However, in the absence of a ceasefire in Gaza and in the face of adamant resistance from Benjamin Netanyahu’s Israeli government to the creation of a Palestinian state – and its apparent determination to launch an offensive on Rafah – the Saudis are pushing for a more modest plan B, which excludes the Israelis.
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Hans Grundberg: Mediation in Yemen
Well, there's nothing that says that the United Nations has a monopoly on mediation, but there is an advantage of having the United Nations as the mediator. The reason is that you get some long-term approach from the United Nations. You get an organization that will engage on a certain conflict with a long-term vision in mind. That won't change depending on the situation in the world. But also, the additional value that you have using the United Nations as a mediating entity is the fact that it's the only universal intergovernmental organization there is. With that comes a certain relative impartiality. I say “relative” because impartiality will always be contested, but you will not find a party that is more impartial than the United Nations. When I mediate, I represent the global community.
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U.S. urges Hamas to take ceasefire deal as Blinken lands in Israel
The White House urged Hamas and its interlocutors to accept a “fresh” proposal that would in its first phase free three dozen vulnerable hostages during a 40 day Gaza ceasefire, and said the United States would serve as one of the guarantors of the deal. “This is a…really good proposal and Hamas ought to jump at it,” National Security Council spokesperson John Kirby told reporters on a zoom today (April 30). “And time is of the essence.” “Our focus right now is on getting a ceasefire and hostages home,” Secretary of State Antony Blinken told reporters in Amman, Jordan, today before flying to Israel. “That is the most urgent thing, and it’s also I think what is achievable.”
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Mosaic sells Saudi JV stake to Ma’aden in $1.5 billion deal
US fertilizer company Mosaic (NYSE: MOS) is selling its 25% stake in an $8 billion Saudi Arabian phosphate production joint venture to the country’s flagship miner Ma’aden, in a stock deal worth about $1.5 billion.
Ma’aden, which already holds 60% of Ma’aden Wa’ad Al Shamal Phosphate Co. (MWSPC), will issue about 111 million shares to buy Mosaic’s stake in the venture, a partnership that also includes Saudi Basic Industries Corp, with a 15% interest. -
BlackRock to launch Saudi investment firm after $5bn deal with Riyadh
BlackRock has struck a deal with the Saudi Arabian government to open a multi-class investment firm in Riyadh, anchored by a $5bn mandate from the kingdom’s Public Investment Fund. BlackRock Riyadh Investment Management will be a wholly owned subsidiary of the $10.5tn US asset manager. Riyadh-based professionals will manage funds that invest primarily in Saudi Arabia but also the rest of the Middle East and north Africa. The goal is to attract additional overseas capital to Saudi Arabia and deepen its capital markets through a range of investment funds managed by BlackRock.
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Saudi Arabia will ‘downscale’ some Vision 2030 projects like Neom amid ‘challenges,’ minister says
Officials said in a press release that the credit line will support Neom's short-term financing requirements, including the development of Trojena, The Line, and the luxury island destination Sindalah. Neom's CEO, Nadhmi Al-Nasr, said: "This new credit facility, backed by Saudi Arabia's leading financial institutions, is a natural fit within our wider strategy for funding. We continue to explore a variety of funding sources as we deliver transformational infrastructure assets while supporting the wider Vision 2030 program."
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