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Borrowing by Arab Governments More than Doubled Last Year as Energy Producing Nations Feel the Pinch
- March 2,2016
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- SUSTG Team
Borrowing by Arab governments more than doubled last year and is forecasted to remain high in 2016, according to the ratings agency Standard and Poor’s (S&P). Last year, Saudi Arabia borrowed $26 billion, and in total, GCC Governments borrowed $40 billion overall. Egypt borrowed the most of any Arab nation with $44 billion. S&P projects […]
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Saudi Central Bank Announces an ‘Affordable Mortgage’ Program Intended to Boost Housing Sector
- February 29,2016
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- SUSTG Team
Saudi Arabia’s central bank said in a statement it plans to launch an “affordable mortgage” program to finance residential real estate purchases by Saudi citizens, according to reports. Home buyers would be responsible for a down payment of 15 percent of the property’s value, and commercial banks would supply a further 70 percent. An additional […]
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Collapse in Oil Prices Hits Saudi S&P Credit Rating
- February 18,2016
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- SUSTG Team
Saudi Arabia and other oil-producing nations saw a cut in credit ratings by Standard & Poor’s on Wednesday amid the collapse in crude oil prices, according to reports. According to Forbes, Saudi Arabia is now rated A-, “a two notch downgrade from S&P’s previous rating of A+, [and] is forecast to have a current account deficit […]
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Popular King Abdullah Scholarship Program Reported to have New Restrictions along with Reduced Budget
- February 10,2016
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- SUSTG Team
Saudi Arabia’s King Abdullah Scholarship Program (KASP) has reportedly been narrowed to include only top universities and programs, months after the program was expanded to include all students and their families. Founded in 2005 and one of the late King Abdullah’s legacy programs, the scholarship fund covers full tuition, medical insurance, a monthly stipend for living expenses, and […]
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Little Upside in Latest Jadwa Saudi Chartbook
- February 2,2016
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- SUSTG Team
Riyadh-based Jadwa Investment’s latest monthly chartbook overviewing the Saudi economy contains mostly negative economic data on consumer spending, activity, government accounts, and inflation. Economic data for the month of December 2015 indicates a slowdown in activity, and data on consumer spending continued to point to a softening trend, while PMI fell to a record low, […]
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Saudi Arabia, Turkey Support Syrian Opposition at Geneva Talks but ‘Avoid Setting the Agenda’
- February 1,2016
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- Lucien Zeigler
Saudi Arabia and Turkey voiced their support of Syria’s opposition members in Geneva for possible U.N.- sponsored peace talks with the Syrian regime, whether the opposition continued with the talks or not. The comments were made in a joint press conference by Saudi Arabia’s Foreign Minister Adel Al-Jubeir and Turkish Premier Ahmet Davutoglu in Riyadh. Saudi […]
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Saudi Competitiveness, Energy, Women in Focus at 9th Global Competitiveness Forum in Riyadh
- January 26,2016
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- SUSTG Team
The 9th Global Competitiveness Forum (GCF) in Riyadh entered its third and final day with a focus on energy, women in the workforce, and increasing Saudi Arabia’s competitiveness in the global economy. Annually, it is one of the largest business forums in the Kingdom and is well-attended by government, business, and academic leaders from Saudi […]
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U.S. Chamber of Commerce and Council of Saudi Chambers Kick-off U.S.-Saudi Arabia CEO Summit
- January 25,2016
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- SUSTG Team
On January 24, 2016 at the Council of Saudi Chambers of Commerce building the U.S.-Saudi CEO Summit kicks off a focused, high-level private-sector initiative to assess the U.S.-Saudi commercial and business environment in order to enhance bi-lateral trade, investment and cooperation. The Saudi-US Trade Group team is in Riyadh to participate in the inaugural U.S.-Saudi […]
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IMF Backs Saudi Cuts, Puts Saudi Growth Forecast at 1.2 Percent in 2016
- January 20,2016
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- SUSTG Team
The “new reality” of lower crude prices means governments in the Gulf – and especially Saudi Arabia – are right to cut spending to reflect this new fiscal reality, the IMF said. The IMF slashed its forecast for growth in Saudi Arabia, as it blamed the slowing Chinese economy, the collapse in oil prices and […]
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Oil Dips Below $30 on Brent for the First Time Since 2004 as Iran, China Put Downward Pressure on Prices
- January 14,2016
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- SUSTG Team
The price of oil on Brent fell below $30 a barrel for the first time since April 2004, but eventually recovered to $30.22, according to reports. Oil prices have fallen by 70% in the past 15 months. A gusher of supply from around the world continues to put downward pressure on prices. According to CNBC, U.S. […]
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MUST-READS
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U.S. EconomyU.S. slowdown deepens as economic growth slips to 1.9 percent pace in third quarter
The data, released Wednesday morning by the Commerce Department, came as economists anticipated slightly weaker growth following President Trump’s decision to dramatically expand his trade war with China in early August.
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Abu Bakr Al-BaghdadiThe tip, the raid, the reveal: The takedown of al-Baghdadi
The daring raid was the culmination of years of steady intelligence-gathering work — and 48 hours of hurry-up planning once Washington got word that al-Baghdadi would be at a compound in northwestern Syria.
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Anti-ISIS CampaignISIS Leader Baghdadi is Dead But Terrorists Remain Emboldened Since Trump’s Drawdown in Syria
The Kurdish-led Syrian Democratic Forces (SDF) spent five months working with the U.S. government to gather intelligence on Baghdadi’s whereabouts, according to Kurdish and U.S. officials. Gen. Mazloum Abdi, SDF commander, was the only foreigner to know about the target, he told Foreign Policy through a translator. His account was confirmed independently by the senior U.S. official.
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IraqDefying crackdown, thousands of Iraqis keep protesting
At least 74 Iraqis were killed on Friday and Saturday and hundreds wounded as demonstrators clashed with security forces and militia groups in a second wave of this month’s protests against Prime Minister Adel Abdul Mahdi’s government. About 231 people have been killed in October.
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IMF World Economic OutlookWorld Economic Outlook, October 2019: Global Manufacturing Downturn, Rising Trade Barriers
Global growth is forecast at 3.0 percent for 2019, its lowest level since 2008–09 and a 0.3 percentage point downgrade from the April 2019 World Economic Outlook.
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Saudi AramcoFitch downgrades Aramco to ‘A’ with stable outlook, after attacks on oil facilities
Fitch on Monday downgraded Saudi Aramco by one notch after attacks last month on two production facilities, putting the rating of the state-owned oil giant at par with the one of Saudi Arabia, which the agency downgraded on Sept. 30. Aramco – the world’s largest oil company and the most profitable – obtained its first credit rating of A+ by Fitch in April ahead of its inaugural public bond issue.
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QatarEmpty seats cast new shadow on Qatar’s hosting of athletics world champs
There appeared to be only dozens of fans left just minutes after the women’s 100-meter final, one of the marquee events of the world track championships in Doha, Qatar. Most of them were Jamaican supporters, team officials or Fraser-Pryce family members.
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MBSSaudi Crown Prince Says Iran War Would Bring Down Global Economy
“Oil prices will jump to unimaginably high numbers that we haven’t seen in our lifetimes,” he said of any war. Still, the world needed to take “strong and firm action to deter Iran” or see further escalations, the prince said in an interview for CBS’s “60 Minutes” on Sunday.
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Cyber SecuritySaudi Aramco Doubles Down On Cybersecurity As Threat Levels Rise
Al Fareed said the nature of the threats Saudi Aramco faces ranges from "state actors" to rogue individuals "trying their hand at ransomware attacks" with increasing frequency.
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Iran SanctionsAs U.S. Cracks Down on Iran’s Oil Sales, It Calls Out an Ally
Penta Ocean Ship Management and Operation LLC, and Fourteen Star Shipping Management—two U.A.E.-based companies controlled by Indian businessmen—assisted Iranian oil shipments to Syria and processed millions of dollars in expenses incurred by vessels connected to those entities, the U.S. Treasury said as it designated them.
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