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Saudi Arabia to Launch Tourism Development Fund with an Initial $4 billion Investment
- June 22,2020
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- SUSTG Team
Saudi Arabia plans to start a tourism development fund with an initial $4 billion investment, according to reports citing an announcement from the Ministry of Tourism.
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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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1.2 million Expat Workers to Leave Saudi Arabia in 2020, Jadwa Estimates
- June 16,2020
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- SUSTG Team
As many as 1.2 million foreign workers will leave the Saudi labor market in 2020, with an estimated 300,000 already gone this year, according to a recent labor market update by Jadwa Investment.
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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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KAPSARC: Estimating the Impact of the COVID-19 Pandemic on Saudi GDP
- June 11,2020
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- SUSTG Team
Riyadh-based think tank KAPSARC recently released a report examining the estimated impact of the COVID-19 Pandemic on Saudi GDP, finding a “medium scenario” of severity as described in the report most likely.
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Second Wave: Saudi Arabia Continues Battle Against COVID-19 Spread; 3,717 New Cases Reported
- June 10,2020
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- SUSTG Team
Saudi Arabia announced 36 more Coronavirus deaths and 3,717 new cases of the disease on Wednesday, a significant uptick in cases as the Kingdom deals with a second wave after initial successful efforts in flattening the curve.
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SAMA Uses Blockchain for Local Deposits of Announced Funds
- June 9,2020
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- SUSTG Team
The Saudi Arabian Monetary Authority (SAMA) used blockchain technology to deposit part of the liquidity that SAMA had previously announced to be injected into the banking sector “as part of SAMA’s actions aimed at enhancing the sector’s capabilities to continue its role in providing credit facilities,” the organization announced.
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A Milestone for Al-Ula’s Conservation Efforts as Kingdom Welcomes Newborn Gazelle
- June 5,2020
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- SUSTG Team
Saudi Arabia took a first and important step in its longterm conservation plans for the Al-Ula area this week by welcoming a newborn Arabian gazelle, which took its first steps under the watchful eye of rangers from Al Ula’s Sharaan Nature Reserve, according to a report in The National.
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Analysis: With Saudi Arabia’s PIF Investment in Two Canadian Energy Companies, Strategic Investment Shift Continues
- June 3,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) invested in two Canadian energy companies in the first quarter of 2020, expanding its holdings in the sector likely at lower-than-usual valuations as oil prices hit cyclical lows this year.
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Jordan releases 16 of those arrested in destabilizing palace plot: State media
King Abdullah was quoted by the royal court as saying he had called for the release of “brothers” who were “misled, wronged, dragged behind this sedition” so they could be with family as soon as possible during the Muslim fasting month of Ramadan.
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Syrian missile explodes in area near Israeli nuclear reactor, Israel retaliates
A Syrian missile exploded in southern Israel on Thursday, the Israeli military said, in an incident that triggered warning sirens near the secretive Dimona nuclear reactor and an Israeli strike in Syria. An Israeli military spokesman identified the projectile as an SA-5 surface-to-air missile fired by Syrian forces against Israeli aircraft. He said it overflew its target to reach the Dimona area, 200 km (125 miles) south of the Syrian border.
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How China and Russia are using ‘vaccine diplomacy’ to enhance influence in the Middle East
On the one hand, Israel is not using China’s vaccine, noted Roie Yellinek, a non-resident scholar at the Middle East Institute and a research associate at the Begin Sadat Center for Strategic Studies. This means that Beijing is not allowing Israelis to enter its territory without quarantine since Chinese authorities do not recognize the Pfizer and Moderna vaccines.
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Exploring the traditional flavors of Ramadan in Saudi Arabia
Ramadan is a special time for Muslims to get together with family and loved ones. These gatherings in Saudi culture result in a diverse menu of delicious dishes, with many being made exclusively during the holy month. Muslims worldwide fast from dawn to sunset. Therefore, among all the aspects of local culture, food-related traditions are the most significant, distinguished and diverse. However, there are also shared meals and components of the Saudi iftar table featured in the holy month across the Kingdom.
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Saudi Aramco Explores Supply Chain Financing Initiative
Saudi Aramco has more than 10,000 suppliers in its home country, WSJ reported, citing an unnamed source. The Saudi government, which owns much of the oil company, has pressed for faster payment to those companies to stimulate the domestic economy. The new financing system would be used to cover between $500 million and $2 billion in supplier payments each month, WSJ reported.
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Vaccine diplomacy in the MENA region
Amid the vaccine rollout in the MENA region three trends can be observed: (a) international vaccine diplomacy by Russia, China, and the EU, (b) regional vaccine diplomacy by the UAE, Morocco, Turkey, Egypt, and Israel, and (c) the relationship between vaccine rollouts and domestic politics.
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Saudi-led coalition destroys three explosives-laden drones fired at Jazan
The Saudi-led coalition destroyed three Houthi explosives-laden drones fired in the direction of the southern Saudi city of Jazan, state TV reported on Thursday. The coalition said it would take “necessary operational measures” to protect civilians in line with international law.
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Kuwait Asks Banks to Employ Citizens in Top Leadership Positions
Kuwaiti nationals should comprise at least 70% of the banking sector’s upper and middle-level managements, the regulator said Wednesday. Banks will have until the end of 2023 to implement the changes.
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France and EU ponder sanctions for Lebanese politicians, diplomats say
France and the European Union are putting together proposals that could see asset freezes and travel bans imposed on Lebanese politicians to push them finally to agree on a government to rescue their country from economic collapse.
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Saudi-led coalition destroys Houthi explosives-laden drone fired at Jazan
The Saudi-led coalition destroyed a Houthi explosives-laden drone fired in the direction of the southern Saudi city of Jazan, state TV reported on Thursday.
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