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Saudi Arabia’s Economy Expanded 11.8% in the Second Quarter; Non-Oil PMI Rises to 8-Month High — Jadwa Investment
- August 2,2022
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- SUSTG Team
Saudi Arabia’s economy expanded 11.8% in the second quarter of 2022, Bloomberg reports, maintaining the fastest pace of growth since 2011 as oil prices boost the Kingdom’s economy. Beyond oil, however, Saudi Arabia is seeing positive signs in the non-oil economy as the Kingdom continues apace with economic reforms as part of the Kingdom’s Vision 2030.
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Saudi Arabia Eyes Hosting of 2026 Women’s Asian Cup
- August 1,2022
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- SUSTG Team
Saudi Arabia has joined Australia, Jordan and Uzbekistan as nations who have expressed interest in hosting the 2026 Women’s Asian Cup, the Asian Football Confederation (AFC) said on Monday as reported in Reuters.
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Eyad Albayouk from Flat6Labs talks Saudi VC and KSA’s startup ecosystem, reacting to the unveiling of The Line at NEOM and more
- July 29,2022
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- SUSTG Team
Episode 54! The 966 talks with Eyad Albayouk from the VC firm Flat6Labs KSA. Eyad chats with us about Saudi Arabia’s growing startup ecosystem and entrepreneurship in the Kingdom, and the state of Saudi VC in 2022 as the Kingdom ramps up Vision 2030 execution. Before the interview, the hosts discuss the recently announced megaproject, […]
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Saudi Oil Exports Jump 106% Year-on-Year to Over $30 Billion in May 2022; US Sees Room for More Saudi, UAE Production
- July 28,2022
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- SUSTG Team
Saudi Arabia’s oil exports jumped 106 percent, reaching SR116 billion ($30 billion) during the month of May 2022 while compared to the same period last year, according to the latest report published by the General Authority for Statistics (GASTAT), released on Monday.
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IMF Raises Saudi Economy Growth Forecast for 2023 to 3.7%, Despite ‘Gloomy’ Global Developments
- July 27,2022
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- SUSTG Team
The International Monetary Fund has raised its expectations for the growth of the Saudi economy in 2023 to 3.7 percent, up from its April forecast of 3.6 percent.
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Crown Prince Mohammed bin Salman arrives in Greece in First Visit to Europe Since 2018
- July 26,2022
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman arrives in Greece today for talks with its premier, Kyriakos Mitsotakis, marking his first trip to a European Union nation since 2018.
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U.S. Yemen Envoy Tim Lenderking Heads to Saudi Arabia, Jordan to Push Yemen Peace Talks
- July 25,2022
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- SUSTG Team
The U.S. special envoy for Yemen, Tim Lenderking, is headed to Saudi Arabia and Jordan on Monday to continue Washington’s diplomatic efforts to back a United Nation’s mediated truce in Yemen, Reuters reports, citing the U.S. State Department said.
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Crown Prince Mohammed bin Salman, Russian President Putin Speak by Phone
- July 22,2022
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- SUSTG Team
Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman spoke by phone on Thursday and underlined the importance of further cooperation within the OPEC+ group of oil producers, Reuters reports, citing a release from the Kremlin.
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Saudi Arabia’s Venture Capital Funding Soars Threefold to $584m in the First Half of 2022
- July 21,2022
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- SUSTG Team
Saudi Arabia’s nascent venture capital scene is beginning to roar to life, tallying a threefold year-on-year increase in venture capital investments in the first half of 2022, according to a report on the sector by Magnitt.
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Report: Saudi Arabia Plans Air Cargo Roadshows to Boost Distribution, Logistics Sector
- July 20,2022
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- SUSTG Team
Saudi Arabia plans to stage a number of roadshows in the next 12 to 18 months “as it seeks to persuade the likes of Amazon.com Inc., Alibaba Group Holding Ltd. and Deutsche Post AG’s DHL to help scale up air-cargo and distribution operations,” Bloomberg reports.
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MUST-READS
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Saudi Arabia unearths treasure trove in Mecca
The Secretariat of Saudi Arabia’s holy capital revealed the delivery of 24 artifacts to the Ministry of Tourism, which were found, while the smart car parking project contractor was digging next to the Ma’lla Cemetery in Mecca.
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Saudi-led coalition in Yemen cut from U.N. blacklist of parties killing children
U.N. Secretary-General Antonio Guterres on Monday removed a Saudi Arabia-led military coalition from a U.N. blacklist, several years after it was first named and shamed for killing and injuring children in Yemen.
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Saudi Delivery Startup Shgardi Secures Seven-Figure USD Investment
The on-demand logistics startup already has over a million customers in the KSA, allowing users to order anything and everything they want through a network of around 30,000 drivers.
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Saudi Arabia’s Secret Plans to Unveil Its Hidden da Vinci—and Become an Art-World Heavyweight
Over the next decade, the government intends to build more than a dozen major art institutions, plus more smaller ones, in hopes of attracting tourists and adding as much as $27 billion to the country’s economy, says Hamed bin Mohammed Fayez, deputy culture minister.
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Fired U.S. State Department watchdog confirms probe of Saudi arms sale
A State Department inspector general abruptly fired by President Donald Trump last month confirmed on Wednesday that he was investigating the declaration of a “national emergency” to justify arms sales to Saudi Arabia when he was dismissed, members of the U.S. Congress said.
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Four Middle East state investment vehicles snare part of BlackRock $14bn stake sale
BlackRock Inc. attracted some of the world’s largest institutional investors and sovereign funds when a major stake was sold this month, illustrating chief Larry Fink’s connections with deep sources of capital in the US, Middle East and Asia. Existing shareholders Wellington Management, Capital Group Cos. and Fidelity Investments were among those that bought shares when PNC Financial Services Group Inc. sold a $14 billion BlackRock stake, according to people familiar with the situation.
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Saudi Arabia confirms virtual donors conference for Yemen in partnership with U.N.
Saudi Arabia confirmed that it will organise a virtual donors conference for Yemen on Tuesday in partnership with the United Nations. The state-run Saudi Press Agency on Friday cited a directive from King Salman, announcing the pledging conference.
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Saudi Arabia’s KAUST in global chip-development effort to thwart hackers
The scientists’ proposed system uses silicon chips containing complex structures that are irreversibly changed to send information in a one-time key that can neither be recreated nor intercepted by an attacker.
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Saudi Supreme Court to announce start of Eid Friday night
The Supreme Court in Saudi Arabia asked the Muslim population to seek the new month’s moon on Friday, state news agency SPA reported. The new moon would signify the start of Shawwal - the tenth month in the Islamic lunar calendar - the end of Ramadan and the start of Eid Al-Fitr.
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Domestic consolidation and international partnerships provide support to Saudi Arabia’s petrochemicals industry
For 2019 as a whole, the company made a profit of SR8.5bn ($2.3bn), a 73% decline from the SR31.9bn ($8.5bn) recorded in 2018, according to SABIC’s 2019 financial statements. Further contraction is expected in 2020, as the global outbreak of Covid-19 shuttered factories around the world and dampened demand.
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