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  • IMF revises Saudi GDP growth down on oil cuts

    The International Monetary Fund on Tuesday revised downwards Saudi Arabia's economic growth by nearly one percentage point, mainly due to oil production cuts. The revision was the biggest among major economies and dragged down the rest of the Middle East and North Africa region, which is projected to grow 2.2% this year, a downward revision of half a percentage point from three months ago, IMF projections in its World Economic Outlook showed.

  • US ‘winding down’ Gaza pier operations

    U.S. Central Command yesterday announced that U.S. operators and others attempted to “re-anchor the temporary pier to the beach in Gaza to resume humanitarian operations. However, due to technical and weather-related issues, CENTCOM personnel were unable to re-anchor the pier to the shore … The pier and support vessels and equipment are returning to Ashdod where they will remain until further notice. A re-anchoring date has not been set.”

  • NATO’s narrow window of opportunity for an effective Southern Strategy

    The upcoming Washington Summit will mark the North Atlantic Treaty Organization’s (NATO) 75th anniversary with a wealth of initiatives aimed at further bolstering NATO’s deterrence and defense capabilities while providing Ukraine with a “bridge” toward future membership in the Alliance. Perhaps less known, NATO leaders will also look into revamping the bloc’s engagement with the South — namely, the Middle East and Africa

  • Saudi unemployment rate continues its downward trend, reaching 7.6% in 1Q 2024

    The unemployment rate for all Saudis continued its downward trend after recording a drop to 7.6 percent in the first quarter of 2024 compared to 7.8 percent during the fourth quarter of 2023. This rate became close to more than the Vision 2030 target, which has been set at seven percent, according to the Labor Market Bulletin for the first quarter of 2024, released on Sunday, by the Saudi General Authority for Statistics (GASTAT).

  • Banks drag Saudi down, Qatar hits 3-month high

    The Saudi index closed lower on Sunday, with the financial sector leading the losses, while the Qatari index hit a three-month high having risen consistently through the month. Saudi Arabia's benchmark stock index (.TASI), opens new tab, which recorded its first monthly gain after three months of consecutive losses, dropped 0.4%. The losses in the index were driven by Saudi Arabia's two biggest lenders, with Al Rajhi Banking And Investment Corporation (1120.SE), opens new tab declining 1.8% and Saudi National Bank (1180.SE), opens new tab dipping 1.2%.

  • Saudi Arabia’s unemployment rate down to 7.6% in Q1 2024

    The unemployment rate in Saudi Arabia fell to 7.6% in the first quarter of 2024, compared to 7.8% in the fourth quarter of 2023, according to the General Authority for Statistics’ (GASTAT) labor force survey. However, the employment-to-population ratio rose to 47.5% on a quarterly basis in Q1 2024. Saudi women’s employment also rose to 35.8% in the same period.

  • Saudi Arabia’s non-oil exports rise 12.4 percent, imports down 1.3 percent in April: Report

    Saudi Arabia’s non-oil exports saw a 12.4 percent annual increase in April 2024 while imports declined by 1.3 percent. National non-oil exports rose 1.6 percent while the value of re-exported goods increased by 56.4 percent during the same period. The latest report from the General Authority for Statistics (GASTAT) also reveals that Saudi Arabia’s merchandise exports declined by 1 percent annually in April 2024. Therefore, the share of oil exports from total exports declined from 80.6 percent in April 2023 to 78 percent in April 2024.

  • Saudi Arabia’s futuristic ‘mega cities’ could be quietly downgraded: report

    Continued low oil prices mean that some of the more ambitious elements of NEOM - such as The Line project - might be reduced in size and constructed over a longer period with the source telling the BBC that the planned 170km linear city will be just 2.4km in length when its first stage is completed in 2030. "The decision will be based on multiple factors," an anonymous advisor told the BBC.

  • Huge Saudi construction projects ‘might get scaled down’

    As well as Neom, Saudi Arabia is also developing 13 other large construction schemes, or “giga projects” as they are referred, worth trillions of dollars. These include an entertainment city on the outskirts of the capital Riyadh, multiple luxury island resorts on the Red Sea, and a cluster of other tourist and cultural destinations.

  • Under the Shadow of the War: Israel and Hezbollah

    Since the start of the Israel-Hamas war in Gaza October 7, 2023, Hezbollah has shown considerable restraint in its responses to Israeli attacks on its positions in Lebanon. However, intensified Israeli bombardments of southern Lebanon, targeted assassinations of Hezbollah’s midlevel commanders, and recent reported attempts on the lives of Hezbollah’s political and administrative figures would appear to signal a move by Israeli Prime Minister Benjamin Netanyahu to escalate the to-date contained, if sometimes spiking, conflict in the north, possibly as a way to prolong and expand the war in Gaza.