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Monsha’at Report — Number of SMEs in Saudi Arabia Grows 25.6% in 1H 2022
- August 29,2022
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- SUSTG Team
Saudi Arabia’s General Authority for Small and Medium Enterprises (Monsha’at) said the number of registered SMEs in Saudi Arabia hit 892,063 in the first half of this year, registering a 25.6 percent increase from the fourth quarter of 2021.
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Global migration trends, big cat conservation in Saudi Arabia, the new Saudi companies law and more!
- August 26,2022
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- SUSTG Team
Episode 59! The hosts talk about a newly-released and interesting UN report on global migration trends, big cat and other endangered species conservation in Saudi Arabia, and much more in the program’s finishing Yallah! segment. Programming note: The 966 will return next week with a featured interview, then be back in full swing as September […]
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Saudi Arabia’s Non-Oil Exports Surge by 31% in Q2 to $23 Billion
- August 25,2022
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- SUSTG Team
Saudi Arabia’s non-oil exports surged by 31 percent in the second quarter to SR86.2 billion ($22.9 billion) from SR65.8 billion in the same period last year, the General Authority for Statistics, also known as GASTAT, said in a report.
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SAMA Licenses Two More Fintech Companies, Bringing Total to 38
- August 24,2022
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- SUSTG Team
The Saudi Central Bank, also known as the Saudi Arabian Monetary Agency (SAMA), announced on its website that it has granted permits to two companies to provide open banking solutions, bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38.
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Saudi Arabia’s Energy Minister Says Paper and Physical Oil Markets ‘Have Become Increasingly More Disconnected’
- August 23,2022
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- SUSTG Team
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said “extreme” volatility and lack of liquidity mean the futures market is increasingly disconnected from fundamentals, and as a result, OPEC+ may be forced to cut production to balance the market, Bloomberg reports.
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C3 US-Arab Healthcare and Business Summit Set for September 19th, 2022 at Union League Club in New York City
- August 22,2022
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- SUSTG Team
The C3 US-Arab Healthcare and Business Summit, a leading conference in the sector now in its 11th Annual edition, is set to take place September 19th, 2022 at the Union League Club in New York City.
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Saudi Arabia Eyes Hosting Olympics as ‘Ultimate Goal’ of Growing Sports Portfolio
- August 22,2022
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- SUSTG Team
Fresh off of hosting the boxing heavyweight title fight in Jeddah this weekend, Sports Minister Prince Abdulaziz bin Turki Al-Faisal stated that Saudi Arabia has the “ultimate goal” of hosting the Olympics while it continues to develop a local sports industry and attract international events, according to an interview with the AFP and reported in Al […]
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Deputy Minister of Investment for Saudi Arabia Dr. Saad Alshahrani joins The 966, The IMF’s report on Saudi’s economy, and much more
- August 19,2022
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- SUSTG Team
Episode 58! Dr. Saad Alshahrani, Deputy Minister for economic affairs and investment studies at Saudi Arabia’s Ministry of Investment joins The 966 to talk about the Saudi economy, investment opportunities, and reforms in the Kingdom. Dr. Saad also shares his story of studying in the U.S. and journey to becoming a deputy minister. Before the […]
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PIF Returns to Buy-Low Playbook with 2Q Stock Market Buying Spree
- August 18,2022
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) bought shares in Alphabet, Zoom Video, and Microsoft this week as part of a wider pick of U.S. stocks, bringing the market value of the sovereign wealth fund’s investment portfolio to about $40.8 billion at the end of the second quarter, Reuters reports.
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IMF: Saudi Economy Likely to be One of the Fastest Growing in the World in 2022
- August 17,2022
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- SUSTG Team
The International Monetary Fund (IMF) on Wednesday maintained its economic growth forecast for Saudi Arabia at 7.6% this year, bucking the global trend toward recession and likely placing it among the top growing economies in the world in 2022.
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MUST-READS
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Saudi Arabia condemns Israeli plan on annexed Golan population
Saudi Arabia on Sunday condemned and denounced the Israeli government’s approval of a plan to double the population of the occupied and annexed Golan Heights. Israel’s government “unanimously approved” the $11 million “plan for the demographic development of the Golan... in light of the war and the new front in Syria and the desire to double the population,” Prime Minister Benjamin Netanyahu’s office said. “The Kingdom renews its call to the international community to condemn these Israeli violations, stressing the need to respect Syria’s sovereignty and territorial integrity,” the Saudi Foreign Ministry said in a statement.
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Saudi Arabia proposes renaming OAPEC into the Arab Energy Organization
Members of the Organization of Arab Petroleum Exporting Countries (OAPEC) signed a resolution on Sunday to rename the organization to the Arab Energy Organization (AEO), the Saudi Press Agency reported. Saudi Arabia had proposed renaming and restructuring the organization during the 113th ministerial meeting in Kuwait this week. Saudi Arabia's proposal aimed to enhance OAPEC's charter and promote stronger cooperation among its members as part of a larger reconstruction initiative, the SPA added.
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Another huge airport coming in Riyadh, Saudi Arabia – living up to the hype
Now Saudi Arabia will open what is being billed as one of the world's physically largest airports - King Salman International - in Riyadh by 2030, forming a crucial part of Crown Prince Mohammed bin Salman's 'Vision 2030'. The international companies Foster + Partners, Jacobs, and Mace, along with the Saudi company Nera, have already been signed up to design and build it. Coming in at USD29 billion, it will be the one of world's costliest airport projects too. Along with the extension of Dubai World Central (Al Maktoum International Airport) in the UAE; the now mostly completed expansion of Hong Kong International Airport including the third runway; the Long Thanh Airport in Vietnam - a greenfield project; and the expansion of Jeddah's King Abdulaziz International Airport - also in Saudi Arabia. The Asia Pacific region is the world's most populous, and the fact that three of these five projects are in the relatively lightly populated Middle East, rather than there, is testament to the continuing ambition already inherent in that region.
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FIFA has a human rights policy, so how could it award Saudi Arabia the 2034 soccer World Cup?
Supporters of the decision, including respected sports journalist Tracey Holmes, argue a World Cup in the kingdom offers a once-in-a-generation opportunity to foster positive change. A range of celebrities and players also congratulated the Saudi Arabian Football Association and Prime Minister Mohammed bin Salman. FIFA claims it can encourage positive human rights transformations in host nations, and since 2017 it has enshrined human rights in its guiding principles. In 2017, FIFA’s executive committee signed onto the so-called “Ruggie Principles”, adopted by the United Nations Human Rights Council unanimously in 2011.
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Saudi Arabia’s cybersecurity strategy: Building a resilient digital future
At the heart of this strategy is the National Cybersecurity Authority (NCA), which was established to oversee and coordinate the Kingdom’s cybersecurity efforts. The NCA is tasked with ensuring that all sectors, both public and private are aligned in their cybersecurity initiatives. By providing a clear framework and governance structure, the NCA fosters collaboration between government entities, critical infrastructure providers, and private-sector partners to address emerging cyber risks.
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Saudi Arabia ranks third in global AI policy review, behind US, UK
Saudi Arabia has been ranked third globally in the Organization for Economic Co-operation and Development’s AI Policy Observatory, behind the US and the UK.Al-Ghamdi added that the Kingdom’s AI Ethics Early Adopters initiative and the International Center for AI Research and Ethics were vital in enhancing trust in AI products and establishing ethical standards for AI practices and services. He said that ICAIRE, which is based in Riyadh and sponsored by UNESCO, had been selected as a regional and global partner for advancing the AI ethics agenda. Al-Ghamdi added that UNESCO had praised Saudi Arabia’s advances in the AI sector as part of a recent report evaluating countries’ readiness to adopt AI in accordance with ethical values and international standards.
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Saudi Arabia hosting World Cup 2034 will harm climate, experts say
As the newly named host of the 2034 World Cup in men's soccer, Saudi Arabia says it will construct or renovate 15 stadiums, create a futuristic city and expand airports in a massive build-out to accommodate millions of athletes, coaches and spectators. That will emit tons of planet-warming greenhouse gases as concrete and steel are manufactured and transported, diesel-powered excavators and trucks move material, and new buildings are powered and cooled. When all the emissions associated with the world's buildings are grouped together, they are the largest contributor to climate change.
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Halo AI launches services in Saudi Arabia
Halo AI, a Saudi-based AI-powered networking platform, proudly announces the launch of its innovative solution designed to revolutionise brand-creator collaborations. Halo AI uses artificial intelligence to connect brands with nano- and micro-influencers who have strong, authentic audience relationships in specific niches. Their unique expertise and genuine connections drive higher engagement rates, helping companies achieve better Return on Ad Spend (ROAS) as they scale their influencer marketing programs.
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Saudi Arabia reveals Riyadh Declaration for inclusive AI
Saudi Arabia today announced the Riyadh Declaration at the start of the Internet Governance Forum (IGF) 2024, hosted by the United Nations in Riyadh. Backed by HRH Crown Prince Mohammed bin Salman, the declaration emphasises inclusive, innovative, and impactful artificial intelligence. It seeks to expand digital access, promote sustainability, and address global challenges. The declaration also highlights AI's role in improving digital literacy, fostering economic inclusion, protecting the environment, and enhancing public health.
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Saudi Arabian Real Estate: Beyond the Headlines
In this report, we delve into the transformative potential of Saudi Arabia’s logistics sector, exploring why it is poised to become a cornerstone of the country’s long-term real estate value. While high-profile “giga-projects” like futuristic designs, luxury resorts, and preparations for the 2034 World Cup dominate headlines, the logistics sector offers compelling investment opportunities driven by strong fundamentals and government-led transformation. With the Saudi commercial real estate market projected to grow from over $20 billion in 2023 to $31 billion by 2028, this report identifies zones of opportunity, examines the macroeconomic drivers behind the logistics boom, and provides strategic insights to help investors navigate this dynamic and complex market.
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