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PIF-Subsidiary Launches 1 Million Square Meter Amusement Park, Other Projects in Eastern Province
- May 1,2019
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- SUSTG Team
Saudi Entertainment Ventures (SEVEN), a subsidiary of the Public Investment Fund (PIF), said on Wednesday that it was launching its largest project to date in the Eastern Province of the Kingdom – an amusement park, along with other entertainment projects. In its announcement, SEVEN said it would be building its first amusement park, which will cover an area […]
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70 Percent Increase in New Licenses for Foreign Businesses in First Quarter, Al-Omar Says
- April 29,2019
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- SUSTG Team
The number of new licenses approved for foreign businesses in Saudi Arabia rose by 70 percent in the first quarter from a year earlier, the head of Saudi Arabia’s General Investment Authority (SAGIA) said. According to Bloomberg, applications from British and Chinese companies drove the increase, rising by 86 percent and 71 percent, respectively. The data […]
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Saudi Arabia’s PIF Eyes Billions in Debt Raise after Aramco Success – Report
- April 26,2019
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- SUSTG Team
Saudi Arabia’s Public Investment Fund is planning to tap the debt market for billions of dollars, according to a Wall Street Journal report, which cited comments from the country’s finance minister Mohammed Al-Jadaan. The PIF has “begun preliminary talks with banks on a possible bridge loan of as much as $8 billion,” the WSJ reports, […]
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End of U.S. Waivers on Iranian Oil Looms Large on Future OPEC Output Quotas, Jadwa Says
- April 25,2019
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- SUSTG Team
A recently released report by Jadwa Investment examines the potential impact of the decision by the Trump administration to not extend all waivers on Iranian oil beyond May 2nd. The ending of waivers would require the cessation of all oil purchases from Iran, which averaged at least 1.5 million barrels per day (mbpd) in Q1 2019. […]
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Saudi Economy to Grow at 2% This Year, Government Posts Large 1Q Surplus
- April 24,2019
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- SUSTG Team
Saudi Arabia’s central bank governor, Ahmed Al-Kholifey, told Reuters in an interview that he expects economic growth to be “no less than 2 percent” in 2019. The comments from Al-Kholifey comes as a separate quarterly Reuters poll of economists found lowered expectations for growth in Arab Gulf economies this year. Gross domestic product in Saudi Arabia, […]
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Saudi Youth Unemployment Numbers Improve Significantly in 2018, Report Reveals
- April 17,2019
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- SUSTG Team
A recently released report by Jadwa Investment, citing latest government data, shows major gains in curbing high youth unemployment in the Kingdom. Overall unemployment declined slightly in Saudi Arabia by the end of 2018, to 12.7 percent by the end of 2018, from 12.8 percent in 2017, according to data from the latest General Authority for […]
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Saudi Aramco to Acquire Stake in South Korean Hyundai Oilbank for $1.2 billion
- April 15,2019
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- SUSTG Team
Saudi Aramco says it has reached an agreement to acquire a $1.25 billion stake in South Korean refiner Hyundai Oilbank that would provide it with “a dedicated outlet for its crude to South Korea.” The deal was struck between Aramco and Hyundai Heavy Industries Holdings for Saudi Aramco’s subsidiary, Aramco Overseas Company B.V (AOC), to […]
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Al-Falih Expects Strong Demand for Aramco’s First-Ever Bond Issue
- April 8,2019
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- SUSTG Team
Saudi Arabia expects strong demand for Saudi Aramco’s first-ever bond issue, which is expected to close on Wednesday. Demand for the bonds could surpass $30 billion, Energy Minister Khalid Al-Falih said while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh on Monday. Others estimate it could top $40 billion, more than four […]
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Saudi Arabia to Invest $35 Billion in Movie Theaters by 2020; Seeks 2,500 Screens
- April 4,2019
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- SUSTG Team
Saudi Arabia’s General Commission for Audiovisual Media (GCAM) announced that the Kingdom will spend $35 billion on cinemas by 2020, according to reports. The announcement was made Thursday at CinemaCon, the official convention of the National Association of Theatre Owners at Caesar’s Palace in Las Vegas. The GCAM is the authority in charge of issuing cinema licenses […]
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Saudi Aramco Opens its Books, Officially the World’s Most Profitable Company
- April 1,2019
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- SUSTG Team
State-owned Saudi Aramco is the world’s most profitable firm, eclipsing global heavyweights like Apple and Samsung, according to new data revealed ahead of a major bond issuance. Saudi Aramco’s earnings last year before interests, taxes, and depreciation stands at $224 billion, almost three times as much as Apple. Net income last year was $111.1 billion. The revelation of […]
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MUST-READS
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Lower energy investment could spark supply crisis – Saudi minister
Saudi Arabia's energy minister said on Monday that oil markets could face a dangerous period as reduced investments in exploration and drilling threaten to cut crude production by 30 million barrels per day by 2030. Prince Abdulaziz bin Salman al-Saud, speaking at a budget conference in Riyadh, also said that top oil exporter Saudi Arabia would be one of the few countries that could raise its oil production capacity in 2022.
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Saudi Arabia’s Wealth Fund Misses Domestic Investment Target
The fund was given an additional $40 billion from the reserves in March 2020 to invest overseas, taking advantage of the crash in markets. It used all that cash to buy stakes in companies including Citigroup Inc., Facebook Inc. and cruise-ship operator Carnival Corp. Just a few months later it had sold most of those holdings. That illustrates how much easier it’s been for the fund to deploy money internationally compared to the nascent diversification projects it focuses on at home.
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Saudi Aramco CEO warns of social unrest if new investment in fossil fuels ends too quickly
“I understand that publicly admitting that oil and gas will play an essential and significant role during the transition and beyond will be hard for some,” Nasser said during the conference, which has focused on low-carbon strategies and technology. “But admitting this reality will be far easier than dealing with energy insecurity, rampant inflation and social unrest as the prices become intolerably high, and seeing net-zero commitments by countries start to unravel,” he continued.
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Trade, Not Investment, is Iran’s Sanctions Relief Must-Have
The industrial equipment on which Iranian factories depend is overwhelmingly imported from just two sources: the European Union and China.
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Foreign investments in Saudi Arabia’s IT market hit $2.13bln
More than SR8 billion ($2.13 billion) of foreign investment has poured into Saudi Arabia’s IT market, Assistant Minister Munir El-Desouki has revealed. Speaking as part of a virtual Fintech tour, El-Desouki argued the telecom sector in the Kingdom is also now becoming attractive to outside investors.
- Saudi Arabia’s first-ever Future Minerals Summit to showcase to the world the Kingdom’s mining investment potential
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Saudi Arabia to double investments in Sudan to $2bln
He pointed out during the interview that the Kingdom is interested in the agricultural sector for investment, in order to keep pace with Saudi Arabia’s food security plan. Bahri revealed the formation of a Crisis Committee to deal with the challenges facing Saudi investments in Sudan, local papers reported on Sunday.
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Saudi Arabia’s Ever More Ambitious Investment Strategy
Officials in Saudi Arabia are pulling numerous levers to stimulate inward FDI. While Saudi investment initiatives are clearly ambitious, the feasibility of this longer-term and multifaceted investment strategy remains uncertain. The constant barrage of new economic announcements obscures earlier targets. Economic policymakers still enjoy the better part of a decade to produce demonstrable results. But as 2030 approaches, the underlying ambition and aspirational targets associated with investment initiatives will not be sufficient to meet the lofty expectations of Vision 2030.
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Mubadala’s investment focus to remain unchanged despite short-term challenges
“When I look at 2022, for us as Mubadala ... there’s no shift in terms of our strategy, in terms of themes in which we are investing in [and] in terms of how we look at the next five to 10-year cycle,” Khaldoon Al Mubarak said at the Global Manufacturing and Industrialisation Summit (GMIS 2021), which started in Dubai on Monday.
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Saudi Aramco eyes new investments in India after Reliance scraps deal
Saudi Aramco said it will continue to look for investment opportunities in India, days after Reliance Industries Ltd scrapped a plan to sell a stake in its oil-to-chemicals unit to the Middle Eastern company. “India offers tremendous growth opportunities over the long term,” Aramco said in a statement on Sunday. It will “continue to evaluate new and existing business opportunities with our potential partners.”
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