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Report: Saudi-backed SoftBank Earnings Surge on Vision Fund Valuation
- August 7,2018
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- SUSTG Team
SoftBank has reported a 49.2 percent surge in its latest quarterly earnings due in part to a $2.2 billion gain at its tech-focused Saudi-backed Vision Fund, Zawya reports. According to Zawya, the fund’s investment gain was a result of the sale of the Indian e-commerce company Flipkart to US chain Walmart. An increase in the value of the fund’s […]
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Saudi Ambassador to the US Prince Khalid Bin Salman Visits CENTCOM in Florida
- August 3,2018
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- SUSTG Team
Saudi Ambassador to the United States Prince Khalid bin Salman visited the US Central Command (CENTCOM) headquarters in Tampa, Florida this week to meet with top U.S. military officials and Saudi officers stationed at the facility, Arab News reports. The Ambassador, a former F-15 pilot and tactical intelligence officer in the Royal Saudi Air Force (RSAF), held […]
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Saudi Foreign Reserves Continue to Rise, Expected to Reach $536b by 2019 — Jadwa Investment
- August 2,2018
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- SUSTG Team
SAMA FX reserves rose by $1.8 billion month-on-month to stand at $506 billion in June, a recently released report by Jadwa Investment said, noting that FX reserves have risen by $10 billion during the year so far. The Riyadh-based investment group expects a continued rise to reach $536 billion by the end of the year. Fahad Alturki, chief […]
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Future Mega-City NEOM in Saudi Arabia Receives First High-Profile Holiday Visitor: King Salman
- July 31,2018
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- SUSTG Team
Saudi Arabia’s King Salman arrived yesterday for a holiday in NEOM, the $500 billion future city in the remote northwest corner of the Kingdom near Egypt. It is not known where or for how long the King will stay in NEOM, but according to Reuters, the first contracts awarded for the new city were for 5 […]
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S&P Dow Jones to Upgrade Saudi Stocks to Emerging Market Next Year
- July 25,2018
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- SUSTG Team
Global equity index compiler S&P Dow Jones Indices will upgrade Saudi Arabia’s bourse to emerging market status from a stand-alone market next year, becoming the latest in a series of index firms to promote Riyadh, according to Reuters and a statement released on S&P Dow Jones’ website. S&P Dow Jones will “add major Saudi stocks to […]
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Reports: Saudi Aramco Interested in Buying Controlling Stake in Sabic, Possibly Up to 70%; IPO Timeline in Question
- July 23,2018
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- SUSTG Team
Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly up to 70% of the company that is currently controlled by the Public Investment Fund (PIF), according to reports. Sabic, as the chemical company is known, carries a market value of over $100 billion. Amin Nasser, Aramco’s chief executive officer, said in an […]
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KAPSARC Report: The $200 Billion Annual Value of OPEC’s Spare Capacity to the Global Economy
- July 20,2018
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- SUSTG Team
A recent peer-reviewed report by the King Abdullah Petroleum Studies and Research Center (KAPSARC) finds that OPEC’s spare capacity reduces oil price volatility and generates between $170 and $200 billion of annual economic benefits for the global economy. “Rising international oil prices and increased geopolitical uncertainty have put OPEC’s spare production capacity back into the spotlight,” […]
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Report: Saudi Aramco Mulls Stake in SABIC
- July 18,2018
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- SUSTG Team
Saudi Aramco has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC), two sources with direct knowledge of the matter told Reuters. Riyadh-listed SABIC, the world’s number-four chemical firm, is 70 percent owned by the Public Investment Fund, Saudi Arabia’s top sovereign […]
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Report: Saudi to Invest $10b in South Africa’s Economy
- July 13,2018
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- SUSTG Team
Saudi Arabia will invest at least $10 billion in South Africa, mostly in the energy sector, including building oil refineries, Reuters reports, citing the spokeswomen for South Africa’s president Cyril Ramaphosa said on Thursday. The pledge was made by Saudi Crown Prince Mohammed bin Salman during an official visit by President Ramaphosa and government ministers […]
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Exclusive: Engineering Giant Bechtel Launches New Women’s Empowerment Program in Saudi Arabia
- July 3,2018
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- SUSTG Team
Global engineering and procurement giant Bechtel Corporation will launch a new pioneering program for women’s empowerment in Saudi Arabia, set to be announced this month and rolled out this fall, SUSTG has learned. Working with Al Khaleej Training and Education organization, the program aims to increase women’s participation in the country’s workforce through training and […]
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MUST-READS
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Saudi Arabia has entrepreneurs’ backs, launches instant visa to help
Saudi Arabia is opening its doors to entrepreneurs like never before and has now unveiled a visa scheme that makes establishing a business so much easier. The newly launched "instant visa" was announced on Monday by the kingdom's Minister of Human Resources and Social Development, Ahmed Al-Rajhi.
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Competition for Mediterranean Natural Gas Deepens as Gulf, European States Join the Fray
A set of alliances developing across the eastern Mediterranean is increasingly drawing in countries as far afield as the Gulf Arab states. It broadly pits a coalition of Greece, Cyprus, and Israel, backed by Egypt, the United Arab Emirates, and France, against a smaller but more unified axis of Turkey, Qatar, and the Libyan Government of National Accord in Tripoli and its associated militias.
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Turkey threatens Europe with refugees after 33 troops killed
Turkish President Recep Tayyip Erdogan, whose country already hosts more than 3.5 million Syrian refugees, has long threatened to “open the gates” for millions of refugees eager to flee to Europe unless more international support was provided.
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A Short Hop From Europe, This Tourism Gem Aims to Open Its Doors
With a warm Mediterranean sea in summer, great winter skiing, vast Saharan deserts, towering Roman ruins and prehistoric art of global renown alongside an intriguing modern Arab culture, Algeria should be a top travel destination.
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EU leading efforts to save Iran nuclear deal in Vienna
The remaining parties to the Iran nuclear deal will meet in Vienna on Wednesday, the EU’s diplomatic service announced, after Britain, France and Germany launched a dispute process over Iran’s successive pullbacks.
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How This Saudi Arabian Female Entrepreneur Broke Barriers To Champion Women In Motorsports
Aseel Al-Hamad, founder of IDegree Design, an integrated interior design agency, became the first female to be appointed as a board member of the Saudi Arabian Motor Federation. She champions the voice of female drivers in the Kingdom.
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Red Sea Film FestivalSaudi Arabia’s Red Sea Film Festival reveals lineup
The Red Sea Film Festival will run from March 12 to 21 and will screen 107 features and short films, including a lineup of 16 films in-competition, seven non-competition films, 11 Saudi features, and 13 short films for the shorts competition, 23 films for best of year category, and 17 experimental films for the Tajreeb category, which is based on local narratives of Saudis and non-Saudis living in the Kingdom.
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EU split over naval mission amid Libya arms embargo concerns
A number of European Union countries are still blocking any move to resume a naval operation in the Mediterranean Sea over concerns that it might encourage migrants to set out from Libya in search of better lives in Europe, the EU’s top diplomat said Monday. The naval mission, Operation Sophia, was launched in 2015 amid a wave of migration across the sea from North Africa to Europe. The aim was to crack down on migrant smugglers and enforce a U.N. arms embargo on conflict-torn Libya, which is routinely being flouted.
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LebanonLebanon weighs defaulting Eurobond next month
Lebanon’s finance minister said Thursday that its new government is weighing whether to pay or default on its $1.2 billion Eurobond maturing next month, amid an economic crisis that has sparked months of unrest. Lebanon is facing a deepening liquidity crunch and a soaring public debt. Lebanese banks raised interests rates in a bid to attract foreign investments — but now the influx of foreign currencies has dried up and the Central Bank’s foreign currency reserves are shrinking.
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TourismPlans to Develop AlUla, Saudi Arabia Into the ‘World’s Largest Living Museum’ by 2035 Unveiled
Saudi Arabia aims to host two million visitors a year in AlUla by 2035. The RCU estimates the project will create more than 67,000 new jobs - almost half of them in the tourism sector.
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