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Saudi Arabia’s Non-Oil Private Sector Economy Reaches 4-Year High
- November 5,2019
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- SUSTG Team
Saudi Arabia’s non-oil private sector economy continued to expand in October, with business conditions improving at the fastest pace in four years, as output and new order growth in the kingdom gathered pace, according to reports and new data. The IHS Markit Saudi Arabia Purchasing Managers’ Index (PMI) increased to 57.8 in October 2019, the […]
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Jadwa Investment: Saudi Arabia’s 2020 Preliminary Budget Statement
- November 4,2019
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- SUSTG Team
A recent report by Jadwa Investment highlights the recent revisions in fiscal indicators presented by Saudi Arabia’s Ministry of Finance during its recent 2020 preliminary budget statement, noting adjustments in budgeted revenue, expenditures and more. The report notes that Saudi Arabia’s 2019’s revenue “is expected to total SR917 billion ($245 billion), in line with our forecast […]
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Saudi Arabia to Cut Spending, Deficit Projected to Widen as Economic Reforms Kick In
- November 1,2019
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- SUSTG Team
Saudi Arabia’s finance minister Mohammed Al-Jadaan said in his pre-budget statement for fiscal year 2020 yesterday that the Kingdom would cut spending and widen its projected deficit in a vote of confidence in Saudi Arabia’s economic reforms. He also said efforts will be made to “improve the efficiency of spending without any disruption to diversification and […]
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Announcement of New IPO Date for Saudi Aramco IPO Creates Buzz on FII’s Opening Day
- October 29,2019
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- SUSTG Team
Saudi Aramco’s long-planned IPO will see its first shares traded on Riyadh’s stock exchange in December, several news outlets are reporting, citing the Saudi-owned satellite news channel Al Arabiya. Al Arabiya said a final price for the stock will be set Dec. 4, with shares then beginning to be traded on the Tadawul stock market on Dec. 11. It added […]
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Future Investment Initiative 2019 Begins Tomorrow in Riyadh; Finance, Global Leaders Set to Attend
- October 28,2019
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- SUSTG Team
The third installment of Saudi Arabia’s mega-conference, the Future Investment Initiative (FII) will kick off tomorrow October 29th at the Ritz Carlton in Riyadh. The Kingdom is expecting to see over 6000 attendees with over 275 speakers from over 30 countries. FII is billed as an international platform for expert-led debate between global leaders, investors and […]
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Saudi Arabia Celebrates Major Progress, Accomplishments in latest ‘Ease of Doing Business’ Ranking
- October 25,2019
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- SUSTG Team
Saudi Arabia jumped a whopping 30 places in the annual World Bank ‘Ease of Doing Business’ report for 2020, a survey of business efficiency in 190 countries, and was the top reforming country in the study this year. The Kingdom’s ranking at 62nd in the world is the highest ranking since the bank launched its “Doing […]
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Issue Brief Explores Saudi Aramco-SABIC Merger, SABIC’s ‘Importance to Energy and Chemical Businesses Worldwide’
- October 23,2019
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- SUSTG Team
A new issue brief written by Jean-François Seznec for the Atlantic Council explores the Saudi Aramco-SABIC merger and Aramco’s strategy to make the Saudi oil giant “like most other large international oil companies, except much bigger.” This issue brief studies “SABIC’s importance to energy and chemical businesses worldwide, and it raises questions about whether the merger […]
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Defense Secretary Esper in Riyadh for Surprise Visit; Kushner, Mnuchin to attend Future Investment Initiative
- October 22,2019
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- SUSTG Team
Secretary of Defense Mark Esper arrived Monday in Saudi Arabia for an unannounced visit as the U.S. and Saudi Arabia seek to bolster their joint defense in the face of rising regional tensions. Secretary Esper met with Saudi Arabia’s King Salman in Riyadh, photos show, and Esper said he discussed the deployment of U.S. forces and […]
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Uproar, Confusion, Debate over Tobacco Tax in Saudi Arabia
- October 21,2019
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- SUSTG Team
Saudi Arabia’s decision to impose a 100 percent tax on restaurants that serve tobacco products like shisha has ignited criticism on social media and caused confusion among restaurant owners on how to charge the tax, according to a report in France 24/AFP and accounts on Twitter. The situation has also revealed how Saudis express feedback about new […]
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Saudi Aramco delays planned IPO until after earnings update, seeks local listing
- October 18,2019
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- SUSTG Team
Saudi Aramco has delayed the planned launch of its initial public offering “in hopes that pending third-quarter results will bolster investor confidence in the world’s largest oil firm,” Reuters reports, citing two sources familiar with the matter. The slight delay allows Saudi Aramco to reassure investors by first presenting results covering the period in which two […]
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Iran, UAE Top Diplomats Discuss Virus in Rare Talks
Iran's Foreign Minister Mohammad Javad Zarif said he discussed the region's coronavirus outbreaks and other issues with his Emirati counterpart in rare talks held via a videoconference call on Sunday.
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More than 500 State Department employees sign letter opposing return to offices
Over 500 State Department employees are calling on the Trump administration to back down from its decision to send up to 80 percent of department staff in Washington, D.C., back to work in person amid the ongoing coronavirus pandemic. The State Department announced Monday that it was moving its offices in Washington to Phase II of its reopening plan, allowing offices to be occupied at up to 80 percent, NBC News reported.
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U.S. expands charges against ex-Twitter employees accused of spying for Saudi Arabia
Fresh off dismissing spying charges against two former Twitter employees and another individual on Tuesday, the U.S. government has unfurled a new superseding indictment that accuses the three individuals of even more offenses. The two former Twitter employees, Ahmad Abouammo and Ali Alzabarah, and the third person named Ahmed Almutairi were originally charged with fraudulently accessing private information and acting as illegal agents of a foreign government for allegedly spying on Twitter users critical of the Saudi royal family.
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Saudi Arabia Explores Asset Sales, Income Tax to Boost Finances
Saudi Arabia is accelerating plans to sell off state assets and isn’t ruling out introducing income tax as the kingdom seeks to boost state coffers hit by the slump in oil prices. The world’s biggest oil exporter could raise more than 50 billion riyals ($13.3 billion) over the next four to five years by privatizing assets in the education, health-care and water sectors, Finance Minister Mohammed Al Jadaan said Wednesday during a virtual forum organized by Bloomberg.
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IMF exploring additional tools to provide aid to pandemic-hit countries
The International Monetary Fund is exploring additional tools to provide financing to the world’s poorest countries and others hit hard by the coronavirus pandemic, Managing Director Kristalina Georgieva said on Saturday. Georgieva told finance ministers and central bank governors from the Group of 20 major economies that they should consider extending a freeze in official bilateral debt service payments offered to the poorest countries beyond the end of the year, and work to promote greater private-sector participation.
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Opinion: Oil diplomacy and the U.S. presidential election
U.S. sanctions policies and diplomacy have been inextricably linked with the domestic shale revolution; causality runs in both directions.
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Major Explosion Rocks Iran Again, the 3rd Blast in 3 Weeks
An explosion rocked western Tehran early Friday, state media reported, causing widespread power failures in two residential areas and unnerving Iranians awakened for the third consecutive week by an early-morning blast.
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Saudi-led coalition in Yemen says explosive boats destroyed in Red Sea
The Saudi-led military coalition fighting the Iran-aligned Houthi group in Yemen said it destroyed two explosive-laden boats in the Red Sea, Saudi state TV reported on Thursday. The two remotely controlled boats were threatening navigation, the coalition said. They were destroyed south of the Yemeni port of Salif, it added.
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Saudi unemployment falls in first quarter, but before coronavirus impact
Unemployment among Saudi Arabian citizens in the first quarter fell below 12% for the first time in four years, official figures released on Tuesday showed, but they did not capture the impact of the coronavirus crisis. Unemployment fell to 11.8% from 12% the previous quarter, the General Authority for Statistics said.
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Lebanese security forces investigating explosion near Hariri convoy this month
Lebanese security forces are investigating an explosion 11 days ago that took place near the convoy of former Prime Minister Saad al-Hariri, Hariri’s office said on Sunday. Hariri’s office said the incident, in which nobody was hurt, took place during a tour of the eastern Beqaa valley and was not made public at the time to prevent inflaming passions in an already politically charged atmosphere.
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