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KAPSARC: Estimating the Impact of the COVID-19 Pandemic on Saudi GDP
- June 11,2020
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- SUSTG Team
Riyadh-based think tank KAPSARC recently released a report examining the estimated impact of the COVID-19 Pandemic on Saudi GDP, finding a “medium scenario” of severity as described in the report most likely.
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A Milestone for Al-Ula’s Conservation Efforts as Kingdom Welcomes Newborn Gazelle
- June 5,2020
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- SUSTG Team
Saudi Arabia took a first and important step in its longterm conservation plans for the Al-Ula area this week by welcoming a newborn Arabian gazelle, which took its first steps under the watchful eye of rangers from Al Ula’s Sharaan Nature Reserve, according to a report in The National.
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Saudi Arabia Reports 12 New Deaths from Coronavirus, 2,532 New Cases
- May 21,2020
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- SUSTG Team
Saudi Arabia reported a steady increase of 2,532 new coronavirus cases and 12 new deaths, which brings the total number of cases in the Kingdom to 65,077 and the virus-related death toll to 351, the Ministry of Health announced.
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Saudi Arabia’s Al-Jadaan Announces New Measures to Shore Up Kingdom’s Finances
- May 11,2020
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- SUSTG Team
Saudi Arabia is taking new austerity measures to cope with the impact of the coronavirus pandemic and low oil prices, announcing that it would triple its VAT and slash a cost-of-living allowance for government workers, according to reports and comments from the Kingdom’s finance minister H.E. Mohammed Al-Jadaan.
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Despite Pandemic, Delivery Food App Uber Eats Ceases Operations in Saudi Arabia, Company Says
- May 5,2020
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- SUSTG Team
Uber Eats has decided to withdraw its food delivery service in both Saudi Arabia and Egypt, and will join forces with Careem in the UAE, according to reports, citing comments from company leadership in the region.
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Saudi Arabia Takes $500 Million Stake in Coronavirus-hit LiveNation
- April 28,2020
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- SUSTG Team
Saudi Arabia’s sovereign wealth fund bought a 5.7% stake in the LiveNation, the U.S. events and ticketing company, which is parent to Ticketmaster, according to reports.
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As Ramadan Approaches, Saudi Arabia Prepares for Holy Month Under Coronavirus Restrictions
- April 17,2020
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- SUSTG Team
For Saudis and other Muslims around the world, the approaching month of Ramadan will look different this year as governments take preventative measures to safeguard their citizens from the coronavirus.
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To Avoid Layoffs, Saudi Arabia to Guarantee Salaries to Support Virus-Hit Firms
- April 3,2020
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- SUSTG Team
Saudi Arabia moved to help firms avoid having to fire Saudi citizens amid an economic slowdown resulting from the coronavirus pandemic, according to reports.
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‘We are determined to spare no effort’: G20 Leaders’ Summit Statement on COVID-19
- March 27,2020
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- SUSTG Team
Leaders of the G20 economies pledged on Thursday to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus and “do whatever it takes to overcome the pandemic,” according to a statement from the G20 leaders.
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Everything Saudi Arabia is Doing to Combat the Spread of COVID-19 in One Video
- March 17,2020
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- SUSTG Team
Saudi Arabia’s ambassador to the United States HRH Princess Reema bint Bandar recently shared on twitter a 60-second video showing all the steps that Saudi Arabia has taken to combat the spread of the Coronavirus, or COVID-19, within the Kingdom.
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MUST-READS
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Saudi Aramco to slash crude supply to 8.5 mil b/d from May 1
Eklavya Gupte
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Saudi Aramco in talks with banks to borrow about $10 billion – sources
“The financing would be for the SABIC deal, but the borrower is Aramco,” said one of the sources, adding that the discussions were at an initial stage, with the company sounding out banks. “Ten billion dollars is where they want to get to, (it’s) not clear if, in this market, they’ll manage to reach that.”
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Saudi Aramco likely to release May prices on Monday -source
Saudi Aramco typically issues its official selling prices (OSPs) by the 5th of each month, setting the trend for Iranian, Kuwaiti and Iraqi prices and affecting more than 12 million barrels of oil per day bound for Asia.
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Former Trump adviser appointed onto Saudi Aramco board
Weinberger was the global chairman and CEO of EY from 2013 to 2019. He was active in the World Economic Forum as a member of its International Business Council and as a Global Steward for Economic Progress.
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Aramco’s Bondholders Get Dragged Down by Saudi Oil-Price War
The oil-price war isn’t doing any favors for Saudi Aramco’s bondholders one year on from the state-owned company’s debut on international capital markets.
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Saudi Aramco, ADNOC delay OSPs until after OPEC+ meets on output cuts: sources
Saudi state oil giant Aramco and the UAE's Abu Dhabi National Oil Co. will delay issuing their official selling prices for May crude exports until after the OPEC+ coalition holds its emergency meeting Thursday, industry sources familiar with the matter told S&P Global Platts on Sunday.
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Saudi Aramco Supports Health Endowment Fund with $53 Million
Saudi Aramco and its subsidiaries announced the support of the Health Endowment Fund in the Ministry of Health with 200 million riyals ($53 million). The oil giant said the support comes in line with the efforts of the government of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, to combat the outbreak of the novel coronavirus, and in support of the ministry’s initiatives to face this global crisis.
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Saudi Aramco boosts European crude inventories in bid to gain market share
Saudi oil giant Saudi Aramco is moving a substantial amount of its crude to storage caverns in Rotterdam in the Netherlands and Sidi Kerir in Egypt, in line with pledges by the world's largest exporter to supply more barrels to the market in April, shipping and trading sources said Thursday.
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Saudi Aramco vows stable oil supplies even as borders, transit routes shut
"We have been carrying out continuous preventive plans in all our business areas, in addition to detailed emergency plans and leading medical support services, in order to reduce risks, ensure the best possible care and curb COVID-19 infection," he said.
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Analysis: Saudi Aramco Will Find It Hard to Serve Shareholders, Kingdom
This is an inflection point for Aramco and Saudi Arabia. The kingdom receives more than 60% of its revenue from the oil industry, and while it has options to help meet its budget — debt, austerity, or new taxes — it is truly reliant on Aramco payments. The government receives funds from Aramco mostly in three ways: a 50% income tax, a royalty on barrels of oil produced and a dividend. With low profit expected in 2020, the cash transferred to the government for the income tax will be limited. With low oil prices, the royalty payments, which are 15% of the price of Brent, will be exceedingly low. And if the company upholds its commitment to public shareholders, there would be less profit left to pay a dividend to the government.
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