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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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Saudi Arabia Names Prince Faisal bin Farhan as New Foreign Minister
- October 24,2019
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- SUSTG Team
Saudi Arabia appointed Prince Faisal bin Farhan Al-Saud as the Kingdom’s new foreign minister as part of a larger reshuffling of the cabinet. Prince Faisal bin Farhan is the third foreign minister in three years. He replaces Ibrahim Al-Assaf, who was relieved of his post and appointed minister of state and a member of the Saudi Council of […]
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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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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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Saudi Arabia, Palestine to Set Up Joint Business Council
- October 17,2019
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- SUSTG Team
Saudi Arabia and the Palestinians agreed on Thursday to establish a joint economic committee and a business council, the SPA reports. Palestinian President Mahmoud Abbas visited Riyadh on Wednesday and met with King Salman and Crown Prince Mohammed bin Salman. The official Saudi Press Agency said that the leaders reached “an agreement on the establishment of a […]
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Venture Capital Set for Ten-fold Growth Over the Next Six Years in Saudi Arabia
- October 16,2019
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- SUSTG Team
Venture capital investments in Saudi Arabia are set to grow ten-fold over the next six years, according to a new report by Saudi Technology Ventures published by The National. The report says that Venture funding investments are at a “positive inflection point” and are set to grow to $500 million annually by 2025, from $50m last […]
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MUST-READS
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EnergySaudi Aramco says Yanbu oil terminal boosts export capacity
State oil giant Saudi Aramco said on Wednesday that the Yanbu South Terminal has added 3 million barrels per day of crude oil to the company’s west coast export capacity after a rehabilitation and upgrade programme.
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FitnessArcapita invests in Saudi-based women’s fitness chain
NuYu plans to deploy $67m to launch over 20 new boutique gyms, creating hundreds of new jobs
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InvestmentExotix partners up with Saudi Arabia’s NCB Capital
Exotix Capital, an investment bank specialising in developing markets, has teamed up with Saudi Arabia’s NCB Capital to provide frontier and emerging markets research and local execution services.
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Saudi AramcoSaudi Aramco to have more oil output capacity from two fields in Q4
State oil giant Saudi Aramco will bring new crude output capacity of some 550,000 barrels per day (bpd) online in the fourth quarter from two fields - Khurais and Manifa - giving it the ability to boost production if there is demand, a source said.
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Global Oil MarketsAnalysis: Saudi Arabia’s untested claims of spare capacity may be put to the test
The kingdom says it holds the ability to pump 1.5 million b/d above its current output of some 10.4 million b/d -- crude that could be needed with US sanctions set to cripple Iranian supplies starting in November and Venezuela continuing on its economic freefall.
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LebanonChild dies as migrant boat capsizes off Lebanese coast
Lebanon is host to the highest number of Syrian refugees per capita, with at least 1 million registered in the country.
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EgyptWhy Egypt is building a brand new mega capital city
The new administrative capital, or NAC (so new it doesn’t even have a proper name), is mooted to be the biggest planned city ever, aiming to house 6.5 million people and covering a 270 square metre footprint between the Nile river and the Suez Canal, east of Cairo.
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Saudi BanksSaudi Banks Capital, Reserves Jump 6.3% in 2017
The 54th SAMA Annual Report has proven the stability of the financial sector in Saudi Arabia, marking a 6.3 percent growth in the local banks' capitals and reserves in 2017. The report reviews the economic and financial developments in the kingdom during the during 2017.
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Saudi Aramco InvestmentAramco Weighs $1 Billion Venture Capital Fund For Tech
Aramco already invests in startups and high-growth firms in the energy space via its $500 million Saudi Aramco Energy Ventures fund and the Aramco Entrepreneurship Center, which has roughly $200 million to deploy early-stage capital in local Saudi companies.
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Anti-ISIS CampaignTrump admin may send captured ISIS fighters to Iraq prison, Guantanamo
The Trump administration is weighing a plan to send hundreds of captured ISIS fighters to an Iraqi prison after other countries refused to take them, and to send several of the highest-value fighters to the U.S. detention facility in Guantanamo Bay, according to five U.S. officials and two European diplomats.
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