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Saudi Arabia’s 2016 Budget Features Prudent Fiscal Policy Decisions
- December 29,2015
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- SUSTG Team
Saudi Arabia’s 2016 budget marks a shift in fiscal policy toward prudent but tough decisions for the future of the Arab world’s largest economy. In a recently released note to investors, Riyadh-based Jadwa Investment said the 2016 budget still provides a high level of government spending to drive the Saudi economy. Budgeted at $226b, the amount is a […]
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Early Look at Saudi Arabia’s 2016 Budget Reveals Spending at $226b
- December 28,2015
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- SUSTG Team
Saudi officials revealed the Kingdom’s 2016 budget at a press conference today in Riyadh, a budgeted spend of 840 billion riyals ($224 billion) and forecasted revenue at 513 billion ($137 billion). The budget plan aims to reduce the fiscal deficit while raising revenues from sources other than oil. King Salman said that Saudi Arabia’s economy […]
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King Salman’s Speech to Shura: The Kingdom is Committed to Decreasing Dependence on Oil as a Main Source of Revenue
- December 23,2015
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- SUSTG Team
Saudi Arabia’s King Salman said in a major speech today that Saudi Arabia will seek to diversify its sources of income and improve the efficiency of government spending as it strives to reduce its dependence on oil revenue, which has plunged since last year, Reuters reports. “The kingdom is committed to implementing programs to diversify […]
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An ‘Islamic NATO?’ Recently Formed Defense Coalition Faces Challenges in Fighting Extremism
- December 22,2015
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- SUSTG Team
Writing in Al Monitor, Washington-based analyst Fahad Nazer comments that Saudi Arabia may be aiming to form an Islamic NATO of sorts, in part because of the turmoil and instability surrounding the Kingdom from virtually all sides. Saudi Arabia’s government sees a more active foreign policy as essential, especially in the absence of a physical American presence in the region. “For much of […]
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‘Major Economic Shake-Up’ In the Works for Saudi Arabia
- December 21,2015
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- SUSTG Team
Saudi Arabia’s deputy crown prince Mohammed bin Salman, Minister of Defense and chair of the powerful Council of Economic and Development Affairs, is planning a major economic shake-up that involves “plans to reshape the economy to withstand low oil prices,” sources told Reuters privately. The strategy includes state spending reforms and privatizations. Bloomberg reports that Saudi officials […]
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Saudi Arabia Extends Financial Support of Egypt, Despite Fiscal Strains at Home
- December 17,2015
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- SUSTG Team
Saudi Arabia has extended its financial support of the Egyptian government to an added $8 billion in 5 years, along with energy concessions and other assistance, despite facing a budget crunch at home. The announcement followed a meeting between Deputy Crown Prince Muhammad Bin Salman, Second Deputy Premier and Minister of Defense, and Egyptian Prime […]
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McKinsey & Company Publishes 165-Page Analysis of ‘Saudi Arabia Beyond Oil’
- December 16,2015
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- SUSTG Team
McKinsey & Company, the top-tier global consulting firm with offices in Riyadh and across the Middle East, published an in-depth report on the Saudi Economy and the opportunities for the Kingdom beyond oil. The report, produced by the McKinsey Global Institute (MGI) and available on McKinsey’s website to the public (executive summary here, full report […]
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9th Global Competitiveness Forum (GCF) in Riyadh Set for January 24-26, Will Examine ‘Key Drivers’ of Competitive Sectors
- December 15,2015
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- SUSTG Team
Business and political leaders will converge in Riyadh for the 9th Global Competitiveness Forum (GCF) to “discuss the key components that drive competitiveness” in the Saudi economy on January 24-26, 2016. The event is hosted by the Saudi Arabian General Investment Authority (SAGIA) and will take place at the Four Seasons in Riyadh.
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New Saudi Ambassador to United States HH Abdullah Al-Saud Addresses U.S. Business Community at First Public Event
- December 14,2015
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- SUSTG Team
HH Prince Abdullah Al Saud, Saudi Arabia’s new ambassador to the United States, gave his first public remarks as ambassador to the U.S. business community on Friday at an event at the U.S Chamber of Commerce, co-hosted by the U.S. Chamber of Commerce, the Council of Saudi Chambers of Commerce, the Saudi Committee for International […]
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State Sovereign Wealth Funds Pull Out ‘At Least $19bn’ in Assets from Managers in 3Q 2015
- December 7,2015
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- SUSTG Team
Sovereign Wealth Funds are drawing down on their assets held by managers at an alarming rate, with estimates from some providers putting the amount at $19bn in the third quarter of this year alone, according to reports. A Financial Times report (link here to the same story in CNBC) cites the data provider eVestment as saying the drawdown […]
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Interpol to establish regional office in Saudi Arabia
Interpol is to establish an office in Saudi Arabia that will serve the Middle East and North Africa region. Hisham Al-Faleh, undersecretary at the Kingdom’s Ministry of Interior, and Jurgen Stock, secretary-general of the international police organization, signed a host country agreement on Wednesday. Prince Abdulaziz bin Saud, the Saudi Minister of Interior, and Maj. Gen. Ahmed Naser Al-Raisi, the president of Interpol, also attended the signing ceremony, the Saudi Press Agency reported. In addition, they discussed Interpol’s activities during a meeting that also included Nasser Al-Dawood, the deputy minister of interior; Brig. Gen. Abdulmalik Al-Saqeeh, the director general of Saudi Interpol; and other senior officials.
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Adesanya vs Imavov: UFC fight Saudi Arabia – start time, card, how to watch
The Ultimate Fighting Championship (UFC) travels to Saudi Arabia with an impressive lineup of mixed martial arts (MMA) talent, headlined by a thrilling main event middleweight clash between former two-time UFC champion Israel Adesanya of New Zealand and France’s rising star, Nassourdine Imavov. The co-main event features a much-anticipated bout between the all-round brilliance of Shara Magomedov from Russia and the powerful punching Briton, Michael Page.
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Simplex secures $13 million to propel Saudi expansion
Simplex, a rising startup in the field of CNC machine manufacturing, secures $13 million as part of Saudi efforts to support and localise advanced industries within the Kingdom. Simplex will use the fund to open a huge factory, which is set to be built on a 20,000 square meter site in Riyadh, the Saudi capital, and will be dedicated to producing advanced CNC machines. Simplex signed a memorandum of understanding with Saudi Arabia's National Industrial Development Centre to establish the company's first factory within the Kingdom of Saudi Arabia.
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Saudi Arabian team to standardise use of seawater in concrete production
A team led by Saudi Arabian developer Neom has announced plans to research new forms of concrete, including ones that incorporate seawater, plastics, fine sand and construction waste. The NovusCrete consortium will look for ways to reduce the environmental impact of concrete, and also to cut costs and increase its lifespan and ease of recycling. Other members of the team include the kingdom’s Public Investment Fund, the Saudi Investment Recycling Company, Swiss chemicals producer Sika and US-based concrete researcher ClimateCrete. They will also work alongside the American Concrete Institute, which has established a committee for the use of seawater in concrete.
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Qatar approves memorandum on nuclear safety cooperation with Saudi Arabia
The Qatari Cabinet has approved a draft memorandum of understanding for cooperation in nuclear safety and radiation protection between its Ministry of Environment and Climate Change and Saudi Arabia’s Nuclear and Radiological Regulatory Commission. This decision was made during the Cabinet’s regular meeting yesterday morning, chaired by Prime Minister and Minister of Foreign Affairs Sheikh Mohammed Bin Abdulrahman Al Thani, according to the Qatar News Agency (QNA). In 2006, the Supreme Council of the Gulf Cooperation Council (GCC) decided to conduct a joint study on the use of nuclear technology for peaceful purposes, including electricity generation and water desalination. The six GCC countries agreed to carry out an initial feasibility study, followed by a detailed assessment and an implementation plan. The results of the detailed study, completed in 2010, confirmed the technical and economic feasibility of establishing a joint nuclear power plant.
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KBR Scores Contract to Support Saudi Energy Future
Global engineering specialist KBR Inc. has booked a contract to support a sustainable production of energy resources in Saudi Arabia. KBR said in a media release it will contribute to the delivery of Aramco’s Master Expansion Program and increase gas handling capacity at key regional locations. The agreement will see KBR assist efforts to increase and maintain the maximum sustainable capacity across the Shaybah field's four Gas-Oil Separation Plants (GOSPs) through 2028. It said it will also support the operation of power plant and well injection facilities. The project prioritizes sustainability by integrating carbon-free energy alternatives, carbon capture, and gas reinjection to reduce emissions, optimizing existing equipment and GOSP plot space, and evaluating a greenfield facility to enhance resource efficiency while supporting Saudi Aramco’s 2060 net-zero goals, KBR said.
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Saudi Arabia’s Construction Boom: $71.5 Billion in Projects Awarded in 2024
Saudi Arabia’s construction sector is experiencing a significant surge. The Kingdom awarded a staggering 314 public projects in 2024. These projects total approximately 267.8 billion Saudi riyals ($71.5 billion USD). This marks the highest annual project value since the 2020 Covid-19 pandemic. The Saudi Contractors Authority (SCA) released these impressive figures. The SCA represents a majority of construction firms within the Gulf Kingdom. April witnessed the highest project value, reaching SAR57.4 billion ($15.3 billion). January followed with projects worth SAR36.8 billion ($9.8 billion). In December, the government awarded 11 projects totaling about SAR10.5 billion ($2.8 billion). One project from December will complete in 2025, two in 2026, six in 2027, and two in 2030.
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Saudi Arabia launches water and sanitation projects worth USD 1.2 billion
Among the key projects, the Saudi Water Authority (SWA) will implement SAR 1.3 billion (about USD 346 million) in infrastructure upgrades, including technology replacements at Shuqaiq 1 desalination plant, as well as new security systems and water transport systems. The National Water Company (NWC) is investing SAR 607 million (about USD 162 million) in 20 water and sanitation projects in the Jazan region, improving supply networks and implementing advanced wastewater treatment plants. Additionally, SAR 48 million (about USD 13 million) will be allocated to three projects by the National Center for Vegetation Development and Combating Desertification.
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Opinion: How Donald Trump Should Deal With Saudi Arabia
Trump and MBS are prepared to pick up where they left off. The two view each other as force multipliers for their respective agendas. Trump looks at the Saudi crown prince and sees a high net-worth individual who could throw a gargantuan amount of petrodollars into the American economy. In Trump, MBS spots a transactional businessman who couldn't care less about high-browed concepts like the rules-based international order. Both men are also nationalists to the core. MBS can relate to Trump's "Make America Great Again" mantra because he is following the same playbook in the kingdom. MBS wants to make his country stronger and wealthier than ever before, best exemplified by his Vision 2030 economic campaign to diversify Saudi Arabia from an oil-pumping machine into a center of banking, finance, and sports.
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Saudi Arabia: Stricter Exit Visa Rules Implemented for Resident Permits
Holders of a resident permit who are applying for an exit visa must now have at least 30 days of validity on their resident permit; whereas previously such foreign nationals could apply for an exit visa up until the last day of their resident permit. As a result of this change, resident permit holders whose resident permit has a remaining validity period of less than 30 days must first renew their resident permit before they can apply for an exit visa. This new rule only applies to standard resident permits, as premium resident permits are not subject to any exit visa requirement.
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