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Saudi Arabia to Invest Over $133 Billion in Transportation Sector as Details of New Plan Emerge
- July 6,2021
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- SUSTG Team
New details are emerging regarding Saudi Arabia’s new plans to turbocharge growth in the Kingdom’s transportation sector and place it in more direct competition with the UAE as a hub connecting east and west, according to comments from the Kingdom’s transportation minister this week. Saudi Arabia will invest over 500 billion riyals ($133.34 billion) in airports, […]
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May Economic Figures Show Positive Direction for Saudi Economy in Post-Pandemic Recovery
- July 2,2021
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- SUSTG Team
A number of non-oil indicators for the Saudi economy improved in May, including the non-oil PMI, which continued rising to 56.4 as activity and new orders grew, according to a recently-released Chartbook by Jadwa Investment for the month of May.
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Crown Prince Mohammed bin Salman Launches New Transportation and Logistics Strategy
- June 30,2021
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman on Tuesday launched a new strategy that aims to make the kingdom a global logistics hub and boost the sector’s contribution to non-oil revenues, according to reports. The plans include an “ambitious package of mega-projects” and focuses on aviation, rail, and maritime shipping and logistics, according to the SPA.
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Kingdom’s Net Foreign Assets Fall Again, but Higher Oil Prices Should Lift Reserves in Coming Months
- June 29,2021
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- SUSTG Team
Saudi Arabia’s net foreign assets fell again in May by 0.8% after reaching a 10-year low last month, according to reports, but higher oil prices should boost government figures in the coming months as the Kingdom ramps up production to meet demand.
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83% of SMEs in Saudi Arabia Optimistic About Future Growth, New Mastercard Middle East Study Finds
- June 28,2021
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- SUSTG Team
83% of small and medium enterprises (SMEs) in Saudi Arabia are optimistic about the next 12 months, according to the latest research by Mastercard in a new report released by the company.
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Saudi Reaches Key 70% Vaccination Milestone, but New Cases Reach 10-Month High
- June 24,2021
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- SUSTG Team
Saudi Arabia’s Ministry of Health (MoH) on Wednesday said it has administered more than 16.8 million vaccine doses covering 70 percent of the total adult population in Saudi Arabia, a key milestone as the Kingdom progresses toward a full recovery from the pandemic, according to the Saudi Gazette.
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Report: Progress Toward the End of the Conflict in Yemen
- June 22,2021
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- SUSTG Team
The Saudi-led coalition fighting to restore the U.N.-backed government in Yemen and the Iran-backed Houthi rebels are working on a peace deal that would bring toward a close the years-long fighting in the country, according to a report in Reuters, which cited three sources.
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Saudi Arabia Plans to Auction Two Major Mining Licenses in 2022 as Kingdom Seeks to Boost Foreign Investments
- June 18,2021
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- SUSTG Team
Saudi Arabia will begin auctioning off two licenses to mine in then mineral-rich Kingdom starting next year, the vice-minister for mining affairs, Khalid al-Mudaifer, told S&P Global Platts on June 16 in an exclusive interview. The mining sector in Saudi Arabia has $1.3 trillion in untapped potential reserve value, according to the minister.
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U.S. Envoy for Yemen Tim Lenderking Again Visits Riyadh in Push to Bring Yemen War to Close
- June 17,2021
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- SUSTG Team
Veteran diplomat and U.S. Special Envoy for Yemen Tim Lenderking traveled to Saudi Arabia this week to continue efforts at bringing to a close the ongoing war in Yemen, the State Department and reports confirm. Lenderking held meetings with senior officials from both the official Yemeni government and the Kingdom and UN Special Envoy Martin Griffiths, according to […]
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Goldman Sachs Raises Expectations for Saudi Arabia’s Oil Production and Economic Growth – Report
- June 15,2021
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- SUSTG Team
According to a report in Bloomberg, Goldman Sachs Group Inc. raised its expectations for Saudi Arabia’s oil production and economic growth in 2021 as crude prices soared over $70 a barrel this week and pandemic-related lockdowns continued to ease.
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MUST-READS
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WWE in KSAWWE Announces Expansion Of Partnership With Saudi Arabia
WWE has now held 4 events under the deal - Greatest Royal Rumble in April 2018, Crown Jewel 2018 in November 2018, Super ShowDown in June 2019, and Crown Jewel 2019 this past Thursday.
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Red Sea AirportSaudi Arabia’s Red Sea airport will be designed by Foster + Partners – open for business by 2030
One of Saudi Arabia's most exciting tourism "giga-projects" has moved a step closer towards completion. The Red Sea Development Company awarded the design contract for its new airport to British firm Foster + Partners. The milestone announcement came after a competitive tendering process. The project was awarded to the same team responsible for designing some of the world's most forward-thinking destinations, such as the Chek Lap Kok airport in Hong Kong, The Comcast Technology Centre in Philadelphia, the Index Tower in Dubai's DIFC and Shanghai's The Bund Finance Centre. The firm also designed the coming House of Wisdom in Sharjah.
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U.S.-Saudi SecurityCountry Reports on Terrorism 2018: United States Department of State – Saudi Arabia
Saudi Arabia continued to maintain a strong counterterrorism relationship with the United States and responded to terrorist threats from violent militant groups, ISIS sympathizers, al-Qa’ida in the Arabian Peninsula (AQAP), and Iran-backed Houthi militants based in Yemen.
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TransportationVirgin Hyperloop One and Saudi Arabia’s KAUST Partner to Spur Country’s Technology and Transport Development
Virgin Hyperloop One (VHO), the world's leading hyperloop company, has announced the signing of a Memorandum of Understanding with the Kingdom's renowned King Abdullah University of Science and Technology (KAUST). Signed at this year's Future Investment Initiative, one of the most significant investment conferences globally, the California-based hyperloop company and the Kingdom's leading private research institution have committed to working together on fostering the exchange of scientific and technological knowledge to further support the development of the country's technology and transportation sector.
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U.S.-Saudi Security RelationshipThe Bombers Have Landed: B-1s Arrive in Saudi Arabia as Part of US Buildup
B-1B Lancer bombers landed at an air base in Saudi Arabia this week, marking a surprise return of the long-range bombers to the Middle East after they were pulled early this year.
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Art and CultureNew York Hosts Saudi Arabian Art Show
New York just hosted a Saudi art exhibition with ‘Humanity’ as the theme, and it was launched around the same time humanitarian discussions took place at the UN headquarters in the cosmopolitan American city. The art show took place in a gallery in Manhattan’s China Town, where art created by Arab artists, that have a focus on humanity, were on display.
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Debt FinanceSaudi Arabia hires JPMorgan, Standard Chartered for $2.5 bln sukuk
Saudi Arabia has hired banks including JPMorgan and Standard Chartered to manage a $2.5 billion issuance of sukuk, or Islamic bonds, the kingdom’s first international debt sale since an assault on its oil facilities last month.
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Art and CultureSaudi Arabia Joins The Gulf’s Culture Race With Plans For Modern Art Museum
Saudi Arabia is to build a modern art museum on the outskirts of the capital Riyadh, in the latest stage of the race among Gulf states to develop cultural icons to burnish their image on the international stage.
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CommerceKing and Spalding: Formation of partnerships in Saudi Arabia
What is the statutory basis for partnerships, and partnership-like structures in your jurisdiction? To what extent do these laws overlap or share features with company law?
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Desert XCoachella art biennial Desert X heads to Saudi Arabia
Desert X consisted of large-scale site-specific works staged across the Coachella Valley in 2017 and again in 2019. The new exhibition, Desert X AlUla, will be held in northwestern Saudi Arabia and funded by the government’s Royal Commission for AlUla.
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