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Saudi Arabia Aims for over 1000% Increase in Entertainment Sector Employment this Year as Massive Investment Planned
- February 22,2018
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- SUSTG Team
Saudi Arabia is betting big on the entertainment sector to boost job creation and provide for a more vibrant society with a whopping $64 billion planned to spend in the next decade, according to the head of the General Entertainment Authority Ahmed Al-Khatib. Al-Khatib said that the investment and development is already underway, and that the […]
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Russian, Chinese Interests ‘Eager’ to Invest in Saudi Aramco IPO as Cooperation Heats Up
- February 14,2018
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- SUSTG Team
The head of the Russian Direct Investment Fund (RDIF) said in Riyadh today there is “significant interest” to invest in the forthcoming Aramco IPO from Russia and from China, according to reports. Several banks and other groups in Russia are interested in investing in shares of Aramco, according to Bloomberg, which reported comments from Kirill Dmitriev, chief […]
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Saudi Embassy Spokeswoman: ‘The Kingdom is not Easternizing or Westernizing, it’s Modernizing’
- February 6,2018
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- SUSTG Team
The first spokeswoman for the Royal Embassy of Saudi Arabia, Fatimah Baeshen, said in an interview that the Kingdom is not sacrificing culture or values with its Vision 2030 economic and social reform program and that the program has “something for everyone” in Saudi Arabia. The well-spoken Baeshen, who was appointed by Saudi Arabia’s Ambassador to the […]
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Saudi Arabia’s King Salman Orders $2b ‘Deposit’ to Yemen to Shore Up Currency
- January 18,2018
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- SUSTG Team
Saudi Arabia’s King Salman ordered a $2 billion transfer to the Yemeni central bank, according to reports, as the Kingdom looks to shore up the economy of its war-torn southern neighbor. The Saudi Ministry of Culture and Information (MoCI) said in a statement that the money is meant “to address the deteriorating economic situation” in Yemen. “All […]
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U.S. to Ramp Up Crude Oil Production by 10% in 2018
- January 4,2018
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- SUSTG Team
The United States is poised to ramp up crude oil production by 10% in 2018 to about 11 million barrels per day, research firm Rystad Energy has said, which would make the U.S. the world’s largest producer. The expected surge in shale oil output “should allow the United States to dethrone Russia and Saudi Arabia as […]
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Two Top Officials in Crackdown Sweep Return to Public Eye
- January 2,2018
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- SUSTG Team
Two top officials detained in last year’s crackdown on corruption in Saudi Arabia have returned to the public eye following settlement payments, according to reports. Prince Miteb bin Abdullah, former head of the Saudi national guard and son of the late King Abdullah, was photographed alongside Crown Prince Mohammed bin Salman at a horse race […]
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‘Largest Ever’ Budgeted Expenditure for Saudi Arabia in 2018 as Kingdom Looks to Propel Growth
- December 20,2017
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- SUSTG Team
Government officials unveiled Saudi Arabia’s largest budgeted expenditure ever as the Kingdom looks to propel economic growth following two years of reduced spending. Compared to previous years, the budget is expansionary. Saudi Arabia will spend SR88 billion ($23.5 billion) more in 2018 compared with 2017. The announcement was made at a press conference at which Finance Minister Mohammed […]
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Nearly $20b in Stimulus for Saudi Economy in 2018
- December 14,2017
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- SUSTG Team
Saudi Arabia has unveiled a stimulus package to begin next year with money to support housing construction as well as fee waivers for small businesses. Saudi Arabia’s King Salman issued a royal decree approving 72 billion riyals ($19.2 billion) worth of measures to stimulate growth in the private sector next year (2018), and 200 billion […]
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Westinghouse in Talks with Other U.S. Companies to Bid for Saudi Nuclear Opportunities, Reuters Reports
- November 21,2017
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- SUSTG Team
An exclusive Reuters report reveals that Westinghouse is in talks with other U.S-based companies to form a consortium to bid in a multi-billion-dollar tender for two nuclear power reactors in Saudi Arabia, citing three industry sources. If the consortium forms and bids, it would have stiff international competition in countries like South Korea, France, and Russia, who […]
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UK Government Agrees to $2b Loan Guarantee For Saudi Aramco
- November 9,2017
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- SUSTG Team
The U.K. government agreed to a $2 billion loan guarantee for Saudi Aramco as competition to host the likely largest in history IPO heats up, according to Bloomberg. “The unusually large export credit guarantee, designed to finance the purchase of British goods, will be seen by many as an attempt to help woo the IPO to the […]
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MUST-READS
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Aramco IPOSaudi Aramco will not market IPO in the United States: sources
Saudi Aramco does not plan to market its domestic initial public offering (IPO) in the United States, two sources familiar with the matter said.
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Aramco IPOSaudi Aramco IPO: Central Bank Doubles Lending
Saudi Arabia’s central bank doubled leverage limits for retail investors looking to buy shares in oil giant Saudi Aramco, according to people familiar with the matter, part of an effort to boost local demand for what could be the world’s largest initial public offering. Banks will be permitted to give leverage to retail customers at a ratio of 2 to 1 for every riyal they put toward buying Aramco shares, up from the normal limit of 1 to 1, the people said, asking not to be identified because the decision isn’t public. Lenders will be allowed to give corporate and institutional customers higher leverage ratios based on each customers creditworthiness, the people said.
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Saudi Aramco IPOSaudi Aramco valued at up to $1.7 trillion as share sale gets underway
Saudi Arabia believes its giant state oil monopoly is worth as much as $1.7 trillion. In a statement Sunday, Saudi Aramco said it was aiming to sell about 1.5% of its 200 billion shares in a partial privatization for between 30 riyals ($8) and 32 riyals ($8.53) each.
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Aramco IPOSaudi Aramco IPO Book-Building Period To Begin Amid Bearish Forecasts
The IPO offer period or book-building period is scheduled for November 17 to December 4 for institutional investors and from November 17 to November 28 for individual investors. The IPO will be priced on December 5th, the same day as OPEC's meeting.
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OPEC+OPEC says Saudi gave assurances Aramco IPO won’t affect commitment to group deals
Barkindo also said that Saudi Arabia, OPEC’s top producer and de facto leader, has reassured the exporting group that a stock market listing of oil giant Aramco would not affect the kingdom’s role in the group or commitment to output deals.
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Saudi-BangladeshSaudi Aramco to supply LNG to Bangladesh as part of power deal
Bangladesh is expected to become a major LNG importer in Asia, alongside Pakistan and India, as domestic gas supplies fall.
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Aramco IPOSaudi Aramco IPO explained: Who can buy and how, prices and more
As mentioned in the IPO prospectus released by Aramco, Saudi Arabian Oil Company (Saudi Aramco) was originally established in the Kingdom of Saudi Arabia in 1988 as a company wholly owned by the Saudi government.
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Saudi Aramco IPOGiant Aramco listing a critical test for young Saudi exchange
The imminent listing of oil giant Aramco will be a pivotal moment for Saudi Arabia’s young and untested Tadawul stock exchange.
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Global Oil MarketsAnalysis: China to remain a battle ground for Saudi Aramco, Russian crude suppliers in 2020
The battle for next year's Chinese demand pie between two major crude oil producers Saudi Arabia and Russia will likely heat up over the coming weeks, with China's state-run refineries eager to renew 2020 term supply deals with the OPEC kingpin, while independent refiners continue to favor Siberian oil.
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Saudi AramcoSaudi Aramco to buy $1 billion of IPO shares as incentive to executives and employees
The plan — which was disclosed in the IPO prospectus published late on Saturday night — will involve Aramco buying the shares from the government and making them available for employees under special terms.
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