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Shoura Council Calls on Saudi Body to Study Expanding Foreign Ownership of Saudi Land
- June 11,2021
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- SUSTG Team
Saudi Arabia’s Shoura Council has called on the Kingdom’s Real Estate General Authority “to coordinate with the relevant authorities to study its proposal allowing non-resident foreign individuals to own real estate in Saudi Arabia amid specific controls,” the local Saudi Gazette reports.
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Saudi Arabia’s PIF Leads Investment in Gulf Infrastructure Fund from Aberdeen Standard Investments and Investcorp
- June 10,2021
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) has emerged as the lead investor in a planned $800 million Middle East infrastructure fund being established by Aberdeen Standard Investments and Investcorp, Bloomberg reports, citing a statement.
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Saudi Arabia Updates Travel Ban List, Removes 11 Countries
- June 9,2021
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- SUSTG Team
Saudi Arabia has reduced the number of countries where its nationals and citizens are banned from traveling from 20 to just 9 as it continues to open up its airways following the global pandemic.
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Flurry of New Deals Builds on Early 2021 Momentum for Saudi Venture Capital
- June 7,2021
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- SUSTG Team
Saudi Arabia’s venture capital scene continues to grow at an impressive clip as new deals and investments into Saudi companies – or by Saudi venture firms – builds on early growth so far in 2021.
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U.S. State Department Blasts Yemen’s Houthis, Says Iran-Backed Group Bears ‘Major Responsibility’ in Conflict
- June 4,2021
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- SUSTG Team
The Biden administration’s State Department on Friday blamed Iran-aligned Houthis for the failure of a ceasefire to take hold in Yemen and accused them of failing to take additional meaningful steps to end the conflict, Reuters and other news agencies report. “While there are numerous problematic actors inside of Yemen, the Houthis bear major responsibility for refusing to engage […]
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U.S. Defense Secretary Austin, Crown Prince Mohammed bin Salman Speak by Phone; U.S. ’emphasized U.S. Commitment to Helping Saudi Arabia Defend its Territory’
- June 3,2021
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- SUSTG Team
U.S. Defense Secretary Lloyd J. Austin III spoke with Saudi Crown Prince Mohammed bin Salman on Wednesday and emphasized that the U.S. was committed to helping Saudi Arabia defend its territory and people, the Pentagon said in a statement.
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Saudi Arabia’s Economy Jolts to Life as New Economic Data Shows ‘Significant’ Increase in PMI, Non-Oil Exports
- June 2,2021
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- SUSTG Team
Saudi Arabia saw a significant increase in non-oil PMI in April 2021 as both business activity and new orders grew at a faster rate, Jadwa Investment’s recently-released Chartbook for the month said.
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OPEC+ Believes Glut Created with Pandemic ‘Nearly Gone’, Sees Stockpiles Diminishing Rapidly in 2021 – Report
- June 1,2021
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- SUSTG Team
The so-called OPEC+ coalition of oil-producing nations lead by Saudi Arabia and Russia is “expecting world oil markets to get acutely tight” in 2021, a year after taking the unprecedented steps of slashing production in the face of weak demand created by the Coronavirus pandemic, Bloomberg reports.
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Kingdom Registers Surge in SME Contribution to GDP, a Top Goal of Vision 2030
- May 31,2021
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- SUSTG Team
The contribution of Small to Medium Enterprise businesses (SMEs) in Saudi Arabia to the Kingdom’s overall GDP has surged 45% since the launch of Vision 2030, according to a report in Zawya, citing official government data.
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With Pandemic Waning, Saudi Arabia Set to Resume Tourism Ambitions
- May 27,2021
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- SUSTG Team
Saudi Arabia plans to resume tourist visas “very soon” after suspending them months ago because of the coronavirus, a Saudi official told Bloomberg, as the Kingdom looks to resume its drive to attract tourists to visit historical sites and new attractions.
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MUST-READS
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IncubatorsSaudi Arabia’s start-up incubator Biac plans GCC expansion for 2020
Established in 2016 through a royal decree, Biac has raised almost Dh328 million in venture capital for more than 650 start-ups incubated as of the second quarter of this year. It is a subsidiary of Saudi Technology Development and Investment Company, which is fully-owned by the kingdom's Public Investment Fund.
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Al-UlaFrance and Saudi Arabia announce major new partnership for Al Ula development
The project will take place in three phases, with the first being completed in 2023 at a projected cost of between $3 billion and $4bn (Dh11bn and 14.7bn).
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Art and CultureDesert X art exhibition is heading 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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E-GamesE-gaming will be a big part of Saudi Arabia’s futuristic city, NEOM
The recently signed MoU comes as NEOM officials are planning to host the first-ever electronic sports event in the city. As a major player in the agreement, SAFEIS' long term goal is to grant the Saudi gaming community access to global platforms.
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Tourism and HospitalitySaudi Arabia starts receiving tourists on eVisas
Saudi Arabia's Department of Passports said it has started to receive tourists holding eVisas, reported state news agency SPA on Sunday. The e-tourism visas are for citizens of forty-nine eligible countries that are allowed to obtain them through the new platform visa.visitsaudi.com, or through arrival points in Saudi Arabia.
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Saudi Industrial Development FundSaudi Arabia Starts Offering Loans to Develop Renewable Energy
Created in the 1970s, the fund is being revamped to take on a bigger role under Crown Prince Mohammed bin Salman’s plan for life after oil, dubbed Vision 2030. In January, the government raised the fund’s capital by about 60%. Its mandate was also recently expanded to allow the financing of energy, logistics and mining projects in addition to manufacturing ones.
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YemenSaudi Arabia Agrees to Partial Cease-Fire in War-Shattered Yemen
Saudi Arabia has moved to impose a partial cease-fire in Yemen, say people familiar with the plans, as Riyadh and the Houthi militants the kingdom is fighting try to bring an end to the four-year war that has become a front line in the broader regional clash with Iran.
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Winter at TantoraRod Stewart, Enrique Iglesias, Lionel Richie to hit the stage at Saudi Arabia’s Winter at Tantora festival
The festival is set to run from Dec. 19-March 7, with sources telling Arab News that Richie will likely perform on Feb. 28.
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Saudi StartupsDriven By Growth: Saudi Arabia Sees A Rise In Support For Startups And Entrepreneurs
“The startup ecosystem landscape in Saudi Arabia has never been better,” says Mustafa Nabelsi, Country Director, AstroLabs KSA. “There's a boost in all possible angles. The government is providing unprecedented support for startups in terms of regulations, funding, and opening up new sectors. VCs are injecting more and more funds into startups, and, culturally, people are more welcoming in general, which leads to more brilliant Saudis moving towards having their own startups.”
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Israel ElectionArab parties back Gantz to oust Netanyahu
Last week's election put the incumbent leader Benjamin Netanyahu neck and neck with Mr Gantz, and the two are now vying to build a governing coalition. The Joint List, the bloc of Arab parties that came in third, says it wants to oust Mr Netanyahu from power.
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