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Recent stories from sustg

  • Global Markets Drag on TASI
     

    The TASI has dipped over the past month, primarily due to global factors. First quarter results of listed companies point to ongoing strength in the domestic economy, with profits 14.9 percent higher than in the first quarter of 2011. Nonetheless, the TASI is down by 10 percent since the end of March, mirroring falls on […]

     
  • Baseball and Saudi Economic Policy
     

    Dr. Muhammad Al-Jasser, Minister of Economy and Planning, recently spoke to the Young Businessmen’s Committee of the Riyadh Chamber of Commerce and Industry. Though the setting would appear innocuous, Dr. Al-Jasser’s remarks were not. The theme was the Future Vision of the Saudi Economy and they are worth reading in full.

     
  • Opening the TASI: What You Need to Know
     

    Saudi Arabia, the world’s largest oil exporter and the Middle East’s biggest economy, is about to complete a gradual process to open its stock market, known as the Tadawul or TASI, directly to international investors for the first time.  The initial step toward this action was to give other GCC countries the right to invest […]

     
  • Petchem projects lead Saudi industrialization drive
     

    The Saudi project market continues to thrive. Latest data from Meed put the value of projects “planned or underway” at $745 billion in mid-April, around 13 percent higher than a year earlier. These figures need to be treated with some caution: The topline number is some 30 percent larger than the nominal size of the […]

     
  • Positive Steps: Interview with Saudi Minister of Finance Al Assaf
     

    The industrial sector is the real excitement for us, which is growing at a rate of 15 per­cent, which is not a joke. The other one is service sector, like the financial services or the restaurant and hotels or other services in the economy. A particular sector that we are excited about is the mineral […]

     
  • Major Banks Expanding in Saudi Arabia
     

    “We’d be crazy to limit ourselves to a handful of bankers when we can see oil prices are going to sustain the Saudi economy for the foreseeable future,” Rory Gilbert, the head of Middle East and North Africa at London-based Barclays’s wealth management unit, said in an interview this week in Dubai. “In four or […]

     
  • Internet in the Middle East Still Short of Its Potential
     

    Last week’s third ArabNet conference for digital entrepreneurs in the MENA region was, by the standard of these things, a modest affair. But nonetheless it showed how the regional digital economy has grown, and how it is poised to take off. As one commentator said: “Jordan for the talent, Lebanon for the creativity, Egypt for […]

     
  • Critical Commercial and Economic Ties: Interview with Jose Fernandez
     

    The 2nd US-Saudi Business Opportunities Forum in Atlanta in December brought together a high level delegation of over 200 Saudi officials and business people with over 1000 Americans to explore the $1 trillion-plus commercial openings available in the coming decade in the Kingdom. The response to the Forum – and what it means for American investment and […]

     
  • Saudi Arabia will act to lower soaring oil prices
     

    In an op-ed in the Financial Times, Ali Al Naimi writes, “High international oil prices are bad news. Bad for Europe, bad for the US, bad for emerging economies and bad for the world’s poorest nations. A period of prolonged high prices is bad for all oil producing nations, including Saudi Arabia, and they are […]

     
  • Car-nage
     

    In his weekly piece for Arab News, Abdulateef Al-Mulhim takes a look at the extraordinary toll exacted on Saudi roads. With well-engineered roads and streets and access to the latest and safest automobiles, he says, Saudi Arabia still leads the world in highway fatalities. He offers a few ideas about how to gain control over […]

     

MUST-READS

  • How Saudi Arabia is acting to stabilize and replenish its groundwater reserves

    Presently, the Kingdom relies on three basic sources for water extraction: Desalinated seawater, groundwater, and recycled water regularly used in electricity production. Saudi Arabia derives some of its water from the sea. This is done through the process of desalination, which involves transforming brackish seawater into potable water. The Kingdom is now officially the world’s largest producer of desalinated water.

  • Sara Netanyahu criticises liberated Israeli captives

    The wife of Israeli Prime Minister Benjamin Netanyahu, Sara, sparked a wave of reactions from the Israeli captives who were returned from Gaza during the exchange deal with Hamas.

    Sara criticised the liberated captives and complained in private conversations with a member of the Knesset that she and her husband had not yet received thanks for returning some of the captured Israelis.

    According to a report published by News 12, Sara criticised: “Did you see how many kidnapped people we brought back? They did not do that… they did not even thank us.”

  • Gaza war: How the crisis is testing the limits of US diplomacy

    Much of Mr Blinken's trip was crisis management. Trying to get aid into Gaza, get the hostages out and secure an end to the conflict, which the US says must ensure Hamas's attack on Israel on 7 October "can never happen again".

    At the same time it is trying to shape a post-war future. Washington wants the Palestinian Authority running Gaza. It is the entity formed during the 1990s Oslo Accords and driven out of Gaza by Hamas in 2007.

  • Marcos Likely To Visit Saudi Arabia As Countries Celebrate Emerald Anniversary Of Ties

    Philippine President Ferdinand Marcos Jr. is likely to visit Saudi Arabia as the two countries celebrate the 55th anniversary of diplomatic relations this year, Foreign Secretary Enrique Manalo told Arab News. Labor relations have been a main pillar of Saudi-Philippine ties, as the Kingdom is a major destination for overseas Filipino workers with more than 450,000 Filipinos working in the Kingdom between April and September 2022, latest government data showed.

  • Biden to host Iraqi leader with talks underway on winding down coalition against the Islamic State

    The leaders will “consult on a range of issues,” including the fight against the Islamic State and “ongoing Iraqi financial reforms to promote economic development and progress toward Iraq’s financial independence and modernization,” the White House said.

    The two countries have a delicate relationship due in part to Iran’s considerable sway in Iraq, where a coalition of Iran-backed groups brought al-Sudani to power in October 2022.

  • Iraq girds to revive long-abandoned nuclear energy program

    The Iraqi government has declared its intention to revive the country’s long-abandoned nuclear energy program. The announcement by Prime Minister Muhammad Shia’ Al-Sudani comes amid a broader regional push to develop nuclear capabilities, following in the footsteps of Egypt, Iran, Saudi Arabia, Turkey, and the United Arab Emirates (UAE). While Iraq is a long way from completing such an endeavor, Sudani’s announcement is a diplomatic win for the prime minister—underscoring his engagement with international organizations. 

  • Frankly Speaking: How Saudis view the war in Gaza

    Saudi Arabia is using its leverage to help bring an end to the conflict in Gaza but stands by its original position that normalization with Israel will not occur without the establishment of a Palestinian state, according to former Saudi intelligence chief Prince Turki Al-Faisal.

  • UN chief says there’s growing consensus to tell Israel a ceasefire needed

    U.N. Secretary-General Antonio Guterres said during a visit to Jordan on Monday that there is growing international consensus to tell Israel that a ceasefire is needed and that an assault on Rafah would cause a humanitarian disaster.
    "We see a growing consensus emerging in the international community to tell the Israelis that the ceasefire is needed and I also see a growing consensus, I heard in the U.S., I heard from the European Union, not to mention of course the Muslim world, to tell clearly to Israelis that any ground invasion of Rafah could mean a humanitarian disaster," Guterres told a press conference.

  • Saudi Arabia’s enduring legacy: Safeguarding Zamzam water

    The late King Abdulaziz bin Abdul Rahman Al-Saud initiated this dedication to Zamzam water in 1345 AH by ordering the construction of a sabil, a public drinking fountain. The following year, he commissioned a second sabil and oversaw the repair and covering of the Zamzam well itself. Successive Saudi monarchs have taken steps to preserve this water source.
    King Saud bin Abdulaziz implemented a pump for water extraction and a nearby distribution building. Following the first expansion of the circumambulation area in 1377 AH, the Zamzam well was placed beneath it, easing congestion for pilgrims.

  • Saudi-led committee discusses Arab League reform

    The open-ended committee at the level of permanent delegates concerned with the reform and development of the Arab League held its meeting at the headquarters of the league’s General Secretariat in Cairo on Sunday. The committee is headed by Saudi Arabia’s permanent representative to the Arab League Ambassador Abdulaziz Al-Matar.

    The meeting, chaired by Al-Matar, was devoted to following up and implementing the decision of the Council of Arab League Foreign Ministers, which was held on March 6 to reform and develop the league. It called on the working groups emanating from it to continue their work and present their results periodically to the league council at the ministerial level.

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