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C3 U.S.-Arab Healthcare and Business Summit Returns September 20-21 with In-Person Conference in New York
- August 13,2021
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- SUSTG Team
The C3 U.S.-Arab Healthcare and Business Summit will return to a live, in-person conference format this September 20-21 in New York City as the event focuses on the impact of innovation, investment and global cooperation on healthcare and business.
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Saudi Issues Record Number of Foreign Investor Licenses in a Single Quarter, MISA Says
- August 11,2021
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- SUSTG Team
Saudi Arabia’s Ministry of Investment (MISA) reported issuing 478 new licenses in the first quarter of 2021, “the most number in a single quarter since records began in 2005” and a 36% increase from the same quarter last year, according to reports.
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Fintech Saudi Releases National Fintech Adoption Survey Results in 5 Areas
- August 10,2021
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- SUSTG Team
Fintech Saudi, an initiative launched by the Saudi Central Bank (SAMA) in partnership with the Capital Market Authority (CMA), has announced the results of the National Fintech Adoption Survey, a first of its kind measurement in Saudi Arabia of the people’s interest in adopting fintech solutions.
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Saudi Aramco Posts Nearly 300% Jump in 2Q Profit on Soaring Energy Demand Recovery
- August 9,2021
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- SUSTG Team
Saudi Aramco generated a net income of $25.5 billion in the second quarter of 2021, beating expectations and boosting the company’s earnings to nearly quadruple its earnings from the same quarter last year. The income was a 288% increase in net income for the second quarter, and the company maintained its dividend of $18.8 billion.
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Daily New COVID-19 Cases in Saudi Arabia Fall Below 1,000 for First Time in Two Months
- August 6,2021
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- SUSTG Team
Daily new COVID-19 cases in Saudi Arabia fell below the 1,000-mark on Thursday for the first time since June 6, according to official figures, with 986 individuals infected over the past 24 hours.
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SABIC’s Profit Surges in 2Q Amid Booming Demand for Petrochemical Products
- August 5,2021
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- SUSTG Team
Saudi-based petrochemicals giant SABIC hit a $2 billion quarterly profit in the second quarter of this year as a healthy global demand for its products drove sales, according to reports. SABIC also said it expects this solid performance to continue in the second half of 2021, “backed by healthy demand and rising oil prices,” according to Reuters.
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Saudi Mortgage Lending Surges 27% in First Half of 2021 — SAMA Data
- August 3,2021
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- SUSTG Team
Residential mortgage financing in Saudi Arabia has soared in 2021, increasing 27% so far this year despite a slowdown in the 2nd quarter, according to recent data released by the Saudi Arabian Monetary Authority (SAMA) and reported by Zawya.
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Jadwa Chartbook: Oil Prices Continue Climb for Third Straight Month, Benefitting Saudi Economy
- August 2,2021
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- SUSTG Team
A third straight monthly gain for oil is benefitting the Saudi economy, as SAMA FX reserves rose in June by $8.8 billion month-on-month and the non-oil PMI was unchanged at 56.4, indicating continued growth, a recently-released monthly Chartbook by Jadwa Investment for the month of June notes.
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Saudi PPP to Invest $15 Billion in New Technology Fund – Report
- July 29,2021
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- SUSTG Team
A Saudi public-private partnership will launch a $15 billion technology fund “to advance the digital infrastructure in the Kingdom,” a report in Arab News said, based on an announcement at a conference in Riyadh on Wednesday.
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Finance, Insurance Sectors in Saudi Arabia Latest to Move Toward 100% Saudization
- July 28,2021
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- SUSTG Team
The finance and insurance sectors in Saudi Arabia will move toward implementing total Saudization with the hiring of Saudi nationals in as many as 91,000 jobs that are currently occupied by non-Saudis, according to a report from the local Okaz/Saudi Gazette.
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MUST-READS
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Saudi Arabia Announces New Partnership with Boeing -The Embassy of The Kingdom of Saudi Arabia
“The enduring strategic partnership between both countries is enhanced by a common vision to expand cooperation into different fields, like transportation, which opens up many opportunities for both countries” said Saudi Arabia’s Ambassador to the United States HRH Princess Reema bint Bandar Al-Saud. “Today’s announcement is that common vision in action.” “Not long after the founding of the modern Saudi state, it was American companies that helped build our young economy,” stated the Ambassador. “And American companies will continue to be an important part of our bold future,” she continued.
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Opinion – Erdogan’s earthquake response has boosted Turkey’s opposition
The devastating Feb. 6 earthquake that hit Turkey could have united the country. Instead, the catastrophe — which has taken the lives of at least 46,000 people inside the country — is widening the political divide between President Recep Tayyip Erdogan and his opponents. With a general election just nine weeks away, Erdogan is confronting a wave of public anger over poor governance and misguided centralization.
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Turkey’s southeast exodus after earthquake puts manufacturing at risk
Mehmet Alkan, a shoe-sole manufacturer in Turkey's earthquake-hit south, doesn't know what will become of his company after some of his 220 employees died and half fled, reflecting the difficult transformation ahead for industry in the region. Forty of his workers and some families sheltered for a while in the undamaged Alkan Taban factory in Antakya after the massive quakes on Feb. 6. "We only have 110 workers after some died and others left the city, so production capacity dropped," said Alkan, the manager.
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Startup Wrap: MENA startups close to raising $1bn in funding in a single month after February boom
Startups in the Middle East and North Africa region raised $760 million across 48 deals in February 2023, twice the figure in the same period last year. The funding value last month increased by 638 percent month-on-month and the number of deals increased twofold to 48, according to Wamda’s monthly reports. Egypt startups led February’s rise, closing $422 million in funding with the vast majority of that thanks to fintech MNT-Halan raising $400 million in a single round.
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Saudi Arabia’s FM Prince Faisal meets French counterpart in Paris
Saudi Arabia’s Minister of Foreign Affairs Prince Faisal bin Farhan met with his French counterpart Catherine Colonna in Paris on Friday. The diplomats reviewed relations and ways to further develop ties, the Saudi Ministry of Foreign Affairs said in a statement.
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Partnership with business ‘key’ to reaching sustainable economic future, forum told
Partnership is key to get business on side with the UN’s sustainable development goals and boost social responsibility, panelists at a forum in Riyadh have said. Princess Lamia Bint Majed Al-Saud, Secretary General at Alwaleed Philanthropies, said at the Future of Education, Science and Culture forum that her organization had helped more than a billion people in 190 countries, a feat it could not have achieved without working with others.
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Smiling Sphinx Statue Unearthed in Egypt
Archaeologists have discovered a small, Roman-era sphinx statue, Egypt’s tourism and antiquities ministry announced this week. Made of limestone, the artifact was found during excavations of the Dendera Temple, which is situated next to the Nile River in the Qena province. Experts think it may be a depiction of Claudius, the Roman emperor who ruled from 41 to 54 C.E. The Roman Empire controlled ancient Egypt for more than 600 years, from 30 B.C.E. to around 642 C.E. However, many Roman emperors—including Claudius—never actually visited.
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Photos: A Month Since the Devastating Earthquake in Turkey
This week marked the passing of one month since a 7.8-magnitude earthquake struck near the Turkish city of Gaziantep on February 6, followed by dozens of powerful aftershocks. More than 50,000 deaths have been reported across southern Turkey and northwestern Syria. Rescue and recovery efforts have wound down, and the work of removing rubble and demolishing damaged buildings has begun. The United Nations estimates that 1.5 million people were made homeless by the quake, and local groups, charities, and government agencies are working to care for them, setting up tent cities, repurposing passenger-train cars, and opening up mosques and hotels. Gathered below are images from across the quake-hit region over recent weeks.
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Opinion: After the terrifying earthquakes, it’s women and girls in Turkey feeling the aftershocks
While she was sleeping, her ex-husband allegedly poured scalding water all over her, shouting she should be grateful that he had not killed her. She remains in intensive care at a local hospital, with severe burns to her head, face and body. Hers is one of the many harrowing stories of women and girls in crisis zones.
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Turkey’s ruling party presents gas reform in step towards trading hub
Turkey's ruling AK Party presented a draft law to parliament on Wednesday aimed at establishing a competitive natural gas market as the country attempts to become a gas trading hub bringing together suppliers and consumers. President Vladimir Putin proposed setting up a gas hub in Turkey in October after explosions that damaged Russia's Nord Stream gas pipelines under the Baltic Sea.
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