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70 Percent Increase in New Licenses for Foreign Businesses in First Quarter, Al-Omar Says
- April 29,2019
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- SUSTG Team
The number of new licenses approved for foreign businesses in Saudi Arabia rose by 70 percent in the first quarter from a year earlier, the head of Saudi Arabia’s General Investment Authority (SAGIA) said. According to Bloomberg, applications from British and Chinese companies drove the increase, rising by 86 percent and 71 percent, respectively. The data […]
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Iraqi Prime Minister Adil Abdul-Mahdi Visits Saudi Arabia as Relations Warm
- April 18,2019
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- SUSTG Team
Iraqi Prime Minister Adil Abdul-Mahdi and a delegation visited Saudi Arabia yesterday and met with King Salman and Crown Prince Mohammed bin Salman, as relations between the two nations continue to warm. The Prime Minister’s office said the leaders signed 13 agreements in areas such as trade, energy and political cooperation, without giving further details, according to […]
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Saudi Youth Unemployment Numbers Improve Significantly in 2018, Report Reveals
- April 17,2019
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- SUSTG Team
A recently released report by Jadwa Investment, citing latest government data, shows major gains in curbing high youth unemployment in the Kingdom. Overall unemployment declined slightly in Saudi Arabia by the end of 2018, to 12.7 percent by the end of 2018, from 12.8 percent in 2017, according to data from the latest General Authority for […]
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Princess Reema Bint Bandar Sworn In as Ambassador to the United States
- April 16,2019
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- SUSTG Team
Princess Reema bint Bandar bin Sultan al-Saud was sworn in on Tuesday as Saudi Arabia’s next Ambassador to the United States, according to the Saudi Press Agency. The swearing in took place at Al-Yamamah Palace in Riyadh. Princess Reema is the first Saudi woman to hold the high-ranking diplomatic post after a royal decree appointed […]
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Saudi Aramco to Acquire Stake in South Korean Hyundai Oilbank for $1.2 billion
- April 15,2019
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- SUSTG Team
Saudi Aramco says it has reached an agreement to acquire a $1.25 billion stake in South Korean refiner Hyundai Oilbank that would provide it with “a dedicated outlet for its crude to South Korea.” The deal was struck between Aramco and Hyundai Heavy Industries Holdings for Saudi Aramco’s subsidiary, Aramco Overseas Company B.V (AOC), to […]
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Saudi-based Telecom Firm Arabsat is SpaceX’s First Commercial Mission, Falcon Heavy Launch Successful
- April 12,2019
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- SUSTG Team
SpaceX’s Falcon Heavy successfully launched its first commercial mission today with Saudi-based telecom firm Arabsat as its customer in a key demonstration for billionaire entrepreneur Elon Musk’s space company in the race to grasp lucrative military launch contracts, Reuters reports and the companies involved confirm. The Falcon Heavy rocket blasted off from Florida’s Kennedy Space Center […]
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Senate Overwhelmingly Confirms John Abizaid as US Ambassador to Saudi Arabia
- April 11,2019
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- SUSTG Team
The Senate overwhelmingly voted to confirm retired Gen. John Abizaid as the new US Ambassador to Saudi Arabia on Wednesday in a 92-7 vote, paving the way for the former head of then U.S. Central Command to be the first person to fill the post since President Trump took office. President Trump’s choice for the next U.S. Ambassador to Saudi […]
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House, Senate Vote to End U.S. Support of Yemen War, Setting Stage for Trump Veto
- April 5,2019
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- SUSTG Team
The U.S. House of Representatives approved a resolution on Thursday that would end all U.S. involvement with the Saudi Arabia-led coalition in the war in Yemen, Reuters reports. President Trump is likely to veto the resolution, the second veto of his presidency. The vote in the House was 247-175. 16 Republicans joined the majority Democrats in […]
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Saudi Arabia to Invest $35 Billion in Movie Theaters by 2020; Seeks 2,500 Screens
- April 4,2019
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- SUSTG Team
Saudi Arabia’s General Commission for Audiovisual Media (GCAM) announced that the Kingdom will spend $35 billion on cinemas by 2020, according to reports. The announcement was made Thursday at CinemaCon, the official convention of the National Association of Theatre Owners at Caesar’s Palace in Las Vegas. The GCAM is the authority in charge of issuing cinema licenses […]
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Lockheed Clinches $2.4 billion Deal for Sale of ‘Crown Jewel’ THAAD missiles to Saudi Arabia, Part of $15 billion Package
- April 2,2019
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- SUSTG Team
Bethesda, Maryland-based Lockheed Martin Corporation was awarded a $2.4 billion Pentagon contract on Monday for THAAD interceptor missiles, some of which will head to Saudi Arabia, Reuters reports. The announcement of the THAAD system was “part of a $15 billion package for defensive ballistic missile systems,” the UPI reports. Lockheed will provide interceptors and associated one-shot […]
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MUST-READS
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Defense SpendingDefense spending – Saudi Arabia Beats USA & China On A Per Capita Basis
If the past decade’s increases in military budgets are viewed in per capita terms, the big spender is Saudi Arabia (40%). In contrast, defense expenditures have climbed slower in China and India (less than 15% each); and even less in Russia (6%).
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Muslim Country SWFsCapital Markets of the Muslim World: The Paradox Within
A list of the top 30 sovereign wealth funds (SWFs) shows at least half originating from Muslim countries. Of all the world’s SWFs, 41 percent are from the Organisation of Islamic Cooperation (OIC) countries.
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GCC SecurityGulf Arab royals meet in Saudi capital to unify Iran stance
The meeting in Riyadh included the defense, interior and foreign ministers of the six-nation Gulf Cooperation Council, a tightly allied bloc led by Saudi Arabia that also includes the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain.
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Yemen Civil WarMore than 20 inmates escape in Yemen prison break
More than 20 inmates escaped from a prison in Yemen's southern city of Aden on Thursday after gunmen demanding the release of detainees imprisoned without trial blocked roads and clashed with security forces.
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Saudi AramcoSaudi Arabia looks to drilling joint ventures to advance local capacity
Over the past few years, Saudi Arabia has been taking several steps to increase its upstream oil and gas capabilities, particularly with regard to drilling equipment and services. Most notably, an offshore drilling joint venture between Saudi Aramco and Rowan Companies is expected become operational fully operational within a few months. The venture is designed to provide Aramco with the offshore drilling services it needs into the future, and help to create local jobs in Saudi Arabia.
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AfghanistanIslamic State claims suicide bomber attack that kills three in Afghan capital
Islamic State militants claimed responsibility for a suicide bomb attack on Wednesday near the Afghan Defence Ministry that killed at least three people.
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Border SecuritySaudi Border Guards now using Caprivi MRAPs
The Caprivi is the first MRAP-type vehicle known to be used by the border guard, which is playing a significant role in trying to secure the kingdom's southern border during the current conflict with Yemeni rebels.
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Saudi EconomyInvesting in Saudi Arabia beyond oil: Mining, renewable energy, capital markets
Saudi Arabia's economic overhaul leans on the hope that non-governmental employment will grow quickly as the kingdom wants to increase the private sector's contribution from 40 percent to 65 percent of GDP.
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Banking and FinanceCiti applies for capital markets license in Saudi Arabia
Citigroup has formally applied for a license to conduct capital markets business in Saudi Arabia, two sources familiar with the matter said, in a move to return to the country after an absence of nearly 13 years.
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SyriaU.S.-backed forces capture Islamic State-held airport near Euphrates dam
A U.S.-backed Syrian alliance of Kurdish and Arab militias on Sunday took a military airport in northern Syria held by Islamic State, close to the country's largest dam that may be in danger of collapse.
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