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Moody’s upgrades Saudi Arabia’s rating on economic diversification efforts
- November 25,2024
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- SUSTG Team
Saudi Arabia’s sovereign debt rating was upgraded by Moody’s Investors Service for the first time since the company initially assessed it in 2016, driven by continued progress in the kingdom’s economic diversification and a better outlook for the non-oil sector.
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First three lines of Riyadh Metro to open this week
- November 24,2024
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- admin
The long awaited Riyadh Metro is expected to launch the first phase of operations on three of its six lines this week (November 27).
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Saudi has localized about 20% of its military spending
- November 22,2024
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- admin
Speaking at the 2024 Local Content Forum just completed in Riyadh, Ahmed Al-Ohali, Governor of the General Authority for Military Industries (GAMI), said Saudi Arabia has localized 19.35% of its military spending.
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Spike Lee to head Red Sea International Film Festival Jury
- November 21,2024
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- SUSTG Team
Spike Lee will preside over the jury of the fourth edition of Saudi Arabia‘s Red Sea International Film Festival to be held December 5-14 in Jeddah.
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Design revealed for 92,000-seat venue to be flagship of 2034 FIFA World Cup
- November 20,2024
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- admin
The King Salman Stadium and Masterplan is set to become the largest-capacity stadium in Saudi Arabia and one of the world’s largest sports venues.
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Misk Global Forum 2024 underway in Riyadh
- November 18,2024
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- SUSTG Team
The Misk Global Forum 2024 is taking place November 18-19 in the Mohammed Bin Salman Nonprofit City “Misk City,” centered around the theme: “By Youth for Youth.”
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Saudi unemployment a tick away from Vision 2030 goal of 7%
- November 15,2024
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- admin
Saudi Arabia’s General Authority for Statistics’ (GaStat) Q2 2024 Labor Market report shows that unemployment dropped to 7.1 % down from 8.5% a year earlier.
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IMF and Saudi Arabia to hold annual conference on emerging markets
- November 14,2024
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- SUSTG Team
The International Monetary Fund and Saudi Arabia will jointly organize a high-level annual conference on challenges and opportunities facing emerging market economies.
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Saudi leads growing MENA cinema market
- November 13,2024
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- SUSTG Team
New analysis by Omdia shows that the MENA region will reach nearly 2,500 screens by the end of this year.
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Saudi Arabia hosts Arab-Islamic summit in response to Israeli action in Gaza and Lebanon
- November 12,2024
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- SUSTG Team
Saudi Arabia hosted an Arab League and the Organisation of Islamic Conference joint summit where Crown Prince Mohammed Bin Salman and other Arab leaders intensified criticism of Israel’s actions in Gaza and Lebanon.
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MUST-READS
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Niemann wins PIF Saudi International and International Series Rankings title
Torque GC Captain Joaquin Niemann completed a memorable season by winning the US$5million PIF Saudi International powered by SoftBank Investment Advisers following a dramatic playoff victory against Ripper GC Captain Cameron Smith and Legion XIII member Caleb Surratt. Niemann made a brilliant birdie following an exquisite lob shot to 12 inches on the second playoff hole to earn the trophy at Riyadh Golf Club, after Smith and Surrat missed their birdie attempts. The victory, worth US$1 million, also saw him finish top of The International Series rankings after an incredibly close finish to the race. It was a thrilling finish to the season-ending event on the Asian Tour and The International Series, which is also the most lucrative event of the season.
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British Boxer Ramla Ali Launches Production Company 786 Entertainment With Backing From Saudi Prince
British boxer, model and campaign activist Ramla Ali is launching film and TV production company 786 Entertainment, which has the backing of Saudi Prince Faisal Al Saud. Olympic boxer Ali, who moved to England in 1989 as a refugee from the Somali Civil War, was one of Time Magazine’s 2023 Women of the Year. She is now launching 786 Entertainment with her husband, manager and former coach, Richard A. Moore, and Saudi-owned Vainqueur Family Group. Moore has previously produced sports docs Fighting For A City and Being AP. The Vainqueur Family Group is headed up by Prince Faisal’s business partner, Bilal Nasser.
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Apple announces Apple Retail expansion in the Kingdom of Saudi Arabia
Apple today announced plans to expand in the Kingdom of Saudi Arabia, starting with the launch of the Apple Store online in summer 2025. The online store will bring customers across Saudi Arabia new ways to shop Apple’s full range of products, with exceptional service and support directly from Apple in Arabic for the very first time. Starting in 2026, Apple will begin opening the first of several flagship Apple Store locations in Saudi Arabia. These retail stores will offer customers in the country even more ways to connect with Apple’s knowledgable team members and find the perfect products and services. As part of this expansion, Apple is in the initial stages of planning an iconic retail store coming to Diriyah, a UNESCO World Heritage site.
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Saudi official says kingdom is in contact with all Syria stakeholders
Saudi Arabia has been communicating with all regional actors on Syria and is determined to do what is possible to avoid chaos following the ouster of President Bashar al-Assad, a Saudi official said on Sunday. "We are in constant communication with Turkey and every stakeholder involved," the official told Reuters, adding that the kingdom was not aware of Assad's whereabouts. His failure to re-engage several regional actors and the opposition was to blame for his downfall, the official said
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Saudi Arabia: The Kingdom of Oil. However, is It Now the Kingdom of Metals?
Media reports indicate that mining now plays a central role in Riyadh’s strategy to reduce oil dependency, with a focus on utilizing its significant reserves of phosphate, gold, copper and bauxite. The reports claim that Saudi Arabia holds considerable amounts of minerals necessary for the energy transition, such as aluminum, copper and rare earth elements. According to Arab News, the World Risk Report 2023 published by UK-based consultancy MineHutte last year pointed out that Saudi Arabia’s mining sector had been one of the world’s fastest-growing regulatory and investment-friendly environments for five years. The report added that after the passing of a new Mining Investment Law in 2021, there was a 138% increase in the number of exploitation licenses issued. Saudi Arabia recently revised its estimate of untapped mineral resources, raising the value from the US $1.3 trillion forecasted eight years ago to $2.5 trillion. According to a report from Reuters, Saudi Arabia’s mining minister, Bandar Al-Khorayef, stated that the Kingdom’s reserve potential had grown by nearly 90%.
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Saudi Arabian golfers privileged to be ‘trailblazers’ for golf in the Kingdom
Saudi Arabia’s five leading golfers are determined to showcase their quality on home soil when the PIF Saudi International powered by SoftBank Investment Advisers begins tomorrow at Riyadh Golf Club. Othman Almulla is one of a record five Saudi Arabian professionals competing at the event, which takes place in Riyadh for the first time, and three of them were in attendance, alongside global stars such as Abraham Ancer, Tyrrell Hatton and Dustin Johnson, for a launch press conference ahead of the tournament.
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Who do Middle East marketers think they are talking to?
In the 1970s and 1980s Geert Hofstede, a psychologist working for IBM, came up with a theory of cultural dimensions. He used a series of factors to show how different societies held certain values over others. His theories are still commonly applied to businesses today, informing ways for multinational companies to adapt to different markets and work across cultures. In a region such as the GCC, where many markets are a melting pot of non-native nationalities from countries with very different mindsets, Hofstede’s insights can be applied to advertising. They show how one message does not fit all, and how reducing advertising’s purpose to the generation of a single emotion may work well in one country or culture but not in another.
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Saudi Arabia’s King Salman inaugurates Riyadh Metro project
Saudi Arabia’s King Salman inaugurated the Riyadh Metro project on Wednesday, Saudi Press Agency reported. The project is considered the backbone of the public transport network in Riyadh, SPA said. King Salman watched an introductory film about the project, which is distinguished by its exceptional design and technical specifications. The Riyadh Metro consists of a network that includes six train lines measuring 176 km and 85 stations, including four main stations. The metro will begin to be available for public use from Dec. 1 and will operate daily from 6 a.m. to midnight. The lines will open over the next two months in stages — with the blue, yellow and purple lines opening on Dec. 1, the red and green lines opening on Dec. 15, and the orange line opening on Jan. 5, 2025.
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Saudi Arabia, a Kingdom in Transition
However, more notable than the fundamental changes in the US military’s historical postures in West Asia was the appointment of Mohammed bin Salman (MBS) as Saudi crown prince and heir apparent in 2017, and the dramatic changes announced since.[7],[8] The MBS-led Saudi polity has adopted a two-pronged approach as part of its ‘Vision 2030’:[9] first, the kingdom must future-proof itself and build alternate economic models not dependent on oil; and second, to realise these changes, it must pursue fundamental ideological shifts away from conservatism or traditionalism towards moderate Islam. Finally, the core challenge for Saudi Arabia, MBS, and Vision 2030, will be political sustainability. While the crown prince arguably has decades in power ahead, managing this transition alongside a young and aspirational population and little experience with a non-oil, market-led economy,[65] will not be easy. However, the advantage for MBS is that the international community is equally invested in the success of this transition given that its failure will be a tectonic setback.
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U.S. Special Envoy Lenderking’s Travel to Oman and Saudi Arabia
In Oman and Saudi Arabia, Special Envoy Lenderking met with counterparts to discuss the need to stop Houthi attacks in the Red Sea. These attacks continue to endanger the lives of civilian mariners, harm economies in the region and raise barriers to the delivery of critical humanitarian assistance to Yemenis and those in need across the region. The Special Envoy emphasized steps to counter Houthi attacks, including identifying and interdicting illicit goods and weapons from Iran and deterring Houthi cooperation with malign regional and international actors.
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