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White House Supports Development of ‘A New United States-Saudi Program’, Endorses Strong Saudi Relationship
- March 16,2017
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- SUSTG Team
The White House released a statement yesterday calling for the development of “a new United States-Saudi program” after the President hosted Deputy Crown Prince Mohammed bin Salman for a lunch meeting. The statement re-affirmed the U.S.-Saudi political, military, security, economic, cultural, and social relationship and the importance of the U.S. and Saudi Arabia working together “based […]
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Seven Important Takeaways from Saudi Deputy Crown Prince Mohammed bin Salman’s Lunch Meeting with President Trump
- March 15,2017
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- Lucien Zeigler
A “senior advisor to Deputy Crown Prince Mohammed bin Salman” released an enthusiastic statement following yesterday’s meeting between the Prince and President Trump, calling the meeting a “huge success.” Observers of the U.S.-Saudi relationship will read the full text of the statement closely. It provides some insight into the thinking of Saudi leaders on the […]
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Deputy Crown Prince Mohammed bin Salman Departs for United States, Set to Meet with Donald Trump
- March 13,2017
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- SUSTG Team
Deputy Crown Prince Mohammed bin Salman is set to visit Washington, D.C. this week and will meet with President Trump. The Saudi Royal Court, in a statement carried by the official Saudi Press Agency, said that Prince Mohammed will meet with the President and a number of US officials to discuss “the strengthening of bilateral relations […]
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U.S., Saudi Arabian Agribusiness Majors May Partner to Bid on Saudi Grains Milling Privatization
- March 8,2017
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- SUSTG Team
Saudi Arabia’s largest private agriculture company, Almarai, and U.S. agribusiness Archer Daniels Midland Co. are reportedly among companies eying Saudi Grains Organization’s (SAGO) milling operations, the kingdom’s sole supplier, according to an exclusive report by Reuters. The state-owned SAGO handles the Kingdom’s grains purchases, and is one of the world’s largest wheat and barley buyers. The company […]
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ExxonMobil Announces $20 billion Investment in Manufacturing on U.S. Gulf Coast
- March 7,2017
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- SUSTG Team
Exxon Mobil Corporation said in a press release that it is expanding its manufacturing capacity along the U.S. Gulf Coast through planned investments of $20 billion over a 10-year period “to take advantage of the American energy revolution.” The projects, at 11 proposed and existing sites, are expected to generate thousands of new high-paying jobs and […]
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As Saudi Aramco Prepares IPO, Investors Speculate on Ultimate Value
- March 6,2017
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- SUSTG Team
Fund managers and institutional investors are split on the expected value of Saudi Aramco, with a majority saying the company will have a market capitalization of $1 trillion to $1.5 trillion when it sells shares to the public next year, Reuters reports, citing a survey of fund managers conducted by regional investment bank EFG Hermes. That […]
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Despite Major Investments in Uber, Careem, Saudi Arabia Bans Ride-Sharing Apps from Airport Pickups
- March 2,2017
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- SUSTG Team
Saudi Arabia’s government has banned ride-sharing apps from making airport pickups, a report in Al Arabiya said, less than a year after the Kingdom’s Public Investment Fund (PIF) invested $3.5 billion into Uber and STC put $100m into Careem. The announcement is a setback for customers who prefer the ease, convenience, dependability, and safety of ride-sharing apps […]
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Saudi Arabia’s Fiscal Balance Program (FBP) 2020: The Kingdom’s Path to Fiscal Sustainability
- March 1,2017
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- SUSTG Team
Fiscal reforms already underway in Saudi Arabia could save the Kingdom as much as SR362 billion ($97 billion) annually by 2020, leading to a surplus of SR162 billion ($43 billion) annually, according to a recent analysis by Jadwa Investment. That amount is a significant increase as compared to if nothing was done to address Saudi Arabia’s fiscal […]
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Saudi Arabia Gains ‘Upper Hand’ in Competition for Asia Energy Demand with Massive $7b Aramco-Petronas Deal
- February 28,2017
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- SUSTG Team
Oil giant Saudi Aramco signed a $7 billion deal Tuesday to take a 50 percent stake in a mega Malaysian oil refinery project, in a pact expected to help Saudi Arabia increase trade in Southeast Asia and give the Kingdom an “upper hand” in the supply competition for Asia’s energy demand, according to reports. Saudi […]
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Saudi Arabia Makes Diplomatic Push to Warm Ties with Iraq
- February 27,2017
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- SUSTG Team
Saudi Arabia’s Foreign Minister Adel Al-Jubeir made a surprise trip to Iraq on Saturday, the first trip there by a Saudi foreign minister since 1990. While in Baghdad, Al-Jubeir met with Iraqi Prime Minister Haider Al-Abadi and his counterpart, Ibrahim Al-Jaafari. Al-Jubeir said that Saudi Arabia plans to appoint a new ambassador and resume direct flights […]
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MUST-READS
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Saudi Delivery Startup Shgardi Secures Seven-Figure USD Investment
The on-demand logistics startup already has over a million customers in the KSA, allowing users to order anything and everything they want through a network of around 30,000 drivers.
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Saudi Arabia aims to boost investment with new mining law
Riyadh’s efforts to build an economy that does not largely rely on oil and state subsidies involves a shift towards mining vast untapped reserves of bauxite, the main source of aluminium, as well as phosphate, gold, copper and uranium.
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Fintech Firm Offering Islamic Investment Backed by Saudi Aramco
A New York-based online Islamic investment platform has secured backing from Saudi Aramco, the world’s biggest company, to expand into the Middle East and make Riyadh its hub for the region. Wahed Invest LLC got the financing from the oil giant’s Saudi Aramco Entrepreneurship Ventures unit as part of a $25 million funding round, founder Junaid Wahedna said in an interview. Dubai-based BECO Capital and Boston-based Cue Ball Group LLC also invested in the firm, he said.
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Ambani’s Jio Platforms Sells $1.2 Billion Stake to Abu Dhabi’s Mubadala Investment Co.
Reliance Industries Ltd. added to the roster of marquee backers piling into its digital upstart Jio Platforms Ltd. with a $1.2 billion investment by Abu Dhabi’s Mubadala Investment Co. The deal gives the Abu Dhabi sovereign fund a stake of 1.85% at an equity value of $65 billion for Jio Platforms, the Mumbai-based company said Friday in a statement. Reliance, backed by Asia’s richest man Mukesh Ambani, is also in advanced talks with Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund, people familiar with the matter told Bloomberg News this week.
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In Saudi Arabia, investments in digital infrastructure are paying off
The national portal, Gov.sa, maintained reliable access to over 900 government services despite a surge in traffic when the curfew was applied nationally.
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Saudi Arabia’s Public Investment Fund Goes on a Spending Spree
The PIF increased its holdings of U.S.-listed equities to $10 billion in the early months of 2020, up from around $2 billion at the outset of the year.
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Four Middle East state investment vehicles snare part of BlackRock $14bn stake sale
BlackRock Inc. attracted some of the world’s largest institutional investors and sovereign funds when a major stake was sold this month, illustrating chief Larry Fink’s connections with deep sources of capital in the US, Middle East and Asia. Existing shareholders Wellington Management, Capital Group Cos. and Fidelity Investments were among those that bought shares when PNC Financial Services Group Inc. sold a $14 billion BlackRock stake, according to people familiar with the situation.
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IEA World Energy Report: Global energy investment could fall by $400 billion this year
The International Energy Agency said Wednesday that global investment could plunge by a record $400 billion this year, with spending expected to plummet across every major sector, from oil and gas to renewable energy.
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Saudi G20 presidency holds extraordinary trade and investment meeting
It will be chaired by saudi Commerce Minister Majid Al-Qasabi and Investment Minister Khalid Al-Falih. It will discuss ways to restore confidence and ensure continuity of trade by working to “ensure the flow of vital medical supplies, critical agricultural products and other goods and services across borders.”
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Saudi Arabia Eyes Hollywood Investments as Companies Face Cash Crunch
Although everyone from Disney to AMC Theatres has begun to offer debt in the COVID-19 fallout, some analysts say it would be better to take Saudi equity. "It would be a welcome investment from a debt perspective to see some of these companies that are more dramatically affected bring in some equity rather than just bringing [on] lots of debt, particularly some of the larger-cap media names like Disney and ViacomCBS," says Moody's analyst Neil Begley.
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