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Saudi Arabia to establish an independent export and import finance bank
- February 8,2019
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- SUSTG Team
Saudi Arabia will establish an independent export and import finance bank with a capitalization of SAR 30 billion riyals ($8 billion) to provide financing to local exporters and foreign importers, the UAE-based The National reports. The Kingdom first proposed the EXIM bank to support sales of its goods abroad in 2017. The Saudi Exports Development Authority (SEDA) […]
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VAT Rollout in Saudi Arabia ‘Raised More Revenue than Initially Expected’ – Latest PWC Middle East Economy Watch
- February 7,2019
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- SUSTG Team
The latest Middle East Economy Watch quarterly report by PWC examined the economic impact of the VAT roll out in the UAE and Saudi Arabia, noting that “with some caveats, the early data suggests that the inflationary impact of the tax has been contained, the impact on growth is limited and in Saudi Arabia it has raised more revenue […]
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December Economic Data Shows Slight Cooling but Non-Oil Exports Grow, Jadwa Says
- February 6,2019
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- SUSTG Team
The latest monthly economic chartbook released by Jadwa Investment found a cooling in some key economic data points, although the Saudi stock market soared by 10% in January as oil prices rose. The Riyadh-based Jadwa’s report found that POS rose by 10 percent while cash withdrawals were flat, and non-oil PMI index was marginally down […]
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Saudi Arabia Launches Office to Monitor State Spending, Corruption After Crackdown
- February 5,2019
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- SUSTG Team
Saudi Arabia has launched a new office to monitor state spending, saying it would help keep up the fight against corruption after the closing of a 15-month crackdown that yielded over $100b of assets to the government, according to Reuters. A newly created financial reporting office would be part of the state’s General Auditing Bureau, which watches […]
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Hilton to Open 35 Hotels, Add 10,000 Rooms in Saudi Arabia as Tourism Sector Soars
- February 4,2019
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- SUSTG Team
Hilton Hotels & Resorts announced it is looking to build 35 new hotels in Saudi Arabia, adding as many as 10,000 rooms over the next 3-5 years, according to reports on comments made by a top executive for the company. The decision to invest in Saudi Arabia – the company’s largest pipeline in the Middle […]
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Private-Sector Program ‘Direction’ in Saudi Arabia Boosts Cross-Cultural Understanding, Dialogue
- February 1,2019
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- SUSTG Team
A private-sector program in Saudi Arabia is seeking to enhance relations between the Kingdom and nations around the world through delegations of Saudi youths in order to spread “a culture of moderation and respect for others” in line with the Kingdom’s Vision 2030. The program, called “Direction,” designs, executes and manages supportive programs for Saudi and Arab […]
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PIF-backed Saudi mortgage refinancing firm to expand offering in 2019 – Report
- February 1,2019
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- SUSTG Team
The Public Investment Fund-backed Saudi Real Estate Refinance Company (SRC) expects to issue its first public sukuk this year and a second private placement in the next two weeks, while developing further plans to finance an expansion of the kingdom’s home mortgage market, according to reports. Saudi Real Estate Refinance Co., a unit of the kingdom’s […]
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Kingdom Ends Corruption Crackdown with $106 Billion Recovered
- January 31,2019
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- SUSTG Team
Saudi investigators have recovered assets worth more than $106 billion in an anti-corruption crackdown ordered by Crown Prince Mohammed bin Salman, the royal court said on Wednesday. The crackdown began in November 2017 when Saudi Crown Prince Mohammed bin Salman ordered suspects detained at the Ritz Carlton in Riyadh. The government summoned 381 people, although some appeared only […]
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‘MSCI Tadawul 30 Index’ Goes Live with 30 Biggest Saudi Equities
- January 30,2019
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- SUSTG Team
MSCI Inc. and the Saudi Stock Exchange (Tadawul) announced today the launch of the MSCI Tadawul 30 Index, a tradeable index, according to a press release. The Index is based on the MSCI Saudi Arabia IMI Index that represents the performance of large, mid and small-cap stocks of the Saudi Arabia equity market. The Index […]
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Saudi Arabia Sets Up New Company for NEOM Fully Owned by Kingdom’s PIF
- January 29,2019
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- SUSTG Team
Saudi Arabia has established a new company to proceed with the development of NEOM, the planned $500 billion mega-city to be built in the northwest of the Kingdom, according to reports. The company will be owned by the government’s Public Investment Fund, according to a Reuters report, which cited the Saudi Press Agency. The new legal status of […]
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MUST-READS
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War in YemenYemen’s Rebels Say They Captured Post Inside Saudi Arabia
Yemen's Houthi rebels and allied troops have captured a Saudi military post in the border region of Jizan, according to military officials from the Shiite movement.
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Iraq CaptivesAmerican contractors tell of 31 days of abuse as captives of government-allied Iraqi militia
After six months of silence, an American contractor who was kidnapped in Iraq shares the story of a harrowing 31-day captivity and his search for justice.
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Saudi Arabia and ExtremismPerspective: Saudi Arabia: The scapegoat of terrorism
Second, how many religious schools (referred to colloquially as “Madrasas”) have been built by Saudi Arabia in these three countries? The answer is zero.
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War in YemenCommentary: Can Saudi Arabia Escape the Trap of Endless War in Yemen?
When the Saudis began the bombing campaign more than a year ago, their stated objective was the restoration to power in Sanaa of what they called the “legitimate government” of ousted president Abdu Rabbu Mansour Hadi
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ShippingRising Middle East refinery capacity to dent crude tanker shipping outlook
With oil importing countries raising refining capacity at much slower rates, it leaves little growth prospects for seaborne trade.
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SyriaWhy the Pentagon sees recapture of Syrian city as template for battling the Islamic State
The recapture of an Islamic State stronghold in Syria will serve as a model for future U.S.-backed operations there, U.S. officials said, as the Pentagon lays plans for supporting a march by allied forces toward Raqqa, the militant capital.
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Saudi SandfallStunning sandfall captured in the desert in Saudi Arabia
Video of a sandfall in the Saudi desert.
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TurkeyThis filtered image of more than a million people captures the mood in Turkey
On Sunday, Turkish authorities staged a huge rally in the Yenikapi area of Istanbul, with as many as 5 million people in attendance, according to police officials, though other media accounts say the crowd was not quite as large.
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Snow CitySnow City the new hot ticket in the Saudi capital
Having to wear ski jackets in Riyadh is unheard of, but a new snow park in the Saudi capital has made them a must despite outside temperatures exceeding 45 Celsius.
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'Snow City'Saudi snow city tests kingdom’s capacity for fun
At a shopping mall in southern Riyadh, a woman shrouded in black robes and bulgy black coat throws snowballs at her young son, giggling underneath a face covering. The boy gleefully lobs snowy projectiles back in her direction
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