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Recent stories from sustg
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Latest Data: Improvements in Saudi Arabia’s Labor Market in Line with Pick-up in Overall Economic Activity
- February 3,2021
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- SUSTG Team
Unemployment in Saudi Arabia declined to 14.9 percent in Q3 2020, the latest date for which such data are available, down from 15.4 percent in Q2 2020, a recent report from the Riyadh-based Jadwa Investment finds, citing figures from the official General Authority for Statistics.
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List of World’s Top Golfers Competing at Third Saudi International Grows as Kevin Na Commits
- January 21,2021
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- SUSTG Team
The field of competitors for next month’s Saudi International powered by Softbank Investment Advisers is growing as another top golfer in the world has joined some of the sports biggest names confirmed to compete in Saudi Arabia. Five-time PGA Tour winner Kevin Na, who won the PGA Tour’s Sony Open in Hawaii on Sunday, is […]
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$5 Billion Hydrogen Project JV Planned for NEOM Hires Financial Advisor – Report
- January 13,2021
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- SUSTG Team
A three-organization joint venture hydrogen project between Air Products, NEOM, and ACWA Power has hired financial firm Lazard to advise on a planned $5 billion hydrogen project in the NEOM high-tech business zone in Saudi Arabia, according to a Reuters report, citing sources.
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Gulf Rift Ends after 42 Months; Qatari Emir Heads to GCC Summit as Skies, Borders Re-Open
- January 5,2021
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- SUSTG Team
Saudi Arabia and other GCC nations effectively ended their 42 month-long rift with neighboring Qatar on Monday, signaling a new era in Gulf political and economic relations and bringing to a close a long dispute begun in June 2017.
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Saudi Arabia’s PIF Makes Two Moves in Security, Defense Space
- December 29,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) and its defense subsidiary SAMI announced separate moves in the defense and security space this week, according to reports. The PIF said Tuesday it had established a company to develop and expand the private security sector in the Kingdom, creating the National Security Services Co. (SAFE). SAFE will focus on […]
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Saudi Arabia’s Tourism Minister: Kingdom Needs to Inject $200 Billion into Industry — Report
- December 22,2020
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- SUSTG Team
Saudi Arabia’s tourism minister Ahmed Al-Khateeb dismissed naysayers of the Kingdom’s ambitious tourism plans, telling Arab News‘ Frank Kane in an exclusive interview that the Kingdom’s target of obtaining 100 million visits by 2030 is not overambitious with big investments in the industry.
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Houston-Based Baker Hughes, Saudi Aramco to Develop Oil, Gas Products Using Nonmetallic Resources
- December 9,2020
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- SUSTG Team
Saudi Aramco and Houston-based Baker Hughes have announced the formation of Novel, a 50/50 Joint Venture (JV) to develop and commercialize a broad range of non-metallic products for multiple applications in the energy sector, the companies said in a press release.
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Saudi Economy More Resilient than Expected in Q2, Q3 2020; Recovery Possible Next Year – Jadwa Investment
- November 27,2020
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- SUSTG Team
Saudi Arabia’s economy proved to be more resilient than expectations in the face of dual crises of the Coronavirus pandemic and a drop in oil prices in 2020, Jadwa Investment writes in an economic update.
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Road to the G20: Saudi Arabia Set to Host Main Leaders’ Summit this Weekend
- November 19,2020
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- SUSTG Team
Saudi Arabia is set to host the G20 Leaders Summit this weekend, the main event involving the heads of the 20 nations chaired virtually by the Kingdom due to the Coronavirus pandemic.
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Saudi Economy Contracts 4.2% in 3Q, Improves from 2Q; Fitch Affirms Credit Rating at ‘A’
- November 10,2020
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- SUSTG Team
Saudi Arabia’s economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, but the contraction was smaller than the second quarter when the economy was reeling from coronavirus-linked lockdowns, Reuters reports. The economy expanded by 1.2% on a seasonally-adjusted quarter-on-quarter basis in the third quarter from a contraction of 4.9% […]
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MUST-READS
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Religious FreedomUS cites China, Turkey, Saudi Arabia for religious repression
The State Department's annual report on international religious freedom was highly critical of a number of countries, including China and Saudi Arabia, a key US ally. "Many governments around the world used discriminatory laws to deny their citizens freedom of religion or belief," said Secretary of State Rex Tillerson, speaking in the agency's Treaty Room. "No one should have to live in fear, worship in secret, face discrimination because of their beliefs."
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Saudi AramcoSaudi Aramco In Talks To Buy $2B Stake In PetroChina Refinery
Saudi Aramco is negotiating a deal to buy a stake of more than 30 percent in a 260,000-bpd refinery in China owned by state firm PetroChina, in a transaction valued at up to US$2 billion
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ME Ride SharingChina’s Didi backs Uber rival Careem to expand its global footprint into the Middle East
A week after its first investment in Europe, Chinese ride-sharing giant Didi Chuxing is spreading its wings once again after it announced a financing deal with Careem, an Uber rival in the Middle East that is valued at more than $1 billion. The size of the investment was not disclosed.
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Saudi Oil PolicyChina, India oil imports show Saudi Arabia is already carrying the burden of cut
Saudi Arabia wants to do more to boost crude oil prices by taking a razor to its exports, but the kingdom is already doing much of the heavy lifting in Asia, where it is surrendering market share in the world's top importing region.
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China in the RegionChina sends troops to first overseas naval base in Djibouti
Ships carrying Chinese military personnel for Beijing’s first overseas military base, in Djibouti in the Horn of Africa, have left China to begin setting up the facility, the state news agency Xinhua reported.
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AsiaChina launches new destroyer seen as challenge to Asia rivals
China launched its newest warship on Wednesday, a large guided-missile destroyer touted as the latest in naval technology and seen as a challenge to naval rivals in Asia.
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Shanghai Cooperation OrganizationChina is trying to pull Middle East countries into its version of NATO
The Shanghai Cooperation Organization (SCO) is a Central Asian security bloc led by China and Russia that is often described as a future Eastern counterweight to NATO. It held its annual summit last week in Kazakhstan, and the most significant outcome was the announcement that India and Pakistan became its first new members since being formed in 2001.
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China in the RegionWill China Play Peacemaker with Its Oil Suppliers Saudi Arabia and Iran?
In 2016, China-Saudi trade amounted to approximately $45 billion compared to $31 billion of China-Iranian commerce during the same period. In January, Saudi Arabia also regained its position as the top oil exporter to China after being overtaken by Russia for the position last year.
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Qatar DisputeQatar Standoff Tests China’s Neutrality on Saudi-Iran Feud
Talks this week on letting Iran join a Beijing-based cooperation bloc highlight the challenge China faces in trying to avoid taking sides in the Middle East’s spiraling sectarian crisis.
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Qatar DisputeHow the Gulf row is blocking China’s new Silk Road
Rift between Qatar and its neighbours could disrupt key projects in Beijing’s sprawling trade initiative
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