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Oil Approaches Prices Not Seen Since Start of Pandemic as Optimism on Vaccines, U.S. Stimulus Drives Prices
- December 18,2020
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- SUSTG Team
Oil reached its highest close in almost 10 months as U.S. lawmakers worked toward finalizing a stimulus deal that may boost near-term demand ahead of a broad roll-out of the Covid-19 vaccine. Futures in New York were near $48.50, headed for a seventh weekly gain, Bloomberg reports.
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Saudi Arabia’s Economy Still Shrank in 3Q Despite Rebound Trend
- December 17,2020
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- SUSTG Team
Saudi Arabia’s economy shrank more slowly in the third quarter of this year as the government relaxed some measures put in place to curb the spread of the Coronavirus but the oil sector continued to weigh on the Kingdom’s overall economic outlook, according to reports.
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Saudi Arabia Unveils 2021 Fiscal Budget with Spending Reductions, Eying Economic Rebound
- December 16,2020
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- SUSTG Team
Saudi Arabia unveiled a new budget for the 2021 year, cutting spending to rein in a fiscal deficit brought on by a lower oil prices in 2020 and adjusting the Kingdom’s fiscal strategy to a post-Coronavirus pandemic era.
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Saudi Arabia’s Air Force Receives Final F-15SA Fighter Aircraft in Deal Signed under Obama Administration
- December 14,2020
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- SUSTG Team
The Royal Saudi Air Force has received the last F-15SA advanced fighter aircraft from the United States as part of a massive $29bn foreign military sales (FMS) agreement agreed to with the Obama administration in 2010. An advanced version of the F-15S, the F-15SA is equipped with several capabilities to enable the Royal Saudi Air Force […]
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Princess Reema in Vogue Middle East: ‘Profound, Historic Changes’ for Women in Saudi Arabia
- December 11,2020
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- SUSTG Team
Saudi Arabia’s Ambassador to the United States Princess Reema bint Bandar penned an open letter for Vogue Middle East discussing the progress made and path forward for Saudi Arabia’s women, noting that women in the Kingdom are “cracking the glass ceiling.”
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Saudi Arabia Registers Pfizer COVID-19 Vaccine for Import, Distribution in Kingdom
- December 10,2020
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- SUSTG Team
Health authorities in Saudi Arabia have registered the Pfizer-BioNTech COVID-19 vaccine for import and use in the country, state news agency SPA said on Thursday. Saudi Arabia’s Food and Drug Agency registered the vaccine. Procedures necessary for its import and use will begin, the statement said.
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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-Owned Lucid Motors Completes Phase 1 of Arizona Factory Build, Eyes 2021 Production
- December 8,2020
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- SUSTG Team
Saudi-owned Lucid Motors, a forthcoming EV rival to Tesla, announced that it completed the first phase of construction at its factory in Arizona, eying production of up to 400,000 electric cars per year at the facility after future expansions. Lucid completed the first phase of construction of its factory in Casa Grande, Arizona, and is aiming to start […]
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Saudi Prince Turki al-Faisal Offers Harsh Criticism of Israel at the Manama Dialogue Summit
- December 7,2020
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- SUSTG Team
Saudi Arabia’s Prince Turki al-Faisal harshly criticized Israel on Sunday at the Manama Dialogue summit that was remotely attended by Israel’s foreign minister, demonstrating the chasm that still exists between the two nations as reports claim that a deal to establish diplomatic ties may happen soon.
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OPEC+ Agrees on Output Increase by by 500,000 Barrels a Day in January – Reports
- December 4,2020
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- SUSTG Team
OPEC and Russia on Thursday agreed to a slight increase in production quotas in January, reducing their deep oil output cuts from January by 500,000 barrels per day, according to reports. The decision taken by OPEC and Russia signals the world’s biggest producers “are betting the worst of a pandemic-inspired shock to demand is behind them,” according to the […]
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Aramco, AEC announce partnership focused on accelerating Saudi Arabia’s digital ecosystem
AEC, a Saudi Arabian Military Industries (SAMI) company, and Aramco said that the MoU would support efforts to enable the internet of things, computing and communication, drones, robotics, and semiconductors in Saudi Arabia.
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Saudi Arabia’s defenses thwart new Houthi attacks
Earlier on Monday, the Kingdom’s Ministry of Defense said air defenses intercepted and destroyed a “hostile aerial target” launched toward the city of Taif. “The aerial threat was launched by the Houthi militia from inside Yemen,” the ministry said, adding: “We are taking deterrent operational measures to neutralize the threat and protect civilians.”
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2022 Look Ahead: Saudi Arabia’s booming entertainment sector is just getting started
Five years on, the thirst for entertainment in Saudi Arabia is plain to see. In the space of just two months, up to 8 million people have taken part in Riyadh Season 2021 — a cultural extravaganza that was unheard of just half a decade ago.
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Saudi shares make positive start to 2022 despite COVID cases
Saudi Arabian shares began 2022 on a positive note, in spite of a jump in cases of the Omicron coronavirus variant. The largest Gulf state, with a population of around 30 million people, registered 1,024 new coronavirus infections and one death on Sunday.
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Foreign Investment Into Saudi Arabia Falls Back To Earth
The latest figures from the Saudi Central Bank (Sama), released this week, show inward foreign direct investment (FDI) into the country was $1.75 billion in the third quarter of 2021. That was a sharp fall from the record figure of $13.8 billion in the April-June quarter, which had been boosted by a deal for the pipeline network of energy giant Saudi Aramco.
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Saudi and Israeli foreign ministers joined State Department virtual meeting on Omicron
US Secretary of State Antony Blinken's virtual meeting with foreign ministers about the Omicron coronavirus variant last week included the ministers from both Saudi Arabia and Israel, a rare instance where the two countries who do not have formal diplomatic relations participated in the same call.
- Spring migration in Saudi Arabia, part one – BirdGuides
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With Rappers, Race Cars and Raves, Saudi Arabia Learns How to Party
This conservative Islamic kingdom is rapidly trying to ease its staid social norms, allowing women to drive and travel freely in recent years, opening doors to tourists and tolerating music blaring from modern coffee shops. Now: Dance parties in the desert. A four-day music festival earlier this month is emblematic of how Saudis are learning to have fun in ways that are common in much of the world but long forbidden here. The festival—called Soundstorm and organized by a Saudi company called MDLBeast (pronounced Middle Beast)—featured 200 performances, including from big-name DJs such as David Guetta.
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PIF’s $40bln investment plan to boost growth of startups in Saudi Arabia
Saudi Arabia continues to focus on efforts to spur the growth of startups in the Kingdom to help boost the national economy, as is evident from the recently announced Saudi budget 2022. According to Saudi Finance Minister Mohammed Al-Jadaan, the MENA region’s largest economy is expected to post a surplus of SR27 billion in 2023 and SR42 billion in 2024.
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Saudi Arabia starts giving Covid-19 vaccines to children aged 5-11
Saudi Arabia announced on Tuesday that children in the age group of 5-11 will now be able to receive their first dose of COVID-19 vaccines. The Ministry of Health noted in a statement that the priority of receiving the shots will be giving for those children at high-risk and have more susceptible from the virus' complications.
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