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IMF Launches New Regional Office in Saudi Arabia
- April 25,2024
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- SUSTG Team
The goal of the new office is to strengthen the IMF’s collaboration with governments and institutions in the Middle East including promoting economic stability, growth, and regional integration. It also underscores the growing economic importance of the region.
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EU announces five-year Schengen visas for Saudi, Omani and Bahraini citizens
- April 23,2024
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- SUSTG Team
The EU will now allow citizens from Saudi Arabia, Oman, and Bahrain to apply for five-year Schengen visas. This marks a significant step forward in strengthening people-to-people relations between the EU and the GCC.
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Global Defense Spending Spikes in 2023
- April 22,2024
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- SUSTG Team
According to a study by Forecast International in 2023 global defense spending grew at its fastest pace in the last decade as governments respond to security crises unfolding around the world.
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Prospects for Saudi Arabia hitting 2030 Renewable Energy Targets
- April 19,2024
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- SUSTG Team
In 2016 Saudi Arabia’s Vision 2030 had an initial target of deploying 9.5GW of green energy by 2030. The latest revision made in 2023 targets 130GW of renewable power capacity by 2030. GlobalData, a leading data and analytics company, says the Kingdom can come close to that target.
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Saudi Arabia Fares Well in 2024 Kearney FDI Confidence Index
- April 16,2024
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- SUSTG Team
Ongoing economic and business-related reforms helped the United Arab Emirates and Saudi Arabia post the biggest jumps in Kearney’s 2024 Foreign Direct Investment Confidence Index. The countries climbed ten spots from 2023, to eighth for the UAE and 14th for Saudi Arabia.
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Dr. William Greene, CIO of the Hevolution Foundation, joins The 966 to talk latest investments, strategy for Hevolution
- April 15,2024
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- SUSTG Team
William Greene, MD, Chief Investment Officer (CIO) of the Hevolution Foundation, joins The 966 to talk about Hevolution’s investment strategy and role as an investor in the emerging field of Healthspan Science. As CIO, Dr. Greene oversees all aspects of Hevolution Foundation’s investment strategy, planning, analysis, and execution.
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Saudi Arabia’s non-oil business activity grows robustly in March, PMI shows
- April 3,2024
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- SUSTG Team
Strong demand helped drive non-oil business activity in Saudi Arabia in March, Reuters reports, with output accelerating to a six-month high.
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Saudi Aramco to Expand Huge Gas Plant as Global Demand Surges and Market Dynamics Shift
- April 2,2024
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- SUSTG Team
Saudi Aramco is moving ahead with plans to expand the Fadhili gas processing facility in the kingdom’s Eastern Province as part of its strategy to tap vast and under-developed gas resources within Saudi Arabia, according to a report in Bloomberg.
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Dolce & Gabbana Launches Flagship Saudi Store at Via Riyadh after Approaching KSA Market with ‘Caution and Respect’
- April 1,2024
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- SUSTG Team
Fashion icon Dolce & Gabbana unveiled a unique strategy for Saudi Arabia, opening up a flagship new store in Via Riyadh after approaching the market with “caution and respect,” Vogue Middle East reported.
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Biden’s Oil Boom
- March 28,2024
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- SUSTG Team
Reuters reports that during the Biden administration not only has oil production hit record highs but energy company profits, dividends, drilling permits, jobs and energy exports are all up.
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MUST-READS
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Donors, including Saudi Arabia, raise more than 2 billion euros for Sudan aid a year into war
"I hope the money raised today is translated into aid that reaches people in need," said Abdullah Al Rabeeah, head of Saudi Arabia's KSRelief. On Friday, Sudan's army-aligned foreign ministry protested that it had not been invited to the conference. "We must remind the organisers that the international guardianship system has been abolished for decades," it said in a statement.
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Is the EU the North Star for Circular Economy Push in Saudi Arabia?
The European Union's (EU) circular economy (CE) framework is an exemplar of comprehensive and strategic environmental governance. This framework is meticulously designed to encompass robust legislation, set ambitious sustainability targets, and deploy diverse initiatives across sectors, which can serve as a powerful model for nations like Saudi Arabia aiming to enhance their own circular economy policies.
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Commentary: GCC-EU ties are improving, but obstacles remain
Europe has underlined its determination to play a stronger role in regional security by contributing to the deescalation of tensions in the wider Middle East, among other things. An example of this was the participation of 19 EU member states in the recent Aspides naval operation to help safeguard shipping in the Red Sea.
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The benefits of neutrality: Saudi foreign policy in the wake of the Ukraine war
Regardless of its voting behaviour at the UN, the Kingdom – which, unlike other Middle East states, was less dependent on wheat imports from the Black Sea region (Al-Saidi, 2023) – settled on the adoption of a neutral position. Only in May 2023 would Minister of Foreign Affairs Faysal bin Farhan officially acknowledge that stance, holding that Saudi Arabia had adopted ‘positive neutrality’ during the war (Al Arabiya, 2023).
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Grid Bottlenecks on the Way in Europe?
A new analysis by the energy think tank Ember has found that several countries in Europe could soon face bottlenecks in their national transmission energy grids, as more solar and wind power will be generated than these networks have capacity for. As the following chart shows, Spain, France and Poland are just some of the countries that will have energy grids which undershoot their country’s respective 2030 policy targets for wind and solar capacity. Out of the 26 countries studied by Ember in this comparison, 11 will not have enough capacity for the expected wind and solar build out if the present grid plans are realized.
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Operation Aspides: The European Union’s Response to the Red Sea Crisis
On February 19, the European Union launched a new maritime security operation, EU Naval Force Operation Aspides, in response to escalating Houthi attacks on Western warships and merchant vessels in the Red Sea basin and northwestern Indian Ocean. The name Aspides, which means “shields” in Greek, denotes the operation’s underlying defensive nature. The EU naval mission, carried out under its Common Security and Defense Policy, underscores how ensuring maritime security and maintaining the stability of global supply chains are front and center in the EU’s defense and trade strategic calculus.
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Russia’s friends beg EU to leave frozen assets alone
Representatives of China, Saudi Arabia and Indonesia are privately pushing the EU to continue resisting pressure from the U.S. and U.K. to seize more than €200 billion of Russian state assets it immobilized after February 2022's invasion of Ukraine to help Kyiv's reconstruction efforts, four officials with knowledge of the proceedings told POLITICO. “These countries are very skeptical about the idea,” said one of the officials, granted anonymity because the talks are so sensitive. The concern is, “this would create a precedent” ― in other words, these countries would fear they could be next to lose out.
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New west-east route keeps Europe hooked on Russian gas
Western European governments have sought to reduce their energy dependence on Russia since the outbreak of the Ukraine war, but when it comes to gas, they have increasingly substituted the country's pipeline supplies with its liquefied natural gas (LNG). A Reuters analysis of data found more than a tenth of the Russian gas formerly shipped by pipeline to the European Union has been replaced by LNG delivered into EU ports.
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How Europe’s energy crisis boosted fracking prospects in the Middle East
Renewed interest in fracking for gas in the MENA region is being driven by two key factors: the accelerating energy transition and the need for new cleaner forms of energy, and Europe’s need to diversify its gas supply following Russia’s invasion of Ukraine. With respect to the first reason, gas offers oil exporters in the MENA region the prospect of continuing to generate export revenue by producing a fuel that is less carbon-intensive than coal or oil, and still considered a ‘transition fuel’, before lower-carbon energy options are adopted in some policy circles.
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UAE, Saudi Arabia ranked as leading global entrepreneurial ecosystems
The UAE and Saudi Arabia have been ranked first and third respectively in the Global Entrepreneurship Monitor report for 2023-2024. The report, which assesses the entrepreneurial ecosystems of countries worldwide, is highly regarded by international bodies such as the World Bank, International Monetary Fund and various UN organizations, Saudi Arabia showed significant progress in its entrepreneurial environment, with its National Entrepreneurship Context Index score increasing from 5.0 in 2019 to 6.3 in both 2022 and 2023.
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