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Recent stories from sustg
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Saudi Aramco Energy Ventures Prepares New $500m Fund, Opens Office in China
- January 13,2020
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- SUSTG Team
Saudi Aramco Energy Ventures (SAEV), a unit of the kingdom’s energy company, is preparing to start a new $500 million fund this year after completing $500m in investments, Bloomberg reports.
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Riyadh’s Night Skies Light Up with New Years Fireworks for the First Time
- January 1,2020
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- SUSTG Team
The night sky over Riyadh was illuminated with fireworks and light shows to celebrate the beginning of the new decade last night.
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Unemployment declines in Saudi Arabia, further gains seen in 2020 – Jadwa Investment
- December 18,2019
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- SUSTG Team
Unemployment in Saudi Arabia declined in the 3q 2019 and is likely to continue to improve as a pick-up in the non-oil private sector growth should translate to more jobs, according to a recent report from Jadwa Investment.
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Pensacola Shooting Puts U.S.-Saudi Relations in Spotlight; Trump Speaks with King Salman and Crown Prince
- December 9,2019
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- SUSTG Team
A Saudi soldier in training in the United States opened fire on a naval base in Pensacola, Florida on Friday, killing three and wounding 12. Second Lt. Mohammed Saeed Alshamrani was then killed by a sheriff’s deputy who responded to the attack. The attack shocked Saudis and Americans alike.
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Saudi Economy: Consistent Growth in Non-Oil Activity, Modest Overall Growth Forecasted for 2020 — Jadwa Investment
- November 27,2019
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- SUSTG Team
Jadwa Investment has revised downward its forecast for economic growth in Saudi Arabia this year from 1.6% to 0.2% based on recent data, the Riyadh-based firm said in a recently-released report.
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China’s Imports of Saudi Oil Soar 76% in October as Demand Increases
- November 25,2019
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- SUSTG Team
China’s crude oil imports from Saudi Arabia rose over 75% in October as demand from new refiners was met by the Kingdom, according to Reuters data. The 76.3% rise in October was boosted by demand particularly from from two new integrated refineries, the Hengli Petrochemical Co. in the north, and Zhejiang Petrochemical in the south, Reuters reports. […]
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Aramco Quickly Met Global Demand After Attacks, Saudi Arabia’s King Salman Says in Annual Address
- November 20,2019
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- SUSTG Team
Saudi Arabia’s King Salman said in his annual address to the Shoura Council on Wednesday that the ability of Saudi Aramco to quickly restore oil production capacity after attacks on its facilities in September “had proven the kingdom’s ability to meet global demand during any shortage,” Reuters reports. The King pointed a finger at Iran […]
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Saudi Arabia’s PIF Reportedly Invests $400m in Disruptive Food Startup Founded by Travis Kalanick
- November 8,2019
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- SUSTG Team
Saudi Arabia’s Public Investment Fund has invested $400 million into Uber founder Travis Kalanick’s new company CloudKitchens, according to the Wall Street Journal. CloudKitchens is a food and real estate startup that buys cheap properties across the U.S. and in India, China, the U.K. and elsewhere. “The hope is that their proximity to densely populated areas will make them […]
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Defense Secretary Esper in Riyadh for Surprise Visit; Kushner, Mnuchin to attend Future Investment Initiative
- October 22,2019
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- SUSTG Team
Secretary of Defense Mark Esper arrived Monday in Saudi Arabia for an unannounced visit as the U.S. and Saudi Arabia seek to bolster their joint defense in the face of rising regional tensions. Secretary Esper met with Saudi Arabia’s King Salman in Riyadh, photos show, and Esper said he discussed the deployment of U.S. forces and […]
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Law Firm Pillsbury Analyzes First Cases in Saudi Arabia’s New Bankruptcy Law
- October 11,2019
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- SUSTG Team
Law firm Pillsbury published a research note highlighting the recently passed bankruptcy law in Saudi Arabia that incorporated modern alternatives to liquidating businesses in the Kingdom, using the first cases decided by the Saudi judiciary as case studies. “For several years now, judges in [bankruptcy] courts have been involved in seminars and training workshops to help prepare them to rule […]
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MUST-READS
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U.S.-AfghanistanSymbolic ‘end’ to Afghanistan war overshadowed by new Obama plans (+video)
The United States military and NATO officially shuttered their combat command in Afghanistan in a little-noticed ceremony Monday, more than 13 years after the start of the longest war America has ever fought. But what had long promised to be a major milestone in the war has been overshadowed by recent strategic changes on the ground. Even as troops lowered the flag of the International Security Assistance Force (ISAF) joint command – which was in charge of combat operations – Defense Secretary Chuck Hagel made it clear that the US will be jettisoning its original plan to cut forces to 9,800 by year’s end.
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OPEC MeetingOPEC Meeting: Saudis Stare Down Oil Producers in Texas and North Dakota
The Saudis are perfectly willing to watch the price of oil keep falling to see if they can’t drive some of those U.S. companies out of business. So the game becomes how low can they go. Recent analysis by Bloomberg New Energy Finance finds that 19 regions across Texas, Oklahoma, Louisiana, Kansas, and Arkansas stop being profitable at $75 a barrel. Which is roughly where things are at the moment.
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Chuck HagelChuck Hagel stepping down as Defense chief under pressure, Times says
The Times said that replacements were already under consideration: “Michele Flournoy, the former under secretary of defense; Senator Jack Reed, Democrat of Rhode Island and a former officer with the Army’s 82nd Airborne; and Ashton Carter, a former deputy secretary of defense.” Hagel was in the position for less than two years, and the Times suggested that he had never really fit in after a bruising confirmation fight in the Senate.
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Dow in KuwaitDow Chemical CEO Says Not Quitting Kuwait, But Shifting Strategy
Asked about Dow’s strategy in Kuwait, Chief Executive Andrew Liveris, speaking on the sidelines of a conference in Dubai, said his company was “moving from doing commodities just for commodities sake, moving more downstream and Kuwait is more about commodities…”
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Social MediaSaudi Arabia ‘intensifies Twitter crackdown’
Saudi authorities have stepped up their crackdown on online dissidents, Human Rights Watch said, alleging that prosecutors and judges use "vague law" to charge citizens for peaceful tweets and social media comments.
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ShaleReuters Analysis: The Ups and Downs of U.S. Oil Production
There has always been a close link between US oil production, international prices and OPEC, so it should come as no surprise that North America’s shale drillers find themselves locked in a battle with Saudi Arabia over prices and market share.
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TraditionOpinion: Tearing down the walls
Our tradition brings us together as a nation and is an essential part of our national identity. However, it should not be applied in a way that eliminates our individuality, which in turn suffocates creativity and self-expression.
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Project ManagementNew strategy cuts down on number of stalled projects
A senior source at the Ministry of Municipal and Rural Affairs said the ministry has adopted a new strategy that has reduced the number of stalled projects by 13 percent.
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SAMASAMA net foreign assets down from August record high
Saudi Arabian Monetary Agency’s net foreign assets edged down to SR2.762 trillion ($736.5 billion) from a record high of SR2.764 trillion in August. They were up 6.0 percent from a year ago, the slowest growth since May 2010.
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LibyaGunmen storm Libya’s El Sharara oilfield, shut down production
The closure is a blow to government efforts to keep oil production isolated from the spreading chaos in the North African country, where two prime ministers, parliaments and army chiefs of staff compete for control. The closure will lower the OPEC member's oil production, last reported at around 800,000 bpd, by at least 200,000 bpd.
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