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Saudi Arabia, Qatar Near Deal to End Three Year Rift — Report
- December 3,2020
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- SUSTG Team
Saudi Arabia and Qatar are nearing a “preliminary deal” to end a three-plus year rift between the two Gulf nations, according to Bloomberg.
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Saudi Aramco, Shell & AMG Recycling B.V. Sign Agreement to ‘Maximize Value of Natural Resources’ in Kingdom
- December 2,2020
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- SUSTG Team
Saudi Aramco and Amsterdam-based Shell & AMG Recycling B.V. signed a memorandum of understanding this week to “evaluate the feasibility of creating a venture in support of Saudi Arabia’s vision to maximize value from its vast natural resources,” the companies said in a press release this week. The two companies will explore the potential ability for Saudi Aramco to […]
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Gradual Private Sector Recovery Underway in Saudi Arabia, Latest Data Indicates – Jadwa Investment
- December 1,2020
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- SUSTG Team
Saudi Arabia’s private sector is beginning to see signs of a gradual recovery, with non-oil PMI rising for the second consecutive month in October, Jadwa Investment says in its latest monthly Chartbook for the Saudi economy.
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White House Advisor Jared Kushner Heads to Saudi Arabia, Qatar for Diplomatic Talks
- November 30,2020
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- SUSTG Team
White House senior adviser Jared Kushner and a team of outgoing Trump administration officials are heading to Saudi Arabia and Qatar this week in an attempt to secure more diplomatic agreements in the Middle East before the Trump administration leaves office in January, according to reports. The visit by Kushner, President Trump’s son-in-law, comes amid simmering tensions in the […]
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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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Yemen’s Houthis Increase Attacks on Saudi Arabia’s Oil Facilities, Assets as Kingdom’s Leaders Urge UN Action
- November 25,2020
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- SUSTG Team
Yemen’s Iran-backed Houthi militia claimed responsibility for another brazen missile attack on a Saudi Aramco oil facility on Monday, leaving no one injured but a fire that raged for 40 minutes, according to reports.
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Saudi Arabia Raises Minimum Wage for Citizens by 33% after Labor Reform Announcement
- November 24,2020
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- SUSTG Team
Saudi Arabia will raise the minimum wage for its citizens from 3,000 riyals ($800) to 4,000 riyals ($1,066), a 33 percent increase, the Kingdom’s Ministry of Human Resources and Social Development announced last week. Set to take effect five months from the announcement date of Wednesday, November 18th, the increase is substantial for Saudi workers.
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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 Arabia, Yemen’s Houthis on Cusp of ‘Breakthrough’ Deal if Buffer Zone Established – Report
- November 18,2020
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- SUSTG Team
Saudi Arabia and Yemen’s Iran-backed Houthis are on the cusp of a “breakthrough” nationwide ceasefire agreement, Reuters reports, on the condition that the Houthis agree to an establish a buffer zone between the two countries.
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Saudi Arabia’s Public Investment Fund Eyes Pivot to Domestic Investments in 2021 and Beyond
- November 17,2020
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- SUSTG Team
After investing billions in equities in the United States and elsewhere overseas, Saudi Arabia’s Public Investment Fund (PIF) is turning its focus to domestic investments in the Kingdom in 2021 and beyond, Bloomberg reports, citing comments from Crown Prince Mohammed bin Salman.
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MUST-READS
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Project for Surveying Bedrock in Saudi Arabia has Started
The Geological Survey of Finland (GTK) is taking part in an international consortium for surveying bedrock in Saudi Arabia in collaboration with the Saudi Geological Survey (SGS). One part of the six-year project was published this December. The updated version of the geological database portal offers some materials to be downloaded for free.
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Saudi Arabia’s First Contemporary Art Biennale Kicks Off Arts and Culture Programme
As part of this partnership, DGDA will support on several aspects of the Biennale including the volunteer program, artwork commissions in At-Turaif, school trips to the Biennale and workshops. These elements are meticulously designed to invite both local communities and international cultural consumers to an inclusive experience.
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Saudi artist Abdulrahman to perform his experimental project ‘The Hope Will Never End’ at Maraya in AlUla
An improvisational composer, independent, experimental singer and musician, Abdulrahman Mohammed’s passion lies in creating Arabic improvisational composing, combining it with Western, Indian, Mediterranean musical types, such as acoustic, indie, folk, progressive, light jazz, and instrumental Arabic songs.
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Saudi Arabia’s start-ups record best ever quarter for fund-raising in Q3, Magnitt says
Start-ups in Saudi Arabia recorded their best ever quarter for fund-raising in the three months ending September 30, attracting $205 million in 34 deals, according to data platform Magnitt. Venture capital investments in start-ups in the kingdom more than quadrupled in the third quarter of 2021, compared with the same period last year, according to the Q3 KSA Venture Investment Report compiled in cooperation with the Saudi Venture Capital Company.
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Saudi Venture Capital Company supports 100 startups, 29 investment funds
The Saudi Venture Capital Co. has supported 100 startups through 29 investment funds to develop the local venture investment sector, CEO Nabeel Koshak said. As many as 24 funds and five groups of people have benefited from the company’s support, Koshak said on Tuesday during a virtual talk organised by the Financial Academy, according to SPA.
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Saudi Arabia’s Art World Has Long Been Isolated. With Its First Ever Biennial, It’s Looking to Usher in a New Chapter
The rules of engagement for the cultural scene in what is an extremely conservative nation are still unclear. Tinari was likely tapped for his experience in running a museum in China, which requires the fine art of dealing with the People’s Republic and censorship.
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Diriyah Contemporary Art Biennale: A New Platform for Saudi Artists on the World Stage
The biennale has been curated by Philip Tinari, the director and chief executive of UCCA Center for Contemporary Art in China, and will feature over 60 artists, with nearly 30 from Saudi Arabia. Only the second biennial art exhibition in the Gulf, after the United Arab Emirates’ nearly 30-year-old Sharjah Biennial, the Diriyah Biennale will also present programs, workshops, and talks under the theme “Feeling the Stones.”
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Saudi Aramco’s entrepreneurship arm Wa’ed provides $2.04m grant to four start-ups
Created as a wholly-owned venture of Aramco in 2011, Wa’ed has disbursed more than 400m riyals in venture capital investment, loans and incubation services to more than 100 kingdom-based start-ups. Start-ups in Saudi Arabia attracted a record $168m worth of venture capital funding through 54 transactions in the first half of 2021, according to data platform Magnitt. This is about 94 per cent of the money extended to the kingdom’s start-ups in 2020.
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Saudi Food Delivery Startup Jahez Eyes Over $2 Billion IPO Value
The goal represents a huge leap for the firm, which closed a $36 million Series A funding round last year. The boon came partly as a result of shifting consumer habits during the pandemic. Gross merchandise value nearly tripled to 1.4 billion riyals in 2020 from 497 million riyals the previous year.
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Arqit in ‘smart city’ deal with Saudi Arabia’s Neom project
David Williams, founder and chairman of Arqit, said the company will use a distributed ledger technology called Quantum Blockchain, which is “designed to deliver financial payments and smart contracts in a way that is sustainable, energy-efficient and can manage instantaneous transactions at close to zero cost”. He said: “Neom is without doubt leading the world in the development of cognitive communities, and therefore the perfect launch partner for this technology.”
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