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Saudi-Turkey Ties Grow with Erdogan Visit, Agree to Form ‘Strategic Cooperation Council’
- December 30,2015
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- SUSTG Team
Turkish President Recep Tayyip Erdogan visited Saudi Arabia this week to meet with top Saudi officials to discuss security and energy cooperation. Erdogan said his government and Saudi Arabia are working “in solidarity and consultation” to find a political solution for Syria, as both countries push for an agreement that would remove Assad from power, […]
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Saudi Arabia’s 2016 Budget Features Prudent Fiscal Policy Decisions
- December 29,2015
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- SUSTG Team
Saudi Arabia’s 2016 budget marks a shift in fiscal policy toward prudent but tough decisions for the future of the Arab world’s largest economy. In a recently released note to investors, Riyadh-based Jadwa Investment said the 2016 budget still provides a high level of government spending to drive the Saudi economy. Budgeted at $226b, the amount is a […]
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King Salman’s Speech to Shura: The Kingdom is Committed to Decreasing Dependence on Oil as a Main Source of Revenue
- December 23,2015
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- SUSTG Team
Saudi Arabia’s King Salman said in a major speech today that Saudi Arabia will seek to diversify its sources of income and improve the efficiency of government spending as it strives to reduce its dependence on oil revenue, which has plunged since last year, Reuters reports. “The kingdom is committed to implementing programs to diversify […]
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‘Major Economic Shake-Up’ In the Works for Saudi Arabia
- December 21,2015
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- SUSTG Team
Saudi Arabia’s deputy crown prince Mohammed bin Salman, Minister of Defense and chair of the powerful Council of Economic and Development Affairs, is planning a major economic shake-up that involves “plans to reshape the economy to withstand low oil prices,” sources told Reuters privately. The strategy includes state spending reforms and privatizations. Bloomberg reports that Saudi officials […]
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Saudi Arabia Extends Financial Support of Egypt, Despite Fiscal Strains at Home
- December 17,2015
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- SUSTG Team
Saudi Arabia has extended its financial support of the Egyptian government to an added $8 billion in 5 years, along with energy concessions and other assistance, despite facing a budget crunch at home. The announcement followed a meeting between Deputy Crown Prince Muhammad Bin Salman, Second Deputy Premier and Minister of Defense, and Egyptian Prime […]
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McKinsey & Company Publishes 165-Page Analysis of ‘Saudi Arabia Beyond Oil’
- December 16,2015
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- SUSTG Team
McKinsey & Company, the top-tier global consulting firm with offices in Riyadh and across the Middle East, published an in-depth report on the Saudi Economy and the opportunities for the Kingdom beyond oil. The report, produced by the McKinsey Global Institute (MGI) and available on McKinsey’s website to the public (executive summary here, full report […]
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9th Global Competitiveness Forum (GCF) in Riyadh Set for January 24-26, Will Examine ‘Key Drivers’ of Competitive Sectors
- December 15,2015
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- SUSTG Team
Business and political leaders will converge in Riyadh for the 9th Global Competitiveness Forum (GCF) to “discuss the key components that drive competitiveness” in the Saudi economy on January 24-26, 2016. The event is hosted by the Saudi Arabian General Investment Authority (SAGIA) and will take place at the Four Seasons in Riyadh.
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State Sovereign Wealth Funds Pull Out ‘At Least $19bn’ in Assets from Managers in 3Q 2015
- December 7,2015
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- SUSTG Team
Sovereign Wealth Funds are drawing down on their assets held by managers at an alarming rate, with estimates from some providers putting the amount at $19bn in the third quarter of this year alone, according to reports. A Financial Times report (link here to the same story in CNBC) cites the data provider eVestment as saying the drawdown […]
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Jadwa Investment: A ‘Mixed Picture’ for Domestic Economic Activity in October 2015 Data
- December 2,2015
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- SUSTG Team
Riyadh-based Jadwa Investment’s December 2015 Saudi Chartbook finds a ‘mixed picture’ for Saudi domestic economic activity. While data on consumer spending pointed to healthy growth, PMI fell to its lowest point on record. The Data also show the first positive net monthly change to government accounts with SAMA: Real Economy: October data showed a mixed picture for domestic […]
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KAUST Announces New Partnership with Dow, Launches Venture Capital Fund with ICD
- November 13,2015
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- SUSTG Team
Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) announced two new partnerships this week, including a R&D agreement with Dow Chemical and the creation of a venture capital fund with the Islamic Corporation for the Development of the Private Sector (ICD). The university’s campus is now the future home of the new Dow Middle East […]
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MUST-READS
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Saudi-BangladeshBangladesh eyes $35 billion in Saudi investment but doesn’t give time frame
Last year the South Asian country received $2.6 billion in remittances from 2.8 million of its citizens working in Saudi Arabia.
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Public Investment FundSaudi Arabia’s Public Investment Fund brings on Karv Communications
Karv has been tasked with letting investors, potential portfolio companies, business leaders, the media, and others know that PIF is focused on business. Its $120,000-a-month contract, as first reported by Al-Monitor, stipulates that it "create a clear distinction between [PIF] (and its investment-driven mission) and the political leadership in Saudi Arabia," according to documents filed with the Department of Justice.
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PIFSaudi investment fund hires US PR firm to create distance from crown prince
The Saudi public investment fund (PIF), launched in 1971, passed from the Saudi Ministry of Finance to the Prince Mohammed-chaired Council of Economic and Development Affairs in 2015.
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AfricaAfrica’s tourism: A global destination for investment and entrepreneurship
A recent World Bank study classified African countries into four performance categories: “pre-emergent,” “potential,” “emerging,” and “consolidating” tourism destinations.
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Housing and Real EstateSaudi sees up to $21bn investment in 2019 housing sector
Saudi Arabia’s housing minister said on Wednesday he expects investments in the real estate financing sector to reach between SAR60bn and SAR80bn ($21.33bn) in 2019. Real estate financing for January hit SAR4.7bn, and coming months were expected to see even bigger figures, Majed al-Hogail told Reuters on the sidelines of a housing conference in Riyadh.
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EntrepreneursBuilding An Investment Culture In The MENA Region
First, they struggle to secure funding outside of the three Fs: family, friends and “fools.” Second, they struggle to find the right support and investors for their businesses. Third, they struggle to earn and maintain customer loyalty.
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ME InvestingKKR wants to make more investments in the Middle East: Video
BlackRock and KKR signed a $4 billion infrastructure investment deal with ADNOC. Henry Kravis, co-CEO of KKR, says he is hoping this will be the first of a "long string of future investments" that the company makes in the region.
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SoftBank Vision FundKey Investors Question SoftBank Tech-Investment Fund
The issue isn’t necessarily the premium over SoftBank’s cost for the investments; it is that the company is buying and transferring stakes while the market is high, potentially setting the fund up for losses.
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Saudi-IndiaSaudi prince expects investment worth more than $100 billion in India
Saudi Arabia’s Crown Prince Mohammed bin Salman said on Wednesday he expected investment opportunities worth more than $100 billion in India over the next two years as he began his first official visit amid tensions between arch foes India and Pakistan.
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Saudi-PakistanRoadmap for $21 Billion Saudi Investment Has Been Finalized
The roadmap for Saudi investment of $21 billion has been finalized. The investment plan has been divided into short term, mid-term and long term investment.
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