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Recent stories from sustg
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Vision 2030 Marks 8th Year Since Launch
Launched on April 25, 2016, Vision 2030, Saudi Arabia’s blueprint for economic and social transformation marks it 8th year and the halfway point between 2016 and 2030.
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IMF Launches New Regional Office in Saudi Arabia
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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Saudi’s Regional Headquarters Program Moves Forward
In February the Zakat, Tax and Customs Authority published guidelines specifying RHQ tax rules. Under the new rules, specific activities qualify for tax incentives. The new RHQ tax rules aim to clarify the scope and conditions of tax relief for RHQ entities, as announced by MISA in December 2023.
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EU announces five-year Schengen visas for Saudi, Omani and Bahraini citizens
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
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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IMF Sees OPEC+ Turn on Oil Production as Boon for Saudi Economy in 2025 – Report
The International Monetary Fund said it expects OPEC and its partners to start increasing oil output gradually from July, “a transition that’s set to catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year,” according to a report in Bloomberg. “We are assuming the full reversal of cuts is happening at the beginning of 2025,” […]
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Prospects for Saudi Arabia hitting 2030 Renewable Energy Targets
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 Moves Closer to $1 Billion stake in a Pakistani mine – Report
Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp., people with knowledge of the matter told Bloomberg.
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Saudi Arabia Fares Well in 2024 Kearney FDI Confidence Index
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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Saudi defense minister receives phone call from US counterpart; Kingdom denies role in shooting down Iranian attack
Saudi Minister of Defense Prince Khalid bin Salman received on Sunday a phone call from U.S. Secretary of Defense Lloyd Austin, according to reports.
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MUST-READS
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Host Saudi Tells Global Economic Summit The World Has Failed Gaza
Saudi Arabia on Sunday said the international community has failed Gaza and reiterated its call for a Palestinian state at a global economic summit attended by a host of mediators.
"The situation in Gaza obviously is a catastrophe by every measure –- humanitarian, but also a complete failing of the existing political system to deal with that crisis," Foreign Minister Prince Faisal bin Farhan said during the first day of a Saudi-hosted World Economic Forum special meeting. Only "a credible, irreversible path to a Palestinian state" will prevent the world from confronting "this same situation two, three, four years down the line," he said. -
World Economic Forum Convenes Special Meeting in Riyadh on Global Collaboration, Growth and Energy for Development
With geopolitical upheavals and complex economic challenges destabilizing a fractured world, the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development will convene 1,000 global leaders from 92 countries on 28-29 April, to support global dialogue and find actionable, collaborative and sustainable solutions to shared global challenges.
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Saudi Arabia and the Bill & Melinda Gates Foundation Announce Landmark Push to Eradicate Polio and Lift Millions out of Poverty
Saudi Arabia and the Bill & Melinda Gates Foundation today pledged to work together to help protect 370 million children annually from polio and lift millions out of poverty across 33 Islamic Development Bank (IsDB) member countries. To coordinate the implementation of the new partnership, the Bill & Melinda Gates Foundation will open a regional office in Riyadh.
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Saudi FM: Commitment to two-state solution only way to prevent Gaza war reoccurring
Only a real commitment to a two-state solution to the Palestinian-Israeli conflict can prevent the war in Gaza from reoccurring, Saudi Foreign Minister Prince Faisal bin Farhan said on Sunday. “We in the region are not going to focus only on solving the crisis of the moment, we’re going to look at how we can solve the bigger problem in the context of Gaza. That is, a real commitment to a two-state solution, that is, a credible, irreversible path to a Palestinian state,” he told the World Economic Forum’s special meeting in Riyadh.
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Saudi, US top diplomats discuss Gaza crisis in Riyadh
Saudi Foreign Minister Prince Faisal bin Farhan and US Secretary of State Antony Blinken discussed on Monday the importance of reaching an “immediate ceasefire” in the ongoing Gaza conflict as the Israeli threat of an operation in Rafah remains imminent. Prince Faisal met with Blinken in the Saudi capital Riyadh on the sidelines of joint talks between the US official and GCC foreign ministers.
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US Secretary of State to travel to Jordan, Israel after Saudi Arabia visit
US Secretary of State Antony Blinken will visit Israel and Jordan on a trip through Wednesday, the State Department announced, after the US and Israeli leaders discussed hostage-release talks.
Blinken will travel to both countries, a State Department official confirmed as the top US diplomat refuelled Sunday in Ireland on his way to a previously announced stop in Saudi Arabia.
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Tawaref Series: Saudi corporate annual operating costs explained
After understanding the CapEx costs (hard costs and setup partner fees) involved in establishing a business in Saudi Arabia, the next important aspect to consider is the annual operating costs (OpEx). OpEx encompasses the ongoing operational expenses required to sustain a business in the country. This includes government fees, renewals, taxes, third-party costs, and other essential expenditures crucial for maintaining seamless business operations and preventing any unwelcome surprises.
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Saudi tourism grows 10% in Q1 2024: Minister
Saudi Arabia witnessed a 10% year-on-year (YoY) increase in the number of tourists and a 17% YoY increase in tourist spending in Q1 2024, Al Arabiya reported, citing Saudi Minister of Tourism Ahmed Al-Khateeb. Al-Khateeb expected the number of tourists to increase to 110 million and spending to rise to SAR 150 million by 2030, aligning with the new tourism projects in the Red Sea, NEOM’s opening of Sindalah Island by year-end, and the Diriyah project.
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Senior US, French officials in Middle East seeking to ease Gaza war
French Foreign Minister Stephane Sejourne said on Monday talks on a ceasefire in Gaza were progressing as he joined U.S. Secretary of State Antony Blinken in Saudi Arabia on a diplomatic push to ease the war between Israel and Hamas.Sejourne was expected to hold talks in Riyadh with ministers of Arab and other Western countries as well as Palestinian Authority President Mahmoud Abbas."Things are moving forward but you always have to be careful in these discussions and negotiations. The situation in Gaza is catastrophic and we need a ceasefire," Sejourne told Reuters on the sidelines of a World Economic Forum (WEF) meeting.
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Gulf States at the Venice Biennale: Balancing Social Transformation and Cultural Representation
Inside the Saudi pavilion, larger-than-life, sand-colored circular panels rise from the floor stretching vertically to the ceiling. They recall the shape of the desert rose, which forms crystal-like clusters and grows in the arid desert landscape in Saudi Arabia’s Eastern Province, near where AlDowayan is from. Covering each panel are dozens of drawings and writings in Arabic and English professing statements such as “Let me be!”; “I am solidarity in the face of storms, I’m love in the face of dryness”; and “Thanks, we don’t need to be saved.”
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