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Recent stories from sustg
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Special World Economic Forum Convenes in Riyadh
The World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh convenes 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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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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The Siren Call of an Israeli Invasion of Lebanon
lthough much of the world is breathing a sigh of relief that Iran and Israel appear unwilling to push their exchange of missile and drone attacks further, potentially plunging the Middle East into a wider war, the danger of another escalation has not passed. Rather, the concern has shifted to a possible Israeli offensive against Hezbollah in Lebanon. Israel has threatened this, and U.S. officials and others in the region fear that such a plan has been in the works for months.
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Saudi minister announces 10% increase in tourist numbers in Q1 2024
Saudi Arabia's Tourism Minister Ahmed Al-Khateeb announced a significant increase in the country's tourism sector during a panel discussion titled "Vacationomics" at the special meeting of the World Economic Forum (WEF) in Riyadh.
Al-Khateeb highlighted the substantial growth in tourist numbers, which have risen by 10% in the first quarter of 2024, with spending by tourists increasing by more than 17%. -
Kingdom of Saudi Arabia pledges US $500 million to protect children around the world from polio and end the disease for good
New commitment will help vaccinate 370 million children against polio every year for the next five years, protecting them from paralysis and even death, and build stronger health systems to achieve and sustain a polio-free world.
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Saudi Arabia set on securing lithium for EV ambitions
Saudi Arabia is committed to sourcing lithium from overseas as it looks to produce EV batteries and invest in the electric vehicle sector, a senior minister said in an interview, noting attempts to secure domestic supplies were at an early stage.Saudi Arabia, whose economy has for decades relied on oil, has spent billions attempting to turn itself into a hub for EV manufacturing as part of defacto ruler Crown Prince Mohammed Bin Salman's attempts to diversify the economy.
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Saudi Arabia embraces AI to revolutionize healthcare and industry, says minister at WEF
Saudi Minister of Communications and Information Technology, Abdullah Al Swaha, emphasized the transformative shift humanity is undergoing towards artificial intelligence (AI), during a session at the World Economic Forum currently held in Riyadh.
He affirmed Saudi Arabia's commitment to collaborating with international nations and organizations to pave the way for inclusive AI adoption. -
Saudi Arabia may ‘scale back some Vision 2030 projects and speed up others’
Saudi Arabia’s Finance Minister Mohammed Al Jadaan on Sunday said the kingdom would adapt to current economic and geopolitical challenges and “downscale” or “accelerate” some of the projects being carried out under its Vision 2030 programme.
Asked whether Saudi Arabia had to "mark-to-market" its expectations regarding the goals of the 14-year long programme, Mr Al Jadaan said: “Absolutely, yes.”
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Saudi Arabia’s NEOM secures $2.7 billion new financing facility
NEOM, a unit of the kingdom’s sovereign wealth fund, secured a new revolving credit facility (RCF) worth 10 billion riyals ($2.67 billion) from local lenders, according to a NEOM statement seen by Reuters on Sunday.Saudi National Bank, Riyad Bank, and Saudi Awwal Bank acted as the lead arrangers on the new facility while other participant banks are Al Rajhi Bank, Alinma Bank, Arab National Bank, Bank Albilad, The Saudi Investment Bank, and Bank AlJazira, the press release shows.
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Saudi FM leads Gaza committee urging sanctions on Israel
Ministers gathering in Riyadh to discuss the Israeli war on the Gaza Strip stressed the urgent need for imposing sanctions on Israel, the Saudi Press Agency reported Sunday. Chaired by Saudi Foreign Minister Faisal bin Farhan, the meeting comprising dignitaries from a group formed jointly by the Organization of Islamic Cooperation (OIC) and Arab League convened to address developments in Gaza.
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Saudi government mandates national dress for civil servants to showcase national identity
Saudi Arabia has introduced a new regulation mandating the national dress for government employees as a sign of pride in the country’s identity.According to the directive, employees of Saudi government agencies must wear the traditional “thobe, ghutra or shemagh” while at work.Exceptions are made for professions requiring specific attire, such as doctors, engineers and health practitioners.The regulation applies across all government agencies, with authorities set to provide regular reports on compliance.
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Graham expects Biden will have GOP support if he strikes Israel-Saudi deal
“I’m here on national television telling the Biden administration, if you can land this deal I think you’ll have a lot of Republican support in the United States Senate for a treaty between Saudi Arabia and the United States, because [it will] be good for Israel, it will be good for the world,” the South Carolina Republican said Sunday during an interview on CNN’s “State of the Union.”
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