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Recent stories from sustg
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MBS confirms Saudi position regarding recognition of Israel
In an address to the Shoura Council, Saudi Crown Prince Mohammed bin Salman said that Saudi Arabia would not recognize Israel without the establishment of a Palestinian state.
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KSA moves forward on its nuclear energy plans
The IAEA has for years been in talks with Riyadh on making the switch to a Comprehensive Safeguards Agreement that covers issues like inspections in countries that have ratified the nuclear Non-Proliferation Treaty.
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Epic Boeing 777 journey by land captivates Saudis
Three retired Saudia Airlines Boeing 777s traversed Saudi Arabia by land from Jeddah to Riyadh to be part of the Riyadh Season 2024 Boulevard Runway zone.
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KSA FDI outlook
Saudi Arabia’s net FDI rose 5.6% in Q1 2024 with tourism investment leading the way along with construction, electronics, and financial service sectors, among others. The United States is the home country for 333 ongoing and announced projects; by far the leading country.
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Aramco Digital and Groq to build world’s largest inferencing data center
American AI chip startup Groq will partner with Aramco Digital to establish what would be the world’s largest AI inference data center in Saudi Arabia.
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‘Land is Calling’ tourism video premiers
Saudi’s national tourism brand ‘Saudi, Welcome to Arabia’ premiered its new international campaign, “This Land is Calling”, launching across the United Kingdom, France, Italy, Germany, and the United States.
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Saudi Arabia’s Energy Efficiency Drive – ESCO Awards
In 2021, Saudi Arabia announced its intent to achieve carbon neutrality with the goal of reaching net-zero Global Greenhouse Gas (GHG) emissions, by 2060. In addition to efforts to transition to lower carbon sources of energy (natural gas, renewables, clean energy) and reduce carbon emissions (carbon capture), Saudi Arabia is working to increase its energy efficiency.
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The 966, Episode #135 – Clean Hydrogen and Saudi Arabia with Rami Shabaneh, Senior Fellow, KAPSARC
The 966, Episode #135 zeros in on Clean Hydrogen and Saudi Arabia with Rami Shabaneh, Senior Fellow, King Abdullah Petroleum Studies and Research Center (KAPSARC).
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Amaala getting closer
Public Investment Fund-owned Red Sea Global has awarded more than 600 contracts worth $6.13 billion to date as it develops the Amaala resort.
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Mortgage rates up but more liquidity needed
Saudi authorities have made home ownership a key goal of Vision 2030, aiming to have 70 % of Saudis owning their own homes by 2030. An estimated 62% to 65% of Saudis are currently home owners.
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MUST-READS
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Why Hezbollah and Israel Can’t Make a Deal
The attack demonstrated, not for the first time, the extraordinary degree of Israel’s penetration into Iran and its Arab allies. Just since January, Israel has assassinated the Hamas operative Saleh al-Arouri in Beirut, the Hamas political leader Ismail Haniyeh at a guesthouse in Tehran, and the Hezbollah military leader Fuad Shukr, again in Beirut. But the pager explosions mark an escalation, specifically, of the conflict that has been building between Israel and Hezbollah since October 8.
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Israel conducted Lebanon pager attack fearing Hezbollah was onto the operation
Israel decided to blow up the pager devices carried by Hezbollah members in Lebanon and Syria on Tuesday out of concern its secret operation might have been discovered by the group, three U.S. officials told Axios.
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The Complex Reality of Great Power Competition in the Middle East
Today’s Middle East and North Africa (MENA) region is at the core of the competition between the United States and its great power rivals, China and Russia. China has grown increasingly preoccupied with securing energy supplies from the Gulf. Russia has been invested in protecting the few allies it has in the region and in disrupting the U.S.-led regional security architecture.
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2024 Fiscal Transparency Report: Saudi Arabia
The limited data available in the government’s annual budget statement broke down expenditures by category, but not by ministry or agency. The annual budget statement did not show allocations to the royal family, and the government maintained off-budget accounts not subject to public oversight. Military and intelligence budgets were not subject to legislative oversight or a civilian public body. When actual revenues and expenditures did not reasonably correspond to those in the enacted budget, the government produced and publicly issued revised budget estimates.
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Pakistani Drivers Are The Heroes Behind Driving Saudi’s Famous Planes To Riyadh
When the famous Saudi planes rolled into Riyadh for the grand Riyadh Season, the city was buzzing with excitement! Hundreds of people lined the streets, proudly decked out in traditional Saudi clothes, waving flags, and cheering as the planes made their grand journey. But behind the scenes, the real heroes were the Pakistani drivers who made it all happen.
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7,000 Italian companies eye on Saudi market for investments
The announcement was made during the Saudi-Italian Business Forum, held on Wednesday at the Federation of Saudi Chambers’ headquarters. The Italian Ambassador to the Kingdom Carlo Balducci attended the event with over 140 companies and representatives from various government agencies from both countries.
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Saudi Development and Reconstruction Program for Yemen rehabilitates 650 homes in Aden
A tripartite partnership between SDRPY, Alwaleed Philanthropies and the UN Human Settlements Program (UN-Habitat), the project has also contributed to building the capacity of workers in the housing, construction and building sectors, the Saudi Press Agency reported on Wednesday.
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Saudi Arabia real estate market booms amidst strong residential and hospitality performance
The residential sector started strong in 2024 by delivering 27,500 units in Riyadh and Jeddah. This increased the total stock to 1.46 million units in the capital and 891,000 units in Jeddah. As such, residential sale prices experienced a 10% year-on-year (YoY) increase in Riyadh whilst average rents grew by 9% annually. In Jeddah, the pace of growth was slightly slower, with sale prices rising by 5% and rents increasing by 4% YoY during the same period.
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Saudi: Agricultural Development Fund Board approves over $533mln in loans
The board of directors of the Agricultural Development Fund (ADF) on Wednesday held its third meeting of the current fiscal year, chaired by Minister of Environment, Water, and Agriculture, and Chairman of the board Eng. Abdulrahman bin Abdulmohsen Al-Fadley. ADF Chief Executive Munir bin Fahd Al-Sahli stated that the board approved the provision of over SAR2 billion in loans and credit facilities during the meeting.
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Saudi Crown Prince Says No to Israel Ties Without Palestinian State
“This is an affirmation that the Saudi position is enduring in its support of the Palestinian cause,” Mahmoud al-Habbash, the religious affairs adviser to Mr. Abbas, said in an interview on Thursday. “We’re reassured about the Saudi stance, which is a cornerstone of the Arab and Islamic world’s position.”
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