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Recent stories from sustg
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After Coronavirus Hit in 2020, Saudi Economy to Grow 2.9% in 2021, IMF Says
- April 15,2020
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- SUSTG Team
Saudi Arabia’s economy is forecast to contract 2.3 percent in 2020, with non-oil GDP expected to contract by 4 percent due in part to the global recession caused by the spread of the deadly coronavirus, the IMF said.
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Saudi Arabia’s PIF Discloses 8.2% Stake in Carnival Cruises
- April 7,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund disclosed on Monday that it had acquired an 8.2% stake in Carnival Corporation & plc, operator of Carnival Cruise line, as of March 26, according to reports.
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Jadwa Investment’s April 2020 Chartbook Shows Early Challenges for Saudi Economy Amid Global Coronavirus Outbreak
- April 2,2020
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- SUSTG Team
Jadwa Investment’s recently-released April 2020 Saudi Chartbook highlighting latest data for the Kingdom’s economy shows indications that the Coronavirus will have a negative impact on the economy as Saudi Arabia locks down to safeguard its citizens.
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Kingdom Will Pay for Coronavirus Treatments, KSA Cases Reach 1453
- March 30,2020
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- SUSTG Team
Saudi Arabia will finance treatment for anyone infected with the coronavirus in the Kingdom, the health minister said on Monday, as Saudi’s total cases reached 1453, according to Reuters.
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Stunning Photos Show Saudi Arabia’s Empty Streets for COVID-19 Curfew
- March 25,2020
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- SUSTG Team
Saudi Arabia on Monday night began implementing a nationwide dusk-to-dawn curfew to halt the spread of COVID-19, urging the public to stay home unless necessary and closing restaurants, cinemas, malls, and other places of gathering.
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Report: Saudi Arabia Asks State Agency Heads to Prepare for Budget Cuts ‘of at Least 20%’
- March 11,2020
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- SUSTG Team
Saudi Arabia has asked state agencies to submit proposals for cuts of between 20% and 30% to their budgets “in a fresh austerity drive to cope with a sharp drop in oil prices” due to a looming price war between Russia and Saudi Arabia, Reuters reports, citing four sources familiar with the matter.
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More Progress for Saudi Women as Kingdom Launches a Women’s Soccer League
- February 28,2020
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- SUSTG Team
Saudi Arabia is launching a soccer league for women, another step forward as the Kingdom continues ahead with its Vision 2030 social and economic reform plan.
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Al-Ula Planners, Developers Keen to Keep Historic Beauty of Site Intact with Millions Expected Annually
- February 11,2020
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- SUSTG Team
Planners and developers working on making Saudi Arabia’s Al-Ula UNESCO heritage site easier and more enjoyable to visit are keen to keep intact the natural beauty and wonder of the site, the UAE-based The National reports, citing an interview with Francesca Arici, the site’s chief planning officer.
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Saudi Arabia’s SAMA Launches First Licenses for Non-Bank Financial Institutions in Line With Financial Sector Development Program Goals
- January 31,2020
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- SUSTG Team
The Saudi Arabia Monetary Agency (SAMA) announced the launch of licenses for non-bank financial institutions, a news release on its website said, issuing the first licenses for an electronic wallet company and the first license for a payment services company in the Kingdom.
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Saudi Authority Calls on UNESCO to Protect Traditional Khawlani Coffee Cultivation Techniques
- January 20,2020
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- SUSTG Team
The Saudi Heritage Preservation Society has called on UNESCO to protect traditional Khawlani coffee cultivation techniques in Saudi Arabia in a press release, noting that the Arabian tradition “has been passed down for generations by the ancient tribes of Khawlan who have grown and processed Khawlani coffee beans in the verdant valleys of Jazan, a region […]
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How can Africa tap its huge potential for Islamic banking?
slamic financial instruments such as sukuk appear to be ideal for Africa, both in providing funding and serving the needs of its large Muslim population, so what is holding back its development?
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Egypt’s EFG Hermes to acquire control of state-owned Arab Investment Bank
EFG Hermes Holding, Egypt’s biggest investment bank, will acquire 51 percent of state-owned Arab Investment Bank (AIB), the cabinet said in a statement on Wednesday, in the first bank privatization in more than a decade.
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Banyan Tree to unveil luxury tented camp in Saudi Arabian desert
Saudia Arabia’s ancient AlUla desert is the latest destination to be developed for tourism under the kingdom’s “Vision 2030” programme, chosen for its blend of nature, culture and heritage. There are some 15 local hospitality projects in the pipeline at present and works are attracting some of the biggest names in the business, including three hotly-anticipated Aman properties, a subterranean resort by French starchitect Jean Nouvel, and now a Banyan Tree luxury tented camp. Habitas is also working on a 3D-printed resort nearby.
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World Bank Report Reveals Aid Distribution Flaws in Yemen
Published on Saturday, the study revealed that the percentage of families receiving aid is concentrated in the governorates of Marib, Hajjah, and Lahj. By phone, 20%-30% of the participants surveyed through a vulnerability analysis by the World Food Program (WFP) reported not receiving any aid in 2020.
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Lebanon’s foreign minister asks to quit after comments strained Gulf ties
The comments have threatened Lebanese efforts amid its deep economic crisis to improve ties with Sunni Muslim Gulf states, which have been reluctant to offer the kind of financial help they once did because of their frustration at the rising influence of Hezbollah, a Lebanese group backed by Shi'ite Iran.
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Lebanese president seeks to avert crisis with Gulf over minister’s comments
Lebanese Foreign Minister Charbel Wehbe threatened to stoke new tensions in a television interview on Monday, when he appeared to blame the Gulf for the rise of Islamic State in Iraq and neighbouring Syria. "Those countries of love, friendship and fraternity, they brought us Islamic State," he told Al Hurra without naming them.
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‘I want to study’: Lebanon crisis cancels school for many
"Look at my phone. How do you expect my son to study on it?" asked his father Abdel Nasser, sitting cross-legged inside the family's tent in the Bekaa Valley. "The screen is cracked... and I have no internet."
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Saudi bank mortgage portfolios to expand 30 percent annually says S&P
Strong housing demand and the government’s commitment to meet Vision 2030 targets is expected to support Saudi credit growth over the next two years, S&P said. The credit ratings agency expects mortgage portfolios in the banking sector to expand by about 30 percent annually over the next couple of years as total growth is expected to top 10 percent in 2021-2022.
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Turkey’s Karpowership says it is shutting down power to Lebanon
Turkey’s Karpowership, which provides electricity to Lebanon from two barges, said on Friday it was shutting down supplies over payment arrears and a legal threat to its vessels as the nation grapples with a deep economic crisis. The company, which supplies 370 megawatts (MW), or about a quarter of Lebanon’s current supply, told the government this week it would have to shut down unless there were moves toward settling the issues.
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Saudi Central Bank Publishes Its 14th Annual Report on the Saudi Insurance Market
The Saudi Central Bank (SAMA) has issued the 14th annual report on the Saudi Insurance Market. The report highlights the performance of the insurance sector in the Kingdom of Saudi Arabia in 2020 and the sector’s contribution to the Kingdom’s gross domestic product (GDP).
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