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Another ‘Mixed Picture’ for Saudi Economy as Data Show Negatives on Consumer Spending, Inflation Down
- January 3,2017
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- SUSTG Team
Jadwa Investment’s recently released Chartbook for the month of January 2017 finds a mixed picture for the Saudi economy, including negative data on consumer spending and a significant dip in net change to government accounts with SAMA. Data on consumer spending came out negative “partly reflecting the impact of allowance reductions to public sector employees,” […]
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Outside Riyadh, Video Shows Making of Largest Tire ‘Doughnut’ Ever – and it’s Pink
- December 29,2016
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- SUSTG Team
It is sometimes called a doughnut – the tire marks left on the road or dirt after spinning your car’s wheels into a burnout. Just outside of Riyadh, Saudi Arabia, someone created the biggest ‘doughnut’ ever according to the Guinness Book of World Records, but the purpose wasn’t just for one last superlative for the Middle […]
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Saudi Government Publishes New Overview of Economy Highlighting Balanced Budget Goal by 2020
- December 28,2016
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- SUSTG Team
Saudi Arabia has published a new report highlighting its goals to achieve a fiscal balance by the year 2020. The 85-page report, which places the goal in the context of the Kingdom’s ongoing economic transformation plans, is the first of its kind since Saudi Arabia published its Vision 2030 and National Transformation Program overviews earlier this year. The […]
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Saudi Housing Authorities to Set Up Online Portal to Increase Transparency and Resolve Renter, Landlord Disputes
- December 20,2016
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- SUSTG Team
Saudi Arabia plans to set up a center to resolve disputes between tenants and landlords as authorities look to reform and modernize the way property is bought, sold, and leased in Saudi Arabia. According to the English language daily Saudi Gazette, the Saudi housing ministry plans to establish the “Center for Real Estate Dispute Redressal,” which will […]
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Monetary and Financial Developments in the Kingdom
- December 15,2016
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- SUSTG Team
A recently released report by Jadwa Investment finds that, following the US Federal Reserve’s second rate hike since 2008, the US’s path to policy normalization “is expected to accelerate.” For the Saudi monetary system, the Saudi Arabian Monetary Authority (SAMA) has passed several measures to enhance liquidity in the domestic financial system, which has contributed […]
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Mixed Picture for Saudi Labor Market as Unemployment in Kingdom Hits 4-Year High
- December 12,2016
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- SUSTG Team
Saudi unemployment rose to a four-year high despite overall employment growth remaining positive, the Riyadh-based Jadwa Investment finds in a report on the Saudi labor market. The report is a mixed picture for Saudi Arabia. For example, during the first three quarters of 2016, total net employment in the Kingdom saw a “significant rise” of […]
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OPEC’s Oil Production Announcement Sends Prices Soaring, Raises Optimism for Reigning in Oversupply in 2017
- December 6,2016
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- SUSTG Team
In the wake of last week’s OPEC decision to reduce crude oil production, oil prices have surged roughly 15% in just one week. At roughly $55/barrel on Brent, that’s the highest level in more than a year. OPEC agreed to slash its output by 1.2 million barrels a day, or more than 1% of global output, […]
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Saudi Arabia Needs $53b in Water Investment as Sector Looks Toward Privatization
- November 28,2016
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- SUSTG Team
Saudi Arabia will need $53 billion in water sector investment supported by private funds as the Ministry in charge of the sector said it was looking to privatize in order to meet demand, government leaders said. The comments were made by officials from Saudi Arabia’s Ministry of Environment, Water and Agriculture, and Saudi Arabia’s […]
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Saudi, Russia Energy Ministers to Meet in Doha as Output Cut Deadline Looms
- November 16,2016
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- SUSTG Team
Saudi Arabia and Russia energy ministers will meet in Doha, Qatar this week on the sidelines of Gas Exporting Countries Forum (GECF), industry sources quoted by the Wall Street Journal said. The meeting comes as OPEC and non-OPEC members try to solidify an oil output limiting deal agreed to in September. OPEC is hoping to complete […]
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Saudi GDP to Grow at 1.8%, Central Bank Says in Annual Report
- November 14,2016
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- SUSTG Team
The Saudi Arabian Monetary Agency (SAMA) expects gross domestic product to grow 1.8 percent this year, the central bank said in its 52nd annual report released on Monday. The figure is higher than the IMF forecast of 1.2%. The non-oil sector is expected to expand 2.5 percent and the oil sector, 1.2 percent, SAMA said. Real economic […]
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U.S.-TurkeyDespite Turkey’s assurances, U.S. still eyes sanctions, F-35 exit
After meeting U.S. President Donald Trump over the weekend in Japan, Turkish President Tayyip Erdogan said Ankara would be spared damaging U.S. sanctions once Russia’s S-400 air defense system starts arriving in Turkey in coming days.
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U.S.-Saudi RelationsCommentary: Trump Is Blocking Big Change in the U.S.-Saudi Alliance
“We in [Saudi Arabia] recognize that the relationship has come under strain recently, but we are working hard on restoring it to what it once was. We realize it’s going to take some time, but we see it as a marathon not a sprint,” a senior Saudi official wrote to us recently on the condition of anonymity to discuss the issue.
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U.S.-IranIran-Linked Hackers Said to Be Ready for Attacks on U.S. Targets
For observers of cyberconflict, Iran’s preparations for an attack represent the possible beginning of a new phase in cyberwarfare, in which countries trade tit-for-tat attacks in cyberspace.
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U.S.-ChinaStock futures jump after U.S.-China trade ceasefire
July’s first trading day has historically been the most bullish first day of all 12 months of the year, according to data compiled by the Almanac Trader. In the past 21 years, the S&P 500 has risen 85.7% of the time on the first day of trading in July, with an average gain of 0.42%.
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Trump Peace PlanU.S. economic plan decried by Palestinians but gets cautious nod in Gulf
The Palestinians and many Arabs in the region have dismissed Kushner’s plan for a trade and investment boost as pointless without a political deal. Arab states, including Saudi Arabia, say any deal must be based on a two-state solution, which has underpinned every peace plan for decades.
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African MigrantsWhy Record Numbers of African Migrants Are Showing Up at the U.S.-Mexican Border
Hundreds of people fleeing violence in the Democratic Republic of the Congo, Eritrea, Somalia, Sudan, and beyond are embarking on journeys to South America either by boat or plane and then, on foot, making the long and treacherous trek north through Colombia and Panama on their way to the United States.
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Oil TankersU.A.E. Splits With U.S. Over Blame for Oil Tanker Attack in May
“Honestly we can’t point the blame at any country because we don’t have evidence,” Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan said on Wednesday in Moscow. “If there is a country that has the evidence, then I’m convinced that the international community will listen to it. But we need to make sure the evidence is precise and convincing.”
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U.S.-SaudiSaudi Arabia must OK nonproliferation standard: U.S. energy secretary
Saudi Arabia must commit to a broad international monitoring program of nuclear power facilities if it develops nuclear power reactors with technology from the United States, U.S. Energy Secretary Rick Perry told lawmakers on Tuesday.
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Princess Reema Bint BandarPerspective: Saudi Arabia’s New U.S. Ambassador Is a Princess With a Daunting Job
Saudi Princess Reema bint Bandar bin Sultan has a daunting task as she prepares to take up her role as the kingdom’s ambassador to Washington with relations at their lowest point since the Sept. 11 terrorist attacks. The murder of columnist Jamal Khashoggi, the long-running war and humanitarian crisis in Yemen and the detention of Saudi female activists have all shattered the kingdom’s relations with much of the Washington establishment. The princess, expected to arrive in the U.S. capital within weeks, will try to begin reversing all of that.
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Peace to ProsperityU.S. seeks funds for Middle East peace plan but details are vague and Palestinians unhappy
The Trump administration prepared to launch its $50 billion economic formula for Israeli-Palestinian peace in Bahrain on Tuesday but the Palestinian leadership reiterated its disdain for the plan and Saudi Arabia, envisaged as one of its main bank-rollers, also indicated some reservations.
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