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PIF Selects Goldman Sachs, Bank of America Merrill Lynch and Michael Klein Selected to Advise on SABIC sale
- September 11,2018
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- SUSTG Team
Saudi Arabia’s sovereign wealth fund has chosen Goldman Sachs, Bank of America Merrill Lynch and Michael Klein as advisers on its planned sale of a stake in petrochemicals firm SABIC to Saudi Aramco, sources familiar with the process told Reuters. Citigroup Inc has reportedly won the mandate to advise Saudi Basic Industries Corp (SABIC). Reuters previously […]
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Saudi Energy Minister Khalid Al-Falih in Washington Today to Meet with Secretary Perry
- September 10,2018
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- SUSTG Team
Saudi Arabia’s Energy Minister Khalid Al-Falih is in Washington D.C. on Monday to meet with Secretary of Energy Rick Perry, according to a Reuters report which cited a Trump administration official and the Department of Energy. Saudi Arabia has markedly increased oil exports to America in recent months, according to Bloomberg. This weekend, the energy minister […]
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The Star-Studded Line-Up of Speakers for October’s Future Investment Initiative (FII)
- September 7,2018
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- SUSTG Team
The Saudi Arabia’s Public Investment Fund (PIF) annual Future Investment Initiative conference has listed an impressive roster of confirmed speakers for the event, taking place on October 23-25 in Riyadh. The second-annual Future Investment Initiative (FII) will be held on October 23-25 in Saudi Arabiaand “serve as a platform to drive expert-led debate, discussion, and partnerships among the […]
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Aramco Officials Begin Early Talks with Banks for SABIC Stake Financing, Report Says
- September 6,2018
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- SUSTG Team
Saudi Aramco officials began early talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, Reuters reports, citing banking sources. JPMorgan and Morgan Stanley were picked to advise on Saudi Aramco’s plan in July. Aramco is looking at the 70% strategic stake in Sabic which […]
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MSCI, Tadawul Sign Agreement to Launch a Tradeable Index Later This Year
- September 5,2018
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- SUSTG Team
Global index provider MSCI announced the signing of an agreement with the Saudi Stock Exchange Co (Tadawul) to jointly launch a tradeable index later this year, Reuters reports, a “move that could spur the growth of derivatives and exchange-traded funds.” The Tadawul said it would introduce exchange-traded derivatives in the first half of 2019. According to a […]
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Saudi private-sector growth in August is fastest this year: PMI
- September 4,2018
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- SUSTG Team
Growth in Saudi Arabia’s non-oil private sector edged up in August to its fastest rate this year, according to reports, “suggesting a long-awaited recovery of the economy may have begun.” The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index rose to 55.1 last month from 54.9 in July; a level above 50 indicates expansion, Reuters […]
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PIF Picks All-Star Investors for FII Advisory Board
- August 29,2018
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) has formed an advisory board of 11 top technology, finance and business executives that will provide strategic guidance on developing the kingdom’s Future Investment Initiative as a platform that attracts investment. The advisors include Masayoshi Son, the CEO of Japan’s SoftBank Group, Joe Kaeser, the president and chief executive of German industrial […]
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SAMI CEO Gives Interview to DefenseNews.com: ‘SAMI itself is acting as a kind of active holding company’
- August 28,2018
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- SUSTG Team
The CEO of Saudi Arabian Military Industries (SAMI) recently gave an interview with DefenseNews.com about how the organization works within Vision 2030 to develop the Kingdom’s future defense industry. Localizing Saudi Arabia’s military industry is a key part of the Kingdom’s ambitious social and economic reform plans. “SAMI itself is acting as a kind of active […]
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IMF Raises Saudi Arabia GDP Forecast, Non-Oil Growth Gains Momentum; Vision 2030 Reforms Cited
- August 27,2018
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- SUSTG Team
Even without a Saudi Aramco IPO, the Kingdom’s Vision 2030 economic and social reform blueprint is having an undeniably positive effect on the Saudi economy and growth, the IMF said. Real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent, the IMF forecasted. Growth is expected […]
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Saudi Arabia’s PIF Seeks $11 Billion Loan, FT Reports
- August 24,2018
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) is set to choose international banks to lend the wealth fund $11 billion, according to a report in the London-based Financial Times. The FT reports that there is strong interest from major international lenders in participating in the loan to the PIF, including “[s]ome of the most senior names in international banking, including JPMorgan’s Jamie Dimon, Morgan […]
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MUST-READS
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Top US officials in Damascus to meet new Syrian rulers, State Department says
Top diplomats from the Biden administration are in Damascus on Friday to meet new Syrian authorities led by Hayat Tahrir al-Sham (HTS), a State Department spokesperson said, the first in-person and official meeting between Washington and Syria's de-facto new rulers. The State Department's top Middle East diplomat, Barbara Leaf, Presidential Envoy for Hostage Affairs Roger Carstens and newly appointed Senior Adviser Daniel Rubinstein, who is now tasked with leading the Department's Syria engagement, are the first U.S. diplomats to travel to Damascus since Syria's opposition militias overthrew oppressive President Bashar al-Assad. The visit comes as Western governments are gradually opening channels to HTS and its leader, Ahmed al-Sharaa, and start debating whether or not to remove the terrorist designation on the group. The U.S. delegation's travel follows contacts with France and Britain in recent days.
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Lawsuit alleges U.S. failed to evacuate Palestinian Americans trapped in Gaza
Nine Palestinian Americans sued the U.S. government on Thursday, alleging that it had failed to rescue them or members of their families who were trapped in Gaza where Israel's war has killed tens of thousands and caused a humanitarian crisis. The lawsuit accuses the State Department of discriminating against Americans of Palestinian origin by abandoning them in a war zone and not making the same effort that it would to promptly evacuate and protect Americans of different origins in similar situations.
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Turkey’s central bank expected to start cutting rates next week: Reuters poll
Turkey's central bank is expected to start a cycle of interest rate cuts next week after eight months of steady policy, according to a Reuters poll on Thursday. Fourteen of 17 poll respondents forecast that the bank would cut its policy rate next Thursday, according to the poll. Three respondents expect the central bank to keep rates on hold until the first quarter. While most expected that the easing cycle will be launched this month, economists differed over the size of the first cut.
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Women Driving in Saudi Arabia: Female Perceptions Five Years after Lifting of the Ban
Survey findings suggest most women agree that there has been vast improvement, but they insist that the battle for equality is far from over. Indeed, there has been some resistance to the reforms among those who see the changes as pandering to the West. Overall, though, the survey findings suggest that the majority of women in Saudi Arabia want more rights, more women in leadership roles, more safety that they do not feel they have under the male guardianship system, and to be viewed as equal to their male counterparts.
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Biggest Retail Footprint At Sea Opens On Saudi Arabian Cruise Ship
Saudi Arabia’s first cruise line has set a new retail benchmark by launching a ship with more than 17,250 square feet (1,603 square meters) of shopping space on board. This is claimed by retail concessionaire Gebr. Heinemann to be a new record in the global cruise sector. The vessel will also be the first to offer a fully fledged web store. Cruise Saudi’s new ship is the 1,099-foot-long Aroya, boasting 1,678 cabins and carrying up to 3,362 passengers. In terms of length it is only slightly shorter than Royal Caribbean International’s Icon- and Oasis-class ships which are the biggest at sea and have roughly double Aroya’s capacity (at 6,700 to 7,600 passengers).
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Gulf Cooperation Council: Pursuing Visions Amid Geopolitical Turbulence: Economic Prospects and Policy Challenges for the GCC Countries
The Gulf Cooperation Council countries have successfully weathered recent turbulence in the Middle East, and their economic prospects remain favorable. Nonhydrocarbon activity has been strong amid reform implementation, although overall growth has decelerated due to cuts in oil production. The growth outlook is positive, as the envisaged easing of oil production cuts and natural gas expansion spur the recovery in the hydrocarbon sector, while the nonhydrocarbon economy continues to expand. External buffers remain comfortable despite current account balances having narrowed. Risks around the outlook are broadly balanced in the near term. More challenging medium-term risks, especially in the context of geoeconomic fragmentation and climate change, call for action on policy priorities to continue to strengthen the private sector and to diversify the economy.
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Saudi Crude Oil Exports Jumped to Three-Month High in October
Saudi Arabia’s crude oil exports rose to a three-month high in October, the latest data from the Joint Organizations Data Initiative (JODI) showed on Wednesday. Saudi Arabia, the world’s largest crude oil exporter, shipped 5.92 million bpd of crude to customers in October, up by 174,000 bpd compared to September. This was the highest average export volume from Saudi Arabia for three months, according to the JODI database which compiles self-reported figures from individual countries.
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Carbon dioxide utilization in the desalination sector in Saudi Arabia: An opportunity for achieving negative emissions
Recent work has characterized the Kingdom’s geological carbon dioxide (CO2) potential as around 445 gigatons (Gt), but to date, there has been no detailed analysis of the CO2 utilization potential in the Kingdom. Current research at KAPSARC aims to review existing and emerging CO2 utilization routes relevant to Saudi Arabia. This paper focuses on evaluating the untapped potential for CO2 utilization in the Kingdom’s desalination sector and explores the potential of this sector to become a carbon sink, thus contributing to carbon dioxide removal (CDR).
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Saudi rights progress ‘irreversible’ due to youth popularity, says EU official
Much of Saudi Arabia’s progress is “irreversible” due to its popularity among young people, an EU human rights emissary has told Arab News. Olof Skoog, EU special representative for human rights, sat down with Arab News to discuss the progress made by the Kingdom, ahead of the 4th EU-KSA Human Rights Dialogue that took place in Riyadh on Tuesday. Regarding the changes in recent years, Skoog said: “I see them very much as genuine reforms. Saudi Arabia (has) a very youthful population. The country is quickly modernizing, in a way, more attuned to what happens around the world, and the young people are very much onto that.”
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2034 World Cup in Saudi Arabia: What to expect
In Saudi Arabia's bid report, they detail that the weather in June and July in major cities like Riyadh and Jeddah would be between 32 and 38 degrees Celsius (89.6 and 100.4 degrees Fahrenheit ) — conditions that are not conducive to playing. Temperatures in the country are at their mildest between October and April, which poses a challenge to organizers. Furthermore, tournament organizers will also have to consider Ramadan, the Muslim month of fasting and prayer taking place from mid-November to mid-December in 2034. With the global player's union FIFPro currently going after FIFA because of an overloaded playing calendar, football's world governing body will have to manage the complicated European playing schedule, especially with the reformed Champions League format now including games in January.
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