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Saudi Aramco Joins ACWA Power, Others in $1 billion Sudair Solar Power Plant Development
- August 16,2021
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- SUSTG Team
A consortium that is developing Saudi Arabia’s largest solar project has reached financial close for the nearly $1 billion plant, and has secured the backing of state oil producer Saudi Aramco, according to Bloomberg. According to the report, Aramco, through a unit called The Saudi Aramco Power Company (SAPCO, will hold a 30% stake in the […]
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Saudi Arabia Sending Largest-Yet Delegation of Athletes to the Olympics in Tokyo
- July 14,2021
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- SUSTG Team
Saudi Arabia’s delegation of athletes to the Olympic Games in Tokyo this month is its largest ever, as the Kingdom continues to build its homegrown sports talent and develop young athletes. The Kingdom has participated in 11 Olympics, with its first athlete competing in 1976 in Montreal.
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Crown Prince Mohammed bin Salman Launches New Transportation and Logistics Strategy
- June 30,2021
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman on Tuesday launched a new strategy that aims to make the kingdom a global logistics hub and boost the sector’s contribution to non-oil revenues, according to reports. The plans include an “ambitious package of mega-projects” and focuses on aviation, rail, and maritime shipping and logistics, according to the SPA.
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U.S. Envoy for Yemen Tim Lenderking Again Visits Riyadh in Push to Bring Yemen War to Close
- June 17,2021
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- SUSTG Team
Veteran diplomat and U.S. Special Envoy for Yemen Tim Lenderking traveled to Saudi Arabia this week to continue efforts at bringing to a close the ongoing war in Yemen, the State Department and reports confirm. Lenderking held meetings with senior officials from both the official Yemeni government and the Kingdom and UN Special Envoy Martin Griffiths, according to […]
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Goldman Sachs Raises Expectations for Saudi Arabia’s Oil Production and Economic Growth – Report
- June 15,2021
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- SUSTG Team
According to a report in Bloomberg, Goldman Sachs Group Inc. raised its expectations for Saudi Arabia’s oil production and economic growth in 2021 as crude prices soared over $70 a barrel this week and pandemic-related lockdowns continued to ease.
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Saudi Arabia’s Massive Public Investment Fund Appoints Two Deputy Governors to Fuel Expansion
- June 8,2021
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- SUSTG Team
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) said on Tuesday it has established two deputy governor roles to support the $430 billion fund’s continued growth and expansion, several outlets report. Turki Bin Abdulrahman Alnowaiser, who heads PIF’s International Investments Division, and Yazeed Bin Abdulrahman Alhumied, who leads PIF’s MENA Investments Division, will take […]
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Kingdom Registers Surge in SME Contribution to GDP, a Top Goal of Vision 2030
- May 31,2021
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- SUSTG Team
The contribution of Small to Medium Enterprise businesses (SMEs) in Saudi Arabia to the Kingdom’s overall GDP has surged 45% since the launch of Vision 2030, according to a report in Zawya, citing official government data.
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With Pandemic Waning, Saudi Arabia Set to Resume Tourism Ambitions
- May 27,2021
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- SUSTG Team
Saudi Arabia plans to resume tourist visas “very soon” after suspending them months ago because of the coronavirus, a Saudi official told Bloomberg, as the Kingdom looks to resume its drive to attract tourists to visit historical sites and new attractions.
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U.S. Blasts Houthi Leadership, Sanctions Two Top Commanders as Peace Talks Stall – Report
- May 21,2021
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- SUSTG Team
The Biden Administration announced new sanctions on two Houthi military officials, the U.S. Treasury Department said, taking action over the Iran-aligned movement’s offensive to seize Yemen’s gas-rich Marib region and lack of real commitment to finding a peaceful solution to the end of the war there.
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As Construction Activity Picks Up, Prices of Building Materials in Saudi Arabia Soars
- May 14,2021
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- SUSTG Team
Prices of key construction materials in Q1 in Saudi Arabia soared to the highest prices in 12 years, with steel leading the increase as construction activity began to recover from the slowdown caused by the coronavirus disease pandemic last year.
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MUST-READS
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Lebanon’s Parliament Confirms State of Emergency, Extending Army Power
A two-week emergency was first declared by the cabinet in an emergency session with President Michel Aoun the day of the explosion, but the Parliament’s approval makes the measure official and has raised concerns about enabling a crackdown on protesters and those critical of the government. The state of emergency allows the army to impose curfews, ban assemblies and impose censorship on media organizations and publications if it deems them threatening to national security, and also extends the ability of officials to try civilians in military courts. It will last until Aug. 21, but can be renewed.
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Emirates and Siemens promise to help Lebanon with an airlift and free power
Emirates and Siemens have pledged to help the people of Lebanon recover from the cataclysmic explosion that rocked Beirut last week and pushed the country's crisis-ridden economy towards the abyss. The flag carrier of the United Arab Emirates committed on Thursday to establishing an "air bridge" that will move critical aid to Lebanon. The airline said that more than 50 flights would be dedicated to bringing "urgent food, medical supplies and other much needed items" into the country.
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Samba Achieves First Saudi Arabian Banking License Launched in DIFC
“DIFC’s legal and regulatory framework and infrastructure provides us with the ideal platform to grow, not just in the UAE, but across the region. Our presence reinforces Samba’s commitment to the UAE, is part of the Group’s strategic growth plans and will also allow us to enhance our client coverage in the region,” said Rania Nashar, Chief Executive Officer of Samba Financial Group.
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CNBC’s Hadley Gamble talks about Lebanon, Saudi Arabia and women journalists covering the Middle East
CNBC News Anchor and International Correspondent Hadley Gamble discusses what Lebanon’s creditors may be thinking; the future of Saudi Crown Prince Mohammad bin Salman’s Vison 2030; her career covering the Middle East; the impact of the #metoo for women journalists, and more.
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Can Lebanon Rise from the Rubble?
The destruction of the port of Beirut – and Lebanon's freefalling economy – has fueled calls to end the country's sectarian political system, which allocates power among Christians, Shia, and Sunni Muslims according to a rigid formula. But might such a change merely deepen suspicion among an already deeply divided population?
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Taliban ‘Hopeful’ US-Brokered Afghan Talks Settle Conflict
The Taliban reaffirmed Tuesday its commitment to ending violence in Afghanistan, while emphasizing that a comprehensive cease-fire has to be discussed during intra-Afghan peace negotiations due to begin later this month. The proposed talks are an outcome of the agreement the United States sealed with the Taliban in February to end the nearly 19-year-old Afghan war, America’s longest.
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Lebanon’s government steps down in wake of Beirut blast
Lebanese Prime Minister Hassan Diab announced his cabinet's resignation Monday, responding to outrage over a catastrophic explosion in Beirut. "Today I announce the resignation of this government," Diab said in a national TV address. "May God protect Lebanon." Diab's speech was published by the National News Agency in Lebanon, the state-run media outlet.
- Bloomberg - Lebanon’s Debt Restructuring Put on Ice as Government Resigns
- WSJ - Lebanon Seeks to Fill Power Vacuum Amid Worst Crisis in Decades
- Atlantic Council - For Lebanon, the only way out is either revolution or reform
- Forbes - After Beirut Blast, Lebanon’s Electric Sector Must End Blackouts, Unplug ‘Generator Mafia’
- VOA - In Sending Aid, Arab Nations Bypass Lebanon’s Politicians
- Reuters - Special Report: Lebanon’s power struggle – why a failing state can’t get the lights on
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SoftBank posts $11.8 billion profit
SoftBank lost $9 billion in the year ended in March--the worst results in the company's history--after its technology-focused $100 billion Vision Fund posted an investment loss of nearly $17 billion.
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Lebanon health minister: Cabinet resigned over Beirut blast
The minister, Hamad Hassan, spoke with reporters at the end of a Cabinet meeting on Monday. He says: “The whole government resigned.”
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After Beirut, an abandoned Yemeni oil tanker is renewing fears of another disastrous explosion
This sounds like the run-up to Beirut’s deadly port explosion this week and Lebanon’s worst disaster in decades. Except that this scenario is unfolding off the western coast of Yemen, threatening to trigger the world’s worst-ever oil spill and untold ecological damage. The destruction and deaths in Beirut have touched off concerns about a similar calamity happening in Yemen, with potentially devastating consequences for the Arab world’s poorest country, which is enmeshed in a civil war and a severe humanitarian crisis.
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