As governments and organisations across the Middle East work towards achieving their net-zero agendas, sustainable finance plays a crucial role by raising capital for projects essential to achieving these targets. Robust capital markets, supportive regulatory frameworks, and transparent sustainability reporting are some of the key ingredients for a well-functioning sustainable finance practice, requiring cooperation from all relevant stakeholders, including governments, private companies, and regulators.
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Recent stories from sustg
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Saudis Celebrate One Year Anniversary of Women Drivers in the Kingdom
- June 24,2019
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- SUSTG Team
One year ago today, women in Saudi Arabia were legally allowed to drive on the Kingdom’s roads for the first time, a landmark and life-changing event for many Saudi women and an undeniable leap forward for Saudi Arabia’s ongoing economic and social reforms. June 24, 2018 was the first day in which Saudi women were allowed […]
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U.S. Special Representative for Iran, Saudi Arabian Deputy Defense Minister Prince Khalid bin Salman Meet in Jeddah
- June 21,2019
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- SUSTG Team
U.S. Special Representative for Iran Brian Hook met with Saudi Arabian Deputy Defence Minister Prince Khalid bin Salman in Jeddah on Friday, the minister said in a tweet. Hook and Prince Khalid discussed recent attacks in the region. “Pleased to meet with United States Special Representative for Iran Mr. Brian Hook to explore the latest efforts to […]
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The Seven Wonders of Arabia, Aramco Expats’ Tribute to the Kingdom’s Top Heritage Sites – Part 2: Historic Jeddah
- June 21,2019
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- SUSTG Team
Last week, SUSTG published the first in a series of posts highlighting the seven wonders of Arabia as selected and featured by AramcoExpats.com, an online blog that is a resource for current and former Saudi Aramco expatriates and their families. As the Kingdom prepares to open itself up to more visitors and boost its tourism industry in line […]
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Saudi Desalination Plant Struck by Missile from Yemen, U.S. Drone Shot Down – Reports
- June 20,2019
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- SUSTG Team
A Saudi desalination plant was struck by a missile that appeared to come from within Yemen, according to reports. Hours after the statements from U.S. officials, Saudi Arabia confirmed the missile strike, saying it caused no damage or casualties, the Wall Street Journal reports. Shortly after the strike was made apparent, senior U.S. officials met at […]
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Saudi Arabia’s Saudia Airlines Spends Big at Paris Airshow
- June 18,2019
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- SUSTG Team
Saudi Arabian flag-carrier Saudia announced at the Paris Airshow that it is expanding its existing order of Airbus A320neo family of plans from the current number of 35 “to as many as 100, including 35 options,” according to reports. The airline disclosed three years ago that it was taking 35 A320neo-family jets, including A321neos. The “neo” at the […]
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Saudi Arabia’s Crown Prince Mohammed bin Salman Gives Interview to Asharq Alawsat, Addresses Iran Aggression
- June 17,2019
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman gave an interview to the Saudi-owned, London-based Asharq Alawsat newspaper and discussed recent attacks on oil tankers and on the Kingdom’s southern border, saying Saudi Arabia does not want a war in the region, but stressed that it “will not hesitate in dealing with any threat against our people, sovereignty […]
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Aramco Expats’ The Seven Wonders of Arabia, a Tribute to the Kingdom’s Remarkable Heritage Sites – Part 1: Madain Salih
- June 14,2019
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- SUSTG Team
Aramco Expats, an online blog that is a resource for current and former Saudi Aramco expatriates and their families, recently published a series of excellent blog posts on the seven wonders of the Arabia – the best heritage sites and historical places in the Kingdom. The blog noted that this list was, in fact, the seven runners up to […]
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Houthis Strike Abha International Airport in Saudi as Fears of Widening Conflict Grow
- June 13,2019
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- SUSTG Team
Yemen’s Houthi rebels attacked an airport in southern Saudi Arabia on Wednesday, wounding 26 people, the Saudi Press Agency (SPA) and other reports confirmed. Eighteen people were treated at Abha International Airport for minor injuries and another eight were taken to a hospital, according to the SPA, which quoted Turki al-Malki, spokesman of the US-backed Saudi-led coalition […]
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Report Looks at Surging Role of Sovereign Wealth Funds in GCC Economies
- June 12,2019
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- SUSTG Team
A recently-released joint publication from the Sovereign Wealth Fund Institute (SWFI) and Marmore Mena Intelligence examines the growing role of sovereign wealth funds (SWFs) in GCC economics. Sovereign wealth funds, like the Saudi Arabia Public Investment Fund (PIF), are growing in importance in GCC economies as they press ahead with economic diversification efforts and reduce their […]
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More Weaponized Drones Launched at Saudi city of Khamis Mushayt from Yemen, Two Shot Down
- June 11,2019
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- SUSTG Team
Saudi Arabia’s air defense forces shot down two “weaponized drones” launched by Houthis from Yemen toward the city of Khamis Mushait, a spokesman for the Arab Coalition supporting Yemen’s legitimate government said early Tuesday. In a statement carried by the Saudi Press Agency (SPA) and carried by Arab News, Colonel Turki Al-Maliki said the attack […]
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MUST-READS
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Bridging the Gaps for an Orderly Energy Transition: The Role of Sustainable Finance in Saudi Arabia
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Measuring Green Jobs in Saudi Arabia: Saudis in Green Occupations
This paper offers the first estimate of employment in Saudi Arabia that can be linked to the energy transition. Using a task-based taxonomy devised by the United States Bureau of Labor Statistics applied to detailed administrative data on Saudi workers, it is estimated that in 2022 almost 30% of all Saudi workers in the private sector were employed in “green” occupations.
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Flow House brings surfing sights to Saudi Arabia
The Flow House concept will include indoor surfing experiences that are open throughout the year. The experiences will include flowboarding sessions and competitions, and it will welcome amateur as well as professionals. The experience draws inspiration from tropical islands, and will include live music and a restaurant overlooking the water. Plus, the menu will include plant-based and vegan options.
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Saudi Arabia sees ‘unprecedented’ progress in economic transformation: IMF
“Saudi Arabia’s unprecedented economic transformation is progressing well as it advanced in its modernization and diversification efforts under Vision 2030,” the fund wrote in its press release. “The recent fiscal space exercise has facilitated the recalibration of investment spending planned under Vision 2030 by reprioritizing projects and through sectoral strategies.”
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Saudi Arabia suspends fees for hotels, resorts commercial licenses
The move is part of the ongoing efforts to facilitate municipal procedures and services in Saudi cities, aimed at developing the tourism sector and raising the quality of tourism services for citizens, residents and tourists. It will further provide an attractive investment environment for investors and enhance competitiveness in the sector, Saudi Press Agency (SPA) reported.
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The Fastest Wallet to Eclipse 1 Million Customers Globally – Built in Saudi Arabia
Saudi Arabian fintech startup, barq, the latest wallet and challenger bank to launch in the Kingdom, has reached a significant milestone by enlisting 1.6 million wallet users and account holders in its first full month of operation. The milestone follows barq’s previous achievement of surpassing one million users in its first 21 days of operation – a remarkable achievement that established barq as the fastest-growing private wallet globally, outside of China. For context, it took Revolut a year to reach 100,000 users, while NuBank and CashApp each gained 10,000 users in their first month.
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Saudi Arabia’s PIF gets $2 billion from year’s fourth debt foray
Saudi Arabia's sovereign wealth fund, the Public Investment Fund, locked in $2 billion on Tuesday from its fourth foray into the debt markets this year, as it continues to pour billions into an ambitious programme to wean the economy off oil. PIF launched $1.5 billion in three-year Islamic bonds, or sukuk, as well as $500 million in green notes maturing in October 2032, a document from an arranging bank showed on Tuesday.
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Saudi Arabia surpasses fintech targets with 224 active companies and $186 million in deals
Saudi Arabia is intensifying its fintech efforts, setting a goal to establish 525 companies by 2030. Finance Minister Mohammed bin Abdullah Al-Jadaan revealed this ambitious target at the inaugural 24 Fintech Conference, highlighting the kingdom’s swift advancement in the sector.
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Navigating Saudi Arabia’s Vision 2030: Career Opportunities for Young Professionals
For young professionals, Vision 2030 is like a treasure map leading to a future filled with opportunities. The digital economy is booming, and with it comes over a million new jobs by 2025 in cutting-edge fields like AI, cybersecurity, and digital marketing. Imagine being part of a tech start-up that could become the next global unicorn, or leading a project in renewable energy that helps Saudi Arabia become a world leader in sustainability.
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Italy’s Saipem wins two contracts worth $1 bln in Saudi Arabia
Italian energy engineering group Saipem (SPMI.MI), opens new tab said on Tuesday it won two offshore contracts in Saudi Arabia worth around $1 billion in total, under an existing long term agreement with oil giant Saudi Aramco (2222.SE), opens new tab. The two contracts involve the engineering, procurement, construction and installation of infrastructure, including subsea pipelines, at the Marjan oil and gas field and the Zuluf and Safaniyah oil fields, Saipem said.
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