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Saudi Arabia, UAE and Kuwait Come to Jordan’s Aid with $2.5b after Weekend Summit
- June 11,2018
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- SUSTG Team
Saudi Arabia and two Gulf nations agreed to a $2.5b aid package to help support Jordan’s economy after a proposed income-tax increase sparked some of the largest protests seen in the region since the Arab Spring protests in 2011. The package of aid will include a deposit in the Central Bank of Jordan, guarantees to the World […]
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King Salman Extends Eid Al-Fitr Holiday Break
- June 7,2018
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- SUSTG Team
Saudi Arabia’s King Salman issued a directive to extend this year’s Eid Al-Fitr, the end of the Holy month of Ramadan holiday, to give government employees and military staff a full working week off to mark the holiday, which falls at the end of Ramadan. Although the exact start date of Eid has yet to be officially announced, […]
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Jadwa Investment Chartbook: SAMA Reserves Rise and Other Positive Signs for Saudi Economy
- June 5,2018
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- SUSTG Team
The latest monthly edition of the Saudi Chartbook published by Jadwa Investment finds positive indicators for the Saudi economy as growth picks up in the Kingdom. According to Jadwa, non-oil exports in March increased by 1.8 percent year-on-year, the Kingdom’s FX reserves soared to the largest monthly increase since October 2013, and while inflation ticked […]
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Saudi Arabia’s Central Bank Sees Reserves Soar on High Oil Prices
- May 29,2018
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- SUSTG Team
Saudi Arabia’s central bank foreign reserves rose last month at their fastest rate for four years, Reuters reports on official data revealed on Monday. The $13.3 billion month-on-month increase in reserves to $498.9 billion in April is the highest level reached in over year and reveals “the extent to which a rebound in oil prices is […]
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Saudi, Russia Say Oil Supply to Increase in ‘Near Future’ as Consumers Eye Increasing Prices
- May 25,2018
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- SUSTG Team
Saudi Minister of Energy Khalid Al-Falih said OPEC and other producers are likely to gradually revive oil output in the second half of the year to ease consumer anxiety as prices trade near $80 a barrel, according to reports. The action would be a reverse of course from previous OPEC and non-OPEC producers’ decision two years […]
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Report: Saudi Binladin Group (SBG) to be Renamed and Resized after Rough Decade, Graft Allegations
- May 24,2018
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- SUSTG Team
The one time leader in Saudi Arabia’s construction market, Saudi Binladin Group, will be slimmed down and renamed, according to an exclusive Reuters report, which cited six sources familiar with the matter. The government seized management control of the construction giant from the chairman and other family members after they were detained in anti-graft arrests last […]
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IMF: Saudi Arabia Making ‘Good Progress’ on Vision 2030, Should Focus on Balanced Budget in 2023
- May 23,2018
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- SUSTG Team
Saudi Arabia is making good progress in implementing Vision 2030 economic and social reforms, the International Monetary Fund (IMF) said in a statement late on Tuesday, as it urged the Kingdom not to increase spending and to focus on a balanced budget by 2023. “The government remains committed to wide-ranging economic and social reforms to transform the […]
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Nasdaq Dubai to Launch Futures Trading in Saudi Quoted Companies before End of Year
- May 21,2018
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- SUSTG Team
Nasdaq Dubai will launch futures trading in Saudi quoted companies “before the end of this year,” according to reports, marking the first time Saudi stocks can be traded in derivative form. The move will allow global investors to trade shares in Saudi Arabian listed companies via contracts to buy or sell shares at a set price in […]
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Oil Hits $80 for First Time in Three Years, Saudis Consulting Other Producers on Supply
- May 18,2018
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- SUSTG Team
The price of oil reached $80 on the Brent Crude Index this week for the first time in three years, prompting Saudi Arabia’s powerful Minister of Energy Khalid Al-Falih to tweet a message urging coordinated action to allay supply “anxiety,” according to reports. Al-Falih said in a Twitter post that he had called his counterparts […]
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Ramadan Begins Today in Saudi Arabia
- May 17,2018
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- SUSTG Team
Ramadan officially begins in Saudi Arabia Thursday, as millions of Muslims in the Kingdom and around the world prepare for a month of fasting, which is intended to bring Muslims closer to Allah and remind them of those less fortunate. The Islamic calendar is 11 days shorter than the Gregorian calendar, so each year, the […]
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MUST-READS
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Riyadh – Eight decades of strategic partnership
Underpinned by deep people-to-people ties, Saudi Arabia is the fourth-largest sending country for international students to U.S. colleges and universities. A posting in Riyadh provides embassy personnel a unique opportunity to work on a multifaceted, strategic partnership between the two countries. It is also a once-in-a-lifetime opportunity to live in a country that is undergoing profound social and economic changes.
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Saudi Arabia’s wealth fund to sell part of stake in Saudi Telecom
The planned transaction will target international and local institutional investors, as well as retail investors, PIF said, adding it would maintain a majority stake of more than 50% in the company.
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India’s startup expansion to Mena: A cause for concern?
Since 2016, more than 50 India-based startups have expanded into the Middle East and North Africa (Mena) by making their UAE debut an entry point to the wider region. Twenty of these were already unicorns when they scaled and included the fintech PayMate, edtech Countingwell, and eyewear online retailer Lenskart.
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In pics: Saudi reveals new luxury mountain resort as part of the Red Sea project
Site preparation is ongoing and construction began in July 2021, the statement said. It expects to start welcoming its first guests by the end of 2022. “We wanted to create a destination that allows guests to experience Saudi Arabia’s untouched beauty,” said John Pagano, CEO at TRSDC. “Desert Rock will provide guests with uninterrupted spectacular views while preserving the natural landscape.”
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Saudi Arabia’s Largest Music Festival, SOUNDSTORM, Announces Return With Over 150 Artists
Tickets are on sale now with a variety of four-day GA and VIB (Very important beast) bundle options. Four-day tickets currently start at 339 SAR ($90 USD). MDLBEAST SOUNDSTORM takes place December 16th-19th, 2021.
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How Saudi Arabia’s top 10 banks performed in the second quarter
Global management consulting firm Alvarez & Marsal has released its second quarter analysis of the state of Saudi Arabia's banking sector. A round of the report's key findings in six charts.
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Tunisia’s president to ignore parts of the constitution and rule by decree
Tunisia’s president Kais Saied has declared that he will rule by decree and ignore parts of the constitution as he prepares to change the political system, prompting immediate opposition from rivals.
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State Department Clears Saudi Arabia’s Request for Continued Helicopter Maintenance Support Services
The MSS contract supports the AH-64D/E, UH-60L, UH-60M, Schweizer 333 and Bell 406CS helicopters deployed by the Royal Saudi Land Forces Aviation Command and the continuation will also cover the upcoming CH-47F Chinook fleet, the Defense Security Cooperation Agency said Thursday.
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Saudi International golf tournament and Asian Tour confirm historic partnership
The 2022 Saudi International will mark the start of a historic chapter in golf, as the prestigious event becomes sanctioned by the Asian Tour as part of a 10-year partnership. The tournament, which will continue to be broadcast globally from Royal Greens Golf & Country Club, near Jeddah, between February 3-6, 2022, will also feature an increased purse of $5 million up from $3.5 million. The Asian Tour partnership represents a revitalised strategy, intended to elevate the well-established event in significant emerging markets around the world.
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SABIC, ExxonMobil JV in U.S. preparing for initial startup
Saudi Basic Industries, the world's fourth-biggest petrochemicals firm, said on Sunday its joint venture project with ExxonMobil in the U.S. Gulf Coast has started commissioning activities and preparing for an initial startup. The project includes the establishment of an ethylene production unit with annual capacity of about 1.8 million tonnes, which will feed two polyethylene units and a monoethylene glycol unit, it said in a statement.
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