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Saudi Arabia to Award Nuclear Reactor Contract by End of 2018; U.S. Set to Miss Out
- October 12,2017
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- SUSTG Team
Saudi Arabia plans to award a construction contract for its first nuclear reactors by the end of 2018, a senior government official said on Tuesday as reported in Reuters. “With sponsorship from the highest levels in the state, the contract will be signed by the end of 2018,” Maher al Odan, the chief atomic energy […]
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Over 87,000 Business Licenses Issued to Saudi Arabia this Year – Report
- October 11,2017
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- SUSTG Team
Saudi Arabia’s Ministry of Commerce and Investment issued over 87,000 business licenses to women in the last year as the Kingdom looks to increase female integration into the Saudi economy. The Ministry said it issued 87,575 commercial registrations for women “for businesses in various fields, including trade, manufacturing, communications, information technology, real estate, cleaning, tourism, restaurants […]
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U.S. Approves Possible Sale of THAAD Missile Defense System to Saudi Arabia with Massive $15b Price Tag
- October 9,2017
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- SUSTG Team
The United States has given preliminary approval for the sale of a Terminal High Altitude Area Defense (THAAD) missile defense system to Saudi Arabia with a price tag of $15 billion, according to reports and a statement by the U.S. Defense Security Cooperation Agency (DSCA). The announcement, made on the heels of Saudi Arabia’s King Salman […]
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Saudi Arabia and Russia sign S-400 MOU, with Some Manufacturing in the Kingdom
- October 6,2017
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- SUSTG Team
Saudi Arabia wants to produce a range of Russian military products, including parts for the S-400 air defense system, as part of agreements signed during King Salman’s visit to Russia this week. The agreement to produce military equipment covering the procurement of S-400 long-range air defense systems includes manufacturing part of the system in the Kingdom, […]
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King Salman Consolidates Development Funds and Promotes New Transportation Minister
- October 5,2017
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- SUSTG Team
Saudi Arabia’s King Salman has created a new organizational body to centralize and consolidate control and management of its economic development funds, called the National Development Fund (NDF), under Crown Prince Mohammed bin Salman. The NDF will “link the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, the Social Development Bank, the Human […]
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Saudi-Russia Ties Strengthen as King Salman Visits around Russia Energy Week
- October 4,2017
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- Lucien Zeigler
Saudi-Russia ties continue to warm ahead of King Salman’s visit as the Kingdom looks to expand bi-lateral investment opportunities, according to reports. Saudi Arabia and Russia are the two biggest energy players, producing almost a quarter of the world’s oil between them. As the de facto leader of OPEC, Saudi Arabia has forged a working […]
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Saudi Economy Contracts as Production Cuts, Reforms Begin
- October 3,2017
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- SUSTG Team
Saudi Arabia’s economy contracted by 1.03 percent in the second quarter of this year following a 0.5-percent contraction in the first quarter, according to reports, as participation in the OPEC oil production cut and disappointing growth in non-oil industries weighed on the economy. While the contraction in the economy is to be expected as OPEC and Russia seek […]
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Saudi’s PIF Continues Investment Drive in Kingdom’s Tourism and Hospitality Development
- October 2,2017
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- Lucien Zeigler
Saudi Arabia’s Public Investment Fund (PIF) is continuing to expand its investment portfolio in Saudi Arabia’s travel, tourism, and leisure infrastructure across different regions of the country as part of the Kingdom’s Vision 2030 economic and social reform plans. The latest such development came in the form of an announcement by the PIF today that it […]
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Goldman Sachs Head Lloyd Blankfein Visits Saudi Arabia, Calls Changes in Kingdom ‘Striking’
- September 29,2017
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- SUSTG Team
Goldman Sachs Group’s CEO visited Saudi Arabia this week and praised the Kingdom’s reform efforts on Twitter, calling the progress in Saudi Arabia “striking.” Lloyd Blankfein visited Saudi Arabia after speaking on a panel with the managing director of Saudi Arabia’s sovereign wealth fund, Yassir Al-Rummayan, on September 20th. In comments on that panel, Blankfein said Saudi […]
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Saudi Arabia’s PIF Takes Charge of $5b Jeddah Corniche Redevelopment to create “New Downtown”
- September 28,2017
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a “unique tourist, residential and commercial destination” that aims to become the “New Jeddah Downtown.” The PIF will look to add 12,000 housing units as well as shops and other attractions like museums, a cultural and social area, an activities center, […]
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Saudi Crown Prince and Canadian PM discuss over phone efforts to de-escalate regional tensions
Saudi Crown Prince and Prime Minister Mohammed bin Salman received a phone call from Canadian Prime Minister Justin Trudeau on Tuesday. During the call, the leaders emphasized the importance of supporting efforts to de-escalate tensions and achieve security, peace, and stability in the region. They discussed developments in Gaza and the occupied Palestinian territories, the latest updates from Syria, in addition to several other topics of mutual interest. The leaders also reviewed bilateral relations and discussed ways to enhance them in various fields.
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Saudi, Malaysian foreign ministers chair cooperation meeting in Riyadh
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan and his Malaysian counterpart chaired the first meeting of the Saudi-Malaysian Coordination Council in Riyadh on Tuesday. Following the meeting, Prince Faisal and Dato’ Seri Utama Hajji Mohamad bin Hajji Hasan, Malaysian minister of foreign affairs, signed a memorandum of understanding on mutual exemption from a short-stay visa for holders of diplomatic, private or official passports.
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Saudi Arabian low-fare carrier opens new Egypt route
Saudi Arabia’s low-fare carrier, flynas, has inaugurated a new route connecting Medina Prince Mohammad bin Abdulaziz Airport (MED) and Giza Airport (SPX) in Egypt. The new service will operate three times a week, offering travelers budget travel to Cairo, which is served by Giza. The airline says the route supports the goals of the Saudi national Civil Aviation Strategy, which aims to significantly increase passenger traffic and tourism to the Kingdom by 2030. The airline now connects five Saudi cities to various Egyptian destinations, including Cairo, Sohag, Sharm El-Sheikh, Hurghada, and El Alamein.
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PIF sets up company to develop Saudi hotel brands
Khalid Johar, co-head of local real estate portfolio at PIF, said: “The launch of Adeera comes at a pivotal time when Saudi Arabia is expanding its hospitality and tourism offerings. The company has the opportunity to grow the sector by introducing new hotel brands as the country is establishing itself as a major tourism destination. Adeera’s unique focus on Saudi culture and traditions will provide a distinctive edge.” Adeera has been described as “a national champion” that will build new world-class Saudi hotel brands across the sector, from mid-range to ultra-luxury, and create programmes to train Saudis in the hospitality sector.
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Saudi Arabia Launches Its First-Ever Cruise Ship in Jeddah
Saudi Arabia has officially launched its first-ever cruise ship, AROYA, at the Jeddah Islamic Port, marking a significant step in the Kingdom's growing cruise tourism sector. The new ship, introduced by Cruise Saudi, is set to boost the nation’s efforts to enhance its maritime tourism offerings and attract international travelers. The AROYA cruise ship features a state-of-the-art design with 19 decks and a total of 1,678 cabins and suites. The vessel can accommodate up to 3,362 passengers, making it one of the largest in the region.
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Top White House advisor travels to Middle East in last ditch push for a Gaza deal
White House national security adviser Jake Sullivan is expected to travel to Israel, Egypt and Qatar this week in a last ditch effort to reach a hostage-release and ceasefire in Gaza deal before President-elect Trump's inauguration in six weeks, two sources with knowledge of the trip told Axios.
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Gulf monarchies scramble in Syria as ghosts of the Arab Spring return
Gulf states who spent years trying to crush Islamic political movements viewed as a threat to their rule are now reconciling, potentially working with a government in Syria headed by Hay'at Tahrir al-Sham (HTS) that is backed by rival Turkey and courting the US. Saudi Arabia, the UAE and Egypt have been caught off guard by what one Egyptian diplomat characterised to Middle East Eye as the “quick rebranding” of HTS, a former al-Qaeda affiliate. The UAE has also been unnerved by the US’s manoeuvring to open backchannels of communication to HTS via Turkey, according to a senior western official.
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Saudi Arabia and international arbitration: modern and ambitious
The growth of new centers of international arbitration in areas of the world not historically associated with this form of cross-border dispute resolution has been a key trend in the evolution of international arbitration over the last 20-30 years. The Kingdom of Saudi Arabia (KSA) has emerged as a country to watch in an increasingly competitive global marketplace for arbitration work. This article discusses the key features of the 2023 Arbitration Rules of the Saudi Center for Commercial Arbitration (SCCA).
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Amid euphoria of Assad’s fall, anxiety about governing Syria
Photos from the Syrian capital Damascus on Tuesday showed the surreal scene of the intransigent Assad’s former ministers sitting at a huge table with representatives of the Turkish-backed Syrian rebel group, Hayat Tahrir al-Sham (HTS), that entered Damascus on Saturday and moved to form an interim government. Behind the HTS-appointed interim Prime Minister Mohamed al-Bashir stood two flags: the green, white and black Free Syrian flag of the broad anti-Assad coalition; and HTS’s white flag with black writing, that represented the jihadi rebel group that has run the northwestern Syrian city of Idlib the past several years.
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Parsons signs deal to improve Riyadh’s road network
US company Parsons Corporation has won a contract to manage the development of Riyadh’s road network, as the Saudi capital city gears up to host Expo 2030 and the Fifa World Cup 2034. The $53-million three-year contract was awarded by the Royal Commission for Riyadh City (RCRC) to the New York Stock Exchange-listed company, which will offer programme management office (PMO) services on the city’s main and ring roads programme. As part of the contract, Parsons will be the PMO for all new major road development programmes in Riyadh, providing overall management and control of construction activities. The programme includes 500km of new and improved road corridor works.
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