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Plans Move Ahead for Saudi Arabia’s ‘Fannie Mae’ Mortgage-Refinancing Firm
- May 4,2017
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- SUSTG Team
Saudi Arabia’s first mortgage-refinancing firm has started approaching banks to buy their mortgage portfolios as the state tries to boost lending for homes, Bloomberg reports. In 2015, Bloomberg and Reuters reported on Saudi Arabia’s plans to work with the Boston Consulting Group to help start a state-owned mortgage firm similar to the U.S.’s Fannie Mae and […]
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IMF: ‘The Redistribution of Oil Wealth Through Government Jobs and Generous Subsidies is No Longer Sustainable’
- May 2,2017
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- SUSTG Team
A recent report by the International Monetary Fund (IMF) finds growth in the Middle East is slightly improving “largely driven by higher oil prices and improved export prospects” but emphasizes that countries will need to continue with plans to diversify their economies and implement policies that support jobs and productivity, like education and infrastructure reforms. “Persistently […]
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‘Frankly, Saudi Arabia has Not Treated Us Fairly’, Trump Threatens Reset with Old Election Talking Point
- April 28,2017
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- SUSTG Team
After the visit of Deputy Crown Prince Mohammed bin Salman to the White House last month, a top advisor to the prince released a statement praising “a historical turning point” in U.S.-Saudi relations. The unnamed advisor said that during President Obama, U.S.-Saudi relations underwent “a period of difference of opinion” but that after meeting with President […]
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HSBC, RBS to Discuss Potential Merger to Create 3rd Largest Lender in Saudi Arabia
- April 26,2017
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- SUSTG Team
For sale stakes in two Saudi banks pose risks and opportunities for buyers as Saudi Arabia pushes forward with massive economic and social reform plans. One of those for sale stakes in Alawwal Bank may have found an interested buyer. HSBC Holdings Plc and Royal Bank of Scotland Group Plc’s Saudi Arabia ventures are exploring a […]
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Quarterly Oil Market Update from Jadwa Investment finds Cuts Contributing to Lower Balances
- April 25,2017
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- SUSTG Team
If Saudi Arabia as the de-facto head of OPEC used to set the ceiling for the price of oil, now it looks like that role has been taken over – by U.S. shale producers. However, Saudi Arabia can still set the floor. According to recently released data by Riyadh-based Jadwa Investment, Both OPEC and non-OPEC […]
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7 Major Changes to the Kingdom of Saudi Arabia that Happened This Weekend and What They Mean
- April 24,2017
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- Lucien Zeigler
Over the weekend, Saudi Arabia’s King Salman announced a series of major changes to key leadership positions, a new “national security center” for Saudi Arabia that is affiliated with the Royal Court, and more. Here’s what is different now for Saudi Arabia and what those changes mean for the Kingdom, U.S.-Saudi relations and Saudi Arabia’s […]
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Saudia Chief Al-Shibl: Saudi Arabian Airlines is Seeking to Become the Largest Carrier in the Middle East
- April 21,2017
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- SUSTG Team
Saudi Arabian Airlines is seeking to once again become the largest carrier in the Middle East and efforts are underway toward achieving this goal, Dr. Ghassan Al-Shibl, chairman of the board of Saudia told Asharq Alawsat around the U.S.-Saudi Arabia CEO Summit. Al-Shibl said that Saudia has reached a deal that will see the state-owned airline purchase 30 […]
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Secretary of State Rex Tillerson, Saudi Minister of Commerce Dr. Majed Al-Qassabi Deliver Keynote Remarks at U.S.-Saudi Arabia CEO Summit
- April 20,2017
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- SUSTG Team
Secretary of State Rex Tillerson gave his first on-the-record public speech as Secretary yesterday to the U.S.-Saudi Arabia CEO Summit, hosted by the U.S. Chamber of Commerce, the Saudi Committee for International Trade and the Council of Saudi Chambers of Commerce. The Secretary said that the U.S.-Saudi Relationship should be “taken to new heights” and […]
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FULL TEXT: Secretary of State Rex Tillerson’s Remarks at the U.S.-Saudi Arabia CEO Summit
- April 20,2017
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- SUSTG Team
Full text of the Secretary of State’s remarks at the U.S.-Saudi CEO Summit, hosted by the U.S. Chamber of Commerce, the Saudi Committee for International Trade and the Council of Saudi Chambers of Commerce. *** SECRETARY TILLERSON: (Applause.) Well, thanks so much, Tom, and good afternoon to all of you. And Tom and I are old […]
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U.S. Secretary of Defense Jim Mattis Arrives in Saudi Arabia; First Top Trump Administration Official to Visit Kingdom
- April 18,2017
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- SUSTG Team
U.S defense Jim Mattis arrived in Saudi Arabia today, his first stop on a tour through the Middle East that will “focus on the fight against Islamic State and articulating President Donald Trump’s policy toward Syria,” Reuters reports. وزير الدفاع الأمريكي #جيم_ماتيس يصل #الرياض في أول زيارة لل #السعودية منذ توليه مهامه pic.twitter.com/Bp8RiYRlQp — U.S. […]
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MUST-READS
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End of Assad rule will reshape region’s balance of power
Assad will forever be remembered as the man who violently repressed peaceful protests against his regime in 2011, which led to a civil war. More than half a million people were killed, six million others became refugees. With the help of Russia and Iran, he crushed the rebels, and survived. Russia used its formidable air power while Iran sent military advisors to Syria and Hezbollah, the militia it supports in neighbouring Lebanon, deployed its well-trained fighters. This did not happen this time. His allies, preoccupied with their own affairs, essentially abandoned him. Without their help, his troops were unable - and, in some places, apparently unwilling - to stop the rebels, led by the Islamist militant group Hayat Tahrir al-Sham (HTS).
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Experts react: Rebels have toppled the Assad regime. What’s next for Syria, the Middle East, and the world?
The road to Damascus was surprisingly short. On Sunday, Syrian rebel groups took control of the capital after a lightning-fast offensive across the country. Dictator Bashar al-Assad abdicated power and left Syria, according to Russia, his most powerful patron. How did this happen so swiftly after such a long period of stasis in Syria’s thirteen-year civil war? And what comes next for Syria, the Middle East, and the external powers that have been shaping events there? Below, our experts answer these urgent questions and others.
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‘Wait and see’: As Syrian regime falls, Middle East and US officials watch warily for what comes next
“It’s really ‘wait and see,'” Anwar Gargash, diplomatic advisor to the president of the United Arab Emirates, said at the Manama Dialogue in Bahrain, adding that “ultimately salvaging the situation” would mean Syria emerges as a “credible nation-state.” After over a decade of civil war, the end of Assad’s regime came shockingly quickly. In just a few weeks, rebel forces swept through the country, and on Sunday morning local time captured Damascus. Per a Russian government statement, Assad had fled the country, and Syrian officials remaining inside the country have issued statements announcing they will work with the victorious forces to develop a new Syrian government.
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Trump’s return may be a boon for Netanyahu, but challenges abound in a changed Middle East
“For Bibi, this is his dream. He wanted this,” said Mazal Mualem, an Israeli journalist and Netanyahu biographer, referring to the Israeli leader by his nickname. “For Bibi, it’s too good to be true.” During Trump’s first term, he adopted policies largely favorable to Netanyahu. Trump broke with longstanding U.S. policy to recognize Jerusalem as Israel’s capital, moving the U.S. Embassy to the contested city over Palestinian objections. He recognized Israel’s claim to the Golan Heights, which the international community considers occupied Syrian territory. He also turned a blind eye to Israeli settlement construction in the occupied West Bank and presented a peace plan that would leave dozens of settlements intact.
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Oil pares some gains after source says OPEC+ to delay output hike
Oil prices pared some gains on Thursday after a source told Reuters OPEC+ has agreed to delay a planned oil output hike until April 2025. The planned delay comes as OPEC+, made up the Organization of the Petroleum Exporting Countries plus allies including Russia, tries to support prices as it wrestles with weak demand, notably from China, and rising supply outside the producer group. There remains the question of how long the delays could last, with this only the latest in a series. OPEC+ was originally due to begin raising output in October as part of a plan to gradually unwind the group's most recent layer of output curbs of 2.2 million barrels per day.
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The Remarkable Numbers Behind Saudi’s New Sustainable City
New Murabba, Riyadh, which has published its first ESG strategy, will be home to 400,000 people, with 500,000m sq of retail, entertainment and schools. A press release says New Murabba’s decarbonisation strategy charts a “clear path toward a low-carbon future”, echoing the goals set out in the Saudi Commitment to Carbon Neutrality by 2060 and the Public Investment Fund’s pledge for operational net zero emissions by 2050.
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Perspective: Is a Changing Saudi Arabia Eager for Trump – or Not?
The economic and social components of Vision 2030 fit into a broader attempt by the state to build a new national image for Saudi Arabia, both at home and abroad. The country is well situated both geographically and economically to speak to both East and West in a newly multipolar era. A long-running partnership with the United States throughout the Cold War and growing trade ties with China – in addition to the country’s importance as one of the world’s largest oil exporters – grant it a unique position in world affairs, as does the country’s significance to Muslims as the birthplace of Islam.
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Perspective: Is Saudi Arabia Serious About Joining the BRICS?
At the start of 2024, the multilateral BRICS consortium of five emerging economies—Brazil, Russia, India, China and South Africa—underwent its first expansion in 13 years, admitting Ethiopia, Egypt, the United Arab Emirates and Iran to its ranks. But Saudi Arabia, arguably the most sought-after and high-profile invitee, stopped short of joining the bloc as a full-fledged member. When Saudi Crown Prince Mohammad bin Salman skipped the annual BRICS summit in the Russian city of Kazan in October, it fueled speculation about whether Saudi Arabia could potentially refuse its invitation and content itself with observer or partner status instead. The Saudis have expressed interest in joining the BRICS for several years, starting with statements from the crown prince in 2022, but have also kept their intentions ambiguous.
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Saudi Arabia’s COP16 Presidency Seeks to Mobilize Private Sector for Land Restoration
Today marked the launch of Land Day by the Kingdom of Saudi Arabia's presidency of the United Nations Convention to Combat Desertification (UNCCD). The event launches the first of seven scheduled Thematic Days aimed at sparking discussions and advancing negotiations on critical issues surrounding land degradation, desertification, and drought. A key topic of conversation highlighted the urgent need to mobilize private-sector investment to gather international resources for land restoration efforts. In light of this, Saudi Arabia's UNCCD presidency urged the private sector to significantly increase funding, especially after a UNCCD report revealed that only 6% of financial commitments for land resilience and drought recovery have come from private sources. The report further underscored the high cost of inaction, warning that the global economy could face a staggering loss of $23 trillion by 2050 due to continued land degradation, desertification, and drought.
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Saudi Arabia will be most competitive in hydrogen production: SABIC CEO
In a session during the Saudi Green Initiative, he said that the company is working to remove carbon and carbon emissions from hydrogen and is coordinating with Saudi Aramco and other companies to produce ammonia, which has proven to be the most competitive. He indicated that there is a need for all partners and value chains to cooperate in technical works and others. Al-Faqeeh also indicated that the logistical aspect is important, pointing to the need for an integrated logistics services chain for hydrogen producers and consumers, as well as financing and more time for the project to become successful.
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