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Saudi-Turkey Ties Grow with Erdogan Visit, Agree to Form ‘Strategic Cooperation Council’
- December 30,2015
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- SUSTG Team
Turkish President Recep Tayyip Erdogan visited Saudi Arabia this week to meet with top Saudi officials to discuss security and energy cooperation. Erdogan said his government and Saudi Arabia are working “in solidarity and consultation” to find a political solution for Syria, as both countries push for an agreement that would remove Assad from power, […]
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Saudi Arabia’s 2016 Budget Features Prudent Fiscal Policy Decisions
- December 29,2015
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- SUSTG Team
Saudi Arabia’s 2016 budget marks a shift in fiscal policy toward prudent but tough decisions for the future of the Arab world’s largest economy. In a recently released note to investors, Riyadh-based Jadwa Investment said the 2016 budget still provides a high level of government spending to drive the Saudi economy. Budgeted at $226b, the amount is a […]
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Early Look at Saudi Arabia’s 2016 Budget Reveals Spending at $226b
- December 28,2015
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- SUSTG Team
Saudi officials revealed the Kingdom’s 2016 budget at a press conference today in Riyadh, a budgeted spend of 840 billion riyals ($224 billion) and forecasted revenue at 513 billion ($137 billion). The budget plan aims to reduce the fiscal deficit while raising revenues from sources other than oil. King Salman said that Saudi Arabia’s economy […]
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King Salman’s Speech to Shura: The Kingdom is Committed to Decreasing Dependence on Oil as a Main Source of Revenue
- December 23,2015
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- SUSTG Team
Saudi Arabia’s King Salman said in a major speech today that Saudi Arabia will seek to diversify its sources of income and improve the efficiency of government spending as it strives to reduce its dependence on oil revenue, which has plunged since last year, Reuters reports. “The kingdom is committed to implementing programs to diversify […]
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An ‘Islamic NATO?’ Recently Formed Defense Coalition Faces Challenges in Fighting Extremism
- December 22,2015
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- SUSTG Team
Writing in Al Monitor, Washington-based analyst Fahad Nazer comments that Saudi Arabia may be aiming to form an Islamic NATO of sorts, in part because of the turmoil and instability surrounding the Kingdom from virtually all sides. Saudi Arabia’s government sees a more active foreign policy as essential, especially in the absence of a physical American presence in the region. “For much of […]
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‘Major Economic Shake-Up’ In the Works for Saudi Arabia
- December 21,2015
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- SUSTG Team
Saudi Arabia’s deputy crown prince Mohammed bin Salman, Minister of Defense and chair of the powerful Council of Economic and Development Affairs, is planning a major economic shake-up that involves “plans to reshape the economy to withstand low oil prices,” sources told Reuters privately. The strategy includes state spending reforms and privatizations. Bloomberg reports that Saudi officials […]
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Saudi Arabia Extends Financial Support of Egypt, Despite Fiscal Strains at Home
- December 17,2015
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- SUSTG Team
Saudi Arabia has extended its financial support of the Egyptian government to an added $8 billion in 5 years, along with energy concessions and other assistance, despite facing a budget crunch at home. The announcement followed a meeting between Deputy Crown Prince Muhammad Bin Salman, Second Deputy Premier and Minister of Defense, and Egyptian Prime […]
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McKinsey & Company Publishes 165-Page Analysis of ‘Saudi Arabia Beyond Oil’
- December 16,2015
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- SUSTG Team
McKinsey & Company, the top-tier global consulting firm with offices in Riyadh and across the Middle East, published an in-depth report on the Saudi Economy and the opportunities for the Kingdom beyond oil. The report, produced by the McKinsey Global Institute (MGI) and available on McKinsey’s website to the public (executive summary here, full report […]
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9th Global Competitiveness Forum (GCF) in Riyadh Set for January 24-26, Will Examine ‘Key Drivers’ of Competitive Sectors
- December 15,2015
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- SUSTG Team
Business and political leaders will converge in Riyadh for the 9th Global Competitiveness Forum (GCF) to “discuss the key components that drive competitiveness” in the Saudi economy on January 24-26, 2016. The event is hosted by the Saudi Arabian General Investment Authority (SAGIA) and will take place at the Four Seasons in Riyadh.
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New Saudi Ambassador to United States HH Abdullah Al-Saud Addresses U.S. Business Community at First Public Event
- December 14,2015
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- SUSTG Team
HH Prince Abdullah Al Saud, Saudi Arabia’s new ambassador to the United States, gave his first public remarks as ambassador to the U.S. business community on Friday at an event at the U.S Chamber of Commerce, co-hosted by the U.S. Chamber of Commerce, the Council of Saudi Chambers of Commerce, the Saudi Committee for International […]
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Beirut strike ‘so powerful it was felt across the city’
A massive Israeli strike has flattened a residential building in centre of the Lebanese capital Beirut. The eight-storey structure was completely destroyed without warning, as people were sleeping in the capital's densely-populated Basta district, the BBC's Hugo Bachega said.
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NEOM Beach Games Concludes with World Aquatics Open Water Swimming Cup NEOM
The World Aquatics Open Water Swimming World Cup NEOM made its first appearance at NEOM Bay yesterday, bringing together 70 athletes from 17 nationalities and marking an exciting conclusion to both the Open Water Swimming World Cup series and the NEOM Beach Games 2024. The finale of the World Aquatics Open Water Swimming World Cup NEOM, featuring 37 men and 33 women competitors, including two Saudi athletes, showcased NEOM's commitment to hosting world-class competitions along its unique Red Sea coastline.
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Riyadh’s driverless metro to open three lines this week
The first phase of the driverless Riyadh metro will open on Wednesday, with three of its six lines available for commuters, the project's official page on social media platform X announced on Saturday. In October, Saudi Arabia's Minister of Transport and Logistics, Saleh bin Nasser AI Jasser, said the project was in its "final phases" and was undergoing tests. Once fully operational, the Riyadh metro is expected to be the largest in the world to be completed in a single phase and is expected to boost the value of commercial and residential real estate in the Saudi capital, especially in areas where it is immediately accessible.
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Riyadh Metro to begin partial operations next Wednesday: Report
Saudi Arabia's capital is gearing up for the partial official launch of the Riyadh Metro next Wednesday, November 27, according to a report by Al Eqtisadiah daily. The first phase will include operations on three lines, with the remaining three lines scheduled to open in mid-December. The Riyadh Metro, touted as the world’s longest driverless metro system, aims to provide alternative transportation to reduce reliance on vehicles and support Riyadh’s transformation into a hub for trade and business as part of the Kingdom’s economic diversification plans. Al Eqtisadiah reported that solar panels installed at stations and depots will generate 20% of the energy required for key electrical systems. This sustainability feature is part of a broader effort to make the project environmentally friendly and energy-efficient.
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Bushra Bibi’s Saudi jibe draws scathing govt flak
The government unleashed a scathing response on Friday by turning the controversial remarks of jailed PTI founding chairman Imran Khan's wife, Bushra Bibi, about Saudi Arabia into a fresh political flashpoint that left the former ruling party scrambling for damage control just ahead of its planned rally in the federal capital on November 24. Prime Minister Shehbaz Sharif led the charge by branding Bushra Bibi's comments as a dangerous affront to Pakistan's ties with the Kingdom, and a blow to national interest. He said that spewing venom against a country that stood by Pakistan for decades without demanding anything in return was an unforgivable crime.
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UK suggests it would comply with ICC warrant and arrest Netanyahu
The British government has said it will comply with its obligations under domestic and international law after the International Criminal Court (ICC) issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and his former defence minister. On Thursday, the government refused to confirm whether Netanyahu would be arrested if he set foot on British soil. On Friday afternoon, however, PA Media reported Prime Minister Keir Starmer's spokesperson as saying: "The UK will always comply with its legal obligations as set out by domestic law and indeed international law."
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With Trump back, Israeli settlers revive goal of full control of West Bank
After a record expansion of Israeli settlement activity, some settler advocates in the occupied West Bank are looking to Donald Trump to fulfil a dream of imposing sovereignty over the area seen by Palestinians as the heart of a future state. The West Bank has been transformed by the rapid growth of Jewish settlements since Prime Minister Benjamin Netanyahu returned at the head of a far-right nationalist coalition two years ago. During that time, an explosion in settler violence that has led to U.S. sanctions.
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Middle East tension seen as greater risk to US financial system than inflation, Fed survey shows
According to the Fed's financial stability report, 46 per cent of contacts cited Middle East tension as a salient risk to the financial system, compared to 33 per cent for inflation and monetary tightening. The financial stability report is a biannual survey released by the Fed to assess the resilience of the US financial system. Friday's report showed a 14 per cent increase in those who considered Middle East tension to be a risk. Those who viewed inflation as a risk, meanwhile, fell from 72 per cent to 33 per cent.
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Commentary: The Saudi Solution? How Riyadh’s Ties to America, Iran, and Israel Could Foster Stability
To Washington, the Saudi rapprochement with Iran may seem like bad news. U.S. officials, after all, have spent years pushing for Israel and Saudi Arabia to normalize relations. But the United States should welcome Riyadh’s pivot. If Saudi Arabia can forge working ties with both Iran and Israel, the country can play a new and useful role in moderating Middle Eastern tensions. It can act as a broker between competing parties, perhaps putting an end to the current Iranian-Israeli tit for tat. The events of the past year have upended long-standing redlines, deterrence parameters, and traditional rules of engagement among foes, and Riyadh is in a uniquely strong position to midwife a better regional order.
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Al-Khateeb: $100 million will be spent annually to train 100,000 Saudis in tourism
Al-Khateeb said the ministry is working to localize employment by hiring Saudi human cadres in the management and operation of hotels and travel and tourism companies, indicating that some hotels have a Saudi employee rate of 50 percent. "Some operators in hotels and tourism resorts came to us and said candidly that they have wonderful energy level but need training. We said we will participate with you in this respect. Just as the financial sector was built in the eighties, we will build this sector by contributing and participating with the private sector."
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