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  • Three Saudi Brothers Arrested in Connection with Mosque Bombing in Kuwait
     

    Three Saudi brothers have been arrested in connection with a suicide bombing at a Shi’ite mosque in Kuwait last month, according to Saudi and Kuwaiti authorities and as reported by the Reuters news agency. “The three brothers were ‘parties to the crime of the sinful terrorist bombing that targeted the Imam al-Sadeq mosque in Kuwait,’ the SPA state news […]

     
  • Oil sector pushes up overall growth for Saudi Arabia in 1Q 2015 – Jadwa Investment
     

    According to a recently released report by Jadwa Investment, the Saudi economy saw 2.4% year-on-year growth in real terms in the first quarter of 2015. “The acceleration was mainly attributed to the oil sector, which grew following two consecutive quarterly declines,” Jadwa writes. “We assume that year-on-year economic growth will reach similar levels in the […]

     
  • Opening of New Terminal at Prince Mohammed Bin Abdulaziz International Airport (PMIA) in Medina Shows Possibility of Public-Private Partnerships in Saudi Arabia
     

    The General Authority of Civil Aviation (GACA) and Tibah Airports Development Company today announced the opening of the new terminal at Prince Mohammed Bin Abdul Aziz International Airport (PMIA) in Madinah Al-Munawarah, Kingdom of Saudi Arabia, according to a press release.  The opening of the new terminal at Prince Mohammed Bin Abdulaziz International Airport (PMIA) […]

     
  • Laughing Off Daesh Threats: Saudi Comedian Uses Satire Against Self-Described Islamic State
     

    A Saudi comedian threatened with beheading by Islamic State supporters on social media, and accused of apostasy by a Saudi Imam, says he will continue to use humor as a tool against the extremist group.  Nasser al-Qasabi is a 53 year-old Saudi comedian. A recent sketch, entitled ‘Selfie’, which aired on the Saudi television channel MBC, […]

     
  • Saudi Non-Oil Exports Drop, Imports Grow in 1Q 2015
     

    Latest figures released by Saudi Arabia’s Central Department of Statistics show Saudi nonoil exports dropped by 14.5 percent, to $12.5 billion in the first quarter of 2015 compared to 1Q 2014. Meanwhile, Saudi imports are up by 6.88% in the first quarter of this year, to $43 billion.  Plastic and rubber products topped the Kingdom’s list […]

     
  • Large Jump in May Oil Shipments to China Moves Russia Past Saudi Arabia
     

    Russia has leaped ahead of Saudi Arabia as the top oil supplier to China, according to Bloomberg, as the race to supply the world’s second-largest oil consumer heats up.  Bloomberg: “China imported a record 3.92 million metric tons from its northern neighbor in May, according to data emailed by the Beijing-based General Administration of Customs on Tuesday. […]

     
  • Saudi Arabia Reduces Crude Exports, Refining More at Home
     

    Saudi Arabia reduced crude oil exports in April but used record supplies domestically for a burgeoning refining industry, Bloomberg’s Wael Mahdi reports.  Shipments in April fell by an average of 160,000 barrels a day, down to 7.6m BPD from 9m BPD in March. The March shipments were the highest in almost a decade, according to […]

     
  • Fahad Nazer: ‘ISIS Will Fail in Saudi Arabia’
     

    After two bombings hit two soft targets in Saudi Arabia, the self-described Islamic State, or Daesh, has its sights set on Saudi Arabia, but the extremist group is unlikely to succeed in the Kingdom, writes Gulf expert Fahad Nazer. Nazer, a Saudi writer based in the United States whose contributions are featured on CNN, Washington […]

     
  • Is it Crunch Time for Saudi Arabia’s Yemen Operation?
     

    In an in-depth analysis in Reuters, Angus McDowall writes that following Saudi Arabia and the GCC’s lack of success in significantly tipping the scales in Yemen with airstrikes, the limited options for Saudi Arabia’s leadership in the war-torn country come with high risks. With the possibility of a ground operation apparently ruled out, “Riyadh may soon […]

     
  • NCB: Saudi real GDP to grow 3.4 percent in 2015
     

    Saudi Arabia will face “a moderate business cycle during 2015 and 2016, growing around 3% in real terms,” Saudi Arabia’s National Commercial Bank (NCB) finds in a recently released study.  The study, entitled “Saudi Economic Perspectives 2015-2016” with the theme of “Tackling Challenges on Solid Ground,” finds less contribution from the oil sector and moderation in […]

     

MUST-READS

  • 72 Saudi Companies to Explore Investment Opportunities in Poland and Slovakia on Monday

    A business delegation from the Federation of Saudi Chambers will begin a visit to Poland and Slovakia on Monday. The delegation will hold high-level economic meetings with senior officials from the governments of both countries, as well as with private sector representatives, to explore investment opportunities and sign several agreements and commercial partnerships. The delegation, led by Chairman of the Federation of Saudi Chambers Hassan bin Mujib Al-Huwaizi, includes over 72 businessmen and businesswomen from various economic sectors, along with representatives of governmental entities and authorities.

  • SPPC signs PPAs for 5 projects with 9,200 MW capacity

    Saudi Power Procurement Co.(SPPC) signed today, Nov. 18, agreements to purchase power from five independent solar photovoltaic and thermal projects totaling 9,200 megawatts (MW), state-run Saudi Press Agency (SPA) reported. The projects include Rumah and Nairyah thermal energy utilizing flexible combined cycle gas turbine technology, using natural gas as main fuel, with the capacity to install carbon capture units, totaling 7,200 MW.

  • Saudi Arabia’s crude oil exports in September hit three-month peak

     Saudi Arabia's crude oil exports in September rose to their highest level in three months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. The country's exports in September rose by 0.080 million barrels per day (bpd) to 5.751 million bpd from 5.671 million bpd in August.
    Saudi Arabia is the world's largest exporter of crude. At the same time, Saudi's production fell to 8.975 million bpd from 8.992 million bpd in August

  • Neymar still Saudi Pro League’s invisible man after latest setback

    Seeing a substitute subbed off is rarely positive and that was the case on 4 November for Neymar. Off the bench in the second half of an AFC Champions League Elite match against Esteghlal of Iran, the 32-year-old was soon delighting fans in Riyadh with sombrero flicks and step-overs. There were more twists and turns but then, after 30 minutes, there was a pull. A slight stretch for the ball in the area and a second game back after a 12-month injury lay-off came to an end with yet another injury.

  • Saudi: Cityscape Global 2024 closes with record turnout, nets $61bln deals

    Cityscape Global, the world’s largest real estate exhibition, ended on a successful note at the Riyadh Exhibition and Convention Center in the Saudi capital attracting more than 172,000 visitors and hosting over 400 exhibitors during the four-day event. About 550 speakers from more than 50 countries, comprising top experts and industry leaders, also contributed to the event held under the patronage of the Ministry of Municipalities and Housing, in partnership with the Real Estate General Authority (REGA) and the Housing Program, a key initiative of Saudi Vision 2030, said the organisers. A highly successful edition, the Cityscape Global 2024 witnessed the closing of real estate transactions worth more than SAR230 billion ($61 billion), they added.

  • EFG Hermes launches $300 million Saudi Education Fund, acquires Britus Education

    EFG Hermes, an EFG Holding company and the leading investment bank in MENA, announced today that its private equity arm has launched a $300 million Saudi Education Fund (SEF) with the target of building an institutional world-class K-12 operator in the Kingdom of Saudi Arabia. SEF aims to capitalise on the clear market opportunity that is evidenced by the growing student population in private schools, which is expected to more than double in line with Saudi’s 2030 vision targets and the critical need for strong operators to cater to such growing demand.

  • Sullivan & Cromwell acts on FIT’s Saudi EV joint venture

    Sullivan & Cromwell has advised Hong Kong-listed Foxconn Interconnect Technology (FIT) in establishing a USD100 million joint venture company, Smart Mobility SJSC, with Saudi Arabian enterprise Saleh Suleiman Alrajhi & Sons. The law firm’s Hong Kong-based partners Michael George DeSombre, Ng Kayian and Lin Ching-yang led the team. Partners based in other offices, Nader Mousavi and Mark Schenkel, advised on IP matters, while Juan Rodriguez advised on antitrust and FDI matters.

  • Saudi could save millions as aquaculture industry grows

    The achievements were outlined to attendees of the workshop on Saudi Aquaculture Product's Value Chain Analysis and Its Seafood Quality Assessment. Hosted by MEWA and KAUST, the workshop featured local and international leading experts in the industry. KBD presented the results of their applied research to address production bottlenecks and creating a roadmap for the advancement of mariculture in Saudi Arabia. They also shared their most recent work and research findings and offered a broader perspective of the potential for aquaculture products through value chain and quality assessment analysis within the region and beyond.

  • Technology is transforming the Saudi insurance sector

    The impact of digital transformation has revolutionized the way insurers operate, interact with customers, and manage risks. Automation and Artificial Intelligence (AI) streamline claims processing, reducing the time taken to settle claims, and minimizing human error. AI algorithms are also being used to assess risk more accurately, leading to more personalized and fair pricing of insurance policies.

  • Saudi builder delivers homes to 1,000 people. Millions await.

    ROSHN — a company wholly owned by the Saudi sovereign wealth fund the Public Investment Fund — is tasked with building around 400,000 new homes around the country by 2030, part of a nationwide goal of boosting Saudi home ownership to 70% by the same year.  The developer is changing the face of the capital by building up the northern part of Riyadh — or as many call it, the “New” Riyadh — into a glitzy, modern version of itself featuring integrated communities that include schools, as well as entertainment and commercial districts. ROSHN’s projects aim to house more than 2.2 million people by the end of the decade.