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Before the Pandemic, Saudi Arabia’s Tourism Sector Showed Encouraging Rates of Growth
- July 9,2020
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- SUSTG Team
Before the global pandemic and resulting economic slowdown, Saudi Arabia registered significant growth in one of its key industries of focus in 2019 as the Kingdom looks to diversify its economy away from oil, an encouraging sign of progress that could be resumed when Coronavirus fears wane. Inbound tourism in Saudi Arabia was up a […]
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Despite Downturn, Kingdom Presses Ahead with Ambitious Goals for Saudi Capital Riyadh
- July 7,2020
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- SUSTG Team
Saudi Arabia is seeking to “double the size and population” of its capital Riyadh in the next decade, Reuters reports, citing comments from Fahd Al-Rasheed, president of Riyadh’s royal commission. Al-Rasheed said the government has “already committed some $266.6 billion for ongoing and new projects as part of total investments of some $800 billion over the […]
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Saudi Arabia’s Central Bank Governor Sees ‘Light at the End of the Tunnel’ for Saudi Economy
- July 6,2020
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- SUSTG Team
Saudi Arabia’s central bank governor said it’s “too early” to tell if the Kingdom’s economy will bounce back with a V-shaped recovery as the government loosens coronavirus-related restrictions, according to a Bloomberg report.
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Qiddiya Awards $2.6 billion In Contracts to ‘Speed Up Development’; Diriyah Gate ‘Full Speed Ahead’
- July 3,2020
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- SUSTG Team
Qiddiya, the mega-entertainment complex just outside of Riyadh that is set to transform the leisure landscape in the Saudi capital, announced on Thursday “at least SR10 billion ($2.66 billion) worth of contracts” will be awarded to various companies “to speed up construction,” according to reports.
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Easing of Lockdown in Saudi Arabia Beginning to Show in Economic Data, Jadwa Report says
- July 1,2020
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- SUSTG Team
The partial easing of lockdown restrictions in May was reflected in some economic indicators during the month, Jadwa Investment reports in its latest economic chartbook for that month.
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Life in Saudi Arabia: After Weeks of Lockdown, Savvy Saudi Shoppers Hunt for Bargains Ahead of VAT Deadline
- June 30,2020
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- SUSTG Team
After weeks in lockdown with access to stores and malls restricted, Saudi shoppers found themselves under a time crunch to hunt for deals ahead of a planned increase in the Kingdom’s Value Added Tax (VAT) on July 1.
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1.2 million Expat Workers to Leave Saudi Arabia in 2020, Jadwa Estimates
- June 16,2020
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- SUSTG Team
As many as 1.2 million foreign workers will leave the Saudi labor market in 2020, with an estimated 300,000 already gone this year, according to a recent labor market update by Jadwa Investment.
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KAPSARC: Estimating the Impact of the COVID-19 Pandemic on Saudi GDP
- June 11,2020
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- SUSTG Team
Riyadh-based think tank KAPSARC recently released a report examining the estimated impact of the COVID-19 Pandemic on Saudi GDP, finding a “medium scenario” of severity as described in the report most likely.
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Second Wave: Saudi Arabia Continues Battle Against COVID-19 Spread; 3,717 New Cases Reported
- June 10,2020
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- SUSTG Team
Saudi Arabia announced 36 more Coronavirus deaths and 3,717 new cases of the disease on Wednesday, a significant uptick in cases as the Kingdom deals with a second wave after initial successful efforts in flattening the curve.
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Analysis: With Saudi Arabia’s PIF Investment in Two Canadian Energy Companies, Strategic Investment Shift Continues
- June 3,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) invested in two Canadian energy companies in the first quarter of 2020, expanding its holdings in the sector likely at lower-than-usual valuations as oil prices hit cyclical lows this year.
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MUST-READS
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A glut of cheap lithium could bring down EV prices next year
High metal costs could cause the price of batteries to rise this year for the first time in more than a decade, according to analysts at the climate-focused research group Bloomberg New Energy Finance. And, since batteries are the most expensive component of an EV, pricier batteries could push the price of electric cars up by $1,500 to $3,000. The average cost of an EV is about $66,000, according to March data from Cox automotive.
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Why foreign oil companies in Iraq need oil wealth to trickle down
Over 70% of Iraq’s oil production is concentrated in Basra Governorate. Yet, despite the immense oil wealth being extracted from under their feet, many Iraqis in the south struggle to make ends meet. While official figures are not available, it is estimated that upwards of 30% of the youth in Iraq are unemployed. This is not to mention constant water and electricity shortages.
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Ethiopia arrests 4,000 in Amhara region crackdown, local state media report
Amhara forces and the Fano militia backed Abiy's federal troops against rebellious forces in northern Tigray when fighting erupted there in 2020, but relations between some top Amhara officials and central government have since soured.
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China’s April coal output leaps 11% on year, but demand downturn looms | Reuters
China's daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing's order to increase supply to ensure security of the country's energy supply, but the volume dropped from a record high set in March.
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Saudis feel let down by America, says Prince Turki Al-Faisal: Video
He said: “It’s the general tone of the atmosphere and America, for example, has been declaring, or American officials have been declaring, that they are in support of Saudi Arabia and will help Saudi Arabia defend itself against outside aggression and so on. We are grateful for those statements, but we need to see more in terms of the relationship between the two leaderships.”
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Saudis feel ‘let down’ by U.S. over Houthi security threats, says senior royal
"Saudis consider the relationship as being strategic, but (feel) as being let down at a time when we thought that America and Saudi Arabia should be together in facing what we would consider to be a joint, not just irritant, but danger to the stability and security of the area," Prince Turki al-Faisal said, referring to Houthi missile and drone attacks.
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JB Hunt says Shanghai’s lockdown will spell trouble for US ports
Even so, ships are being loaded and unloaded more slowly. The volume of goods shipped out of Shanghai fell 23% between March 12, the day before partial lockdowns began in Shanghai, and April 16.
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Oil Price Sinks Below $100 as China’s Covid Lockdowns Imperil Demand Outlook
West Texas Intermediate futures slid as much as 5.4% to amid a rout in stocks and other raw materials. Rising coronavirus cases in Beijing sparked jitters about an unprecedented lockdown of the capital, while Shanghai reported record daily deaths over the weekend. The world’s biggest crude importer is heading for the worst oil demand shock since the early days of the pandemic.
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Israel downs Gaza rocket, admonishes Jordan as Jerusalem tensions simmer
Palestinians accuse Israel of encroaching at Al Aqsa during the Muslim holy month of Ramadan. Israel says Palestinian protesters seek to disrupt Muslim prayer for political ends and to prevent visits by Jews, who are now celebrating Passover. The tensions complicate Israel's security ties with Jordan, which is custodian of Al Aqsa and has a Palestinian majority.
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Oil drops, Brent crude falls below $100 as China lockdowns spark demand fears
Oil prices slid Monday, falling to the lowest level since February and building on two straight weeks of declines as lockdowns in China sparked demand fears.
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