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Recent stories from sustg
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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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Setback for Women in Saudi Arabia as Proposal for Women’s Sports Education Colleges Fails in Shoura
- April 27,2017
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- SUSTG Team
The Shoura Council failed to pass a proposal to establish sports education colleges for women this week by just three votes. According to Arab News, the proposal called for a joint venture between the Education Ministry and the General Authority of Sports. The goal is to educate Saudi women on fitness and sports-related sciences and […]
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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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Saudi Finance Minister Mohammed Al-Jadaan: No Income Tax for Saudi Citizens, No Company Profit Taxes
- April 10,2017
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- SUSTG Team
Saudi citizens would not pay taxes on income and Saudi companies would not see their profits taxed with economic reforms being introduced in the Kingdom, Saudi Arabia’s finance minister Dr. Mohammed Al-Jadaan said on Sunday, Reuters reports. Reuters reports that Al-Jadaan sought in a statement carried by state news agency SPA to “allay concern” that […]
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Saudi Arabia Praises Trump Airstrike Punishment of Syria Chemical Attack
- April 7,2017
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- SUSTG Team
Saudi Arabia said on Friday it “fully supports” U.S. strikes on military targets in Syria, saying it was a “courageous decision” by President Donald Trump in response to the use of chemical weapons against civilians. The United States had fired nearly 60 Tomahawk missiles at a military airfield in Syria, the first direct military action […]
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New Accounting Standards Cost Saudi $1.3b, but Feared Accountant Shortage Avoided
- April 5,2017
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- SUSTG Team
Writing in Forbes, contributor Dominic Dudley notes that Saudi Arabia’s January 2017 switch to new accounting standards did not cause chaos in the Kingdom’s affected listed companies as feared, but it did cost some companies a pretty penny. Saudi Arabia’s switch from accountancy standards set by the Saudi Organization for Certified Public Accountants (SOCPA) to International Financial Reporting […]
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Moody’s Says Saudi Fiscal Position is Strong, Eyes Oil Dependency as Key Credit Challenge
- March 31,2017
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- SUSTG Team
Bond credit rating agency Moody’s Investors Service said Saudi Arabia’s fiscal position remains strong at the A1 rating level, but said that reducing the Kingdom’s high oil dependency is the key credit challenge the country faces. Moody’s said that while the government has announced ambitious and comprehensive reform plans with its Vision 2030 and National Transformation Plan, […]
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U.S. Federal Judge Urges Consolidation of 9/11 Lawsuits Against Saudi Arabia
- March 24,2017
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- SUSTG Team
A U.S. Federal Judge hoped to see consolidation among lawsuits filed by victims of the 9/11 terrorist attacks against Saudi Arabia that “largely allege the same facts” as the fallout from the Justice Against Sponsors of Terrorism Act (JASTA) continues. According to the Associated Press, Magistrate Sarah Netburn presided over a hearing that brought together dozens […]
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Saudi King Salman Returns Home from Asia Tour, Deputy Crown Prince Mohammed Departs United States
- March 20,2017
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- SUSTG Team
Saudi Arabia’s King Salman returned home from a month-long trip to several Asian nations this weekend as Deputy Crown Prince and Minister of Defense Mohammed bin Salman, left the United States. King Salman arrived in Riyadh on Saturday after a successful visit to China, where the Kingdom signed up to $65 billion in trade deals […]
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Deputy Crown Prince Mohammed bin Salman Meets Secretary Mattis at the Pentagon; Pledges Cooperation in Fight Against Daesh
- March 17,2017
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- SUSTG Team
Secretary of Defense Jim Mattis met with Saudi Deputy Crown Prince and Minister of Defense Mohammed bin Salman at the Pentagon yesterday following the Prince’s meeting with President Trump at the White House on Tuesday. “Secretary Mattis and the deputy crown prince affirmed the importance of the U.S.-Saudi Arabia defense relationship, and discussed the security environment in […]
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Saudi-LebanonLebanon’s President Aoun invited to visit Saudi Arabia
Saudi Arabia's Prince Khaled al-Faisal on Monday invited Lebanon's recently-elected President Michel Aoun, a close ally of the Iran-backed group Hezbollah, to visit Saudi.
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Banking and FinanceLarge Saudi bank cuts money quote; rates may fall back below repo
Saudi Arabia's biggest commercial bank cut its quote for three-month money in the interbank market on Sunday in a signal that rates could fall further as a liquidity crunch in the banking system eases.
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Arab BankSaudi’s Fawaz Alhokair closes in on loan for $1.1 bln Arab Bank stake buy -sources
Saudi Arabia's Fawaz Alhokair family aims to secure funding by next week to buy Saudi Oger's 20.93 percent stake in Arab Bank, banking sources said on Thursday, in a deal likely to be worth around $1.1 billion.
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IsraelIsrael approves bill banning Muslim call to prayer
Mosques broadcast the call to prayer five times a day, using loudspeakers. Since the Israeli occupation of Jerusalem in 1948, right wing Jews have been trying to ban it, claiming it causes unnecessary noise.
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Saudi OgerSaudi Oger Said Near $1.1 Billion Deal to Sell Arab Bank Stake
Saudi Oger Ltd. reached a preliminary agreement to sell its 20 percent stake in Jordan’s Arab Bank Plc to Fawaz Al Hokair Group for about $1.1 billion, according to people familiar with the matter.
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Saudi-LebanonFormer Lebanese President: Saudi will resume $3bn military grant
Former Lebanese President Michel Suleiman said that Saudi Arabia will resume the $3 billion grant it pledged to rearm the Lebanese army with French weapons.
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Lending RatesSaudi Arabia is wrestling down money rates, central bank says
Shrunken flows of petrodollars through the banking system have sent interbank money rates SAIBOR= soaring to seven-year highs this year, making it more expensive for companies to raise money and contributing to a sharp slowdown in the economy.
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Saudi EconomySaudi Arabia central bank predicts 1.8 percent GDP growth this year, above IMF
Saudi Arabia's central bank expects gross domestic product to grow 1.8 percent this year, faster than the 1.2 percent forecast by the International Monetary Fund, the bank said in its annual report, released on Monday.
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Saudi-LebanonSaudi minister denies Lebanese mediation between Saudi Arabia and Iran
Minister of State for the Gulf affairs in Saudi Arabia, Thamer al-Sabhan denied any Lebanese mediation between Saudi Arabia and Iran, led by the Lebanese President Michel Aoun.
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Saudi EconomyCommentary: Is Saudi Arabia going to declare bankruptcy?
In a nutshell, the Kingdom has various options and solutions that it can use to overcome the budget deficit and meet its financing needs. It is important as well to combat and eradicate corruption in all government departments.
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