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Recent stories from sustg

  • Study finds ’80 more years of Saudi oil at current production levels’
     

    Saudi Arabia, the biggest oil producer in the world with a proven reserve of 264 billion barrels, could continue oil supplies for the next 80 years at the current production levels, the Kuwait-based Diplomatic Center for Strategic Studies (DCSS) said in a study. Saudi Arabia retains 38.7 percent of world oil reserves whereas the shares […]

     
  • Why Saudi Arabia’s Travel and Tourism Sector Is Ripe for Growth
     

    Saudi Arabia’s travel and tourism sector is poised for rapid growth in the next decade and beyond, and both Saudi and international corporations are looking to cash in on the opportunities ahead. A product of the changing economic and social landscape in Saudi Arabia, the coming tourism boom is likely to contribute to the Kingdom’s […]

     
  • Saudi, UAE, Qatar top Cleantech list
     

    Saudi Arabia, the UAE, Qatar and Jordan are the most attractive markets for clean technologies, thanks to their government plans, budgets and long-term strategies, said a report by Ernst & Young. These countries have also demonstrated investments in large initiatives such as KACARE, Masdar and the ‘Green’ Fifa World Cup 2022, said E&Y in the […]

     
  • Saudi Mortgage Law Approved – Jadwa Flash Note
     

    Jadwa Investments released a flash note discussing the recently approved mortgage law in Saudi Arabia, which the bank believes “is a very important step in broadening home ownership.” The new mortgage law “will help to tackle one of the most pressing social issues for many in the Kingdom and will generate significant benefits to the economy. However, […]

     
  • The Ritz-Carlton in Riyadh is Arguably the World’s Nicest Hotel
     

    If you look at pictures of the new Ritz Carlton, it might not look like it belongs in Riyadh, the capital of Saudi Arabia. Not because the arguably world’s nicest hotel isn’t worthy for the Kingdom, but because the style of the hotel makes it look like a king’s palace in old Europe, with a […]

     
  • Sulaiman Al-Rajhi’s life a rags to riches story
     

    Al-Rajhi is a billionaire who chose last year to become a poor man at his own will without having any cash or real estates or stocks that he owned earlier. He became penniless after transferring all his assets among his children and set aside the rest for endowments. In recognition of his outstanding work to […]

     
  • How Oil Has Driven Global Conflict For The Past 100 Years
     

    Michael T. Klare recently gave a presentation titled “The Geopolitics of Oil: Old and New” at the Association for the Study of Peak Oil conference in Vienna, in which he speaks about how no other substance in the world is as closely aligned with geopolitics as oil is. Klare describes the geopolitics of oil — the intersection […]

     
  • Hoteliers Expand in Saudi Arabia as Mecca Goes Upscale
     

    “I wish I could have more hotels in Mecca,” said Jan Smits, InterContinental’s chief executive officer for Asia, Middle East and Africa. “In four months, you make 70 percent of your income. It’s a really strong market and it’s one of the most unique in the world.” The company has been in the country since […]

     
  • The problem with taxing foreign-earned income
     

    Eritrea is one of only two countries in the world that applies citizenship-based taxation in addition to residence-based taxation.  The other? The United States of America. In fact, the US is the ONLY industrialized country in the world to impose citizenship-based taxation. The immediate result for American expatriates is a blizzard of confusing and complex […]

     
  • Saudis allow women to compete
     

    Saudi Arabia is to allow its women athletes to compete in the Olympics for the first time. Officials say the country’s Olympic Committee will “oversee participation of women athletes who can qualify”. The decision will end recent speculation as to whether the entire Saudi team could have been disqualified on grounds of gender discrimination.

     

MUST-READS

  • New Museum to Chronicle Saudi Arabian Esports Achievements

    Located in the SEF Arena in Riyadh City Boulevard, the museum houses a unique structure that makes up the world's largest gaming and esports area. It features a variety of sections, including a special department that documents significant moments in the history of Saudi Arabian esports, like the announcement of hosting the World Cup of Esports in the Kingdom, Mosaad Aldossary winning the FIFA eWorld Cup in 2018 and the Saudi Arabian national team winning the 2023 Overwatch World Cup. The museum will also include media interviews conducted by Deputy Prime Minister Prince Mohammed bin Salman with notable figures in the esports industry.

  • King Salman issues royal order to change name of Saudi housing ministry

    Saudi Arabia’s King Salman issued an order on Sunday to change the name of the Ministry of Municipal and Rural Affairs and Housing to the Ministry of Municipalities and Housing, the Saudi Press Agency reported. Saudi Housing Minister Majid Al-Hogail expressed his gratitude to King Salman, and stressed that the name change was a progressive step reflecting the nation’s commitment to fostering an advanced urban environment in alignment with Vision 2030 objectives.

  • Eminem to headline fifth edition of Saudi Arabia’s MDLBEAST Soundstorm

    Joining Eminem in the lineup will be US rock band Thirty Seconds to Mars, British rock legends Muse, Swiss DJ duo Adriatique (Adrian Shala and Adrian Schweizer), German DJ Boris Brejcha, Italian DJ Marco Carola, British-Canadian DJ Richie Hawtin and many more.

  • Saudi and World Bank officials discuss economic cooperation

    Saudi Minister of Economy and Planning Faisal Alibrahim met on Thursday with World Bank Group President Ajay Banga. During the meeting, both sides discussed regional and global economic challenges and explored opportunities to enhance cooperation between Saudi Arabia and the World Bank.

  • Three things to know about Saudi Arabia’s first UNESCO site: Alula

    If you’ve visited Petra in Jordan, you’ll be a bit familiar with the history here, which dates back to the 6th century BCE. Set on the Incense Route, the wealth and goods that flowed from India and the Persian Gulf to Europe came right through this oasis. They built a sophisticated civilization. The various historic sites are spread out through the desert, linked by a series of newly paved roads. Arguably the two biggest historic attractions are the Old Town and Hegra.

  • Saudi Arabia Breaks Air Traffic Growth Record

    In the first half of 2024, the Kingdom experienced a 17% increase in passenger numbers, reaching a record-breaking 62 million travelers between January and June 2024. This surpasses pre-pandemic levels, demonstrating a strong recovery in air travel demand.

  • ‘‘Saudi youth are exploring new avenues of self-expression”

    In the heart of Saudi Arabia’s cultural transformation, audio serves as the soundtrack to change, weaving itself seamlessly into the fabric of everyday life. Whether through podcasts, audiobooks, or music streaming platforms, people consume audio seamlessly, integrating it into various aspects of their daily routines, from morning commutes to evening wind-downs. This is amplified now more than ever due to the abundant presence of smartphones, which provide instant access to unlimited audio content anytime, anywhere.

  • Riding the A.I. Wave, Saudi Arabia’s Sovereign Fund Continues Its Ambition in Silicon Valley

    If the Saudi government’s $40 billion A.I. fund with Andreessen Horowitz, which The New York Times reported in March might fall through, does come to fruition, it will be far more significant than typical amounts raised by U.S. venture capital firms and establish PIF as a major player in the fast-growing A.I. sector.

  • Saudi Arabia’s tourist expenditure hits $40bn in H1, says minister

    Tourist spending in Saudi Arabia reached approximately SR150 billion ($40 billion) in the first half of 2024, reflecting a 10 percent increase in both traveler numbers and expenditure compared to the same period the previous year, as revealed by a top minister.  At a conference convened to review the 2024 summer tourism program, the Kingdom’s Minister of Tourism Ahmed Al-Khateeb reiterated that his country will launch a tourist visa next month to attract more international visitors and bolster the sector’s growth.

  • Lilium strikes sales deal with Saudi Arabia for up to 100 eVTOL aircraft

    Lilium, an electric aviation company based in Germany, says it has secured a binding sales agreement for up to 100 electric vertical takeoff and landing (eVTOL) aircraft with Saudia Group, which operates the largest airline carrier in Saudi Arabia and is wholly owned by the Kingdom of Saudi Arabia. The agreement is a “firm order” for 50 Lilium jets, with an option to purchase up to 50 more, the company said. The deal follows a 2022 memorandum of understanding between Lilium and Saudia to explore ways in which battery-powered multi-rotor aircraft can address the region’s transportation challenges.