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Saudi Arabia’s Public Investment Fund Launches 5-Year Strategy, Including VRP Program for 2021-2025
- January 25,2021
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) announced a new five-year investment strategy, including its own Vision Realization Program (VRP) 2021-2025, with the goal of doubling its assets to 4 trillion riyals ($1.07 trillion) by 2025, according to comments made by Crown Prince Mohammed bin Salman in a public appearance on Sunday.
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First American Chamber of Commerce Established in Riyadh; ABGR Becomes AmCham KSA
- January 20,2021
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- SUSTG Team
The American Business Group of Riyadh (ABGR) has formally become part of the global network of the American Chambers of Commerce with the announcement that the group will now be known as the American Chamber of Commerce in Saudi Arabia (AmCham KSA), the first such establishment of its kind in the Kingdom.
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$5 Billion Hydrogen Project JV Planned for NEOM Hires Financial Advisor – Report
- January 13,2021
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- SUSTG Team
A three-organization joint venture hydrogen project between Air Products, NEOM, and ACWA Power has hired financial firm Lazard to advise on a planned $5 billion hydrogen project in the NEOM high-tech business zone in Saudi Arabia, according to a Reuters report, citing sources.
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In Rare Televised Appearance, Crown Prince Mohammed bin Salman Launches ‘The Line’, a Zero-Carbon Emissions City at NEOM
- January 11,2021
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- SUSTG Team
In a rare televised appearance on Sunday, Saudi Arabia’s Crown Prince Mohammed bin Salman unveiled ambitious plans for a new carbon-free city at NEOM, in the Kingdom’s northwest along the Red Sea.
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Energy Minister Prince Abdulaziz bin Salman: New Saudi Cut Is ‘Commercial Choice, Not Political’
- January 7,2021
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- SUSTG Team
Saudi Arabia’s energy minister Prince Abdulaziz bin Salman called this week’s surprise oil output cut for February and March a “wonderful present” for the oil industry and will affect both domestic sales and exports, and said that the choice for a cut was commercial and not political.
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Saudi Arabia Joins Dozens of Nations in Blocking International Travel as Mutant Coronavirus Strain Alarms Authorities
- December 21,2020
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- SUSTG Team
Saudi Arabia suspended late on Sunday all international commercial flights for a renewable week except for the foreign flights already in the kingdom which will be allowed to leave, according to reports. The variant, detected in England, is up to 70 percent more transmissible than earlier versions, officials said. People in southeast England, where the […]
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Houston-Based Baker Hughes, Saudi Aramco to Develop Oil, Gas Products Using Nonmetallic Resources
- December 9,2020
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- SUSTG Team
Saudi Aramco and Houston-based Baker Hughes have announced the formation of Novel, a 50/50 Joint Venture (JV) to develop and commercialize a broad range of non-metallic products for multiple applications in the energy sector, the companies said in a press release.
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Saudi Aramco, Shell & AMG Recycling B.V. Sign Agreement to ‘Maximize Value of Natural Resources’ in Kingdom
- December 2,2020
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- SUSTG Team
Saudi Aramco and Amsterdam-based Shell & AMG Recycling B.V. signed a memorandum of understanding this week to “evaluate the feasibility of creating a venture in support of Saudi Arabia’s vision to maximize value from its vast natural resources,” the companies said in a press release this week. The two companies will explore the potential ability for Saudi Aramco to […]
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Road to the G20: G20 Leader’s Summit Publication Released Ahead of Virtual 2020 Summit
- November 20,2020
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- SUSTG Team
Organizers of the G20 in Riyadh released the summit’s Annual Publication ahead of the G20 leadership summit, beginning tomorrow and taking place virtually due to the Coronavirus pandemic. Saudi Arabia as host has prioritized empowering people, safeguarding the planet and shaping new frontiers as themes for this year’s event, the first G20 to be chaired by a nation […]
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Road to the G20: B20, T20 Meetings Conclude Ahead of Main G20 Event
- November 2,2020
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- SUSTG Team
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. Saudi Arabia just wrapped up the hosting of the B20 business-focused group, as well as the T20 meetings last week. The Business 20 […]
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Saudi Aramco says reorganising downstream business to support growth
State energy giant Saudi Aramco said on Tuesday that it will be reorganising its downstream business to support its global growth strategy, aiming to complete it by the end of this year. The downstream model will be divided into four units: fuels including refining, trading, retail and lubes; chemicals; power; and pipelines, distribution and terminals, Aramco said in a statement.
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Virus-Hit Haj Cuts Deep for Pakistan Pilgrims and Businesses
Indonesia and Pakistan, the largest Muslim-majority countries by population, send the most pilgrims. "I prayed for the chance to go on Haj and Allah answered my prayers,” Asim, selected from tens of thousands of applicants for a government-supported package, told Reuters. "But then he sent this coronavirus." Asim borrowed money to come up with the nearly $3,000 cost.
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Covid Stimulus: Saudi Arabia Extends Some Measure for Businesses
Among the initiatives extended is a pledge to cover 60% of some Saudi salaries in the private sector through a government unemployment insurance program called Saned. The announcement came the day after the kingdom implemented a tripling of its value added tax to 15%, a measure that many economists expect to hurt businesses and consumption.
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Top 100 Arab Family Businesses In The Middle East 2020
With 36 family businesses, Saudi Arabia dominates the list. These businesses have grown with Saudi Arabia, making billions from the prosperity that transformed the country after the drilling of oil began. The U.A.E. follows with 21 entries on the list. Egypt, the region’s most populous country, has only three family businesses on the list, mainly because a large number of large family business were nationalized in the 1950s and 60s.
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Ambassador Reema to address Colorado Business Roundtable on women’s rights
The Colorado Business Roundtable will host an online discussion on women's rights around the world with a panel of women in the state's government, academia, business and philanthropy on July 8. The teleconference with Princess Reema bint Bandar Al Saud is at noon. Register by clicking here.
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Business as usual? UAE consumer spending post COVID-19
The $27bn stimulus package first announced by the central bank in March quickly increased in size to $70bn by April 5. The measures encouraged banks to increase their lending capacity by reducing reserve requirements and prompting leniency on loans to real estate entities and small and medium-sized enterprises.[2]
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Worst May Be Over for Biggest Arab Economies as Businesses Adapt
Following a pandemic-driven plunge, non-oil private sector activity improved in Saudi Arabia, Egypt and the United Arab Emirates, according to Purchasing Managers’ Index surveys compiled by IHS Markit. The gauge in each country still remained below the threshold of 50 that separates growth from contraction.
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Saudi Salic acquires 29.81 per cent in India’s Agri Business Fund
The acquisition is in line with the Saudi investment company’s strategy to invest in rice, the aim being to strengthen the rice supply chain and make it more efficient and robust.
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Saudi businesses have their work cut out with VAT hike
Saudi Arabia’s announcement of a VAT increase from 5 per cent to 15 will surely boost government revenues - but it could bring challenges for businesses as was seen during the initial days of the tax introduction in 2018.
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Coronavirus pandemic a turning point in business history, says leading Saudi executive
“We have already either hosted or participated in a number of virtual meetings and events that have been successful in bringing together some of the best minds in global business. At times like these, we must be able to demonstrate action through collaboration, and our inability to sit in the same room should not limit the potential of businesses,” he said.
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