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IEA: Lack of Agreement in OPEC+ Means Volatility, Tightening Market
- July 13,2021
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- SUSTG Team
The oil market will see tighter supply for now as a dispute inside OPEC+ between Saudi Arabia and the UAE goes unresolved, according to a new report from the International Energy Agency (IEA). World oil markets are on edge with OPEC+ negotiations to boost supply now in deadlock, and after initially surging to multi-year highs in early […]
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Report: Algosaibi Family Conglomerate AHAB Near Debt Settlement after Nearly 12 Years
- July 8,2021
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- SUSTG Team
One of Saudi Arabia’s largest and longest debt sagas, ongoing for nearly 12 years, is set to finally reach a resolution. Saudi Arabia’s Algosaibi family’s conglomerate AHAB and its creditors have submitted a debt restructuring proposal to the Dammam commercial court this week after approval from a creditor committee, Reuters reports.
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Prince Khaled bin Salman Visits Washington for High-Level Talks with Biden Administration; U.S. Talks with Saudi on Oil
- July 7,2021
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- SUSTG Team
Saudi Arabia’s deputy defense minister and former ambassador to the United States Prince Khaled bin Salman on Tuesday became the highest-ranking Saudi envoy to visit Washington since Joe Biden became president in January, Reuters reports. The prince represented the Kingdom in talks with senior Biden officials on the Yemen war and threats from Iran.
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Saudi Prince Khaled bin Salman Visits Washington, Meets with Top Biden Officials; U.S., Saudi Speak on Oil
- July 7,2021
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- SUSTG Team
Saudi Arabia’s deputy defense minister and former ambassador to the United States Prince Khaled bin Salman on Tuesday became the highest-ranking Saudi envoy to visit Washington since Joe Biden became president in January, Reuters reports. The prince represented the Kingdom in talks with senior Biden officials on the Yemen war and threats from Iran. Prince Khaled met […]
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Saudi Arabia to Invest Over $133 Billion in Transportation Sector as Details of New Plan Emerge
- July 6,2021
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- SUSTG Team
New details are emerging regarding Saudi Arabia’s new plans to turbocharge growth in the Kingdom’s transportation sector and place it in more direct competition with the UAE as a hub connecting east and west, according to comments from the Kingdom’s transportation minister this week. Saudi Arabia will invest over 500 billion riyals ($133.34 billion) in airports, […]
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Crown Prince Mohammed bin Salman Launches New Transportation and Logistics Strategy
- June 30,2021
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman on Tuesday launched a new strategy that aims to make the kingdom a global logistics hub and boost the sector’s contribution to non-oil revenues, according to reports. The plans include an “ambitious package of mega-projects” and focuses on aviation, rail, and maritime shipping and logistics, according to the SPA.
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Will Oil Reach $100 Soon? Traders, Industry Execs See Oil Rising Higher
- June 23,2021
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- SUSTG Team
In April last year, at the height of the pandemic crisis that touched every corner of the globe, oil prices collapsed in a spectacular fashion as demand plummeted and supply continued apace, leaving suppliers in some cases without a place to store their excess crude oil. US oil prices plunged, falling below $0 to $-37.63 a barrel – […]
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Report: Progress Toward the End of the Conflict in Yemen
- June 22,2021
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- SUSTG Team
The Saudi-led coalition fighting to restore the U.N.-backed government in Yemen and the Iran-backed Houthi rebels are working on a peace deal that would bring toward a close the years-long fighting in the country, according to a report in Reuters, which cited three sources.
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Flurry of New Deals Builds on Early 2021 Momentum for Saudi Venture Capital
- June 7,2021
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- SUSTG Team
Saudi Arabia’s venture capital scene continues to grow at an impressive clip as new deals and investments into Saudi companies – or by Saudi venture firms – builds on early growth so far in 2021.
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U.S. State Department Blasts Yemen’s Houthis, Says Iran-Backed Group Bears ‘Major Responsibility’ in Conflict
- June 4,2021
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- SUSTG Team
The Biden administration’s State Department on Friday blamed Iran-aligned Houthis for the failure of a ceasefire to take hold in Yemen and accused them of failing to take additional meaningful steps to end the conflict, Reuters and other news agencies report. “While there are numerous problematic actors inside of Yemen, the Houthis bear major responsibility for refusing to engage […]
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MUST-READS
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Analysis: Euro is at parity; its fate is now with energy markets
Currency weakness exacerbates that inflation problem. Yet the ECB cannot risk aggressive policy tightening for fear of sending economic growth into reverse
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Gulf Keystone Petroleum to tender second drill rig at Shaikan field
Gulf Keystone Petroleum is preparing to invite bids for a second drilling rig at its operations in the Kurdistan region of Iraq. Jon Harris, CEO of the Bermuda-based oil and gas exploration company, confirmed the plans as part of a drive to ramp up production in the Shaikan field area of the country. “We are extending some contracts and are going out to bid for a range of items,” said Harris, according to MEED.
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Europe’s energy alternatives if Russian gas flows stop
The Nord Stream 1 pipeline that transports gas from Russia to Germany will undergo planned maintenance from Monday, prompting concerns about gas supplies to Europe if the outage is extended. Russian gas flows through Nord Stream 1 have already been cut to 40% of capacity
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Back from Europe, Biden turns to diplomatically delicate Saudi Arabia trip
U.S. President Joe Biden turns his attention this month to a sensitive trip to the Middle East that will test his ability to reset relations with Saudi Arabia's powerful crown prince after Biden denounced him as a pariah. So far, Biden has been pointedly unclear on whether he will have face-to-face talks with Crown Prince Mohammed bin Salman, the Saudi de facto leader who the U.S. intelligence community concluded was behind the 2018 murder of Washington Post journalist and political opponent Jamal Khashoggi.
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Saudi Cabinet approves new companies law to drive entrepreneurship
It allows a new form of company — called a Simplified Joint Stock Company — that meets the needs of entrepreneurship and venture capital growth. It also allows the issuance of a family charter that regulates ownership in family businesses, in addition to governance, management, work policy, employment of family members and cash profits to ensure the sustainability of these companies.
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EU says it may not be possible to cross finish line on Iran nuclear deal
Senior Western officials voiced doubts about reviving the 2015 Iran nuclear deal on Thursday, with the European Union saying it "might not make it over the finishing line" and a U.S. official saying the odds had lengthened after this week's failed talks.
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Middle East IPO market booms, outpacing Europe: Everything you need to know about the region’s latest mega listings
“IPOs have held up very well in the GCC due to high interest from international and regional investors in recent offerings and the upcoming ECM pipeline,” said Rudy Saadi, head of ECM, MENA region at Citigroup Inc in a Bloomberg interview. “We’ve seen continuous net foreign inflows across all GCC exchanges, even during the recent selloff, a sign that foreign investors are buying this market despite the global volatility”, he added.
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Iran, U.S. indirect talks have ended in Doha, tweets EU’s Mora
"Unfortunately, not yet the progress the EU team as coordinator had hoped-for. We will keep working with even greater urgency to bring back on track a key deal for non-proliferation and regional stability," Mora said.
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EU countries reach deal on climate laws after late-night talks
After more than 16 hours of negotiations, environment ministers from the European Union's 27 member states agreed their joint positions on five laws, part of a broader packageof measures to slash planet-warming emissions this decade.
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EU to mediate US/Iran indirect talks in Persian Gulf to try to overcome nuclear stalemate
“The US and Iran will talk—not directly—with facilitation by me and my team as coordinator,” Borrell said at a Saturday evening press conference press conference in Tehran, adding the EU-mediated US/Iran indirect talks would take place in a Persian Gulf country. The indirect talks will likely be held in Qatar, a European diplomat said.
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