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OPEC+ Believes Glut Created with Pandemic ‘Nearly Gone’, Sees Stockpiles Diminishing Rapidly in 2021 – Report
- June 1,2021
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- SUSTG Team
The so-called OPEC+ coalition of oil-producing nations lead by Saudi Arabia and Russia is “expecting world oil markets to get acutely tight” in 2021, a year after taking the unprecedented steps of slashing production in the face of weak demand created by the Coronavirus pandemic, Bloomberg reports.
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Kingdom Registers Surge in SME Contribution to GDP, a Top Goal of Vision 2030
- May 31,2021
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- SUSTG Team
The contribution of Small to Medium Enterprise businesses (SMEs) in Saudi Arabia to the Kingdom’s overall GDP has surged 45% since the launch of Vision 2030, according to a report in Zawya, citing official government data.
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U.S. Blasts Houthi Leadership, Sanctions Two Top Commanders as Peace Talks Stall – Report
- May 21,2021
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- SUSTG Team
The Biden Administration announced new sanctions on two Houthi military officials, the U.S. Treasury Department said, taking action over the Iran-aligned movement’s offensive to seize Yemen’s gas-rich Marib region and lack of real commitment to finding a peaceful solution to the end of the war there.
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Startup Ecosystem in Saudi Arabia Begins to Thrive
- May 6,2021
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- SUSTG Team
Saudi Arabia’s startup ecosystem is beginning to thrive as new and increasingly larger investments into young Saudi companies continue to mount.
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‘Rapid Radical Reduction’ in Solar PV Price a Massive Opportunity for Saudi Renewables
- April 27,2021
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- SUSTG Team
A significant and unforeseen drop in the cost to produce solar energy in recent years may enable Saudi Arabia to turbocharge its ambitions to diversify its economy and free up more oil for exports, as the Kingdom continues ahead with the development of several solar installations.
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Second Round of Saudi-Iran Talks Planned, Sources Tell Reuters; Both Sides Mum
- April 22,2021
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- SUSTG Team
Saudi and Iranian officials plan further direct talks this month, unnamed sources told Reuters, with the aim of easing tensions between the Middle East arch-rivals in a significant move for regional stability.
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Oil Rises Above $67 in Fifth Day of Gains as Demand Outlook Looks Strong
- April 16,2021
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- SUSTG Team
Oil rose above $67 a barrel on Friday, gaining for a fifth session, “as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major economies,” Reuters reports.
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New KAPSARC Paper Examines Economic Diversification Under Saudi Vision 2030
- April 14,2021
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- SUSTG Team
A new paper published by the King Abdullah Petroleum Studies and Research Center (KAPSARC) in Saudi Arabia examines the Kingdom’s advances in economic diversification so far under Saudi Arabia’s Vision 2030 social and economic reform plans, launched in 2016.
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Saudi Arabia’s Stock Market Revamps Corporate Structure Ahead of Highly-Anticipated IPO
- April 7,2021
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- SUSTG Team
Saudi Arabia’s stock exchange, the Tadawul, has announced a revamped corporate structure as it prepares for a much anticipated IPO, converting to a holding company called the Saudi Tadawul Group, according to reports. The change was announced by the Tadawul Group CEO Khalid al-Hussan said on Wednesday.
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Princess Reema bint Bandar Headlines 2nd Day of Virtual U.S.-Saudi Business Forum; Calls for a ‘Restart’ in U.S.-Saudi Relations
- March 24,2021
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- SUSTG Team
Saudi Arabia’s Ambassador to the United States, Princess Reema bint Bandar Al-Saud, gave the keynote address this morning at the virtual U.S.-Saudi Business forum and discussed the path forward for U.S.-Saudi business and diplomatic relations, women empowerment, and rebounding from the effects of the pandemic on the global and local economy. The comments, delivered virtually […]
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Low-cost Wizz Air launches new flights from Saudi Arabia to UAE, Europe
Europe’s low-cost carrier Wizz Air is launching new flights from Dammam, Saudi Arabia, to Rome, Vienna and Abu Dhabi, according to a statement. Flights to Rome will start on Sept. 28, while Vienna operations will commence on Sept. 30. Tickets for all destinations are currently on sale on the airline’s website and mobile app, with fares starting from €24.99 ($26.4).
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Top EU diplomat heads to Tehran to revive nuclear deal
"Josep Borrell will visit Iran on 24-25 June, as part of the ongoing efforts to bring the Joint Comprehensive Plan of Action (JCPOA) back to full implementation," the EU said in a statement. Borrell will meet Iran's foreign minister, Hossein Amirabdollahian. Tehran for its part said its focus was on sanctions relief, not directly mentioning the nuclear deal.
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Europeans return to Syria, fueling tourism and attracting criticism
Standing high on the castle-like walls of Aleppo’s historic citadel, Nick White was shocked by the destruction to the city. The 63-year-old British tourist could see how large parts had been flattened by Syria’s terrible civil war.
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Israel’s natural gas deal with Europe and Egypt binds it closer to the Middle East
On Wednesday, Israel agreed to pipe billions of dollars’ worth of natural gas to Europe via Egyptian liquefaction facilities, as Russia halts supplies and the continent scrambles to refill dwindling stockpiles. The landmark memorandum of understanding, signed by the Israeli and Egyptian energy ministers and representatives of the European Commission, aims to extricate Europe from Russian energy “blackmail,” European Commission President Ursula von der Leyen said in Jerusalem, a day before flying to the signing ceremony in Cairo.
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US, Europeans refute Iran claims on new proposal but say deal at hand if Iran wants itt
Iranian officials in recent days have suggested that they conveyed substantive “new initiatives” to the US and western powers ahead of a UN atomic agency board meeting this month. But US and European officials have characterized the Iranian messages as vague and offering possible meetings, but not substantive proposals about how to close remaining gaps on a deal to revive the 2015 Iran nuclear pact.
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Germany Steps Up Measures to Conserve Gas as Russia Slows Supply to Europe
Germany will restart coal-fired power plants and offer incentives for companies to curb natural gas consumption, marking a new step in the economic war between Europe and Russia. Berlin unveiled the measures on Sunday after Russia cut gas supplies to Europe last week as it punched back against European sanctions and military support for Ukraine. The steps, part of a broader strategy initiated after Moscow’s invasion of Ukraine, aims to reduce gas consumption and divert gas deliveries to storage facilities to ensure that the country has enough gas reserves to get through the winter.
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The geopolitics of hydrogen is bringing Saudi Arabia and the GCC closer to Europe
Strategically positioned between the large consumer-driven European markets and East Asian markets, the GCC area have proven, according to the World Shipping Council, its ability to benefit from its position by building and operating a strong export infrastructure, in the likes of Jebel Ali and Saudi Jeddah ports, ranking among the top 40 ports in the world. Simultaneously, Europe, who is leading the evolution of the new energy systems, has deployed ambitious targets to reach carbon neutrality by 2050.
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The geopolitics of hydrogen is bringing Saudi Arabia and the GCC closer to Europe
Strategically positioned between the large consumer-driven European markets and East Asian markets, the GCC area have proven, according to the World Shipping Council, its ability to benefit from its position by building and operating a strong export infrastructure, in the likes of Jebel Ali and Saudi Jeddah ports, ranking among the top 40 ports in the world. Simultaneously, Europe, who is leading the evolution of the new energy systems, has deployed ambitious targets to reach carbon neutrality by 2050.
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Food crisis will have ‘huge impact’ on Middle East, says agritech entrepreneur David Meszaros
“The problem is that we have increasingly relied on an outdated, very, very old, obsolete food system. This food system positions itself on field farming, and, because of that, there is a non-renewable aspect to it,” Meszaros said. “There is a continuous new need for fertilizers — whether that’s phosphorus, or nitrogen, or potassium-based fertilizers. There is still a need for (such fertilizers) and you cannot just expect the food system to switch in a matter of weeks or months.
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Saudi Arabia to Host its First European Film Festival in Riyadh
Set to take place at The Esplanade in Riyadh, the film festival will run from June 15 to June 22 and will screen 14 European films from different countries including Austria, Belgium, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Italy, Malta, Poland, Spain, and Sweden.
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