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US Senate confirms Michael Ratney as next US ambassador to Saudi Arabia
- March 16,2023
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- SUSTG Team
Despite being nominated by US President Joe Biden in April 2022, Michael Ratney, has just been confirmed by the US Senate as the next US ambassador to Saudi Arabia.
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White House and Embassy of Saudi Arabia release statements lauding ‘landmark’ purchase of Boeing aircraft
- March 15,2023
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- SUSTG Team
White House Press Secretary Karine Jean noted that the agreements will anchor Saudi Arabia’s new international airline together with support for a new international airport. The partnership is another milestone in eight decades of cooperation between Saudi Arabia.
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Saudi Arabia’s New National Airline, Riyadh Air, Names CEO and Eyes Billions in Boeing-Made 787s
- March 14,2023
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- SUSTG Team
Saudi Arabia launched a new airline, Riyadh Air, and named an industry-veteran CEO in Tony Douglas for the new company this week. The airline, along with current state-flag carrier Saudi Airlines (Saudia) signed an agreement for an order of 72 Boeing-made airplanes.
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Riyadh-based Consultancy Mukatafa, Saudi Ministry of Economy and Planning Sign MOU to Collaborate on Private Sector Development
- March 13,2023
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- SUSTG Team
Riyadh-based private consultancy firm Mukatafa has signed a MOU with Saudi Arabia’s Ministry of Economy and Planning to improve the Kingdom’s development plans and enable sustainable growth, according to Arab News.
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An evolving U.S.-Saudi relationship, jaw-dropping developments and progress on the Red Sea, and much more….
- March 10,2023
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- SUSTG Team
Episode 78! The 966 hosts fly solo this week ahead of a busy week of travel to Saudi Arabia and the region and an impressive slate of forthcoming guests in the coming weeks. This week the hosts discuss a recent collection of articles and items in the media that paint a picture of a U.S.-Saudi […]
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Saudi Arabia Records 31 Percent Rise in Government Revenues in 2022 – MOF
- March 9,2023
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- SUSTG Team
Saudi Arabia recorded a 31 percent rise in government revenues to reach SR1.26 trillion ($335.6 billion) in 2022, the Ministry of Finance said on Thursday.
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Polish Prime Minister Mateusz Morawiecki Visits Riyadh, Meets with Crown Prince Mohammed bin Salman
- March 8,2023
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman “reviewed relations and issues of mutual concern” with Polish Prime Minister Mateusz Morawiecki on Tuesday in Riyadh.
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Steve Lutes, Vice President, Middle East Affairs at U.S. Chamber of Commerce joins The 966
- March 3,2023
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- SUSTG Team
Steve Lutes, Vice President, Middle East Affairs at U.S. Chamber of Commerce, has been active in his role expanding the program in service to the Chamber’s membership and the broader U.S.-Saudi relationship. The 966 hosts discuss the U.S.-Saudi Arabia Business Program that Steve has grown over the years, his extensive travels to the region and […]
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Report: Saudi Arabia’s Acwa Power Eyes Three More Giant Hydrogen Plants
- March 2,2023
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- SUSTG Team
Saudi Arabia’s ACWA Power company is looking beyond its already ambitious plan to build a massive green hydrogen plant in NEOM, possibly adding as many as three more plants of a similar size and scale in the Kingdom, according to a scoop from Bloomberg.
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Saudi NEOM Green Hydrogen Co. Signs $8.5bn Finance Deals
- March 1,2023
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- SUSTG Team
Saudi-based NEOM Green Hydrogen Co. has signed finance agreements with several financial institutions totaling $8.5 billion, Arab News reports, to finance its clean energy facility.
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MUST-READS
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Saudi Arabia and India solidify green energy partnership with new agreement
The signing ceremony took place during the Middle East and North Africa Climate Week 2023, hosted by Saudi Arabia in Riyadh, in collaboration with the Secretariat of the United Nations Framework Convention on Climate Change. The MoU signifies a broad-ranging partnership between the two countries, focusing on electrical interconnection, green/clean hydrogen, and supply chains. In the realm of electrical interconnection, the agreement entails comprehensive cooperation in conducting necessary studies, facilitating electricity exchange during peak times, and addressing emergencies. Both nations commit to co-developing projects related to green/clean hydrogen and renewable energy, leveraging their unique capabilities and adhering to applicable laws and regulations.
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Charting the revival of Najdi fashion and a return to Saudi Arabia’s roots
In an interview with Arab News, the first Saudi professor to have studied the heritage of traditional Arab costumes and textiles, Lailah Al-Bassam, recalled the origins and rise of Najdi fashion following the establishment of the third Saudi state. “Clothes and garments in any place in the world don’t come from nothing — they’re inherited through generations and evolve across time. Therefore, Najdi clothing is at the heart of the Arabian Peninsula and is of Arabic and Islamic roots,” Al-Bassam said.
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Saudi Arabia pours millions into digital theme park start-up
HyperSpace creates elaborate parks that feature a mix of digital and physical entertainment including gaming, an attraction for Saudi Arabia’s relatively young and digitally savvy population. Nearly half a million enthusiasts paying $34 each have flocked to its first location in Dubai, a 40,000-square-foot park, since it opened there nine months ago. The Riyadh-based company plans to expand in Saudi Arabia and beyond to the US. “There’s a big focus on expanding the business” to the rest of the world, Heller said.
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Q2 2023 sees record high participation of Saudis in private sector jobs
The number of Saudi citizens employed in private sector establishments rose to 2.2 million employees, with a total growth of approximately 210,000 employees compared to the same quarter in 2022, averaging around 42,000 employees per quarter until the second quarter of 2023. The growth in the number of Saudi citizens working in the private sector can be attributed to the positive economic growth rates in the Saudi economy. These rates contributed to increasing the overall labor market size, strengthening demand for labor, and boosting productivity rates in the market.
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Cruise Saudi partnering with 6 tech companies for Aroya Cruises
For its phase I of technology stack development for Aroya Cruises, Cruise Saudi will be partnering with Monitor Deloitte, Alibaba Cloud Saudi Arabia, theICEway, SourceToad, Otalio and Versonix Seaware, as part of its commitment to create a seamless passenger experience, from booking to the boarding process, and beyond.
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Can Lucid jump-start the electric vehicle industry in Saudi Arabia?
Though fewer than 1% of cars on the road are electric, the kingdom is setting an ambitious target for 2030 of 30% as it tries to shift the economy from oil
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Saudi Arabia’s unemployment rate drops further to 4.9% in second quarter
The unemployment rate for Saudi women again fell sharply to 15.7 per cent, from 19.3 per cent a year ago, while for men it fell marginally to 4.6 per cent, from 4.7 per cent a year earlier. Compared to the first quarter, the unemployment rate for women was down from 16.1 per cent, while it remained steady for men. The increasing participation of women in Saudi Arabia's workforce is expected to boost the country’s economy by $39 billion, or 3.5 per cent, by 2032, if the current rate of growth continues, S&P Global Ratings said last week.
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Saudi Arabia’s unemployment rate drops further to 4.9% in second quarter
Saudi Arabia's unemployment rate dropped on an annual basis in the second quarter of this year, continuing a trend of increased labour participation, especially from women, government data has shown. The overall unemployment rate, which counts Saudi citizens and expats, decreased to 4.9 per cent in the three months ended in June, from 5.8 per cent during the same period in 2022, the General Authority for Statistics (Gastat) said in its quarterly report on Thursday. That is also a drop from the 5.1 per cent rate recorded in the first quarter of 2023. For citizens, the rate stood at 8.3 per cent in the second quarter, a decrease from 9.7 per cent year-on-year.
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Saudi Arabia May Start Unwinding Its Production Cuts Sooner Than Expected
“They do not want to deliberately over-tighten the market, because if you get a spike, then you get a demand collapse, and you get a bust,” McNally told Bloomberg Television in an interview on Thursday. “The real sensible way to bring prices to heel is for Saudi Arabia and OPEC+ to say: ‘We’ve made our point, we’ve scared away the speculative shorts’,” the energy expert added. Last week, Warren Patterson, Head of Commodities Strategy at ING, said that even though the oil price rally had “more room to run,” a break above $100 per barrel for Brent wouldn’t be sustainable.
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IFPI launches four new music charts in Egypt, Saudi Arabia, UAE, and North Africa
IFPI, representing the recording industry worldwide, has today announced the launch of four new charts, giving music fans, record labels and artists an official ranking on the top streaming tracks in countries across the Middle East and North Africa (MENA) region. In addition to the Official MENA regional chart, the four new charts will be – the Official Egypt Chart, Official Saudi Arabia Chart, Official UAE Chart, and Official North Africa Chart (which covers Algeria, Morocco and Tunisia). In each country it is the first time ever that official rankings are being made available.
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