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Oil Demand Soars in 2021, Expected to Grow Further as Market Reacts to Reported Saudi-UAE Agreement
- July 16,2021
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- SUSTG Team
Global demand for oil is soaring in 2021 as the world rebounds from the pandemic year, according to OPEC data and shared by Riyadh-based Jadwa Investment in an oil market update.
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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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Saudi Reaches Key 70% Vaccination Milestone, but New Cases Reach 10-Month High
- June 24,2021
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- SUSTG Team
Saudi Arabia’s Ministry of Health (MoH) on Wednesday said it has administered more than 16.8 million vaccine doses covering 70 percent of the total adult population in Saudi Arabia, a key milestone as the Kingdom progresses toward a full recovery from the pandemic, according to the Saudi Gazette.
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For Second Straight Year, Saudi Arabia Puts Safety First with Plans for Scaled Back Hajj in 2021
- June 14,2021
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- SUSTG Team
Saudi Arabia announced over the weekend that this year’s Hajj pilgrimage will be limited to no more than 60,000 people, all of them from within the kingdom, as authorities seek to build on progress combatting the ongoing coronavirus pandemic.
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Saudis Surge Investments into U.S. Stock Market in Q1 2021 as Overseas Inflows Reach Record Highs
- May 20,2021
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- SUSTG Team
The total amount invested by Saudi traders in the U.S. stock market through companies licensed by the Capital Market Authority (CMA) surged 162 percent, year-on-year, to SR77.4 billion ($20.64 billion) in the first quarter, Zawya reports, citing data compiled by financial website Argaam.
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Eid Al-Fitr to Start Thursday, Saudi Scholar Says; Saudis to Look for Crescent Moon
- May 10,2021
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- SUSTG Team
A Saudi scholar and advisor to the Royal Court predicts that Ramadan will end on Wednesday May 12th and the Eid Al-Fitr will begin on Thursday May 13th, according to a report in Gulf News. The precise ending of the 30 days-long Ramadan for the world’s 1.8 billion Muslims will depend on the sighting of the youngest […]
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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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‘Red Sea Rainforests’: Astronaut Captures Striking View of Saudi Arabia’s Northwest Coastline from Space Station
- March 30,2021
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- SUSTG Team
An astronaut captured a striking view of the northwest coastline of Saudi Arabia, showing the extent of a coral reef where Saudi Arabia hopes to boost sustainable tourism and where up to 260 reef species thrive, according to a post the NASA Earth Observatory blog.
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Saudi Arabia’s Stock Market Amends Rules, Allows All Qualified Investors to Sell Short
- March 26,2021
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- SUSTG Team
Saudi Arabia’s stock exchange, Tadawul, has widened access to short-selling and stock-lending, while tightening some other rules as of March 25, according to a report in Arab News.
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New Paper Highlights Deep U.S.-Saudi Economic Relationship Beyond Defense and Energy
- March 16,2021
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- SUSTG Team
A new paper from authors David Kenner and Kameal Al-Ahmad of the King Faisal Center for Research provides a fresh overview of the US-Saudi economic relationship beyond the headline-dominating oil and arms sales.
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MUST-READS
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McDermott secures three offshore contracts from Saudi Aramco
In a statement, McDermott said that it has received three new awards for engineering, procurement, construction, and installation (EPCI) projects. The company will complete the EPCI for four drilling jackets and seven oil production deck modules (PDMs) in the Zuluf, Ribyan, Abu Sa’fah and Safaniya fields. These fields are all situated offshore in the Arabian Gulf.
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Hydrogen has huge potential in Middle East with renewables: Aramco
The country is also building "large scale" carbon sequestration infrastructure and is focused on expanding its low carbon gas resources, Thorel said. "If you look at the energy transition, every solution is needed." The kingdom's future city of Neom is planning to add 2.2 GW of green hydrogen, Malcolm Cook, vice president and head of sales and business development at Thyssenkrupp AG, told the conference.
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Aramco pipeline is net win for BlackRock and Saudi
The transaction looks identical to last year’s sale by Abu Dhabi National Oil Company of a minority stake in a lease over its gas transmission network to Global Infrastructure Partners and chums. The ADNOC deal implied a $20.7 billion value for 982 kilometres of pipelines. Aramco’s larger 5,000-kilometre network is valued at $31.6 billion. In both cases the state owner retains a majority stake and pays an undisclosed annual tariff to the gas network. Meanwhile, minority investors borrow 80% of the amount they’re putting up, juicing annualised returns on their equity comfortably beyond 10%.
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Aramco announces L&T collaboration on key Saudi facility
Aramco's Senior Vice President (Technical Services) Ahmed Sa’adi said: "This manufacturing facility will provide a large number of skilled job opportunities for Saudi youth, localize the “know how” of heavy wall vessels in the kingdom, and deploy the latest manufacturing technologies to serve the kingdom and Mena region."
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Saudi Aramco to invest in RIL’s solar, specialty chemicals biz
Saudi Aramco, the world’s largest oil-producing company, may consider investing in the solar and speciality chemicals businesses of Reliance Industries (RIL), say sources in investment banking. “It will be a strategic investment that will support Aramco’s aggressive push for controlling carbon emission,” says a Mumbai-based banker.
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Yemen’s Houthis target Aramco, other Saudi sites in missile, drone attacks
Yemen's Houthi movement said on Tuesday it fired several ballistic missiles and 25 armed drones into Saudi Arabia, targeting Aramco oil facilities in Jeddah and the defence ministry in Riyadh. The Saudi-led coalition fighting the Houthis in Yemen said late on Monday that one missile had been intercepted over the Saudi capital, where residents reported loud blasts
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BlackRock, Saudi asset manager Hassana sign deal for Aramco’s gas pipelines
Saudi Aramco (2222.SE) said on Monday it has signed a $15.5 billion lease-and-leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and state-backed Hassana Investment Co. Gulf oil producers are looking at sales of stakes in energy assets and raising cash through long-term leases, capitalising on a rebound in crude prices to attract foreign investors. Earlier this year Aramco sold a 49% stake in its oil pipelines to a consortium led by U.S.-based EIG under a similar structure for $12.4 billion.
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ARAMCO and GAUSSIN Sign a Partnership to Join Forces in the Hydrogen Vehicle Business
The agreement between Aramco and Gaussin aims to establish a modern manufacturing facility for hydrogen-powered vehicles in the Kingdom of Saudi Arabia. As a first step, Gaussin and Aramco will study the feasibility of a manufacturing facility and a hydrogen distribution business to serve the Middle East region.
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Saudi Aramco CEO warns of social unrest if new investment in fossil fuels ends too quickly
“I understand that publicly admitting that oil and gas will play an essential and significant role during the transition and beyond will be hard for some,” Nasser said during the conference, which has focused on low-carbon strategies and technology. “But admitting this reality will be far easier than dealing with energy insecurity, rampant inflation and social unrest as the prices become intolerably high, and seeing net-zero commitments by countries start to unravel,” he continued.
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Saudi Aramco signs five agreements with French firms, including Gaussin
Saudi Aramco has signed five agreements with French companies, including an agreement to explore a hydrogen-powered vehicle business with Gaussin, the oil giant said in a statement on Saturday.
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