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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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Saudi Arabia pledges $430m to UN’s Yemen response
A total of $1.7 billion was pledged during the conference, out of $3.85 that the UN had appealed for.
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US urges Houthis to ‘match Saudi commitment to ending Yemen war’
Speaking after a visit to the region by his Yemen envoy Tim Lenderking, Blinken told a UN humanitarian aid conference: “He reports that the Saudis and the Yemen government are committed and eager to find a solution to the conflict. We call on the Houthis to match this commitment.”
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U.N. says disappointing $1.7 billion pledged for Yemen, impossible to avert famine
Among the commitments on Monday were Saudi Arabia with $430 million, the United States with $191 million, the United Arab Emirates with $230 million and Germany with $240 million. In 2018 and 2019, the United Nations prevented famine due to a well-funded aid appeal. In 2020 the world body only received just over half the $3.4 billion it needed.
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Fighting intensifies between Houthis, Yemen gov’t forces in Marib
Dozens of fighters from both sides killed in ‘unabated’ fighting since Friday in Yemen’s strategic province of Marib.
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Officials: Heavy fighting kills 27 people in central Yemen
Heavy fighting between rebels and government forces in Yemen’s oil-rich Marib has killed at least 27 people, tribal leaders and security officials said Firday, amid a resurgence of violence in the area. The Iranian-backed Houthi rebels earlier this month renewed their attack on Marib, a stronghold for Yemeni forces allied with the internationally recognized government. The rebel offensive has faced stiff resistance and made little progress so far.
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US envoy Tim Lenderking heads back in push to end Yemen war
Tim Lenderking, named by President Joe Biden in his first days in office in a sign of renewed US effort to address the humanitarian catastrophe, will visit several Gulf nations on a trip that will last through March 3, the State Department said.
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Martin Griffiths in Saudi Arabia for talks on Yemen
The UN envoy to Yemen Martin Griffiths was in Saudi Arabia on Monday for a series of meetings with Yemeni and Saudi officials, according to a UN spokesman. His visit comes as part of the organization’s efforts in seeking a nationwide ceasefire in Yemen, alleviate the humanitarian suffering, and resume the political process toward peace, the spokesman added.
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UAE dismantles Eritrea base as it pulls back after Yemen war
The UAE built a port and expanded an airstrip in Assab beginning in September 2015, using the facility as a base to ferry heavy weaponry and Sudanese troops into Yemen as it fought alongside a Saudi-led coalition against Iranian-backed Houthi rebels there.
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Yemen prisoner swap talks ends without a deal
A round of United Nations-backed negotiations for a prisoner exchange between Yemen’s internationally recognised government and the Houthi group have ended without an agreement and with each side blaming the other for the lack of progress. The talks began in January in Jordan with the aim of freeing a total of 300 prisoners on both sides, including senior officials such as the brother of President Abd-Rabbu Mansour Hadi. Hadi’s government, which is backed by Saudi Arabia, was ousted by the Iran-aligned Houthi group in late 2014, sparking an ongoing war.
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Saudi-led coalition in Yemen moves troops to Marib to repel Houthi assault – sources
The Saudi-led coalition fighting in Yemen has redeployed troops to the Marib region and increased air strikes to try to repel an advance by the Iran-aligned Houthi group, sources in the military and the internationally recognised government said.
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