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Knight Frank’s Faisal Durrani on real estate trends in Saudi Arabia, the Saudi economy has a big 2Q, and more…
- August 5,2022
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- SUSTG Team
Episode 55! The 966 welcomes Faisal Durrani, Partner and Head of Middle East Research at Knight Frank, the London-based global real estate consultancy. Knight Frank just released two reports on Saudi Arabia’s commercial and residential real estate sectors, providing unique insights into one of the world’s fastest growing real estate markets. Faisal joins The 966 […]
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Report: Saudi, UAE Save Remaining Spare Capacity for Potential Winter Supply Crisis
- August 4,2022
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- SUSTG Team
According to a report in Reuters, OPEC+ production leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a “significant increase” in oil output “should the world face a severe supply crisis this winter,” sources familiar with the thinking of the top Gulf exporters told Reuters in an exclusive report.
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OPEC, Allies Agree to Increase in Oil Production
- August 3,2022
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- SUSTG Team
Saudi Arabia and the OPEC+ group of oil-producing countries agreed to a small increase of 100,000 bpd in oil production on Wednesday after the U.S. and other consuming nations called for more crude in the market, according to reports.
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Saudi Arabia’s Economy Expanded 11.8% in the Second Quarter; Non-Oil PMI Rises to 8-Month High — Jadwa Investment
- August 2,2022
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- SUSTG Team
Saudi Arabia’s economy expanded 11.8% in the second quarter of 2022, Bloomberg reports, maintaining the fastest pace of growth since 2011 as oil prices boost the Kingdom’s economy. Beyond oil, however, Saudi Arabia is seeing positive signs in the non-oil economy as the Kingdom continues apace with economic reforms as part of the Kingdom’s Vision 2030.
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Saudi Arabia Eyes Hosting of 2026 Women’s Asian Cup
- August 1,2022
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- SUSTG Team
Saudi Arabia has joined Australia, Jordan and Uzbekistan as nations who have expressed interest in hosting the 2026 Women’s Asian Cup, the Asian Football Confederation (AFC) said on Monday as reported in Reuters.
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Eyad Albayouk from Flat6Labs talks Saudi VC and KSA’s startup ecosystem, reacting to the unveiling of The Line at NEOM and more
- July 29,2022
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- SUSTG Team
Episode 54! The 966 talks with Eyad Albayouk from the VC firm Flat6Labs KSA. Eyad chats with us about Saudi Arabia’s growing startup ecosystem and entrepreneurship in the Kingdom, and the state of Saudi VC in 2022 as the Kingdom ramps up Vision 2030 execution. Before the interview, the hosts discuss the recently announced megaproject, […]
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Saudi Oil Exports Jump 106% Year-on-Year to Over $30 Billion in May 2022; US Sees Room for More Saudi, UAE Production
- July 28,2022
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- SUSTG Team
Saudi Arabia’s oil exports jumped 106 percent, reaching SR116 billion ($30 billion) during the month of May 2022 while compared to the same period last year, according to the latest report published by the General Authority for Statistics (GASTAT), released on Monday.
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IMF Raises Saudi Economy Growth Forecast for 2023 to 3.7%, Despite ‘Gloomy’ Global Developments
- July 27,2022
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- SUSTG Team
The International Monetary Fund has raised its expectations for the growth of the Saudi economy in 2023 to 3.7 percent, up from its April forecast of 3.6 percent.
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Crown Prince Mohammed bin Salman arrives in Greece in First Visit to Europe Since 2018
- July 26,2022
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman arrives in Greece today for talks with its premier, Kyriakos Mitsotakis, marking his first trip to a European Union nation since 2018.
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U.S. Yemen Envoy Tim Lenderking Heads to Saudi Arabia, Jordan to Push Yemen Peace Talks
- July 25,2022
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- SUSTG Team
The U.S. special envoy for Yemen, Tim Lenderking, is headed to Saudi Arabia and Jordan on Monday to continue Washington’s diplomatic efforts to back a United Nation’s mediated truce in Yemen, Reuters reports, citing the U.S. State Department said.
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MUST-READS
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Noor Riyadh 2023, the annual festival of light and art in Saudi Arabia, announces dates and themes for its third edition
Noor Riyadh Festival returns for its third edition, which will feature over 120 artworks by more than 100 artists across five hubs in the capital of Saudi Arabia, from November 30 to December 16 The festival features local and international artists and offers diverse workshops, thought-provoking seminars, and stimulating artistic discussions.
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Morocco earthquake news: Race to find survivors as death toll rises to 2,800
Rescuers are racing the clock to find survivors in the rubble more than 48 hours after Morocco's deadliest earthquake in more than six decades. More than 2,800 people were killed in a disaster that devastated villages in the High Atlas Mountains.
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Red Sea Global Partners With EDF And Masdar For 25-Year Solar-Powered Amaala Project In Saudi Arabia
Red Sea Global (RSG), the developer behind Amaala and The Red Sea, has partnered with French utility firm EDF and clean energy company Masdar to establish a 25-year concession agreement for a multi-utilities infrastructure facility serving the Amaala destination. Similar to The Red Sea, Amaala will rely entirely on solar energy, reducing CO2 emissions by nearly half a million tons annually.
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Saudi prince sees bright future for esports partnership with China
China's fast-growing esports sector will continue to attract Saudi capital in the years ahead providing huge opportunities for gaming companies and talents in both sides, said a Saudi royalty. The gaming and esports sector in Saudi Arabia is experiencing rapid growth. This aligns with Saudi Arabia's Vision 2030 and economic diversification plans, aiming for long-term prosperity. The vision has enabled the exploration of new sectors, including gaming and esports, benefiting the country enormously, said Prince Faisal bin Bandar bin Sultan, chairman of the Saudi Esports Federation (SEF) and the Arab Esports Federation. Launched by the Saudi government in 2016, Saudi Vision 2030 is an economic and social reform blueprint designed to open the kingdom up to the world, and boost communication and coordination on regional and international affairs.
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Saudi Arabia participates in international conference on combating sand storms held in Tehran
Saudi Arabia participated on Monday in the International Conference on Combating Sand and Dust Storms held in Tehran, where it discussed it Sand and Dust Storm Warning Regional Center. CEO of the Saudi National Center of Meteorology, Ayman bin Salem Ghulam, stressed the kingdom’s efforts to mitigate climate change and combat sand and dust storms, citing the Saudi Green Initiative, introduced by the Crown Prince in March 2021, which is designed to tackle both local and global environmental challenges. The Middle East Initiative aims to plant 50,000,000,000 trees, which is equivalent to five percent of the global afforestation target.
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Saudi trade with G20 countries worth $421bn, India a key partner
Saudi Arabia’s trade with G20 countries reached $421bn last year and the Kingdom is looking to boost its economy with key partners.
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Morocco rescuers race to find survivors as earthquake toll nears 2,500
Rescuers raced against time on Monday to find survivors in the rubble more than 48 hours after Morocco's deadliest earthquake in over six decades, with nearly 2,500 killed in a disaster that devastated villages in the High Atlas Mountains. Search teams from Spain, Britain and Qatar were joining efforts to find survivors of the 6.8 magnitude quake that struck late on Friday night, 72 km (45 miles) southwest of Marrakech.
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Biden gives Saudi Crown Prince Mohammed a hearty handshake a year after an awkward fist bump moment
Biden warmly greeted Saudi Arabia’s de facto leader, Mohammed bin Salman, after they appeared together along with several other leaders at the Group of 20 summit Saturday in New Delhi. The leaders had gathered to announce an ambitious plan to build a rail and shipping corridor linking India with the Middle East and Europe.
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Are we seeing the start of Turkey’s economic turnaround?
“We believe that the monetary policy tightening ..., the unwinding of distortive financial regulations and the fiscal revenue measures to curtail the fiscal deficit being pursued by the Ministry of Finance are steps in the right direction,” said Humberto Lopez, World Bank country director for Turkey. Inflation remains high at 58.9%, and the tax hikes disproportionately hit the poor, as Adam Lucente reports, but there are signs of a path to recovery.
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First Saudi woman to participate in international beauty pageant: ‘Believe in God, in yourself, set a goal, and everything will come to you’
Rahaf Al-Harbi became the first Saudi contestant at the Miss Europe Continental pageant in Napoli last year, an experience that brought her widespread recognition and prompted the fashion industry to take her more seriously, she told “The Mayman Show.” Al-Harbi said it was difficult to be accepted into the competition, as one of the prerequisites was prior experience in similar local and regional activities, which did not exist in Saudi Arabia at the time. Now, she has bigger ambitions.
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