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Global migration trends, big cat conservation in Saudi Arabia, the new Saudi companies law and more!
- August 26,2022
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- SUSTG Team
Episode 59! The hosts talk about a newly-released and interesting UN report on global migration trends, big cat and other endangered species conservation in Saudi Arabia, and much more in the program’s finishing Yallah! segment. Programming note: The 966 will return next week with a featured interview, then be back in full swing as September […]
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Saudi Arabia’s Non-Oil Exports Surge by 31% in Q2 to $23 Billion
- August 25,2022
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- SUSTG Team
Saudi Arabia’s non-oil exports surged by 31 percent in the second quarter to SR86.2 billion ($22.9 billion) from SR65.8 billion in the same period last year, the General Authority for Statistics, also known as GASTAT, said in a report.
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SAMA Licenses Two More Fintech Companies, Bringing Total to 38
- August 24,2022
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- SUSTG Team
The Saudi Central Bank, also known as the Saudi Arabian Monetary Agency (SAMA), announced on its website that it has granted permits to two companies to provide open banking solutions, bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38.
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Saudi Arabia’s Energy Minister Says Paper and Physical Oil Markets ‘Have Become Increasingly More Disconnected’
- August 23,2022
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- SUSTG Team
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said “extreme” volatility and lack of liquidity mean the futures market is increasingly disconnected from fundamentals, and as a result, OPEC+ may be forced to cut production to balance the market, Bloomberg reports.
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C3 US-Arab Healthcare and Business Summit Set for September 19th, 2022 at Union League Club in New York City
- August 22,2022
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- SUSTG Team
The C3 US-Arab Healthcare and Business Summit, a leading conference in the sector now in its 11th Annual edition, is set to take place September 19th, 2022 at the Union League Club in New York City.
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Saudi Arabia Eyes Hosting Olympics as ‘Ultimate Goal’ of Growing Sports Portfolio
- August 22,2022
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- SUSTG Team
Fresh off of hosting the boxing heavyweight title fight in Jeddah this weekend, Sports Minister Prince Abdulaziz bin Turki Al-Faisal stated that Saudi Arabia has the “ultimate goal” of hosting the Olympics while it continues to develop a local sports industry and attract international events, according to an interview with the AFP and reported in Al […]
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Deputy Minister of Investment for Saudi Arabia Dr. Saad Alshahrani joins The 966, The IMF’s report on Saudi’s economy, and much more
- August 19,2022
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- SUSTG Team
Episode 58! Dr. Saad Alshahrani, Deputy Minister for economic affairs and investment studies at Saudi Arabia’s Ministry of Investment joins The 966 to talk about the Saudi economy, investment opportunities, and reforms in the Kingdom. Dr. Saad also shares his story of studying in the U.S. and journey to becoming a deputy minister. Before the […]
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PIF Returns to Buy-Low Playbook with 2Q Stock Market Buying Spree
- August 18,2022
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) bought shares in Alphabet, Zoom Video, and Microsoft this week as part of a wider pick of U.S. stocks, bringing the market value of the sovereign wealth fund’s investment portfolio to about $40.8 billion at the end of the second quarter, Reuters reports.
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IMF: Saudi Economy Likely to be One of the Fastest Growing in the World in 2022
- August 17,2022
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- SUSTG Team
The International Monetary Fund (IMF) on Wednesday maintained its economic growth forecast for Saudi Arabia at 7.6% this year, bucking the global trend toward recession and likely placing it among the top growing economies in the world in 2022.
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Report: Israeli Energy Companies Create JV for Saudi, Gulf Push
- August 16,2022
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- SUSTG Team
Israeli companies Enlight Renewable Energy Ltd. and natural gas producer NewMed Energy LP plan to jointly develop renewable energy projects in North Africa and the Middle East, including in Saudi Arabia and Oman, Bloomberg reports.
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MUST-READS
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Ahmed al-Sharaa’s Visit to Saudi Arabia and Turkey
These visits are very important for al-Sharaa and Syria because they have the potential to shape the country’s future. First, al-Sharaa wants to increase his legitimacy as a leader and secure the support of regional countries for the new regime in Syria. His visits outside Syria as the country’s leader and his reception by prominent leaders in the region contribute to establishing his status and strengthening him. In this context, it is important to note that in recent weeks, many diplomatic delegations from around the world have visited Syria, including the Emir of Qatar, Tamim bin Hamad Al-Thani, who visited the country on January 30.
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Saudi Pro League shifts away from megastar signings to focus on youth
It was striking that in a month when Neymar left Saudi Arabia after costing Al-Hilal hundreds of millions of pounds and playing only seven games in return, the Saudi Pro League’s clubs turned more and more to youth. The transfer window closed on Friday with a couple of big deals but there was activity before; it just happened to be quieter and less headline-grabbing. “Many players dream of playing alongside Cristiano Ronaldo and I have now fulfilled that dream,” Jhon Durán said on Monday after making his Al-Nassr debut, perhaps inadvertently emphasising the age gap between them. At 21, the Colombian is very much a football generation or two removed from the five-time Ballon d’Or winner. The reported £71m the Riyadh club paid to Aston Villa for Durán is the second biggest in the league’s history, second only to Neymar’s deal. And as that Brazilian left Al-Hilal in came another, Kaio César joining from Portugal’s Vitória de Guimarães. The winger, who scored on his debut, is only 20.
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Jordan’s king welcomes Saudi support for Palestinian rights
He expressed his appreciation during a telephone conversation with the Kingdom’s Crown Prince Mohammed bin Salman, a day after US President Donald Trump suggested the removal of all Palestinians from Gaza so the US can take over the territory and rebuild it for others to use. “The US will take over the Gaza Strip and we will do a job with it, too; we’ll own it,” he said during a joint press conference with Israeli Prime Minister Benjamin Netanyahu at the White House. During their call, King Abdullah and the crown prince discussed the latest developments in the region and efforts to achieve security and stability, the Saudi Press Agency reported.
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Armada to deploy containerized Edge data centers in Saudi for Aramco
The California-based company offers ruggedized and self-contained satellite-connected data center modules (in 3-rack 20ft and 6-rack 40ft models) known as Galleons that use SpaceX’s Starlink network, and an Edge device and computing management platform. It also offers Edge/AI applications. "The deployment of Galleons in Saudi Arabia, in collaboration with Aramco Digital and Microsoft, marks a significant milestone in advancing real-world AI through edge computing," said Dan Wright, co-founder and CEO of Armada. Armada has raised more than $100 million to date. Investors in the company include Microsoft, Founders Fund, Lux Capital, Shield Capital, 8090 Industries, Felicis, Contrary, Valor Equity Partners, Marlinspike, 137 Ventures, Koch Real Estate Investments, and 8VC.
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One LIV player to receive automatic spot into U.S. Open via new exemption category
For the first time, top performers on LIV Golf will have direct access to the U.S. Open. Beginning this year, the top player among the top 3 on the LIV individual standings not otherwise eligible will receive an automatic exemption into the U.S. Open at Oakmont. The cutoff point will be May 19, a few weeks after the seventh LIV event of the season. Additionally, the top 10 players from the current LIV standings as of April 7 will be exempt from local qualifying and into the field for the 36-hole final qualifying stage. “The USGA continues to evaluate the pathways that exist to ensure those playing their best have the opportunity to compete in our national championship,” said John Bodenhamer, the USGA’s chief competitions officer. “Consistent with our historical approach, we continuously evaluate talent levels on professional tours and in amateur events, which has led us to add a new exemption category.”
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Saudi Arabia’s non-oil private sector grows at decade-high pace in Jan, PMI shows
Saudi Arabia's non-oil business sector expanded at its strongest pace in just over a decade in January, driven by a surge in new orders and robust business activity, a survey showed on Tuesday. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) rose to 60.5 last month from 58.4 in December, marking its highest level since September 2014. Readings above 50 denote growth. The rapid growth was largely attributed to the fastest rise in new orders since June 2011, with the New Orders Index accelerating to a reading of 71.1 in January from 65.5 the previous month.
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Saudi Arabia, UAE seen as possible venues for Trump-Putin summit, two Russian sources say
Saudi Arabia and the United Arab Emirates are seen by Russia as possible venues for a summit between U.S. President Donald Trump and Russian President Vladimir Putin, two Russian sources with knowledge of the discussions told Reuters. Trump has said he will end the war in Ukraine as soon as possible and said he is ready to meet with Putin. Putin congratulated Trump on his election and stated he is ready to meet Trump to discuss Ukraine and energy.Russian officials have repeatedly denied any direct contacts with the U.S. about preparations for a phone call between Trump and Putin, which would precede an eventual meeting later this year. However, senior Russian officials have visited both Saudi Arabia and the UAE in recent weeks, according to the Russian sources, who spoke on condition of anonymity due to the sensitivity of the situation.
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Saudi Arabia’s Hevolution Foundation commits millions to transform healthspan research
Saudi Arabia’s billion-dollar-a-year healthspan initiative, the Hevolution Foundation, has unveiled a sweeping portfolio of grants and investments spanning three continents to fuel transformative breakthroughs in healthspan - or healthy aging - science. This week the Kingdom is hosting more than 3,000 attendees for its second-ever Global Healthspan Summit - designed to foster a healthier aging future – and is pledging hundreds of millions of dollars to accelerate discoveries toward therapeutic interventions specifically targeting healthspan. He said, “Just over a year ago, we met right here in this building, in this location, and launched the first-ever Global Healthspan Summit to be held in the world. Today, we are the second largest funder of geroscience and aging biology on the planet.”
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Why Trump’s proposal on Gaza is ringing alarm bells in the region
President Donald Trump's plan for the United States to take over the war-ravaged Gaza Strip and develop it economically touches on one the most sensitive issues in the Arab-Israeli conflict. Trump's plans are likely to heighten fears among Palestinians in Gaza, which had a pre-war population of around 2.3 million, of being driven out of the coastal strip, and stoke concern in Arab states that have long worried about the destabilising impact of any such exodus. Palestinians have long been haunted by what they call the "Nakba", or catastrophe, when 700,000 of them were dispossessed from their homes during the war that surrounded the creation of Israel in 1948.
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Trump’s Gaza takeover plan sparks Middle East backlash
U.S. President Donald Trump’s proposal to turn the war-torn Gaza Strip into the “Riviera of the Middle East” met condemnation Wednesday morning in the Arab world. In an overnight statement, the Saudi Arabian foreign ministry said it had warned “former and current U.S. administrations” about the Palestinian people’s rights — and reiterated it would not establish diplomatic relations with Israel if certain conditions were breached. “The Kingdom of Saudi Arabia also reaffirms its unequivocal rejection of any infringement on the legitimate rights of the Palestinian people, whether through Israeli settlement policies, land annexation, or attempts to displace the Palestinian people from their land,” the ministry said.
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