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OPEC+ Believes Glut Created with Pandemic ‘Nearly Gone’, Sees Stockpiles Diminishing Rapidly in 2021 – Report
- June 1,2021
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- SUSTG Team
The so-called OPEC+ coalition of oil-producing nations lead by Saudi Arabia and Russia is “expecting world oil markets to get acutely tight” in 2021, a year after taking the unprecedented steps of slashing production in the face of weak demand created by the Coronavirus pandemic, Bloomberg reports.
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Kingdom Registers Surge in SME Contribution to GDP, a Top Goal of Vision 2030
- May 31,2021
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- SUSTG Team
The contribution of Small to Medium Enterprise businesses (SMEs) in Saudi Arabia to the Kingdom’s overall GDP has surged 45% since the launch of Vision 2030, according to a report in Zawya, citing official government data.
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With Pandemic Waning, Saudi Arabia Set to Resume Tourism Ambitions
- May 27,2021
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- SUSTG Team
Saudi Arabia plans to resume tourist visas “very soon” after suspending them months ago because of the coronavirus, a Saudi official told Bloomberg, as the Kingdom looks to resume its drive to attract tourists to visit historical sites and new attractions.
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With PIF Backing, Saudi Ports Behemoth Red Sea Gateway Terminal Looks for Big Investments Abroad
- May 26,2021
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- SUSTG Team
The operator of Saudi Arabia’s Red Sea Gateway Terminal (RGST) is looking to invest in ports in Africa and the Middle East, following backing from the Kingdom’s sovereign wealth fund (PIF), Bloomberg reports.
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Saudi Arabia Eyes $55 billion by 2025 Through Privatization Program, Al Jadaan Says
- May 25,2021
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- SUSTG Team
Saudi Arabia hopes to raise about $55 billion over the next four years with a revitalized privatization program, the country’s finance minister Mohammed Al-Jadaan told the London-based Financial Times in an interview published over the weekend.
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U.S. Blasts Houthi Leadership, Sanctions Two Top Commanders as Peace Talks Stall – Report
- May 21,2021
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- SUSTG Team
The Biden Administration announced new sanctions on two Houthi military officials, the U.S. Treasury Department said, taking action over the Iran-aligned movement’s offensive to seize Yemen’s gas-rich Marib region and lack of real commitment to finding a peaceful solution to the end of the war there.
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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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Saudi FM Faisal bin Farhan Acknowledges ‘Exploratory Talks’ with Iran; Kingdom is ‘Hopeful’
- May 19,2021
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- SUSTG Team
Saudi Arabia’s Foreign Minister HRH Prince Faisal bin Farhan acknowledged in an interview with the AFP that the Kingdom has held “exploratory talks” with regional rival Iran, and said that Saudi Arabia is “hopeful” that the talks in their early stages will lead to diplomatic progress.
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Saudi Arabia’s Ultra-Lux Amaala Resort May Raise Up to $2.7 Billion Next Year
- May 18,2021
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- SUSTG Team
Saudi Arabia’s ultra-luxury Amaala tourism project may raise up to 10 billion riyals ($2.7 billion) in 2022, the CEO of the company, John Pagano said in an interview on the sidelines of Arabian Travel Market in Dubai.
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Saudi Arabia Opens Up International Travel; Saudis Rejoice
- May 17,2021
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- SUSTG Team
Vaccinated Saudis will be allowed to leave the kingdom for the first time in more than a year on Monday as the country eases a ban on international travel, according to reports. The Ministry of Interior announced it will open land, sea, and air borders, allowing Saudi citizens to travel outside of the Kingdom beginning May […]
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Saudi Arabia’s flag carrier Saudia restarts flights to Istanbul
Saudi Arabia’s flag carrier Saudia on Saturday resumed flights to Istanbul after a two-year hiatus due to the coronavirus pandemic. A flight operated by the airline landed at Istanbul Airport on Saturday from Jeddah with 130 passengers on board.
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To see Saudi Arabia, start with this ‘magical’ gateway to Mecca
Along with its vast deserts and remarkable archaeological ruins, Saudi Arabia has Jeddah—the maritime gateway to the country’s sacred sites—to show off. In all, 650 18th- and 19th-century white-plastered, coral stone buildings. in Al-Balad (Old Jeddah), a UNESCO World Heritage site since 2014. Now is the time to visit, during a magical interlude after it has been refurbished but before the holiday hordes arrive.
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U.S.-Saudi Relations Finally Start to Thaw
President Biden and Crown Prince Mohammed bin Salman may not like each other, but they desperately need each other—and time for rapprochement is running out. Imagine for a moment that Saudi oil suddenly disappears from world markets—or its supply is severely curbed. The immediate effects would be massively higher prices at the pump, further collapse of the Democrats’ bleak prospects at the polls, disruption of the crown prince’s modernization agenda, and a greatly emboldened axis of Russia, China and Iran. Both Iran and Russia, with China their silent partner, have strong incentives—and real capabilities—to make this scenario a reality and force the world to lift embargoes against their oil sales.
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Saudi Economy Grows by 9.6% in 1st Quarter of 2022, its Highest Since 2011
The figures reveal that the GDP has made the highest growth rate in 10 years, achieving a growth of 9.6% during the first quarter of 2022 compared to the same period in 2021. This was driven by a significant increase in oil activities by 20.4%, in addition to an increase in non-oil activities by 3.7% and an increase in government services activities by 2.4%
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Digital art museum opens in Saudi Arabia
The museum, launched by the Tokyo-based art collective teamLab, comprises over 50 artworks spreading across its expansive and labyrinthine spaces, including "Borderless World," "Athletics Forest" and "Future Park."
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Saudi Arabia witnesses spike in women in tech startup than Europe: Report
This came in a report released by Endeavor Insight. The report also found that the percentage of women in tech is higher than that of men. According to reports, the participation rate of women in the tech sector stood at 28 percent in the third quarter of 2021, above the European average rate of 17.5 percent.
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Endeavor launches report on state of Saudi startup ecosystem
Endeavor Saudi Arabia in collaboration with Endeavor Insight launched its latest research project that studies, analyses, and maps the activity and connections in the entrepreneurial tech ecosystem in Riyadh for the past 20 years.
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Endeavor launches report on state of Saudi startup ecosystem
Endeavor Saudi Arabia in collaboration with Endeavor Insight launched its latest research project that studies, analyses, and maps the activity and connections in the entrepreneurial tech ecosystem in Riyadh for the past 20 years.
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From Resalaty to Unifonic, tracing the Saudi startup’s journey
It is difficult to recall a time when messaging large numbers of people was impossible, but that was the reality for brothers Ahmed and Hassan Hamdan, who wanted to message the members of a student club at their university in Saudi Arabia. This was back in 2006, when Whatsapp did not exist, Facebook had yet to make it to the Middle East and BlackBerry Messenger had a limit on the number of people one could message in one go. The only alternative was sending emails, but few people had mobile internet connectivity and the way most people kept in touch was via SMS.
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Desert X Saudi Arabia Asks Viewers to Separate Politics and Art
Susan Davis, founder and president of Desert X, says the Saudi iteration came about through person-to-person diplomacy, rather than any international intrigue. The connector was Los Angeles–based artist, collector, and Saudi royal Sultan Bin Fahad, whose work “Desert Kite” appears in this year’s show.
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