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  • PIF to invest near SAR 500 mn in Saudi Re’s capital increase

    PIF closer to a significant minority stake in Saudi Re: The Public Investment Fund (PIF) is set to acquire a 23.1% stake in local ins. player Saudi Re after signing a binding agreement that will see it fully subscribe to a capital increase, according to a disclosure to Tadawul. The signing of the binding agreement follows multiple extensions of an MoU signed between the two parties last October

  • Saudi Customs thwarts attempt to smuggle 3.6 million Captagon pills at Jeddah Islamic Port

    Customs inspectors at Jeddah Islamic Port thwarted an attempt to smuggle 3,633,978 Captagon pills, which were found hidden in a consignment coming to Saudi Arabia. The Zakat, Tax and Customs Authority (ZATCA) explained that a shipment consisting of “iron equipment” was received at the port, and when it was subjected to routine customs inspections using modern security techniques, a quantity of grains was found hidden within the shipment.

  • Recap of Sedrah and NextGenAI Hackathons (in Saudi Arabia)

    The way hackathons generally work is that they are short 1–3 day events focused around a certain theme. Participants form teams to build a prototype (usually from scratch) in that time, and present at the end for the judges to evaluate.

  • The Saudi Capital Market Continues to Set Annual Records in 2023.

    The Capital Market Authority (CMA) issued its 2023 annual report, highlighting significant leaps and record achievements in various regulatory and legislative aspects, as well as developmental and investment product areas. During the past year, CMA approved a new regulation and amended four other regulatory regulations, rules, and instructions. That year also saw the approval by the Council of Ministers of the Real Estate Contributions Law, all in the continuous effort to develop legislation and regulations governing the capital market, according to the annual report issued today.

  • Saudi equities weight on MSCI likely to climb to 4.5%: SNB Capital

    SNB Capital said the weight of Saudi equities on the MSCI Emerging Markets Index will likely rise from 4.4% to 4.5%, following the secondary offering of Saudi Arabian Oil Co. (Saudi Aramco), given the uptick of the latter’s weight on MSCI Saudi Index from 7% to 9%. This change is expected to lead to negative flows ranging between SAR 3-3.8 billion from Aramco's shares, reflecting coverage of 9-10 days based on the average daily value for three months, said the brokerage.

  • How to capture the Saudi market during Eid

    Reports indicate a significant increase in spending compared to previous Eids 46 per cent increase in spending sentiment indicates a strong desire for celebratory shopping (Report on Saudi Arabia Economy). The study showed that consumers are preparing to celebrate with a focus on different categories: groceries, clothing, fragrances, home decor, and dining experiences. However, marketers should keep in mind that the early bird gets the worm.

  • Saudi Arabia plans to boost oil production capacity to 12.3 million bpd by 2028

    Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, announced the Kingdom's ambitious plan to increase its oil production capacity to 12.3 million barrels per day by 2028. This significant expansion aligns with the Kingdom's strategic goals amidst evolving global energy markets. The announcement came during a special panel discussion at the St. Petersburg International Economic Forum in Russia. The forum, themed "The Future of the Oil and Gas Market: Global Demand Outlook and Producers' Plans," was attended by several OPEC and non-OPEC ministers. Prince Abdulaziz, who also serves as the chairman of the OPEC+ ministerial meetings, underscored the robust decisions made during the 37th OPEC and non-OPEC ministerial meeting held on June 2 in Riyadh.

  • Saudi Communications and Information Technology Exports Surpass SAR6 Billion in 2023, Backed by a Package of Programs and Capabilities

    The services export sector is one of the promising sectors contributing to the increase of Saudi non-oil exports. In light of this, the Saudi Export Development Authority (Saudi Exports) employs its efforts and capabilities to support and empower this sector by providing facilitated means to enhance the reach of Saudi services to new markets and expand them, thereby achieving national targets and increasing the percentage of non-oil exports. Services exports refer to the value of services exchanged between residents and non-residents in an economy, including services provided to customers from outside the economy offering the service.

  • Saudi games company wants to deepen Nintendo, Capcom ties

    "Game development is our long-term goal -- we want to build a global hub for gaming and esports," he said. The prince has invited prominent Japanese game developers, including Nintendo, Bandai, Capcom and Konami Group, to consider setting up offices in the Middle East. Currently, the region lacks a direct presence, with gaming companies typically overseeing their businesses from offices in Europe.

  • Middle East projected to surpass 100 GW of solar capacity by 2030

    Renewable energy sources, including hydro, are expected to account for 70% of the Middle East's power generation mix by 2050, up from only 5% recorded at the end of 2023, according to a research by the company. Solar will be the leading source with a share of over 50% by 2050.