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Road to the G20: L20 Summit, Focused on Workers and Labor, Emphasizes Inclusion of Women and Youth
- September 18,2020
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- SUSTG Team
On the 7th and 8th of September, the Labor 20 engagement group launched its Saudi L20 Summit, titled “A New Social Contract for Recovery and Resilience,” which was held in the Saudi capital Riyadh in accordance with COVID-19 safety measures, and was streamed online to allow the participation of international speakers and audience.
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Saudi Arabia Sternly Condemns OPEC+ Production Quota Cheaters in Meeting
- September 17,2020
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- SUSTG Team
Saudi Arabia’s energy minister Prince Abdulaziz bin Salman scolded members of a key OPEC+ panel about cheating on oil production quotas, but did not name countries by name, according to reports.
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Netflix, Saudi Animation Studio Myrkott Sign 5-Year Deal for New Saudi-Focused Shows and Films
- September 16,2020
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- SUSTG Team
Global content powerhouse Netflix has signed a 5-year deal with a Saudi animation studio to produce Saudi-focused content for the platform, according to reports.
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New Digital Art Museum, with ‘Crowdpleasing Immersive Experiences’, to Launch in Jeddah in 2023
- September 15,2020
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- SUSTG Team
Tokyo-based multimedia collective group teamLab has signed a partnership agreement with Saudi Arabia’s Ministry of Culture to provide immersive experiences for a new digital art museum in Jeddah, according to reports, the latest investment by the Saudi government into the culture and lifestyle industry in the Kingdom.
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OPEC Revises Downward Outlook for Global Oil Demand as Coronavirus Weighs on Crude Recovery
- September 14,2020
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- SUSTG Team
OPEC has downwardly revised its outlook for global oil demand to an average of 90.2 million barrels per day in 2020 (down 9.5% from last year) as the Coronavirus weighs on crude recovery, according to reports, citing a recent publication from OPEC on Monday.
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Saudi Electricity Co. Sells $1.3 Billion of Green Sukuk
- September 11,2020
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- SUSTG Team
Saudi Electricity Co. sold the first green bond in Saudi Arabia in what amounts to the “latest milestone in the expansion of environment-friendly debt instruments,” according to a report in Bloomberg.
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A First Look at the Saudi PIF-Backed Lucid Air, Set to Challenge Tesla’s Market Dominance
- September 10,2020
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- SUSTG Team
Lucid Motors, backed by $1 billion from Saudi Arabia’s Public Investment Fund (PIF), unveiled its first vehicle, the Lucid Air electric sedan, at a virtual event from the company’s Silicon Valley headquarters.
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Report: Saudi Binladen Group Seeks to Accelerate Corporate-Debt Revamp
- September 9,2020
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- SUSTG Team
Troubled construction giant Saudi Binladin Group (SBG) plans to hire additional advisers “to accelerate one of the Middle East’s biggest corporate-debt revamps and tackle its estimated $15 billion debt pile,” Bloomberg reports.
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King Salman, President Trump Speak by Phone; Discuss ‘Fair and Permanent’ Solution to Israel-Palestinian Peace
- September 8,2020
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- SUSTG Team
Saudi Arabia’s King Salman and President Trump spoke by phone over the weekend, discussing several issues of importance to the U.S.-Saudi relationship, including a recent push by President Trump’s son-in-law Jared Kushner to make progress resolving the Israel-Palestine issue.
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Pandemic Continues to Ease in Saudi Arabia; Authorities ‘Encouraged by the Resilience Demonstrated by the Saudi Economy’
- September 4,2020
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- SUSTG Team
The Coronavirus pandemic continues to ease in Saudi Arabia, with daily new cases remaining under 1,000 this week and trends continuing in a positive direction in what may potentially provide a boost to the Kingdom’s economy in the months ahead.
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MUST-READS
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Tesla to enter Saudi Arabia within months
Elon Musk’s Tesla is set to launch in Saudi Arabia this quarter, marking its entry into one of the world’s largest oil-producing nations as it continues expanding across the Gulf, sources familiar with the plans told AGBI. The US electric vehicle maker will open sales through pop-up stores and establish a showroom and service centre, the sources said. It also plans to roll out a supercharger network, accessible to other EV brands. EV penetration is still low in the kingdom at just over 1 percent of overall car sales in Saudi Arabia, according to PwC’s 2024 Electric Mobility Outlook. Tesla’s expansion into Saudi Arabia could reshape a market characterised by some of the world’s cheapest fuel prices, but also help to increase interest in electric mobility in the kingdom, where the appetite for luxury vehicles is among the highest globally on a per capita basis.
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Oil is no longer an energy security challenge as critical minerals take center stage, Saudi minister says
“Oil is no longer an energy security challenge – it’s going to be gas, electricity, predominantly minerals,” Saudi Energy Minister Abdulaziz bin Salman told attendees at the annual Future Minerals Forum in Riyadh. “Today some of these countries, they have, as a country, 50% of the ownership of some of these required minerals and critical minerals ... countries are racing to access critical minerals and secure their own supply chain. Rushing to secure access to resources will ultimately lead to higher emissions, higher metals costs and higher energy prices.” The energy minister was referring to minerals critical to the energy transition and advanced technologies – including lithium, cobalt, nickel, graphite, manganese and other rare earth elements crucial for making things like electric vehicles, batteries, renewable energy technology, computers, and household goods.
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Saudi PIF-backed Avilease to be ‘opportunistic’ about possible plane orders
The CEO of fast-growing aircraft lessor AviLease on Wednesday said he expects Boeing (BA.N), opens new tab and Airbus (AIR.PA), opens new tab to get their supply issues under control in the next four years and said he will be opportunistic about possible aircraft orders. AviLease , backed by Saudi Arabia's Public Investment Fund (PIF), plans to increase its balance sheet from around $8 billion to around $20 billion by 2030, through acquisitions of rivals, buying individual planes and "potentially" doing large orders, Chief Executive Ted O'Byrne said.
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Saudi Arabia hopes Gaza ceasefire ends ‘Israeli aggression’
Saudi Arabia hailed the ceasefire in the Israel-Hamas war on Wednesday, calling for the end of “Israeli aggression” in Gaza following 15 months of conflict. “The Kingdom stresses the need to adhere to the agreement and stop the Israeli aggression on Gaza,” the Foreign Ministry said in a statement. It called for “the complete withdrawal of the Israeli occupation forces from the (Gaza) Strip and all other Palestinian and Arab territories and the return of the displaced to their areas.”
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Saudi mining company Ma’aden reveals ‘promising’ gold and copper discoveries
Saudi Arabian Mining Company (Ma'aden) said on Wednesday that it has discovered “promising” deposits of gold and copper in the kingdom. Ma'aden, the biggest mining company in the Arab world, discovered gold and copper intercepts at Wadi Al Jaww and Shayban in the Arabian Shield region, it said. Multiple intercepts of recoverable gold and copper grades were found in the exploration areas of the Shayban EL at Blocks 6 and 7. The results indicate “wide intersections of gold mineralisation at Wadi Al Jaww, and gold and copper mineralisation at Jabal Shayban”, it said. New drilling results from Ma’aden’s flagship Mansourah-Massarah mine also showed strong gold mineralisation.
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Saudi Arabia welcomes ceasefire agreement in Gaza
Saudi authorities welcomed the announcement of a Gaza ceasefire agreement on Wednesday and expressed the Kingdom’s appreciation for the efforts of mediators from Qatar, Egypt and the US. The Kingdom stressed the need for adherence to the deal, an end to Israel’s aggression against Gaza, and the complete withdrawal of Israeli forces from the territory and all other occupied Palestinian and Arab lands. It also highlighted the importance of building on the agreement by addressing the underlying reasons for the conflict and enabling the Palestinian people to secure their rights, the foremost of which is the establishment of an independent Palestinian state based on 1967 borders, with East Jerusalem as its capital.
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Why Did a Major Saudi Industrial Group Suddenly Leave Iran?
Savola Group, the largest Saudi investor in Iran and a dominant player in its cooking oil market, has sold all its assets in the country. Valued at approximately 705 million Saudi riyals ($188 million), the company has also exited Iran’s stock market. Savola Group was founded in January 1979, a month before the victory of the Islamic Revolution in Iran, with a capital of 40 million Saudi riyals. It began by producing vegetable oils in Saudi Arabia and quickly grew into one of the leading food industry giants in the Middle East, North Africa and Turkey, supplying edible oils, sugar, bread, dried nuts, frozen food, spices, dates and confectioneries. In addition to production, Savola is active in retail, owning the largest grocery chain in the region, Panda Retail Company. By 2024, the Savola had increased its capital by 112%, ranking 9th among Saudi Arabia's top 100 companies and 2nd in the industrial sector.
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Scott O’Neil takes over as the CEO of Saudi-funded LIV Golf
Scott O’Neil was formally introduced Wednesday as the new CEO of Saudi-funded LIV Golf, which enters its fourth season next month while its financial backer is negotiating an investment deal with the rival PGA Tour. O’Neil, who takes over for Greg Norman, was CEO of Merlin Entertainments who was in charge of business operations of more than 140 of the company’s attractions. He previously was CEO of Harris Blitzer Sports & Entertainment, whose holdings include the NBA's Philadelphia 76ers and the NHL's New Jersey Devils.
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Saudi Arabia to scale up lithium expansion as it diversifies from oil
Saudi Arabia has announced a new joint venture (JV) between Aramco, the world’s largest oil company, and state-owned mining company Ma’aden, marking a significant step in its push to dominate critical minerals. The partnership aims to extract lithium— an essential component in electric vehicle (EV) and electronic devices — from high-concentration deposits while exploring cost-effective direct extraction technologies. Commercial lithium production is expected to commence by 2027, the companies said. Demand for transition minerals such as lithium, cobalt, and nickel is surging globally. Aramco forecasts a 20-fold increase in domestic lithium demand between 2024 and 2030, sufficient to support 500,000 EV batteries and 110 gigawatts of renewable energy sources.
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Gaza ceasefire deal prompts hopes of end to war between Israel and Hamas
The ceasefire will go into effect on Sunday, Qatari Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani announced during a press conference in Doha. "It gives us great pleasure... to announce the success of the joint mediation efforts and the fact that the two belligerents in the Gaza Strip have reached a deal on the prisoner and the hostage swap and announce a ceasefire in the hopes of reaching a permanent ceasefire between the two sides, as well as allowing the access of large quantities of relief aid to the Palestinian brothers in the Gaza Strip," Al Thani said. Qatar, alongside Egypt and the United States, helped negotiate the agreement with Israel, with the incoming US administration of President-elect Donald Trump joining efforts to apply pressure on the Israelis.
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