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PIF Increases Investment in Lucid
Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a regulatory filing with the U.S. securities regulator.
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NYT Reports on Proposed $40B Saudi AI Investment
The New York Times’ Maureen Farrell and Rob Copeland report that Saudi Arabia is working with Wall Street banks to establish a $40 billion AI-focused investment fund.
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OPEC and IEA Agree on Something
The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), two of the leading global energy forecasters, have long disagreed on demand growth. They agree on this however.
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Saudi Non-Oil Activity reaches 50% of GDP as Economy Continues to Diversify
Non-oil economic activity in Saudi Arabia contributed 50 percent to the Kingdom’s gross domestic product in 2023, the highest level ever, the Ministry of Economy and Planning said on Thursday. The total non-oil economy was worth $453 billion at constant prices, driven by continued growth in investment, consumption and exports.
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Saudi Arabia Transfers 8% of Aramco to Kingdom’s Public Investment Fund
Saudi Arabia has moved a roughly $160 billion stake in its state oil giant Aramco into its main sovereign wealth fund, the Public Investment Fund, according to a report in the Wall Street Journal.
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What it’s like to live in Saudi Arabia during Riyadh Season, PIF-backed Alat launches with eyes on a big impact, and more…
The boys are back for their normal format and catch up on just some of the seemingly endless new developments and storylines emerging from Saudi Arabia of late.
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Fitch Affirms Saudi Arabia at ‘A+’ with Outlook Stable
Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook, the ratings agency said. “Saudi Arabia’s ratings reflect its strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers […]
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Saudi Arabia’s non-oil sector grew 4.6 percent in 2023 – Reports
Saudi Arabia’s non-oil sector grew at a strong rate, a positive sign for the Saudi government’s Vision 2030 economic and social reform drive that puts diversification of the economy away from oil as a top goal.
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A new slogan for Saudi Arabia? Taking stock of the Saudi Pro League, and much more – The 966 Episode 119
In Episode 119, The 966 hosts Lucien and Richard discuss a variety of topics and some of the latest news and developments on Saudi Arabia.
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At Davos, Kingdom Pushes Diplomacy and PIF Talks 2024 Investment Strategy
Saudi Arabia’s strong presence at the World Economic Forum in Davos, Switzerland is emblematic of an increasingly confident Kingdom on the global stage, with top officials from both the government and Saudi Arabia’s Public Investment Fund on the ground to promote Saudi Arabia’s interests.
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MUST-READS
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Saudi Arabia’s non-oil exports increase by 0.8 percent in January
Saudi Arabia’s non-oil exports, including re-exports, recorded a 0.8 percent increase in January 2024 compared to the same period in 2023, reported the General Authority for Statistics. Excluding re-exports, non-oil exports saw an 11.5 percent decline as re-exports rose by 42.6 percent in the same period. The authority also reported a decline in overall merchandise exports mainly due to the decline in oil exports following Saudi Arabia’s pledge of an additional oil output cut of 1 million barrels per day in July 2023.
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Russia struggles to collect oil payments as China, UAE, Turkey raise bank scrutiny
Russian oil firms face delays of up to several months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of U.S. secondary sanctions, eight sources familiar with the matter said.Payment delays reduce revenue to the Kremlin and make them erratic, allowing Washington to achieve its dual policy sanction goals - to disrupt money going to the Kremlin to punish it for the war in Ukraine while not interrupting global energy flows.
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Saudi Ministers Visit Central Asia: “Unprecedented” Collaboration Moves Beyond Oil
A new era of engagement between the Persian Gulf and Central Asian states was launched this month, surprisingly promoting investments that diversify both regions away from oil and gas. High-level Saudi ministers touched down in Bishkek and Astana, bringing with them the promise of large-scale infrastructure investments to be funded by the Saudi Fund for Development (SFD), which is actively seeking to expand its more than $20 billion portfolio across Central Asia.
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Houthis threaten Saudi Arabia’s oil installations for ‘supporting US aggression’
Yemen's Houthi rebels have threatened to target Saudi Arabia's oil installations should the country allow a US-led coalition to use its airspace to counter the group's attacks, a Houthi spokesperson said in an interview with al-Masirah TV on March 25.
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Saudi Arabia’s Revealed Comparative Advantage in Non-Oil Exports
The revealed comparative advantage (RCA) is based on Ricardian trade theory, which postulates that trade flows between countries are determined by their relative productivity differences. The RCA index provides a general indication and a first approximation of a country’s competitive strength in exports. This study examines Saudi Arabia’s global and regional export competitiveness for selected nonoil export products from 2010 to 2020 via/ RCA indices.
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The Middle East’s Oil Giants Have Entered the Critical Minerals Race
“This is not about replacing the bedrock of their economic engine away from oil to minerals,” said Ahmed Mehdi, managing director at Renaissance Energy and a visiting fellow at the Columbia University Center on Global Energy Policy. “This is more about making sure that they have a seat at the table in the energy transition, especially given how geopolitically charged this industry is.”
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Saudi Arabia’s $2 trillion gamble: Can Oil wealth fund tech revolution?
It was just a few months ago that Saudi Sovereign Wealth Fund, PIF, had $676 billion in assets under management. As of the month of March, Saudi Arabia transferred a $164 billion stake in Aramco to PIF, propelling it to the second-biggest fund in the Middle East for an astonishing $925 billion. This is up from $595.6 billion in 2022 and is now resulting in PIF 16 percent ownership of Aramco.
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Decarbonisation set to boost Middle East oil producers and VLCCs
Gulf crude has the advantage of being less carbon-intensive than other oil, both in carbon content and ease of extraction. The report highlights the UAE where ADNOC has committed $23bn to decarbonisation projects, including $4bn for shipping onshore carbon-free electricity to provide power for offshore operations.
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Saudi Aramco CEO says no peak in oil demand for some time to come
Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser said. Despite growing investment, alternative energy has yet to displace hydrocarbons at scale, Nasser said. “All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,” he said. Rising demand from developing economies could feed oil demand growth through 2045, he said.
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Oil Markets Steady Despite Growing Insecurity in the Middle East
The oil market has been relatively stable despite the geopolitical storm in the Middle East engendered by the war in Gaza and the disruption of maritime traffic in the Red Sea by the Houthis in Yemen. Oil prices have traded either side of $80 per barrel even since a number of OPEC+ plus producers, led by Saudi Arabia, said in early March that they would extend oil production cuts totaling 2.2 million barrels per day until midyear.
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