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Recent stories from sustg
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IMF Launches New Regional Office in Saudi Arabia
The goal of the new office is to strengthen the IMF’s collaboration with governments and institutions in the Middle East including promoting economic stability, growth, and regional integration. It also underscores the growing economic importance of the region.
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Saudi’s Regional Headquarters Program Moves Forward
In February the Zakat, Tax and Customs Authority published guidelines specifying RHQ tax rules. Under the new rules, specific activities qualify for tax incentives. The new RHQ tax rules aim to clarify the scope and conditions of tax relief for RHQ entities, as announced by MISA in December 2023.
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EU announces five-year Schengen visas for Saudi, Omani and Bahraini citizens
The EU will now allow citizens from Saudi Arabia, Oman, and Bahrain to apply for five-year Schengen visas. This marks a significant step forward in strengthening people-to-people relations between the EU and the GCC.
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Global Defense Spending Spikes in 2023
According to a study by Forecast International in 2023 global defense spending grew at its fastest pace in the last decade as governments respond to security crises unfolding around the world.
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IMF Sees OPEC+ Turn on Oil Production as Boon for Saudi Economy in 2025 – Report
The International Monetary Fund said it expects OPEC and its partners to start increasing oil output gradually from July, “a transition that’s set to catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year,” according to a report in Bloomberg. “We are assuming the full reversal of cuts is happening at the beginning of 2025,” […]
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Prospects for Saudi Arabia hitting 2030 Renewable Energy Targets
In 2016 Saudi Arabia’s Vision 2030 had an initial target of deploying 9.5GW of green energy by 2030. The latest revision made in 2023 targets 130GW of renewable power capacity by 2030. GlobalData, a leading data and analytics company, says the Kingdom can come close to that target.
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Saudi Arabia Moves Closer to $1 Billion stake in a Pakistani mine – Report
Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp., people with knowledge of the matter told Bloomberg.
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Saudi Arabia Fares Well in 2024 Kearney FDI Confidence Index
Ongoing economic and business-related reforms helped the United Arab Emirates and Saudi Arabia post the biggest jumps in Kearney’s 2024 Foreign Direct Investment Confidence Index. The countries climbed ten spots from 2023, to eighth for the UAE and 14th for Saudi Arabia.
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Saudi defense minister receives phone call from US counterpart; Kingdom denies role in shooting down Iranian attack
Saudi Minister of Defense Prince Khalid bin Salman received on Sunday a phone call from U.S. Secretary of Defense Lloyd Austin, according to reports.
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Dr. William Greene, CIO of the Hevolution Foundation, joins The 966 to talk latest investments, strategy for Hevolution
William Greene, MD, Chief Investment Officer (CIO) of the Hevolution Foundation, joins The 966 to talk about Hevolution’s investment strategy and role as an investor in the emerging field of Healthspan Science. As CIO, Dr. Greene oversees all aspects of Hevolution Foundation’s investment strategy, planning, analysis, and execution.
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Saudi Arabia’s enduring legacy: Safeguarding Zamzam water
The late King Abdulaziz bin Abdul Rahman Al-Saud initiated this dedication to Zamzam water in 1345 AH by ordering the construction of a sabil, a public drinking fountain. The following year, he commissioned a second sabil and oversaw the repair and covering of the Zamzam well itself. Successive Saudi monarchs have taken steps to preserve this water source.King Saud bin Abdulaziz implemented a pump for water extraction and a nearby distribution building. Following the first expansion of the circumambulation area in 1377 AH, the Zamzam well was placed beneath it, easing congestion for pilgrims.
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Jeddah airport allows pilgrims to carry Zamzam water
King Abdulaziz International Airport (KAIA) of Jeddah announced that it is now allowed for the Hajj pilgrims, who are returning to their countries, to carry Zamzam water on board the international flights. KAIA noted that the pilgrim is allowed to purchase only one five-liter Zamzam water bottle through one of the points of sale at the airport premises. The airport authorities have clarified that it has allocated a separate path for Zamzam water, and it is not allowed to carry Zamzam within the checked-in baggage.
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Zamzam water now available at LuLu Hypermarket in Saudi Arabia
Regional retailer LuLu is now selling Zamzam water in its stores across the Kingdom, in cooperation with the King Abdullah Zamzam Water Project and the National Water Company. Bashar Nasar Al-Basher, executive manager of LuLu Hypermarket Saudi Arabia, said: “We are honored to work hand-in-hand with the government in providing a conducive shopping place where the Zamzam water is available. We are proud to be a part of this initiative with the relevant authorities to make it convenient and easy for shoppers to have access to the Zamzam water, especially during the holy month of Ramadan in the midst of the current pandemic.”
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Deputy Emir of Makkah inspects Zamzam well restoration project
Prince Abdullah Bin Bandar, deputy emir of Makkah, inspected the Zamzam well restoration project site at the Grand Mosque in Makkah on Monday.
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All you need to know about the Zamzam well in Saudi Arabia
Located around 20 meters away from the Kaaba, the Zamzam well is a famous destination for pilgrims who visit it to drink from the holy water. It is believed to be the oldest well on earth, as water has been flowing there for 5000 years. The holy well pumps up to 18.5 liters per second and is only 30 meters deep.
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