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Recent stories from sustg

  • Three New Ventures by MiSK to Boost Innovation, Training and Investment
     

    Deputy Crown Prince Mohammed bin Salman’s MiSK Foundation launched three new strategic ventures in Riyadh aimed “at comprehensively building the skills, knowledge and capability for economic growth within the Saudi Arabian tech sector,” Reuters and the Saudi Gazette reports. MiSK Academy, MiSK Technovation and MiSK Booster mark a significant new development in the foundation’s work to empower, […]

     
  • Updated LinkedIn Profiles Indicate Key Hires by Saudi Arabia’s PIF
     

    Recently updated LinkedIn profiles indicate a hiring spree by Saudi Arabia’s Public Investment Fund (PIF) as the Kingdom looks to use the sovereign wealth fund to jump-start its reform plans. Reuters reports that several executives have updated their LinkedIn profiles to indicate a new affiliation with the PIF, but the PIF did not comment directly on […]

     
  • ‘Downward Trend’ in Economic Activity Seen in Latest Jadwa Investment Chartbook
     

    Jadwa Investment’s recently released economic chartbook for the month of November found a downward trend in economic activity and the fourth consecutive negative change in government accounts with SAMA. “Economic data for September showed a downward trend in economic activity,” Jadwa said it the report, pointing to negative growth in cash withdrawals from ATMs and […]

     
  • Are oil markets better off with OPEC cuts?
     

    Jadwa Investment’s latest Quarterly Oil Market Update anticipates that OPEC’s decision to announce, but not to implement, a cut in production will likely lead to a small cut in oil production “more akin to a production ’freeze’ rather than an outright cut”. “Any agreement by OPEC, if reached, will of course need to be acted […]

     
  • Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
     

    Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]

     
  • Yemen’s Houthis Fire Another Missile into Saudi Arabia as Kingdom, Iran Spar at UN over War
     

    Saudi Arabia says it has shot down a ballistic missile fired into the Kingdom by Houthi rebels and their Iranian allies in the latest incident in Yemen’s civil war that has raged for nearly 19 months. The missile targeted the southwestern city of Khamis Mushait and was destroyed Tuesday night without causing any injuries, the Saudi Press […]

     
  • Saudi Arabia Switches to Gregorian Calendar
     

    Saudi Arabia has shifted to the Gregorian or “Western” calendar as a basis for paying civil servants as part of broader fiscal changes, according to reports. The kingdom adopted the lunar Islamic calendar when it was founded in 1932, but the change places its payment schedule in line with the West. It also brings civil […]

     
  • Saudi Arabia’s Foreign Ministry Criticizes JASTA, Congress Weighs Adjustment of Law
     

    Although the Congressional override of President Obama’s veto on the controversial Justice Against Sponsors of Terrorism Act (JASTA) was anticipated, it’s reality has proved shocking to U.S. leaders as well as countries globally.  Saudi Arabia’s foreign ministry has issued a statement strongly condemning the legislation and noted, as has been done frequently in the run-up […]

     
  • Jadwa Investment Report Looks at ‘Significant Implications of Vision 2030 on Trade and Financial Flows’ for Saudi Arabia
     

    A recently released Jadwa Investment report researches the impact that Vision 2030 is likely to have on international trade and investment flows with Saudi Arabia. This report looks at the evolution of the current account for the period 2016-30, which is forecast to reach a surplus of $135 billion (8 percent of GDP) by 2030. “While oil export […]

     
  • Deputy Crown Prince Mohammed bin Salman Cracks Bloomberg’s 50 Most Influential in Finance
     

    Saudi Deputy Crown Prince Mohammed bin Salman has been ranked 42nd Bloomberg’s list of the 50 Most Influential People in the world of finance. Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after […]

     

MUST-READS

  • Exporters explore cargo flights as way out of deepening Red Sea bottleneck

     Exporters are scrambling to find alternative air, land and ocean routes to get toys, apparel, tea and auto parts to retailers as disarray ripples through freight supply chains around the world during a wave of attacks in the Red Sea.

    Iran-backed Houthi militants in Yemen have stepped up attacks on vessels in the Red Sea since Nov. 19 to show support for Hamas during Israel's military offensive in Gaza.

  • Saudi Arabia Set for Major Events Expansion as Tahaluf Reveals Plans for 20 New Exhibitions Within 18 Months

    “Our new events will focus on Vision 2030’s strategically important sectors, including technology, real estate, infrastructure, aviation, pharmaceuticals, food, health and beauty, tourism, finance and hospitality,” said Michael Champion, CEO of Tahaluf and a co-creator of LEAP, the world’s fastest-growing technology event. “This scaling up of our already successful portfolio represents an unprecedented growth curve in the global events industry, and helps realise national ambitions in job creation, new business opportunities, support for economic diversification, and the delivery of tangible economic impact.”

  • Saudi Arabia elected chair of UN panel on cyclones in Arabian Sea, Bay of Bengal

    Saudi Arabia has been unanimously elected to chair the UN panel tasked with monitoring cyclones in the Arabian Sea and the Bay of Bengal, the Kingdom's meteorology office said on Wednesday. The appointment to the 13-nation member World Meteorological Organization/United Nations Economic and Social Commission for Asia and the Pacific (WMO/ESCAP) Panel on Tropical Cyclones in the Bay of Bengal and the Arabian Sea is just the latest in the Kingdom's growing involvement in world affairs.

  • Riyadh reluctant to derail Iran detente over U.S. Red Sea taskforce

    Saudi Arabia's name was conspicuously - perhaps surprisingly - absent from a list of countries the United States announced as part of its new naval coalition protecting Red Sea shipping from Yemen's Houthi group. Although it has a U.S.-equipped military, has been waging war on the Houthis for nearly nine years and relies on Red Sea ports for 36% of imports, Saudi Arabia along with Gulf ally the United Arab Emirates has proclaimed no interest in the venture.

  • Saudi’s ACWA Power signs $800 mn power purchase agreement for South African hybrid renewable project

    Saudi’s ACWA Power has entered into a power purchase agreement to support South Africa’s largest hybrid renewable power project, enhancing its portfolio of green energy initiatives. The project, known as Project DAO, is currently under construction and has a total cost of approximately $800 million. In addition, the investor consortium for the project includes ACWA Power as the leading developer, along with Thebe Investment Corporation and Aventro Investments.

  • SAR262.7 billion credit facility extended to SMEs in Saudi Arabia

    Saudi Arabia’s banking and financing sectors supported small, medium, and micro enterprises with SAR262.7 billion in credit facility by the end of the second quarter of 2023. That is the largest level of support to date, achieving an annual growth of around 18.8 percent. During the same quarter last year, the volume of credit facility amounted to SAR221.0 billion. Meanwhile, the total volume of credit facility provided in 2018 reached SAR108.5 billion.

  • Saudi Arabia Is the New China for Investors Hunting Down Growth

    Argyle says Saudi Arabia is still “very underrepresented” in investor portfolios even after the Tadawul index attracted net foreign inflows of over $3 billion this year. That’s a fraction of the $24 billion that poured in when the index joined the MSCI benchmark four years ago, but analysts say the volume will grow as reforms get under way.

  • An Abu Dhabi investor has bet $2.2 billion on Chinese EV maker Nio’s resurgence

    Chinese electric vehicle maker Nio just got a $2.2 billion funding boost from Abu Dhabi–based CYVN, even as its stock struggles to breach the $10 mark.

    CYVN, which pumped more than $1 billion into Nio back in July, bought 294 million shares at $7.50 each this time, Nio said in a statement. The latest infusion brings the Abu Dhabi investment vehicle’s stake in the EV manufacturer above 20%.

  • Shippers have already diverted about $35 billion in cargo from the Red Sea amid fears of attacks

    So far, shippers have diverted about more than $30 billion worth of cargo away from the Red Sea as they face the threat of attacks from Houthi militants in Yemen. Carriers are re-routing vessels as a direct result of 15 strikes in the Middle Eastern body of water since the start of the Israel-Hamas war in October. U.S. Defense Secretary Lloyd Austin announced the formation of an international task force to address security issues.

  • Hamas leader visits Egypt amid intensive talks on new ceasefire

     The leader of Hamas made his first visit to Egypt for more than a month on Wednesday, a rare personal intervention in diplomacy amid what a source described as intensive talks on a new ceasefire to let aid reach Gaza and get hostages freed.

    Hamas leader Ismail Haniyeh, who normally resides in Qatar, typically intervenes in diplomacy publicly only when progress seems likely. He last travelled to Egypt in early November before the announcement of the only agreement on a ceasefire in the war so far, a week-long pause during which more than 100 hostages were released.