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Recent stories from sustg

  • Trump’s Complex Global Business Interests Could Present Problems for President-Elect
     

    President-elect Donald Trump’s complex business dealings before and during his candidacy for the office, and now after his victory on November 8th, continue to draw scrutiny from the media and elected officials in the United States. The president-elect has drawn additional attention for his initial meetings with world leaders that apparently mix his business and family […]

     
  • 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 […]

     

MUST-READS

  • Saudi Arabia sports push embraces snooker, with a golden ball

    Saudi Arabia will hold its first major invitational snooker event in March as the kingdom continues to make sizable investments into a growing number of sports. The “Riyadh Season World Masters of Snooker” will take place between March 4 to March 6 at Boulevard Arena in the capital of Riyadh. The inaugural event will feature some of the world’s top snooker players, including Ronnie O’Sullivan — widely recognized as one of the most talented players in the sport’s history — 2019 world champion Judd Trump and 2023 world champion Luca Brecel.

  • The real reason the Saudi government is investing in sports. Hint: It’s not to impress you.

    Understanding the changes occurring in Saudi Arabia is critical for US policymakers and American companies, especially since more big Saudi sports investments are likely around the corner and Riyadh is part of a changing “middle power” geopolitical landscape. The negotiations around the PGA/LIV merger passed a December 31, 2023 deadline but are continuing, with reports that US investors may join the new entity.

  • Al Faisaliah Hotel in Riyadh, Saudi Arabia, has rebranded as Mandarin Oriental Al Faisaliah, Riyadh

    Mandarin Oriental has opened its first property in Riyadh, Saudi Arabia. Al Faisaliah Hotel in Riyadh, Saudi Arabia, has rebranded as Mandarin Oriental Al Faisaliah, Riyadh. The hotel features refreshed interiors and enhanced spa and wellness treatments. Tihany Design led the redesign of the guestrooms, suites, a ground floor lobby, level on meeting rooms and three atriums. The north building now offers multiple new room and suite categories. The hotel offers nine dining destinations, a gym, a 16-meter swimming pool with waterfalls, steam baths and Finnish-style saunas.

  • IBM inaugurates regional Saudi headquarters in Riyadh

    Global technology and cloud giant IBM has inaugurated its regional headquarters in Riyadh, as part of its mission to accelerate digital transformation in Saudi Arabia’s business landscape and society. Having received a formal nod to establish its regional headquarters last year, IBM and the Ministry of Investment have now formally celebrated the milestone at a joint signing ceremony.

  • Almosafer becomes inaugural travel partner of Riyadh Air, CEO reveals

    Saudi ravel company Almosafer has become the inaugural partner of the Kingdom’s new flag carrier, Riyadh Air, according to a senior executive. Speaking to Arab News on the sidelines of the second Saudi Tourism Forum in Riyadh, the CEO of Almosafer – which is part of Seera Group – Muzzammil Ahussain noted that the companies will work together to merge their technologies. The integration aims to ensure that Riyadh Air’s content will be available for customers on the company’s platform.

  • Saudi news: Aramco’s new VC money, a new Saudi doc on Netflix, Nadal + Saudi tennis, and more

    6 top storylines on Saudi Arabia: •The 54th Annual Meeting of the World Economic Forum (WEF) is taking place in Davos-Klosters, Switzerland, from January 15–19. •Aramco, one of the world’s leading integrated energy and chemicals companies, has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures. •Analysts at real estate firm Savills KSA told Arabian Business that apartment rents in Riyadh surged by as much as 23 percent in northern neighborhoods last year. •Aramco Digital and Intel plans to establish Saudi Arabia’s first Open RAN (radio access network) development center •Konoz, an initiative of the Saudi Ministry of Media’s Center for Government Communication, launched "Horizon", a new documentary documenting the Kingdom’s rich biodiversity and natural resources. •Rafael Nadal's role in helping to grow tennis in the Gulf is set to increase significantly after the Spanish great was appointed ambassador of the Saudi Tennis Federation (STF).

  • Riyadh’s multi-billion EV dream risks crashing into reality

    Riyadh has spent billions to try to turn itself into a hub for electric vehicles and overcome obstacles including a lack of infrastructure, talent and raw materials, as it seeks to catch up in the global race to reap the profits of the new industry. As part of a broader plan by Saudi Crown Prince Mohammed bin Salman to wean the economy off oil and create jobs, the kingdom has invested at least $10 billion in U.S.-based Lucid Motors, set up Ceer, Saudi Arabia's own brand, and built an EV metals plant.

  • World’s Most Ambitious Trade Route Stalls in Middle East Turmoil

    A far-reaching plan to channel Europe-Asia trade through the Middle East is at risk of stalling before it even gets started. The Israel-Hamas war has halted progress on what’s known as the India-Middle East-Europe Economic Corridor — a project touted last year by Washington and key allies that envisages building new rail links across the Arabian peninsula. As Houthi attacks disrupt Red Sea shipping and turmoil spreads across the region, IMEC is effectively on ice. That’s a setback for US strategy, because the plan served multiple purposes – to counter China’s Belt and Road infrastructure program, build influence in the so-called “Global South,” and speed up the hoped-for rapprochement between Israel and Saudi Arabia.

  • Saudi Arabia’s Wealth Fund PIF Joins EM Rush to Tap Dollar Bond Market

    Saudi Arabia’s sovereign wealth fund raised $5 billion of high-grade bonds on Monday, the latest borrower to benefit from investors’ demand for emerging-market debt. The Public Investment Fund sold five-, 10- and 30-year senior unsecured notes in US dollars, according to a person familiar with the matter. Combined order books were above $27 billion, excluding joint lead managers’ interest, said the person, who asked not to be identified because they’re not authorized to speak about it.

  • Saudi’s SABIC gives go-ahead for $6.4 bln China petrochemical plant

    Saudi Basic Industries Corp (SABIC) (2010.SE), opens new tab will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.
    The project, expected to cost around $6.4 billion, will be developed in a joint venture with state-owned Fujian Fuhua Gulei Petrochemical.
    First proposed in 2018, the joint venture marks the latest in a series of tie-ups between Saudi firms and Chinese refiners.