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Recent stories from sustg

  • In Egypt, Saudi Arabia’s King Salman Reaffirms Commitment to Bi-Lateral Ties
     

    In what is being hailed as a landmark visit, Saudi Arabia’s King Salman arrived in Egypt to re-affirm Saudi-Egyptian ties and engage a critical regional ally on key foreign policy concerns. King Salman, who was also accompanied by Deputy Crown Prince Mohammed bin Salman and dozens of Saudi officials and leaders, including 14 ministers, was received […]

     
  • Crown Prince Mohammed bin Naif Joins Twitter
     

    Following the lead of King Salman and other top Saudi government officials, Saudi Arabia’s Crown Prince has joined the social microblogging website Twitter using the handle @M_Naif_Alsaud.  The Crown Prince chairs the Council of Political and Security Affairs (CPSA) and is Minister of Interior of Saudi Arabia. His first tweet, sent on April 5, 2016 […]

     
  • Saudi Arabia was world’s third largest military spender in 2015, surpassing Russia
     

    Saudi Arabia surpassed Russia in military spending for 2015 to be the world’s third largest spender on defense, according to a new report by the Stockholm International Peace Research Institute (SIPRI). The United States retained its top position globally in total military spending in 2015, accounting for almost one-third of all military spending globally. The […]

     
  • Saudi Arabia taking ‘unprecedented hands-on role in housing finance and development’
     

    Saudi Arabia’s housing minister Majed al-Hogail gave an interview with Bloomberg last week in which he discussed the government’s plans to create its own development company and start a mortgage-guarantee fund to encourage banks to increase lending for Saudis. “‘We are looking to improve the productivity of the local developers’ but also trying to attract international […]

     
  • Throwback: Photos of King Salman at King Saud University, 40 Years On
     

    Recently released photos by the Saudi Press Agency (SPA) show King Salman at the King Saud University roughly 40 years ago, as the then-prince assisted in shaping the Riyadh-based University to be what it is today. King Saud University (KSU) is billed as “the premier institution of higher education in the Kingdom of Saudi Arabia. Prince […]

     
  • New Homeland Security Decision Allows Saudi Students to Stay in U.S. for 3 Years By Getting On the Job Training
     

    The United States Department of Homeland Security (DHS) recently published a new rule allowing F1 students the opportunity to stay in the country longer “by getting training on the job at some companies for a period of 36 months,” according to a report in Arab News and information posted to the DHS website. According to DHS, […]

     
  • What Will Be Saudi Arabia’s Next Tourist Destination?
     

    Saudi Arabia’s King Abdullah Economic City (KAEC) attracted more than 100,000 visitors last year, a sign that the planned mega city about 100 miles north of Jeddah on the Red Sea might become Saudi Arabia’s next domestic tourist destination. Although Saudi citizens typically flock to Dubai, Bahrain, or elsewhere abroad for leisure trips, that might […]

     
  • In Bid to Boost Transparency, Saudi Regulators Require International Banks to Disclose Financial Statements
     

    Saudi Arabia’s Capital Markets Authority (CMA) is instructing international banks to publicly disclose financial statements for the first time as the kingdom seeks to boost transparency, according to a report in Bloomberg. The Bloomberg report says that companies under the regulation of the CMA in Saudi Arabia must publish the financial information on their websites […]

     
  • Surge in Flights from Saudi Airports as Kingdom’s Aviation Sector Booms
     

    Saudi Arabia’s airports have seen a “substantial growth in international traffic” as the number of international flight services from the Kingdom’s airport surges 50% since last year. The number of international flight services from the domestic airports jumped by 51.5 percent to 26,361 at the end of 2015 from 17,405 in 2014, according to a […]

     
  • Construction Payment Delays Draw International Attention, Report Says
     

    Foreign governments are pressing both government authorities and company executives in Saudi Arabia “to ensure that local construction firms make delayed salary payments to thousands of workers, a sign of pressure on the kingdom’s economy due to low oil prices,” according to a Reuters report. Construction firms in Saudi Arabia are have been squeezed as […]

     

MUST-READS

  • Opinion: How Saudi Arabia Could Use Its Leverage in Gaza

    To assume that Saudi Arabia and GCC states would readily agree to pay for the reconstruction of an inherited catastrophe, and then take responsibly for its security, reveals the naïve illusions entertained by many in Israel and the West. Western and Israeli discourses often depict the GCC states as irrational actors that spend first and think later—as if the GCC states’ only function in the world system is to throw money at other states’ problems. This is far from the reality. Nowadays, nothing in Saudi Arabia is spent unless it is deemed to be serving the kingdom’s interest; “Saudi Arabia first” is the principle that Saudi’s foreign policy is based on.

  • Saudi Arabia: Prophet’s Mosque in Medina hosts over 5 million worshippers in a week

    The Prophet’s Mosque in Medina has witnessed an impressive influx of worshippers, with around 5,119,000 individuals visiting between December 8 and 15.
    The General Authority for the Care of the Affairs of the Prophet’s Mosque effectively organised and facilitated the entry of 501,938 visitors to Prophet Mohammad’s (Peace Be Upon Him) tomb, and 235,341 devotees performed prayers at the revered Al Rawdah Al Sharifa.

  • A look back at the developments of Saudi Srabia’s futuristic NEOM project unveiled in 2023

    In 2023, NEOM, Saudi Arabia’s futuristic giga city, sparked global excitement with the revelation of several new destinations. The ambitious project achieved significant progress in the early months of the year, hitting a noteworthy milestone as the CEO announced one-fifth completion by February. With the first wave of tourists expected in 2024, NEOM continues to unveil fresh locations and showcase rapid construction, underscoring the project’s momentum. Beyond the initial mega-cities, Sindalah, Trojena, Oxagon, and the LINE, the latest additions include the sustainable tourist hub named Leyja, the sleek Epicon Towers, the hexagonal-pillar retreat called Siranna, and an events space called Utamo. Furthermore, in 2023, NEOM introduced its own airline, as well as Topian, its food company that promises to reshape global food systems. Keep reading below to uncover all the exciting NEOM developments unveiled throughout 2023.

  • Ancient Hajj routes protection planned by Saudi Arabia, Bahrain, Iraq

    Saudi Arabia, Bahrain and Iraq are developing a plan to protect Hajj routes that have been used over the centuries by pilgrims in the Arabian Peninsula. The initiative is being developed by the Kingdom’s Heritage Commission, the Arab Regional Centre for World Heritage in Bahrain, and the State Board of Antiquities and Heritage in Iraq, the Saudi Press Agency reported on Monday. The plan was mooted at a recent workshop and encompasses the famous Zubaydah route from Iraq to Makkah.

  • Chefaa raises $5.25 million investment to solidify presence in Saudi Arabia

    Chefaa, a patient-centric pharmacy benefits platform, has secured $5.25 million in a strategic leap from new and existing investors. It was co-led by Newtown Partners (South Africa) and Global Brain (Japan), with GMS Capital Partners LLC (US), Verod-Kepple Africa Ventures (Nigeria), and M3, Inc. (Japan). The investment comes after Chefaa's successful launch of operations in KSA, where Chefaa is now operating in 8 Saudi cities. Moreover, this strategic funding will support Chefaa's efforts to scale all models designed to digitise the supply chain and empower industry stakeholders, which inevitably reflect on users’ experiences and boost compliance with treatment. The main mission of Chefaa remains to lead the safe digital transformation of healthcare through a patient-centric, comprehensive approach.

  • Saudi investment funds surpass one million participants milestone in Q3

    According to official data, the number of subscribers in public and private investment funds in Saudi Arabia has surpassed one million for the first time. At the end of the third quarter of 2023, there were over 1.126 million subscribers, marking a significant increase compared to the same period last year when the number stood at 677,400. This represents a remarkable 66 percent growth. The real estate sector, encompassing both public and private funds, accounted for the largest number of subscribers, SPA reported.

  • Visualized: How the Oil and Gas Industry Spends Its Profits

    Unlike previous years, a majority of the oil and gas industry’s 2022 profits were channeled towards enhancing shareholder dividends and reducing debt burdens. This means that capital expenditure for oil and gas production dropped below 50% of total spending for the first time in more than 15 years.

  • US Announces New Task Force to Counter Houthi Red Sea Threat

    Austin said the countries involved in the new task force — dubbed Operation Prosperity Guardian — include the US, the UK, Bahrain, Canada, France, Italy, the Netherlands, Norway, the Seychelles and Spain. It will be run under the umbrella of a pre-existing grouping in the region, the Combined Maritime Forces, and the leadership of its Task Force 153, which focuses on the Red Sea.

  • Liftoff: Airline Industry Returns to Profits in 2023

    Having largely left behind Covid-related turbulences, the global airline industry emerged from the storm in 2023, returning to profitability after three years of deep losses. According to the International Air Transport Association (IATA), commercial airlines are expected to end the year with $23.3 billion in net profit, up from a loss of $3.8 billion in 2022 and significantly higher than previously expected. Back in December of last year, IATA had predicted 2023 profits to be "razor thin", projecting just $4.7 billion in industry-wide net income.

  • Going Big: Assessing the Growth Ambitions of the Saudi Public Investment Fund

    As its global and domestic footprint has grown, the PIF’s assets under management have risen rapidly. It is currently the world’s seventh-largest sovereign wealth fund. Looking ahead, the PIF aims to reach 4 trillion riyals ($1.1 trillion) of assets under management by 2025 and 7.5 trillion riyals ($2 trillion) by 2030.