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Recent stories from sustg
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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 […]
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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 […]
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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 […]
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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 […]
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Saudi Arabia Eyes Privatization of Power, Opening Opportunities for International Power Companies
Saudi Arabia is heading towards privatizing the electricity sector and “shifting towards solar and alternative energy in the framework of its efforts to reduce the use of fossil fuels in production rates,” according to a report in Asharq Al-Awsat citing “informed sources.” The Saudi Electricity Company plans to “split into four units with local and […]
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More than 50 Members of U.S. GOP ‘Foreign Policy Community’ Write Open Letter Calling Donald Trump Unfit for Office
An open letter signed by over 50 members of the Republican foreign policy community, including former Department of Homeland Security Secretary Michael Chertoff and former Deputy Secretary of State Robert Zoellick, has called Donald Trump unfit for office and pledged to work to stop him from receiving the Republican nomination. “We the undersigned, members of […]
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Nitaqat Effort Suffers Setback: 2015 was the ’Slowest Annual Increase on Record for Saudi Net Employment’ as Most New Jobs Still Going to Non-Saudis
A recently released Jadwa Investment report on Saudi Arabia’s labor market found little headway being made in Saudi Arabia’s goal of increasing employment of Saudis. According to Jadwa Investment, although Saudi Arabia’s unemployment rate fell slightly from 11.7 percent in 2014 to 11.5 percent in 2015, “of these positions, 368 thousand (or 88 percent) […]
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Saudi Central Bank Announces an ‘Affordable Mortgage’ Program Intended to Boost Housing Sector
Saudi Arabia’s central bank said in a statement it plans to launch an “affordable mortgage” program to finance residential real estate purchases by Saudi citizens, according to reports. Home buyers would be responsible for a down payment of 15 percent of the property’s value, and commercial banks would supply a further 70 percent. An additional […]
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‘Saudi Student Boom’ for U.S. Colleges and Universities may be Slowing as Scholarship Program Evolves
A number of reports have indicated that the popular King Abdullah Scholarship Program (KASP) that has placed hundreds of thousands of Saudi students at academic institutions all over the world is being reviewed and can anticipate significant changes with regard to the program’s size and scope. In 2014 over 207,000 Saudi students and dependents were […]
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State Department Approves $200m Services Contract Request from Saudi Arabia which will ‘Increase U.S. – Saudi Arabia Military Interoperability’
The State Department has approved a request for continued support services to Saudi Arabia at an estimated cost of $200 million. According to a release from the Defense Security Cooperation Agency (DSCA), the sale “will enhance the foreign policy and national security objectives of the United States by helping to improve the security of an […]
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Saudi Arabia unveils major plan to develop waste sector
Saudi Arabia’s Ministry of Environment, Water, and Agriculture has unveiled a major plan to develop the waste sector in the Kingdom. Under this initiative, the Saudi ministry aims to take its recycli Read more at: https://www.gccbusinessnews.com/saudi-arabia-to-develop-waste-sector/
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Mohammed bin Salman Stadium: Saudi Arabia announces new 45,000 seat venue in Qiddiya
Saudi Arabia’s Qiddiya will be home to the Kingdom’s new 45-000 seat stadium set to be the world’s first fully integrated venue with a combined retractable roof, pitch, and giant LED wall, the Board of Directors of the Qiddiya Investment Company (QIC) announced on Monday. The multi-use Prince Mohammed bin Salman Stadium will host some of Saudi Arabia’s biggest sports, entertainment, and cultural events, according to a statement carried by the Saudi Press Agency (SPA).
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Saudi Arabia, Canada agree to re-exchange trade delegations
Saudi Arabia and Canada have agreed to re-exchange trade delegations after it was suspended for five years. The Federation of Saudi Chambers of Commerce said it signed a memorandum of understanding with the Canadian side to form a joint Saudi-Canadian Business Council. The move came amid Riyadh and Ottawa resumed full diplomatic ties last year.
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Mancini slams Saudi players who opted to leave Asian Cup squad
Saudi Arabia coach Roberto Mancini criticised the players who left the national camp ahead of the Asian Cup due to a potential lack of playing time, saying on Monday that he only wanted players ready to fight for the shirt.
Goalkeeper Nawaf Al-Aqidi, midfielder Salman Al-Faraj and full back Sultan Al-Ghannam were excluded by Mancini ahead of the continental tournament in Qatar and the Italian manager said they were all in the initial list of players called up.
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Everything to Know About the World’s Largest Arabic Grand Opera Coming to Saudi Arabia
Titled Zarqa Al Yamama, the production is organized by the Theatre and Performing Arts Commission of Saudi Arabia and under the patronage of Minister of Culture Prince Badr bin Abdullah bin Farhan, who is also the chairman of the commission’s board of directors. It marks the first time a grand opera has been produced in the Kingdom and is the largest Arabic grand opera to ever be staged. The opera will take place in Riyadh, and kick off after Eid al-Fitr, running from April 25 to May 4. The venue of the grand opera is yet to be announced.
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Saudi inflation eases to 1.5% in December 2023
Saudi Arabia’s inflation declined to 1.5% in December 2023 compared with the previous month, according to recent data by the General Authority for Statistics (GASTAT). The cost-of-living index for December rose to 110.15 points, according to the base year 2018, from 108.53 points in the same month a year earlier.
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Saudi passport advances its global ranking to 61st among over 200 countries
The Saudi passport advanced its global ranking to 61st during the current year of 2024 from 65 during the year 2023.
The ranking was made among passports of more than 200 countries in the world, in terms of the number of countries that its holder is allowed to enter without obtaining a visa. It was found that Saudi Arabia allows its holder to enter 89 countries without a visa. This came in the ranking list of the most powerful passports, prepared annually by Henley & Partners, which specializes in providing advice on immigration and investment in countries around the world. -
Will Saudi Arabia build on domestic boom with first Asian Cup triumph in 28 years?
Having such big names playing in the domestic league will always have immediate benefits but, from a longer-term perspective, the hope is that training daily with higher-level players would also raise the level of the local talent.
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‘Precarious’ year ahead for world economy, Davos survey predicts
The global economy faces a year of subdued growth prospects and uncertainty stemming from geopolitical strife, tight financing conditions and the disruptive impact of artificial intelligence, a survey of top economists released on Monday found.
Conducted each year ahead of the World Economic Forum's (WEF) annual meeting in the Swiss resort of Davos, the survey of 60-plus chief economists drawn globally from the private and public sectors attempts to sketch priorities for policymakers and business leaders.
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Scientists unveil blueprint for affordable solar cells to power Saudi Arabia and beyond
The authors of the article, published in Science, include Prof. Stefaan De Wolf and his research team at King Abdullah University of Science (KAUST) and Technology Solar Center. The team is working on improving solar efficiency to meet Saudi Arabia' solar targets.
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