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Recent stories from sustg

  • Biden’s Oil Boom
     

    Reuters reports that during the Biden administration not only has oil production hit record highs but energy company profits, dividends, drilling permits, jobs and energy exports are all up.

     
  • PIF Increases Investment in Lucid
     

    Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a regulatory filing with the U.S. securities regulator.

     
  • Saudi Arabia to join Miss Universe for the first time
     

    27-year-old model, influencer, and beauty pageant veteran Rumy AlQahtani announced on Instagram that she will be representing Saudi Arabia in 72nd Miss Universe contest in Mexico later this year.

     
  • Hyundai and Red Sea Global Agree to Test EVs and Air Mobility Systems
     

    Hyundai Motor Group said on Monday it has agreed with Saudi Arabia’s state-sponsored developer Red Sea Global (RSG) to cooperate in the Middle Eastern country’s push for electrification and other eco-friendly future mobility projects.

     
  • Saudi Film Commission Reports Impressive 2023 Growth Statistics
     

    Published in Screen Daily, the Saudi Film Commission reported on topline 2023 metrics for Saudi Arabia’s growing film industry. With more than 50% of the Saudi population under 25, there is a significant appetite for cinema, particularly for US action films, Egyptian comedies, and Saudi narratives.

     
  • FIFA Series 2024 Friendly Matches Kick Off in Jeddah
     

    The FIFA Series: Saudi Arabia A will be held in Jeddah, Saudi Arabia from March 21–26, 2024. The event will feature two groups, including Cambodia, Equatorial Guinea, Guyana, and Cape Verde. The series is designed to help national teams that do not often play teams from other confederations, and FIFA will cover the teams’ travel costs. There will be […]

     
  • NYT Reports on Proposed $40B Saudi AI Investment
     

    The New York Times’ Maureen Farrell and Rob Copeland report that Saudi Arabia is working with Wall Street banks to establish a $40 billion AI-focused investment fund.

     
  • U. S. Secretary of State Antony Blinken to Visit Middle East this week Seeking Ceasefire Agreement
     

    U.S. State Department spokesman Matthew Miller said, “The Secretary will discuss efforts to reach an immediate ceasefire agreement that secures the release of all remaining hostages, intensified international efforts to increase humanitarian assistance to Gaza, and coordination on post-conflict planning for Gaza, including ensuring Hamas can no longer govern or repeat the attacks of October 7.”

     
  • OPEC and IEA Agree on Something
     

    The Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), two of the leading global energy forecasters, have long disagreed on demand growth.  They agree on this however.

     
  • Saudi Non-Oil Activity reaches 50% of GDP as Economy Continues to Diversify
     

    Non-oil economic activity in Saudi Arabia contributed 50 percent to the Kingdom’s gross domestic product in 2023, the highest level ever, the Ministry of Economy and Planning said on Thursday. The total non-oil economy was worth $453 billion at constant prices, driven by continued growth in investment, consumption and exports.

     

MUST-READS

  • The Importance of Venture Capital for Startups in Saudi Arabia

    Startups are a critical component of the 21st-century economy, driving innovation, creating jobs, and fostering national economic growth. In Saudi Arabia, venture capital (VC) is gaining increasing importance in supporting startups and enabling them to grow and thrive. In this article, we'll explore the importance of venture capital for startups in Saudi Arabia and its impact on the national economy.

  • Amid Iran-Israel confrontation, large blast at Iraqi base raises questions

    A massive explosion at a base used by Iraqi security forces, including the Popular Mobilization Units (PMU), has raised questions over culpability. The blast has particularly grabbed attention as it follows the unprecedented direct exchange of fire between Iran and Israel. While PMU representatives initially blamed the US for the incident, a subsequent retraction has led to speculations about the true nature of the blast. 

  • Why British and US strikes on Yemen are not working

    On Jan. 11, 2024, Britain and the US initiated airstrikes in Yemen with the stated goal to degrade the capabilities of the Ansarullah movement—better known as the Houthis. The decision was prompted by the Iran-backed movement’s claim of targeting ships headed to and from Israel since Nov. 2023, in an effort to allegedly force a ceasefire in Gaza. However, the western strikes have not been effective. Paradoxically, they have instead emboldened the Houthis to escalate their attacks.

  • Saudi Arabia clashes with West over Chinese green tech

    The head of Saudi Arabia’s state oil company praised China’s exports of green technology, echoing Beijing’s talking points in what appeared to be a deliberate rebuke of Western policymakers. “China really helped by reducing the cost of solar energy,” Aramco CEO Amin Nasser told the World Energy Congress in Rotterdam on Monday. “We can see the same now in electric vehicles…a lot of policymakers do not understand what is required and how [the energy transition] is going to happen.”

  • 9% spike in Mideast military spending driven by Saudi Arabia, Israel, Turkey

    The institute noted that three largest spenders in the region — Saudi Arabia, Israel and Turkey — all increased military spending last year. Saudi Arabia was the fifth largest spender in the world, with spending increasing 4.3% from the year prior to $75.8 billion in 2023. However, Saudi military spending from the 2014 through 2023 decreased by 18% compared to the previous decade.  

  • Iran’s Israel strike coincided with crackdown on dissent at home

    The same day Iran launched its first ever direct attack on Israel it embarked on a less-noticed confrontation at home, ordering police in several cities to take to the streets to arrest women accused of flouting its strict Islamic dress code.
    Iranian authorities insist that their so-called Nour (Light) campaign targets businesses and individuals who defy the hijab law, aiming to respond to demands from devout citizens who are angry about the growing number of unveiled women in public.

  • Israel military strikes northern Gaza in heaviest shelling in weeks

    Israel bombarded northern Gaza overnight in some of the heaviest shelling in weeks, panicking residents and flattening neighbourhoods in an area where the Israeli army had previously drawn down its troops, residents said on Tuesday.
    Tanks made a new incursion east of Beit Hanoun on the northern edge of the Gaza Strip, though they did not penetrate far into the city, residents and Hamas media said. Gunfire reached some schools where displaced residents were sheltering.

  • Saudi Arabia pushing for Israel to accept ceasefire, more aid into Gaza: FM

    Saudi Arabia is pushing for a ceasefire in Gaza and the entry of more aid into the territory amid Israel’s war on Hamas, the Kingdom’s Minister of Foreign Affairs Prince Faisal bin Farhan said in an interview with Al Arabiya.

    An agreement between Hamas and Israel must include those two factors, he said.

  • EU announces five-year Schengen visas for Saudi, Omani and Bahraini citizens

    The Schengen Area, which includes 29 European countries, was expanded last February to include Bulgaria and Romania, eliminating all air and maritime border controls.

    Citizens from the UAE, Qatar, Bahrain, Jordan, Kuwait, Oman, Saudi Arabia have been exempted from the UK's pre-entry visa requirements.

    In November, Gulf countries announced plans for a unified tourist visa similar to the Schengen permit in a move to ease travel for residents and tourists.

  • Saudi PIF Merges Mobile Tower Firms to Create Regional Giant

    Saudi Arabia’s sovereign wealth fund agreed to buy a majority stake in Saudi Telecom Co.’s tower unit for 8.7 billion riyals ($2.3 billion) and plans to merge it with other local assets to create a new mobile tower giant.

    The Public Investment Fund will own 54% of the new venture while STC, as Saudi Telecom is known, will hold 43%, according to a filing on the Saudi stock exchange. The entity will combine towers unit Tawal with Golden Lattice Investment Co., which the PIF bought from Zain Saudi last year, and manage a portfolio of about 30,000 towers across five countries.