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Recent stories from sustg

  • KSRelief Spearheads Saudi aid to Gaza and the Globe
     

    King Salman Humanitarian Aid and Relief Centre (KSRelief) provides humanitarian aid and relief to people outside of Saudi Arabia’s borders. KSRelief was established by King Salman bin Abdulaziz in 2015 and works in 46 countries, with a focus on the Middle East and North Africa region.

     
  • 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.

     

MUST-READS

  • Saudi Arabia makes up 41% of GCC telecom revenues, 37% of assets

    Saudi Arabia accounted for 41% of total revenues in the GCC telecommunications and information technology sector and 37% of total assets. The revenues of Saudi-listed companies listed within the sector reached about SAR 119 billion in 2023, marking growth of more than 10% year-on-year (YoY). This was presented by Argaam team during the ICT Indicators Forum 2024 in its tenth edition, organized by the Communications, Space & Technology Commission (CST). The Kingdom accounted for 34% of the total sector’s assets valued at SAR 250 billion in 2023, with a YoY rise of about 12%.

  • Saudi Arabia’s King Salman leaves hospital after tests

    Saudi King Salman left hospital after a routine check-up on Wednesday, the Royal Court said in a statement carried by the official Saudi Press Agency.

    Earlier in the day, the Royal Court said King Salman entered King Faisal Specialist Hospital in Jeddah for a routine check-up for “a few hours".

    “May Allah protect the Custodian of the Two Holy Mosques and grant him health and wellness,” the court said.

  • Saudi Arabian healthcare group Fakeeh Care Group announces IPO

    Saudi Arabia's Fakeeh Care Group, one of the largest private hospital groups in the kingdom, said on Wednesday it planned to proceed with an initial public offering (IPO) through the sale of a 21.47% stake in existing and new shares.
    The family-owned business, with hospitals in Jeddah and Riyadh, plans to offer 30 million new shares and 19.8 million existing shares to investors, it said in a statement.

  • Saudi Arabia’s non-oil exports surge by 4.4%: GASTAT

    Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent in February compared to the same period of 2023, official data showed. According to the General Authority for Statistics, the total value of this sector reached SR21.86 billion ($5.83 billion), marking a rise from SR20.93 billion in the same period of the previous year.

  • IMF To Open New Regional Office In Saudi Arabia

    The first director of the regional office will be Mr. Abdoul Aziz Wane who is a seasoned IMF leader with deep knowledge of the institution and a vast network of policymakers and academics across the world. He is a national of Senegal.

  • In Iran, talk of capacity to build nukes sparks bipartisan backlash

    Supreme Leader Ayatollah Ali Khamenei has accused the US of attempting a Libya-style shutdown of Iran’s nuclear facilities. This comes as some Iranian officials have indicated that the Islamic Republic may turn to nuclear weapons if pushed into a corner. But rather than being welcomed amid tension with Israel, such remarks have sparked a cross-partisan backlash—with both media and pundits portraying such discourse as a pretext for the west to further sanction Iran.

  • Israel’s Next Front? Iran, Hezbollah, and the Coming War in Lebanon

    Over the past six months, tensions along Israel’s border with Lebanon have escalated dramatically. Israel has now deployed 100,000 troops to its north to confront the Shiite militant group Hezbollah, and the fighting there has steadily intensified. Nearly 400 Lebanese—including around 70 civilians and three journalists—have been killed, 90,000 Lebanese civilians have been displaced from around 100 towns and villages along the Israeli-Lebanese border, and Lebanese villages and olive groves have incurred widespread damage from phosphorus bombs.

  • IAEA may hold ‘high-level’ talks in Iran as nuclear concerns grow

    The International Atomic Energy Agency (IAEA), the UN’s nuclear watchdog, is considering holding a high-level political discussion in Tehran within the next “couple of weeks” as concerns grow about Iran’s nuclear programme, its director general has said.

    Iran, which is currently in the middle of a stand-off with Israel – another nuclear nation – is “very close” to possessing enough enriched uranium to produce several nuclear warheads, Rafael Grossi told The National on the sidelines of the World Energy Congress on Wednesday.

    “But that does not mean they have them now. One needs to be careful,” Mr Grossi said.

  • Despite backlash, Bahrain goes all in on supercar brand

    Mumtalakat, Bahrain’s sovereign wealth fund, last month expanded its shares to become sole owner of the British McLaren Group. The sports car brand has been facing significant financial uncertainty and recently incurred substantial losses. To Bahrainis, the move is a surprise given their country's own struggling economic climate—including an expected budget deficit of 8.2% of GDP through 2024. The International Monetary Fund (IMF) projects that the size of the island nation’s economy will stand at 17.7B BHD (47.1B USD) this year.

  • Will Biden enable Pakistani energy imports from Iran?

    Ebrahim Raisi has traveled to Pakistan, marking the first trip by an Iranian president to the country’s eastern neighbor in over eight years. Iranian state media have focused on the potential economic benefits of the visit, which could involve a deal on the completion of a stalled gas pipeline opposed by the US. If Islamabad fails to complete its section of the pipeline, it could face Iranian legal action potentially resulting in 18B USD in fines.