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After Coronavirus Hit in 2020, Saudi Economy to Grow 2.9% in 2021, IMF Says
- April 15,2020
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- SUSTG Team
Saudi Arabia’s economy is forecast to contract 2.3 percent in 2020, with non-oil GDP expected to contract by 4 percent due in part to the global recession caused by the spread of the deadly coronavirus, the IMF said.
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Women’s Historic Inaugural Golf Event in Saudi Arabia Rescheduled for October
- April 14,2020
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- SUSTG Team
The first women’s professional golf event to be staged in Saudi Arabia, the Aramco Saudi Ladies International presented by Public Investment Fund, has been rescheduled for Oct. 8-11, receiving a new date after postponement last month due to the coronavirus pandemic.
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Russia, Saudi Arabia and OPEC Reach Deal for Historic Production Cuts
- April 13,2020
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- SUSTG Team
Russia, Saudi Arabia and OPEC reached a historic deal on oil production cuts over the weekend, agreeing to cut almost 10 percent of global supply with Russia and Saudi Arabia bearing the brunt of the cuts.
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Saudi Arabia, Russia Agree on Oil Cuts, Hope to Finalize Participation from Mexico, U.S.
- April 10,2020
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- SUSTG Team
Saudi Arabia, Russia and their allies will press Mexico on Friday to join an accord for collective oil production cuts equivalent to 10% of global supplies, Reuters reports, after the two heavyweights agreed on the cuts but Mexico “walked out” of talks yesterday at the last minute.
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Saudi Arabia’s PIF Bulks Up Energy Holdings with $1 Billion in Four Major European Oil Companies
- April 9,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund has “amassed stakes worth roughly $1 billion in four major European oil companies,” the WSJ reports, as the deep-pocketed sovereign wealth fund goes on a buying spree of assets on the cheap amidst a global economic downturn.
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Saudi Arabia to Spend $4 Billion in Fight Against Coronavirus
- April 8,2020
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- SUSTG Team
Saudi Arabia will increase its spending to fight the spread of the coronavirus in the Kingdom, earmarking an additional 7 billion riyals (USD 1.8 billion) yesterday on top of the 8 billion riyals (USD 2.1 billion) earmarked at the beginning of the virus outbreak, according to Asharq Alawsat.
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Saudi Arabia’s PIF Discloses 8.2% Stake in Carnival Cruises
- April 7,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund disclosed on Monday that it had acquired an 8.2% stake in Carnival Corporation & plc, operator of Carnival Cruise line, as of March 26, according to reports.
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Big Week for Oil Prices as Major Producers Scramble for a Deal
- April 6,2020
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- SUSTG Team
Saudi Arabia, Russia, OPEC countries and the United States are hoping this week a deal can be reached on production cuts to prevent the price of oil from falling further on international indices, but some analysts and market observers are skeptical that such a deal can come together given the current market dynamics.
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Jadwa Investment’s April 2020 Chartbook Shows Early Challenges for Saudi Economy Amid Global Coronavirus Outbreak
- April 2,2020
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- SUSTG Team
Jadwa Investment’s recently-released April 2020 Saudi Chartbook highlighting latest data for the Kingdom’s economy shows indications that the Coronavirus will have a negative impact on the economy as Saudi Arabia locks down to safeguard its citizens.
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Saudi Arabia Approves Government Asset Privatization on Local Stock Market
- April 1,2020
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- SUSTG Team
Saudi Arabia’s government approved the listing of government assets planned for privatization on its stock market, according to reports.
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MUST-READS
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Food and BeverageNew sugar refinery to start ops in Saudi Arabia by end-2017
A new sugar refinery is due to start operations in Jizan in southwest Saudi Arabia by the end of 2017, adding to a stream of projects that will significantly raise the Middle East's refining capacity.
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Early EducationNew educational partnership in Saudi Arabia to launch six pilot schools
“The really big step in this project is that Saudi Arabia is investing in Early Intervention services for the first time. All the research indicates that providing services at an early age helps with brain development and skill building. This new Early Intervention pilot project will open the doors for young children with disabilities and their families to get services in Saudi Arabia,” said Valerie Close, co-director of Early Childhood CARES.
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Paris AttackArab cartoonists pen their response to Charlie Hebdo affair
Arab cartoonists are hitting back over the Charlie Hebdo affair with satirical works questioning the meaning of free speech in the west, while attacking their own hypocritical leaders as well as Israel and the perceived double standards that are applied to Muslims.
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Real EstateUK property firm inks JV to start Saudi Arabia ops
Chestertons, the international property agency, has entered into a joint venture agreement with MEDAD Valuation International to establish operations across Saudi Arabia.
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Women DrivingYoung, smart and driving for change in Saudi Arabia
They may not be taking to public spaces any more, owing to the political and military crackdown on them, but it would be wrong to assume the Arab people, especially the young, are happy about the status quo. After all, they are more educated, entrepreneurial, cosmopolitan, and hyperconnected than any previous generation, and they will not become complacent while being subjected to bad policies.
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PharmaceuticalsFrance’s Sanofi to start production in Saudi Arabia at KAEC
On Wednesday the company formally inaugurated its factory at King Abdullah Economic City, an industrial and residential development on the Red Sea. Meir said the plant would initially produce antibiotics, cardiovascular drugs, diabetic medication and medicine to protect against blood clots.
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Start-Up InvestmentSaudi Arabia builds start-up culture with state oil money
Saudi Aramco founded its Aramco Entrepreneurship Center (AEC) in 2011. Its managing director Sami Khursani told Reuters: "We have Aramco’s support to invest more and more. Money here is not an issue - we are looking for quality deals that are entrepreneurially promising."
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Mobile GamingPlayPhone partners with Saudi Arabian mobile carrier to take games to the Middle East
Mobily is the leading mobile carrier in Saudi Arabia, and it has more than 200 million mobile subscribers. Mobily will call its store PlayZone, and it will make it available in the Middle East and North Africa, starting with Saudi Arabia and the United Arab Emirates. More countries will roll out in the future.
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AutomotiveSaudi Arabian auto parts demand valued at $3.8bn
Demand for automotive spare parts in Saudi Arabia has been valued at $3.8bn, according global analysts Frost & Sullivan.
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NCB IPOSaudi Arabia’s Largest Bank Said to Plan IPO Next Quarter
The IPO, which could raise about 16 billion riyals ($4.3 billion) according to Riyad Capital, would make it the world’s largest such sale this year, surpassing Japan Display Inc. (6740)’s $3.1 billion offering in March. Chinese e-commerce giant Alibaba Group Holding Ltd. is expected to raise as much as $20 billion from its IPO later this month, a deal that has the potential to be the largest offering in U.S. history.
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