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Recent stories from sustg
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World Bank Sees Saudi GDP Growth to Increase to 1.9% in 2020, with More Growth Onward
- January 10,2020
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- SUSTG Team
The World Bank forecasted Saudi Arabia’s GDP growth will increase significantly in 2020, to 1.9%, compared with 0.4% in 2019, with further gains in subsequent years.
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Lockheed Martin Awarded Contract to Build Four MMSC ships for Saudi Arabia
- December 23,2019
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- SUSTG Team
The Navy announced Friday that Lockheed Martin was awarded a $1.96 billion contract to modify four multi-mission surface combatants (MMSC) for Saudi Arabia. This award is an addition to Saudi Arabia’s $11.25 billion agreement to provide MMSCs in 2015.
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U.S. Probe of Saudi Oil Attack Shows it Came From the North – Reuters Report
- December 20,2019
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- SUSTG Team
The United States said new evidence and analysis of weapons debris recovered from an attack on Saudi oil facilities on Sept. 14 “indicates the strike likely came from the north, reinforcing its earlier assessment that Iran was behind the offensive,” Reuters reports in an exclusive. The attacks on September 14th were significant. Two of Saudi […]
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Global Construction Giant Bechtel Opens New Office in Al-Khobar, Saudi Arabia
- December 17,2019
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- SUSTG Team
Global engineering, procurement and construction (EPC) firm Bechtel has re-opened its office in Al-Khobar to “meet the increasing demand for quality services in the Oil and Gas sector in Saudi Arabia and in the region,” SUSTG has learned.
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Saudi Aramco Officially the World’s Biggest IPO, Raises $25.6 Billion
- December 6,2019
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- SUSTG Team
Saudi Aramco sold 3 billion shares at 32 riyals ($8.53) each in its IPO, raising $25.6 billion, making it the world’s biggest IPO. The IPO values Aramco at roughly $1.7 trillion, making it the most valuable publicly traded company in the world ahead of Apple, which is worth about $1.15 trillion. It also soared past the previous […]
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Saudi Authorities Direct Vision 2030 Realization Committees to Submit Plans to Boost Private Sector Funding
- November 19,2019
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- SUSTG Team
Saudi authorities have directed all the Vision 2030 Realization Program (VRP) Committees to submit an action plan within 90 days to CEDA to “activate the role of the private sector as an investor and a financing element in implementing its initiatives,” a report in the Saudi Gazette/OKAZ said. According to the report, action plans submitted by […]
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Saudi Arabia, World Economic Forum to set up ‘Fourth Industrial Revolution Center’
- November 7,2019
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- SUSTG Team
Saudi Arabia signed an agreement with the World Economic Forum (WEF) on Wednesday to establish a branch in the Kingdom of the WEF’s Center for the Fourth Industrial Revolution, a program focused on new technologies that will power economic change in the immediate years to come. The deal was signed by Mohammed Al-Tuwaijri, the Saudi […]
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Saudi Arabia to Cut Spending, Deficit Projected to Widen as Economic Reforms Kick In
- November 1,2019
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- SUSTG Team
Saudi Arabia’s finance minister Mohammed Al-Jadaan said in his pre-budget statement for fiscal year 2020 yesterday that the Kingdom would cut spending and widen its projected deficit in a vote of confidence in Saudi Arabia’s economic reforms. He also said efforts will be made to “improve the efficiency of spending without any disruption to diversification and […]
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Announcement of New IPO Date for Saudi Aramco IPO Creates Buzz on FII’s Opening Day
- October 29,2019
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- SUSTG Team
Saudi Aramco’s long-planned IPO will see its first shares traded on Riyadh’s stock exchange in December, several news outlets are reporting, citing the Saudi-owned satellite news channel Al Arabiya. Al Arabiya said a final price for the stock will be set Dec. 4, with shares then beginning to be traded on the Tadawul stock market on Dec. 11. It added […]
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Issue Brief Explores Saudi Aramco-SABIC Merger, SABIC’s ‘Importance to Energy and Chemical Businesses Worldwide’
- October 23,2019
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- SUSTG Team
A new issue brief written by Jean-François Seznec for the Atlantic Council explores the Saudi Aramco-SABIC merger and Aramco’s strategy to make the Saudi oil giant “like most other large international oil companies, except much bigger.” This issue brief studies “SABIC’s importance to energy and chemical businesses worldwide, and it raises questions about whether the merger […]
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MUST-READS
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Saudi AramcoSaudi Aramco trading arm hiring staff for Singapore push: sources
The trading arm of oil giant Saudi Aramco is looking to step up hiring for its Singapore office as it pushes into the regional energy hub, three sources with knowledge of the matter said.
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Gulf ShipyardSaudi Aramco signs deals to build Gulf’s biggest shipyard
Saudi Aramco plans to build the Gulf's largest shipyard through a joint venture with three companies that it announced on Wednesday, a $5.2 billion project aimed at helping reduce the economy's reliance on oil.
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MotivaSaudi Aramco to spend $18 billion on growth in the Americas: Motiva
Saudi Aramco plans to spend $18 billion in the next five years to expand its operations in the Americas, focusing on its U.S. oil refining subsidiary Motiva Enterprises, Motiva said on Thursday.
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Saudi Aramco IPOSaudi Aramco Struggles to Disengage From Royal Family’s Projects
The kingdom wants to list a minority of Aramco’s shares in what could be the world’s largest-ever initial public offering, planned for the second half of 2018. First, however, the company needs to be separated from the kingdom.
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PetroRabighSaudi Aramco’s Only IPO Foray Provides a Cautionary Tale
The listing was meant to be a test case of how its parent, formally known as Saudi Arabian Oil Co., could use the markets to finance projects and transfer a piece of the country’s oil wealth to ordinary Saudis. But from the beginning, PetroRabigh ran into trouble: the petrochemical complex suffered a fire, lost power multiple times and accumulated debts.
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Hospitality TrainingAramco to establish hospitality training center for Saudi youth
Saudi Aramco signed a Memorandum of Understanding with the Technical and Vocational Training Corporation (TVTC) and the Saudi Commission for Tourism and National Heritage (SCTH) to establish the National Training Center for Facilities and Hospitality Management (NTCFHM), which aims to develop and prepare Saudi youth to work in the management and operation of public and private service facilities as well as the tourism and hotel sector jobs in the Kingdom.
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China RefineryChina’s Norinco and Saudi Aramco line up $10 bln refinery plan
Chinese defence conglomerate China North Industries Group Corp (Norinco) has signed a framework agreement with state-run oil company Saudi Aramco to build a refinery and chemicals complex in northeast China, industry and government officials said on Tuesday.
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Saudi AramcoSaudi Aramco Makes Leadership Changes Ahead of IPO Plans
Saudi Arabian Oil Co. has promoted eight executives to top positions, including a senior vice president for downstream operations, as it seeks to double refining capacity and expand natural gas and chemical businesses ahead of what could be the world biggest share sale.
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Saudi AramcoSaudi Aramco close to selecting partner for infrastructure projects
Oil giant Saudi Aramco is close to selecting a partner for a joint venture it plans to set up to oversee government-related infrastructure projects in Saudi Arabia, said a report, citing sources familiar with the matter.
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Saudi AramcoSaudi Aramco close to choosing partner for project management JV
Oil giant Saudi Aramco is close to selecting a partner for a joint venture it plans to set up to oversee government-related infrastructure projects in Saudi Arabia, sources familiar with the matter said.
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