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Saudi Arabia’s PIF Eyes Billions in Debt Raise after Aramco Success – Report
- April 26,2019
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- SUSTG Team
Saudi Arabia’s Public Investment Fund is planning to tap the debt market for billions of dollars, according to a Wall Street Journal report, which cited comments from the country’s finance minister Mohammed Al-Jadaan. The PIF has “begun preliminary talks with banks on a possible bridge loan of as much as $8 billion,” the WSJ reports, […]
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End of U.S. Waivers on Iranian Oil Looms Large on Future OPEC Output Quotas, Jadwa Says
- April 25,2019
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- SUSTG Team
A recently released report by Jadwa Investment examines the potential impact of the decision by the Trump administration to not extend all waivers on Iranian oil beyond May 2nd. The ending of waivers would require the cessation of all oil purchases from Iran, which averaged at least 1.5 million barrels per day (mbpd) in Q1 2019. […]
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Saudi Economy to Grow at 2% This Year, Government Posts Large 1Q Surplus
- April 24,2019
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- SUSTG Team
Saudi Arabia’s central bank governor, Ahmed Al-Kholifey, told Reuters in an interview that he expects economic growth to be “no less than 2 percent” in 2019. The comments from Al-Kholifey comes as a separate quarterly Reuters poll of economists found lowered expectations for growth in Arab Gulf economies this year. Gross domestic product in Saudi Arabia, […]
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Al-Falih Signals ‘Wait and See’ Approach to Trump’s Harsher Iran Oil Sanctions
- April 23,2019
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- SUSTG Team
The recent decision by President Trump to end all Iran sanction waivers by May was welcomed in Saudi Arabia, but the Kingdom indicated it would respond cautiously with decisions on oil production. “President Donald J. Trump has decided not to reissue Significant Reduction Exceptions (SREs) when they expire in early May,” a White House readout […]
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Saudi Government Data Reveals Large-Scale Crackdown on Illegal Workers, Residents
- April 22,2019
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- SUSTG Team
A crackdown that began in November 2017 on illegal labor in Saudi Arabia has resulted in the deportation of 750,504 expatriates to their respective countries, according to official data. The kingdom has been detaining people for residential, labour and border security regulations since November 2017 with 19 government departments participating in the campaign. Saudi Arabia is […]
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Saudi Arabia to Host 15th Annual G20 Meetings in Riyadh in 2020
- April 19,2019
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- SUSTG Team
Saudi Arabia will host the 15th annual G20 Leaders’ Summit on November 21 and 22, 2020 in Riyadh, the Saudi press agency (SPA) said this week. “Saudi Arabia is fully committed to the G20’s objectives and to the stability and prosperity of the international economic system,” it reported on Wednesday. G20 consists of the 19 world’s largest […]
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Iraqi Prime Minister Adil Abdul-Mahdi Visits Saudi Arabia as Relations Warm
- April 18,2019
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- SUSTG Team
Iraqi Prime Minister Adil Abdul-Mahdi and a delegation visited Saudi Arabia yesterday and met with King Salman and Crown Prince Mohammed bin Salman, as relations between the two nations continue to warm. The Prime Minister’s office said the leaders signed 13 agreements in areas such as trade, energy and political cooperation, without giving further details, according to […]
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Saudi Youth Unemployment Numbers Improve Significantly in 2018, Report Reveals
- April 17,2019
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- SUSTG Team
A recently released report by Jadwa Investment, citing latest government data, shows major gains in curbing high youth unemployment in the Kingdom. Overall unemployment declined slightly in Saudi Arabia by the end of 2018, to 12.7 percent by the end of 2018, from 12.8 percent in 2017, according to data from the latest General Authority for […]
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Saudi Aramco to Acquire Stake in South Korean Hyundai Oilbank for $1.2 billion
- April 15,2019
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- SUSTG Team
Saudi Aramco says it has reached an agreement to acquire a $1.25 billion stake in South Korean refiner Hyundai Oilbank that would provide it with “a dedicated outlet for its crude to South Korea.” The deal was struck between Aramco and Hyundai Heavy Industries Holdings for Saudi Aramco’s subsidiary, Aramco Overseas Company B.V (AOC), to […]
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Saudi-based Telecom Firm Arabsat is SpaceX’s First Commercial Mission, Falcon Heavy Launch Successful
- April 12,2019
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- SUSTG Team
SpaceX’s Falcon Heavy successfully launched its first commercial mission today with Saudi-based telecom firm Arabsat as its customer in a key demonstration for billionaire entrepreneur Elon Musk’s space company in the race to grasp lucrative military launch contracts, Reuters reports and the companies involved confirm. The Falcon Heavy rocket blasted off from Florida’s Kennedy Space Center […]
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Saudi Arabia’s mandatory USB Type-C charging port regulation comes into effect
Saudi authorities have announced the implementation of the first mandatory phase of unified charging ports for electronic devices in Saudi Arabia, effective January 1, 2025. This initiative from the Communications, Space and Technology Commission (CST) and the Saudi Standards, Metrology and Quality Organization (SASO) mandates the use of USB Type-C as the standard charging port across various devices. The unified charging ports decision aims to enhance user experience, reduce consumer costs, and promote the adoption of high-quality charging and data transfer technologies. Additionally, it aligns with environmental sustainability goals by reducing electronic waste and supporting the UN’s Sustainable Development Goals (SDGs). The first phase covers mobile phones, tablets, digital cameras, e-readers, portable video game consoles, headphones, earphones, portable speakers, amplified speakers, keyboards, computer mice, portable navigation systems, and wireless routers.
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New Syrian FM on first official visit to Saudi Arabia aims for regional reset
On his first official visit to Saudi Arabia since Bashar al-Assad's ouster, Syrian Foreign Minister Assaad al-Shibani said he hoped to open a "new, bright page" in bilateral relations. Syria's new leaders are focused on rebuilding their war-shattered country amid Saudi concerns over the trafficking of captagon, a narcotic produced under the Assad regime in large quantities.
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Syria delegation in Saudi Arabia for first official visit
A high-ranking Syrian delegation arrived in Saudi Arabia on Wednesday on the first foreign visit by the country's new Islamist rulers since they ousted President Bashar al-Assad last month, state media said. "An official Syrian delegation headed by Foreign Minister Assaad al-Shibani, Defence Minister Murhaf Abu Qasra and General Intelligence Service chief Anas Khattab arrives in the Saudi capital Riyadh," the official SANA news agency reported, quoting a foreign ministry source. The statement described it as "the first official foreign visit, at the invitation of the Saudi foreign minister". Last month, a Saudi delegation met Syria's new leader Ahmed al-Sharaa in Damascus, a source close to the government told AFP at the time.
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Who was Shamsud-Din Jabbar, the suspect in New Orleans truck attack?
Shamsud-Din Jabbar, the 42-year-old Texas man accused of crashing a truck into New Year's Day revelers in New Orleans, killing 15 and injuring dozens of people, served in the U.S. Army for 13 years including a deployment to Afghanistan, the Army said. Federal officials and local law enforcement in New Orleans said that Jabbar did not act alone and that they are looking for accomplices. The FBI said Jabbar had an Islamic State flag on his truck and view the attack as a potential act of terrorism. The Islamic State, or ISIS, is a Sunni Muslim militant group which has carried out attacks throughout the world. While the investigation is ongoing, so far no information has surfaced to explain why Jabbar, a U.S. citizen raised in Texas, would carry out the New Orleans attack. Jabbar died at the scene in a shootout with police, officials said.
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Russian gas era in Europe ends as Ukraine stops transit
Russian gas exports via Soviet-era pipelines running through Ukraine came to a halt on New Year's Day, marking the end of decades of Moscow's dominance over Europe's energy markets. The gas had kept flowing despite nearly three years of war, but Russia's gas firm Gazprom said it had stopped at 0500 GMT after Ukraine refused to renew a transit agreement. The widely expected stoppage will not impact prices for consumers in the European Union - unlike in 2022, when falling supplies from Russia sent prices to record highs, worsened a cost-of-living crisis and hit the bloc's competitiveness. The last remaining EU buyers of Russian gas via Ukraine, such as Slovakia and Austria, have arranged alternative supply, while Hungary will keep receiving Russian gas via the TurkStream pipeline under the Black Sea.
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Saudi Arabia condemns New Orleans attack
Saudi Arabia condemned and denounced on Wednesday a deadly car ramming in New Orleans, Louisiana, that struck a crowd celebrating New Year’s Eve. A 42-year-old Texas man crashed a pickup truck into a crowd in the city’s French Quarter before opening fire with a gun, killing at least 10 people and injuring 35, in an early morning attack the FBI said was a potential act of terrorism. The suspect was fatally shot in an exchange of gunfire with police. Potential homemade bombs were found in the truck and around the French Quarter, the FBI said.
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Energy efficiency card is mandatory for dishwashers from Jan. 1
The Saudi Energy Efficiency Center announced that energy efficiency card is mandatory for dishwashers at all points of sale in the Kingdom, starting from January 1, 2025. The center called on consumers wishing to purchase this type of device to ensure that the energy efficiency card label is available with the dishwasher and report the center via the Balagh Tijari application if the label is not available with the device. The card includes basic data about the device such as its type, model, brand, electrical energy consumption, and test specifications.
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Saudi Venture Capital invests in $150 million Global Ventures fund
Saudi Venture Capital (SVC) announced its investment in Global Ventures III, an early-stage venture capital fund managed by Global Ventures with a fund size exceeding $150 million. The fund will focus on investments in technology and tech-enabled sectors across Saudi Arabia, the MENA region, and Sub-Saharan Africa. Key areas of interest include supply chain technology, agritech, enterprise SaaS, and emerging technologies such as artificial intelligence and deep tech, according to an SVC press release.
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Syria FM hopes first foreign visit to Saudi opens ‘new, bright page’
Syria's top diplomat said he hoped to open a "new, bright page" with Saudi Arabia upon arriving in the kingdom Wednesday, the first foreign visit for Syria's new rulers, who seized power last month. "I have just arrived in the sisterly Kingdom of Saudi Arabia, accompanied by the Minister of Defence Murhaf Abu Qasra and the Head of the General Intelligence Service Anas Khattab," Assaad al-Shibani said in a statement on X. "Through this first visit in the history of Free Syria, we aspire to open a new, bright page in Syrian-Saudi relations that befits the long shared history between the two countries," he added. Earlier Wednesday Syrian state media said the top delegation had come to the kingdom "at the invitation of the Saudi foreign minister", quoting a foreign ministry source.
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Commerce ministry recalls 28,806 Ford Explorer vehicles
The Ministry of Commerce announced the recall of 28,806 Ford Explorer vehicles, 2011 – 2019 models. This was attributed to a defect in the installation of the external side covers of the windshield supports, which may lead to their separation from the vehicle, posing a danger to road users and increasing the risk of an accident. The ministry called on users of the vehicles included in the recall to contact the local agents, Al Jazirah Vehicles Agencies Company, on the toll-free number (8007492222), and Mohammed Yousuf Naghi Company, on the toll-free number (8001240218), to carry out the necessary repairs free of charge.
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