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Minister of Investment leads investor delegation to Pakistan
- October 11,2024
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- SUSTG Team
A Saudi investor delegation headed by Minister of Investment Khalid Al-Falih is concluding a three-day visit to Pakistan. The delegation includes officials and companies from various sectors including energy, mining, minerals, agriculture, business, tourism, industry and manpower.
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‘Invest in Coastal Tourism’ report aims for 19m Red Sea tourists by 2030
- October 10,2024
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- admin
The Saudi Red Sea Authority (SRSA), in collaboration with the Ministry of Investment, has released a report titled “Invest in Coastal Tourism” that outlines development goals for the entire Red Sea coast.
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PIF steps up Saudi clean hydrogen push
- October 9,2024
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- SUSTG Team
Bloomberg reports that the Public Investment Fund intends to invest at least $10 billion to support production of clean hydrogen.
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Saudi Box Office update
- October 8,2024
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- SUSTG Team
With the second edition of the Saudi Film Confex occurring in Riyadh October 9-12 the Saudi box office and movie-goer numbers in 2024 are down but less so than global averages.
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Saudi official reserves hit 21-month high at $470 billion
- October 7,2024
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- admin
Saudi Arabia’s official reserve assets reached $469.83 billion in August, the highest in 21 months and a 10 percent increase year-on-year, according to recent data.
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GCC FMs meet to discuss escalating tensions in region
- October 4,2024
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- admin
With tensions escalating in the region top foreign ministry officials from each GCC state met in Doha, Qatar to discuss the crisis and assess policies.
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Work on kilometer-high Jeddah tower to resume
- October 3,2024
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- SUSTG Team
At a ceremony held on the site Wednesday, the development consortium behind the project, Jeddah Economic Company (JEC), announced that the tower is now scheduled to finish in 2028.
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Saudi MOF issues budget report: deficits and reduced GDP growth projected
- October 2,2024
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- SUSTG Team
Saudi Arabia’s Ministry of Finance cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, anticipating higher spending and lower projected oil revenues.
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2024 Saudi Games kick off!
- September 30,2024
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- SUSTG Team
The Saudi Games is the largest national sporting event held in Saudi Arabia. The third annual Saudi Games kicked off on September 29 and will run to October 17, 2024.
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Saudi Arabia forms global alliance in support of Israeli-Palestinian two-state solution
- September 30,2024
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- SUSTG Team
European, Arab and Islamic nations have launched an initiative to strengthen support for a Palestinian state and its institutions, and prepare for a future after the war in Gaza.
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MUST-READS
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Saudi Arabia tries to shed ‘pariah status,’ remaking itself as a key middleman in global conflicts
MBS, as he is widely known, is trying to transform Saudi Arabia’s image from the deeply conservative, oil-rich theocracy whose officials murdered the American-based Washington Post columnist Jamal Khashoggi in 2018 into a regional giant built on diplomacy, business, tourism, entertainment and sports. “This is a new Saudi Arabia — better educated, well-traveled and more open to ideas than in the past,” added Lippman, author of the book “Saudi Arabia on the Edge.” As well as the Ukraine summit, Trump revealed last week that the first foreign visit of his second term would be to Saudi Arabia, just as it was during his first administration. As then, he said that, in return, the Saudis had agreed to invest a bonanza sum in American businesses, this time $1 trillion.
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Commentary: What Explains Saudi Arabia’s Sudden Wave Of Amnesty For Dissidents?
In an unexpected turn, Saudi Arabia is witnessing a wave of prisoner releases for those who have completed their sentences, with some having spent years behind bars. Yet concerns persist over potential retrials or indefinite detentions without legal clarity. The reform was followed by an even bigger, long-awaited step: the unprecedented announcement allowing the "voluntary" return of exiled individuals. State Security Chief Abdulaziz al-Howairini announced the change, quoting Crown Prince Mohammed bin Salman during an appearance on a Ramadan program: "The homeland is for everyone, and the state rehabilitates and does not punish."
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Why did Iran ban the Saudi Ramadan TV series Muawiya?
Iran’s media regulator (SATRA) has joined Iraq and scholars from Egypt’s Al-Azhar in banning Muawiya, a Ramadan TV series aired by Saudi Arabia’s MBC channel. MBC began airing Muawiya—widely regarded as the most expensive series ever produced in the Arab world—a few days ago. Although completed in 2023, its release was postponed until now due to anticipated controversies. The historical drama focuses on the life of Muawiya, recognized as the first caliph of the Umayyad Caliphate, an early Islamic empire. His reign began after the Prophet’s son-in-law Ali was assassinated in 661 AD, an event that profoundly impacted the political and religious landscape of the Muslim world.
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Chinese food delivery giant dishes out deep discounts to win Saudi customers
Keeta, the international arm of China’s biggest food delivery app, Meituan, has become the third-largest food delivery platform in Saudi Arabia just four months after its overseas debut. Its aggressive, price-slashing strategy is squeezing smaller players and challenging dominant platforms in the lucrative Middle Eastern market, which could be a springboard for other international markets. Since Keeta launched in Saudi Arabia last October, it has taken 10% of the Saudi food delivery market in terms of order volume, according to a recent report from Bengaluru-based business consulting firm Redseer. Its market share as of January has surpassed that of more than 10 smaller delivery apps, and challenges the domination of the country’s two locally developed platforms HungerStation and Jahez, the report’s lead researchers told Rest of World.
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A landmark for the Kingdom as PIF launches Al Waha, first Saudi-owned duty-free retailer
In a breakthrough for the Kingdom’s rapidly evolving aviation and tourism landscape, Public Investment Fund (PIF) today announced the establishment of travel retailer Al Waha Duty-Free Company (Al Waha), the first Saudi-owned duty-free operator. Al Waha, a wholly owned PIF company, pledges to become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy. Al Waha will develop premium and luxury stores in select locations across the country and feature a variety of merchandise including distinctive, high-quality Saudi products. The newly formed entity will operate its airport stores on a duty-free basis. It will also explore additional travel retail opportunities at land border crossings and seaports and channels such as inflight shopping.
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Saudi Investment Recycling Company aims to drive the circular economy
Every year, millions of tons of waste are generated by humans around the world – from unwanted food to single-use plastics. Less than 20% is currently recycled, with most of it still sent to landfill sites. This inflicts a heavy toll on the environment, affecting the soil, water and air, and adversely impacts people’s health and wellbeing. The largest waste management company in the GCC, SIRC is taking serious measures to improve recycling and treatment facilities in Saudi Arabia. Covering 14 kinds of refuse – such as everyday garbage, medical waste, and construction and demolition waste – the company aims to meet the targets set by the Waste Management National Regulatory Framework for 2035. Utilizing a variety of methods, including recycling, reusing, treatment and waste-to-energy conversion, SIRC’s goals include diverting 82% of all waste from landfill by 2035.
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Secretary Rubio’s Meeting with Saudi Crown Prince Mohamed bin Salman Al Saud
Secretary of State Marco Rubio and National Security Advisor Mike Waltz met this evening with Saudi Crown Prince Mohamed bin Salman Al Saud in Jeddah. The Secretary thanked the Crown Prince for once again hosting the United States in talks to help resolve the Ukraine war and secure a lasting peace. The leaders discussed Yemen and threats to navigation from Houthi terrorists that threaten global commerce, American interests, and Saudi citizens and infrastructure. The Secretary talked about Syria, and ways to promote a stable government, free of terrorism. They discussed reconstruction in Gaza; the Secretary thanked the Crown Prince for hosting Arab countries and reiterated the United States firm commitment that any solution to the situation in Gaza must not include any role for Hamas.
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Aramco’s Flagship Jafurah Gas Project is Not A Gamechanger for Saudi Arabia
Operations at Saudi Arabia’s Jafurah shale gas field – the country’s largest unconventional non-oil associated gas site and arguably one of the biggest outside the U.S. – will begin this year, according to a comment last week from Saudi Aramco’s president and chief executive officer, Amin Nasser. The oil and gas giant added that Phase 1 is expected to produce 200 million standard cubic feet per day (Mscfd) of gas this year, with the figure set to rise to 2 billion standard cubic feet per day (Scfd) by 2030. The projected numbers would mark around a 60% increase in Aramco’s gas output capacity, enabling it to meet rising domestic power demand. It could also allow it to reduce the level of crude oil burned in power generation that might be monetised by exporting it, and lay the foundations for significant gas exports in the future as well. The key question for dedicated Saudi Arabia watchers arising from any such statement from the Kingdom over the years is simply how much of it is true?
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Rubio in Saudi Arabia for US-Ukraine talks, hopes to resolve Ukraine aid pause
“The Ukrainians are already receiving all defensive intelligence information as we speak. I think all the notion of the pause in aid broadly is something I hope we can resolve. Obviously, I think what happens tomorrow will be key to that,” Rubio told reporters aboard a military plane before landing in Jeddah. “We're not going to be sitting in a room drawing lines on a map but just get a general sense of what concessions are in the realm of the possible for them [Ukrainians],” Rubio said, adding that there is no military solution to the war, and that both Russia and Ukraine need to “do difficult things.” On Tuesday, Rubio will join U.S. national security adviser Mike Waltz for the Jeddah talks with Ukrainian officials as President Donald Trump pushes to broker a swift end to the war.
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Analysis: Why Saudi Arabia Makes Sense For Ukraine Peace Talks
The talks are slated to bring together a Ukrainian delegation that will include Ukrainian Foreign Minister Andriy Sybiha, Zelenskyy's chief of staff Andriy Yermak, and Defense Minister Rustem Umerov. US Secretary of State Marco Rubio is also due in Jeddah; in addition to meetings with Ukrainian counterparts, the State Department said he is also expected to meet with the Saudi crown prince. Saudi Arabia’s role in potential peace talks came into focus in February, when US and Russian diplomatic officials held a first round of talks on ending the war in Ukraine. Those discussions yielded the promise of slightly less frigid relations between Washington and Moscow, with the two countries agreeing to begin restoring diplomatic ties. But the ruckus in the Oval Office showed, dealmaking with Trump is a highly personal affair. And the Saudi crown prince, widely known by his initials MBS, has a uniquely close relationship with the US president.
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