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Saudi Non-Oil Business Activity Expands in December 2023, New Orders Rising at Fastest Pace in Six Months
- January 3,2024
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- SUSTG Team
Non-oil business activity in Saudi Arabia grew solidly in December with new orders rising at the fastest pace in six months, and the seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index stood at 57.5 in December ending 2023 well above the 50 mark signaling economic growth, Reuters reports. The data show a Saudi economy that is […]
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Kuwait’s Emir Sheikh Nawaf dies, Sheikh Meshal al-Ahmad al-Sabah Named as Successor
- December 18,2023
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- SUSTG Team
Sheikh Meshal al-Ahmad al-Sabah was named as Kuwait’s new emir on Saturday after the death of his brother Sheikh Nawaf al-Ahmad al-Sabah, aged 86.
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Al-Falih Says Vision 2030’s Impact on Saudi Economy is Visible in 66% Increase in GDP
- December 12,2023
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- SUSTG Team
Saudi Arabia’s Minister of Investment, HE Khalid Al-Falih, said that the Kingdom’s gross domestic product (GDP) has increased by 66 percent since the launch of Saudi Arabia’s Vision 2030.
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Russia’s President Putin to Visit Saudi Arabia and U.A.E. on Wednesday
- December 5,2023
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- SUSTG Team
President Vladimir V. Putin will make a rare trip to the Middle East on Wednesday saying he would discuss bilateral relations, oil and international affairs in Saudi Arabia and the United Arab Emirates.
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Saudi Arabia NEOM Investment fund to hold 6% in Italy’s Technogym
- December 4,2023
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- SUSTG Team
Saudi Arabia NEOM Investment Fund (NIF) will hold 6% of Technogym share capital after an 111-million-euro ($120.83 million) investment and “intends to be a long-term minority shareholder in the Italian fitness-equipment maker,” the fund said on Friday per a report in Reuters.
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OPEC+ Postpones Policy Meeting By Four Days to Nov 30; Surprise Move Causes Oil to Drop
- November 22,2023
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- SUSTG Team
OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts by four days, to Nov. 30 from Nov. 26, the group said in a statement on Wednesday, in what many considered a surprise development sparking a further drop in oil prices, according to a report in Reuters.
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An exclusive interview with Dr. Mehmood Khan, founding CEO of Saudi Arabia’s HEVOLUTION Foundation
- November 20,2023
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- SUSTG Team
The 966 speaks with Dr. Mehmood Khan, CEO of Saudi Arabia’s Hevolution Foundation, a global non-profit revolutionizing the healthspan field launched by Royal Decree and chaired by HRH the Crown Prince Mohammed bin Salman. Dr. Khan shares his journey, Hevolution’s vision and insights into how he is working to build the organization’s operations from the […]
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Aramco produces first unconventional tight gas at South Ghawar
- November 16,2023
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- SUSTG Team
Aramco has successfully produced the first unconventional tight gas from its South Ghawar operational area two months ahead of schedule. This development supports Aramco’s strategy to increase gas production by more than half, over 2021 levels, through 2030, subject to domestic demand.
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AlUla’s Ancient Kingdoms Festival Spotlights the Region’s History
- November 15,2023
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- SUSTG Team
The Ancient Kingdoms Festival in AlUla, Saudi Arabia returns for its second year November 16-December 2. The festival celebrates the three great oases of AlUla, Khaybar, and Tayma.
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Saudi Arabia signs $533m deals with Africa; PIF Plans Investment Announcements – Reports
- November 9,2023
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- SUSTG Team
Saudi Arabia signed over SR2 billion ($533 million) worth of agreements with African countries during a special conference in a “significant boost to the Kingdom’s ties with the continent,” according to reports.
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MUST-READS
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Saudi Eurofighter Sale Could Reinforce Riyadh’s Air Defenses After Depleting Yemen Campaign
Germany’s recent decision to lift its years-long ban on a British sale of Eurofighter Typhoon fighter jets and supply IRIS-T medium-range air-to-air missiles to Saudi Arabia is undoubtedly welcomed by Riyadh.
Aside from bolstering the kingdom’s modern air force, the sale will reinforce Saudi capabilities against armed drones coming from Yemen. However, one shouldn’t expect Riyadh to engage in anything other than defensive actions against the Houthis there. -
Saudi Eurofighter Sale Could Reinforce Riyadh’s Air Defenses After Depleting Yemen Campaign
Germany’s recent decision to lift its years-long ban on a British sale of Eurofighter Typhoon fighter jets and supply IRIS-T medium-range air-to-air missiles to Saudi Arabia is undoubtedly welcomed by Riyadh.
Aside from bolstering the kingdom’s modern air force, the sale will reinforce Saudi capabilities against armed drones coming from Yemen. However, one shouldn’t expect Riyadh to engage in anything other than defensive actions against the Houthis there. -
Tunisia’s Ons Jabeur reps Saudi fitness brand Kayanee at Australian Open
Kayanee was established by the Saudi Public Investment Fund last August to expand Saudi Arabia's fitness industry and is chaired by Saudi's ambassador to the United States Princess Reema Bint Bandar. The company offers fitness and well-being products and services such as apparel, personal care and nutrition, the Saudi Press Agency reported at the time of the company's launch.
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German leaders abandon blockade of Eurofighter sale to Saudi Arabia
The German government is no longer concerned over a proposed sale of 48 Eurofighter Typhoons jets to Saudi Arabia, following the kingdom’s help intercepting Houthi-fired missiles aimed at Israel, according to German media reports. German Chancellor Olaf Scholz on Monday backed up Foreign Minister Annalena Baerbock’s overture from the day prior, the press agency dpa reported, citing a statement to that effect from government spokesman Steffen Hebestreit.
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Germany will not oppose further Eurofighters for Saudi Arabia
Germany is prepared to allow further deliveries of Eurofighter jets to Saudi Arabia, German Foreign Minister Annalena Baerbock said on Sunday.
Berlin halted arms sales to Saudi Arabia following the killing of Saudi journalist Jamal Khashoggi inside the Saudi consulate in Istanbul in 2018.
Chancellor Olaf Scholz had pushed back against pressure to unblock delivery of Eurofighters to Saudi Arabia. His coalition partner, the Greens, had firmly opposed the move, pointing to human rights concerns and Saudi Arabia's role in the Yemen war.
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European NATO members strike deal to buy up to 1,000 Patriot missiles
NATO on Wednesday said its procurement arm would support a group of member countries, including Germany, the Netherlands, Romania and Spain, with a contract to buy up to 1,000 Patriot air defence missiles. The agency awarded a production and delivery contract to COMLOG, a joint venture between Raytheon and MBDA, the transatlantic military alliance said in a statement, adding that European production of the missiles would be expanded.
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Saudi Arabia unveils lineup for 5th Winter at Tantora
As winter approaches, anticipation is building for the fifth Winter at Tantora, a month-long cultural extravaganza presented by AlUla Moments. Running from Dec. 21 to Jan. 27, the festival has become the region’s premier event, blending culture, art, and music against the backdrop of AlUla’s stunning desert landscapes.
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Eurofighter Middle East Sales Could Be Bolstered If Germany Lifts Saudi Ban
Germany is reportedly reconsidering its five-year ban on selling additional Eurofighter Typhoon fighter jets to Saudi Arabia amid the rapidly shifting circumstances in the region. If Berlin does ultimately reverse its ban and authorizes sales to other Middle Eastern countries, the Eurofighter could give France’s Dassault Rafale much-needed competition in that region’s lucrative arms market.
The Israel-Hamas War has sparked renewed debate in Germany over the policy of blocking Britain’s sale of 48 jets to Riyadh, according to a report in the Financial Times. -
Great Expectations: The India-Middle East-Europe Economic Corridor
The corridor project was launched through a memorandum of understanding signed by India, the United States, Saudi Arabia, the United Arab Emirates, the European Union, Germany, France, and Italy on the sidelines of the September G20 summit in New Delhi. It is envisaged as a network of rail, maritime, road, energy, and telecommunication links aimed at forging economic integration and growth by connecting South Asia, the Middle East, and Europe. The India-Middle East-Europe Economic Corridor is being framed as the West’s and India’s counter to China’s Belt and Road Initiative.
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PIF invests in Alkhorayef Petroleum, boosting Saudi Arabia’s oil and gas industry
The investment comprises a 25% shareholding through a capital increase and subscription to new shares, with Alkhorayef Group retaining a 75% stake. This move aligns with PIF's broader strategy to enhance Saudi Arabia's equipment and service landscape, fostering the growth of promising private sector companies and contributing to the development of the industrial ecosystem, ultimately increasing export revenues. Alkhorayef Petroleum specializes in artificial lift, wireline services and equipment, and early production facilities, serving as the only Gulf-based manufacturer of electric submersible pumps crucial to oil and gas production.
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