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Recent stories from sustg

  • Saudi Arabia Needs $53b in Water Investment as Sector Looks Toward Privatization
     

    Saudi Arabia will need $53 billion in water sector investment supported by private funds as the Ministry in charge of the sector said it was looking to privatize in order to meet demand, government leaders said.   The comments were made by officials from Saudi Arabia’s Ministry of Environment, Water and Agriculture, and Saudi Arabia’s […]

     
  • Saudi, Russia Energy Ministers to Meet in Doha as Output Cut Deadline Looms
     

    Saudi Arabia and Russia energy ministers will meet in Doha, Qatar this week on the sidelines of Gas Exporting Countries Forum (GECF), industry sources quoted by the Wall Street Journal said. The meeting comes as OPEC and non-OPEC members try to solidify an oil output limiting deal agreed to in September. OPEC is hoping to complete […]

     
  • Saudi GDP to Grow at 1.8%, Central Bank Says in Annual Report
     

    The Saudi Arabian Monetary Agency (SAMA) expects gross domestic product to grow 1.8 percent this year, the central bank said in its 52nd annual report released on Monday. The figure is higher than the IMF forecast of 1.2%.  The non-oil sector is expected to expand 2.5 percent and the oil sector, 1.2 percent, SAMA said. Real economic […]

     
  • Saudi King Salman Congratulates Trump
     

    Saudi King Salman on Wednesday congratulated Republican Donald Trump on winning the US presidency. King Salman said both Saudi Arabia’s government and its people “offer their best wishes for the new US leader” and also “wished more progress for the US government and its people, and more ease for the new Trump administration to be […]

     
  • CEDA Cancels $267 Billion in Projects
     

    Saudi Arabia’s powerful Council of Economic and Development Affairs (CEDA) has cancelled projects valued at up to 1 trillion Saudi riyals ($266.7 billion), the SPA and other news outlets report. “The CEDA has also stopped awarding a big number of projects whose spending does not go in line with the expected economic and development return […]

     
  • Halt in Saudi Oil Shipments to Egypt Latest Indication of Worsening Relations
     

    State-owned oil company Saudi Aramco halted shipments of oil products to Egypt indefinitely, the latest indication that Egypt-Saudi relations are worsening since a visit by Saudi Arabia’s King Salman to the country in March. Aramco informed the Egyptian General Petroleum Corp. in early October that it would halt supplies of refined oil products, forcing Egypt to […]

     
  • Saudi CMA Approves Rules for Exchange-Listed Real Estate Funds
     

    Saudi Arabia’s Capital Markets Authority (CMA) announced that it has approved rules for exchange-listed real estate funds as Kingdom seeks to entice investment to develop housing in Saudi Arabia. “It is important to mention that these instructions aim to regulate offering of Real Estate Investment Traded Funds that has a primary investment objective to invest in construction developed […]

     
  • Will Saudi Spending Cutbacks Slow the Kingdom’s Push for Middle Class Home Ownership?
     

    The local director of real estate services firm Jones Lang LaSalle (JLL) said Saudi Arabia’s state spending cuts will pressure people’s ability to buy their own homes and could push housing prices in some segments down by nearly a third, according to a report in Reuters. A reduction in subsidies available to government employees and […]

     
  • Saudi Arabia combats desertification while also reforesting coasts
     

    The National Center for Vegetation Cover Development and Combating Desertification (NCVC) of Saudi Arabia was established in 2014 by the Council of Ministers to manage and invest in the country’s vegetation cover and combat desertification.

     
  • Gidori, a New Private Golf-Focused Community and Destination at NEOM, Announced with A Focus on Lush Landscaping
     

    The Board of Directors of NEOM has announced Gidori – an exclusive private golf community set amidst the breathtaking coastal hills of the Gulf of Aqaba – as the latest addition to NEOM, the evolving regional development in northwest Saudi Arabia, according to a press release.

     

MUST-READS

  • Saudi Arabia says 540 companies have chosen Kingdom for regional headquarters

    Saudi Arabia’s investment minister said on Tuesday the number of companies in the Kingdom with a regional headquarters had reached 540, ahead of a 2030 target of 500. “Our target was 500 regional headquarters by 2030. I’m glad to announce we have reached 540 by this morning,” Khalid al-Falih said during the Future Investment Initiative (FII) conference in Riyadh.

  • Passenger traffic at Saudi airports rise to 94M in 9M 2024

    The General Authority of Civil Aviation (GACA) said that Saudi Arabia’s airports received 94 million passengers in the first nine months of 2024, a rise of 15% year-on-year (YoY). GACA said the number of flights increased by 10% YoY, while the volume of air freight rose by 52% YoY.

  • Saudi Arabia to maintain crude oil output at 12.3M bpd: Energy Minister

    Energy Minister Prince Abdulaziz bin Salman said today, Oct. 29, that Saudi Arabia is committed to maintaining crude oil production capacity at 12.3 million barrels per day (bpd). Speaking at the Future Investment Initiative (FII) in Riyadh, the minister added that the Kingdom continues to strengthen and modernize renewable energy transmission lines. He pointed out that Saudi Arabia is ready to export green hydrogen, while ensuring its availability for investors coming to the Kingdom to invest in hard-to-abate sectors.

  • Saudi Arabia’s Nabt raises $1.5 million Seed led by Merak Capital

    This funding will enable Nabt to accelerate product development and expand its market reach, supporting efforts to transform Saudi Arabia’s fresh produce ecosystem. Founded in 2022, Nabt operates a B2B marketplace connecting farmers directly with businesses, promoting transparency, efficiency, and sustainability. These initiatives contribute to food security in the Kingdom and align with the objectives of achieving self-sufficiency in food production.

  • Saudi: Herfy Food swings to losses in 9M-24; revenues down

    Herfy Food Services Company shifted to net losses valued at SAR 56.61 million in the first nine months (9M) of 2024, compared to net profits worth SAR 2.76 million in 9M-23. Revenues stood at SAR 868.81 million in 9M-24, down 0.86% year-on-year (YoY) from SAR 876.38 million, according to the interim financial statements. The loss per share hit SAR 0.88 during January-September 2024, versus an earnings per share (EPS) of SAR 0.04 in 9M-23.

  • Saudi insurance spending per capita up 30% to SAR 2,034 in 2023

    Per capita spending on insurance in Saudi Arabia grew 30% to SAR 2,034 by the end of 2023, compared to SAR 1,564 a year earlier, data from the Insurance Authority (IA) showed. The per capita insurance spending is defined as the gross written premiums (GWPs) during the year divided by population number. Health insurance accounted for 59% of total per capita spending in the sector last year, followed by general insurance with 37%, as well as protection and savings insurance with 4%.

  • How would a President Harris deal with Saudi Arabia?

    As president, Harris would have to accept that close ties with Riyadh are necessary. There is already a draft bilateral agreement with Saudi Arabia that includes security guarantees and cooperation on civilian nuclear power. While the vice president is campaigning, improbably, as the candidate of change, she should pick up the threads of Biden’s existing policy on Saudi Arabia.

  • NASCAR linked with possible race in Saudi Arabia toward end of decade

    NASCAR was listed with a caveat that it was one of the parties having discussions as opposed to having a firm deal. NASCAR COO Steve O’Donnell and Exec VP and Chief Venue & Racing Innovations Officer Ben Kennedy both told SBJ in separate interviews in ’23 that the Middle East was one of the regions they were exploring for potential events, alongside Europe, South America and Asia.

  • Amjad Iraqi: The Future of Palestinians in Israel

    Amjad Iraqi: It's definitely been quite a complex experience. I think first of all, Gaza's not just sort of an imaginary construct for Palestinian citizens. There are very real family connections, community connections, and Palestinian history. Gaza is, and has always been, very much the center of Palestinian identity and politics and culture. And so, to experience it in this moment whereby you're seeing Gaza decimated in the way that it's been, I think has been very profoundly shocking to Palestinian citizens as much as it has to other Palestinians.

  • Cruise Saudi expanding to 10 destinations along Red Sea coast, 3 new ports underway

    Currently operational ports include Jeddah, Yanbu, and Dammam, which have already facilitated visits from hundreds of thousands of international tourists. Among the new developments is AlWajh, which Clasen revealed will serve as a gateway to AlUla, plus a private island and beach location exclusively for cruise passengers.