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IMF concludes annual consultation with Saudi Arabia
- September 5,2024
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- SUSTG Team
Saudi Arabia’s unprecedented economic transformation is progressing well as it advanced in its modernization and diversification efforts under Vision 2030. The recent fiscal space exercise has facilitated the recalibration of investment spending planned under Vision 2030 by reprioritizing projects and through sectoral strategies.
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’24 Fintech Conference in Riyadh
- September 4,2024
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- SUSTG Team
The first edition of the International Conference on Financial Technology, ’24 Fintech, at the Riyadh Front Exhibition and Conference Center on Tuesday with an address from Finance Minister Mohammed Al-Jadaan, large crowds and a slew of announcements.
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High profile Saudi delegation heads to East Asia
- September 2,2024
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- SUSTG Team
Minister of Industry and Mineral Resources, Bandar AlKhorayef, is leading a delegation to Guangzhou, Hong Kong and Singapore from Sep. 1 to 8, 2024. The delegation’s goal is to enhance bilateral relations, attract investments, and explore joint-venture opportunities.
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Saudi sends largest paralympic delegation ever to Paris games
- August 30,2024
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- SUSTG Team
Saudi Arabia will send its largest delegation to date to the 2024 Paris Paralympic Games. Taking place from August 28th until September 8th, nine Saudi athletes will compete in athletics, weightlifting, taekwondo, table tennis, and dressage.
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Value of Saudi e-commerce revenues expected to reach $69bln by 2025: Monsha’at
- August 29,2024
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- admin
According to a report from the Small and Medium Enterprises General Authority (Monsha’at), the number of e-commerce platform users in the kingdom is expected to reach 34.5 million by 2025, marking a 42% increase from 2019 to 2024.
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Saudi anti-corruption law strengthened
- August 28,2024
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- admin
Saudi Arabia’s Council of Ministers recently enacted a stringent new law designed to tackle corruption among government employees.
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Saudi non-oil economy continues growth
- August 27,2024
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- SUSTG Team
Jadwa Investments’ August 2024 macroeconomic update showed robust growth in non-oil activity.
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Esports World Cup crowns winners after historic 8-week tournament
- August 26,2024
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- admin
The Esports World Cup Foundation, the non-profit organization hosting the Esports World Cup, the world’s largest esports competition and gaming festival, celebrated the historic inaugural event with HRH Mohammed bin Salman in attendance by crowning Team Falcons the first Esports World Cup Club Champion on Sunday night in Riyadh, Saudi Arabia.
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184 foreign companies move regional HQ to Saudi Arabia during first half of 2024 – MISA
- August 23,2024
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- admin
Saudi Arabia’s Ministry of Investment reported that 184 foreign companies moved their regional headquarters to Saudi Arabia after obtaining an investment license during the first half of 2024.
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Saudi Professional League Season starts; summer transfer window subdued
- August 22,2024
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- SUSTG Team
The SUSTG Review wrote in July that Saudi Arabia’s professional football transfer strategy has evolved. After numerous blockbuster acquisitions in 2023, the current transfer window (though not over) has been subdued.
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MUST-READS
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Opinion: ‘The Line’ in Saudi Arabia Is a Spectacle, but That Doesn’t Make It Smart
While Saudi Arabia’s decision to build a very tall linear city may seem bizarre, there are clear benefits to stacking buildings atop one another and connecting them with walkways at different heights and transit lines. Residents can get from one end of the city to the other in just 20 minutes without ever setting foot in a car.
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Saudi Arabia announces start dates for Hajj and Eid Al Adha
The annual Hajj pilgrimage will begin on June 14 with Eid Al Adha falling two days later, Saudi Arabia confirmed on Thursday evening.
The announcement by the Saudi Supreme Court came after the crescent moon, which heralds the start of Dhu Al Hijjah, the 12th and final month in the Islamic calendar, was sighted on Thursday evening.
It means Dhu Al Hijjah will begin on Friday, allowing for the start dates of both Hajj – which falls on the eighth day of the month – and Eid Al Adha, which commences on its tenth day, to be determined
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Saudi Arabia First-Quarter Deal Flow Slumps to Three-Year Low
Saudi Arabia closed the fewest number of first-quarter investment deals since 2021 in a further sign the kingdom is struggling to attract funding from private companies and foreign investors.
The country finalized 64 transactions in the first three months of 2024, according to data from the Ministry of Investment, down 40% on a year earlier. The count is slightly below that recorded in the fourth quarter.
The US and the UK were leading investors, followed by the UAE, Egypt and Singapore. The report didn’t say why the number fell.
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Celebrating World Environment Day in Saudi Arabia with two KAUST startups
King Abdullah University of Science and Technology (KAUST) is celebrating Saudi Arabia hosting World Environment Day 2024 by highlighting two of its innovative local startups that are developing solutions for greening Saudi Arabia.Saudi Arabia is hosting World Environment Day on June 5 with a focus on land restoration, desertification and drought resilience. One of the most effective ways to restore degraded land, halt desertification and build drought resilience is through ecosystem restoration.
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Rock Art Found in This Saudi Arabian Cave Offers ‘Rare Glimpse’ Into Ancient Human Life
Based on rock art and animal bones found at Umm Jirsan, the research team believe that the lava tube would have been a key location for livestock herders. The extensive cave art includes six animal herding scenes, 23 identifiable depictions of sheep, 15 of ibex, seven of goats, and two of cattle.
The evidence found at Umm Jirsan dates from the Neolithic (10,000 B.C.E.) to the Chalcolithic/Bronze Age (around 2,000 B.C.E.). The artifacts and rock art found at the site demonstrates that the site was occupied repeatedly and periodically by human groups for at least 7,000 years. -
Saudi Arabia starts $13,300 fines and deporting expats over Hajj violations
Saudi Arabia has introduced and is enforcing penalties for violating Hajj permit violations. The Public Security has started enforcing penalties for those violating Hajj regulations and instructions without a Hajj permit in the city of Makkah, the central area, the holy sites, the Haramain train station, security checkpoints, screening centres, and temporary security checkpoints.
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New Study Say Life on Earth may have Originated in Saudi Arabia 3.48 billion years ago
Scientists have identified living stromatolites on Saudi Arabia’s Sheybarah Island in the Red Sea, marking the first discovery of living shallow-marine stromatolites in the Middle East. The discovery raises significant questions related to how and where life first originated on planet Earth. Published in the journal Geology, the study explores these ancient microbial structures and offers a unique glimpse into Earth’s early life and the environmental conditions that prevailed billions of years ago.
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Saudi Arabia sees 477% increase in multinational HQs in first quarter
Some 127 international companies have relocated their regional headquarters to Saudi Arabia over the first quarter of 2024, according to a new report, an increase of 477% from the previous year as the kingdom looks to lure businesses to set up there as it diversifies its economy away from oil.
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‘Norah’ Review: A Striking Debut About Artistic Repression in ’90s Saudi Arabia
The first Saudi Arabian film ever selected for Cannes, the tender rural drama “Norah” is writer-director Tawfik Alzaidi‘s first feature film. The story of a schoolteacher tasked with introducing literacy to an isolated village and his unlikely relationship with a precocious young girl, the movie suffers from a few early-career filmmaking tics, which prevent all its pieces from all neatly fitting together. However, it’s also underscored by the kind of optimism and poetry about art that one often finds in novice works from directors destined to make more polished and accomplished films (if perhaps more cynical ones).
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Saudi Arabia Eyes Full Partnership On Future Fighter
The kingdom aims to be “an equal partner” in any sixth-generation fighter program, Maj. Gen. Hamed Alamri, director of Joint Chiefs of Staff and chairman of the Committee on Future Capabilities of the Armed Forces for the Saudi Air Force, said May 21. “Saudi Arabia seeks to become a global innovator, not just a customer,” he told an event at the Royal Aeronautical Society here.
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