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  • Kingdom Gears Up for 2019 Hajj Season
     

    Saudi Arabia is finalizing preparations for the 2019 Hajj Pilgrimage season, set to begin on Friday August 9th. Hosting the Hajj presents a number of major logistical, security, and health challenges for which Saudi authorities must prepare. The sheer number of pilgrims arriving each year is staggering. In both 2017 and 2018, over 2.3 million pilgrims […]

     
  • Saudi Arabia’s PIF has agreed initial terms for a $10bn loan – report
     

    Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has agreed to initial terms for a $10 billion loan, the second time the fund has sought to raise money in less than a year, the Financial Times reports. Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole and Citigroup are among the 10 banks that have […]

     
  • The Seven Wonders of Arabia, Aramco Expats’ Tribute to the Kingdom’s Top Heritage Sites – Part 2: Historic Jeddah
     

    Last week, SUSTG published the first in a series of posts highlighting the seven wonders of Arabia as selected and featured by AramcoExpats.com, an online blog that is a resource for current and former Saudi Aramco expatriates and their families. As the Kingdom prepares to open itself up to more visitors and boost its tourism industry in line […]

     
  • Saudi Arabia’s PIF has ‘$300b in Assets’ and is Still Growing, Report Says
     

    Saudi Arabia’s sovereign wealth fund, the Saudi Arabian Public Investment Fund (PIF), has “about $300 billion in assets” now, a report has found, and its growing size is set to “improve the country’s international investment position.” “We now estimate PIF’s assets at about $300 billion, of which one-fourth are invested abroad….Proceeds from privatization (a target of about […]

     
  • Saudi Arabia, UAE and Norway Say ‘State Actor’ Likely Attacked Oil Tankers
     

    Saudi Arabia, the UAE, and Norway have told the UN Security Council that the recent attack on four oil tankers off the UAE coast was a “sophisticated and coordinated” operation most likely conducted by a “state actor,” according to reports. The three countries presented their initial findings to the U.N. Security Council in an informal meeting […]

     
  • Gulf Arab states support right of Saudi Arabia and UAE to defend interests
     

    Gulf Arab states voiced support for Saudi Arabia and the United Arab Emirates to take any action required to defend their security following recent attacks on their oil assets, Reuters reports. A statement published by Saudi state news agency SPA said the six nations had discussed at an emergency meeting in the kingdom a joint […]

     
  • Saudi Stocks Surge for Largest Single-Day Gain in 6 Months as Investors Prepare for MSCI Inclusion
     

    Shares in the Tadawul, the Saudi stock market, surged 2% on Tuesday with much of the gains happening before the session closed as MSCI Inc. prepares to include the Kingdom into its developing country benchmark, according to a report in Bloomberg. MSCI Inc., which is a Global provider of equity, fixed income, hedge fund stock market indexes, […]

     
  • Reports: Saudi Arabia Places Huge Bet on U.S. Natural Gas
     

    Saudi Aramco announced a preliminary agreement on Wednesday to buy 5 million tons of liquefied natural gas per year in a deal with U.S.-based Sempra LNG, according to reports. The move is a “new strategy” for Aramco and highlights “the growing importance of the United States as an energy exporter,” the New York Times reports. The deal, if completed, […]

     
  • Arabian Centres IPO Postponed Two Days, But will Still Make History
     

    Saudi Arabia’s largest share offering in four years for Arabian Centres shopping malls has been postponed for two days amid rising geopolitical tensions and a looming trade war between the U.S. and China, but when trading begins, it will still be a historic moment for Saudi Arabia’s markets. In addition to being the biggest IPO in four years, the […]

     
  • Saudi Arabia’s Shura Council Approves Green Card-Style Residence Program
     

    Saudi Arabia’s Shura Council has approved a plan for introducing a “Green Card-style residence system for foreigners aimed at attracting investors,” according to reports which cited Saudi media. The “privileged iqama” system will be offered for specific fees and have both permanent and temporary versions. The new system is designed to ensure eligible residents “a set of advantages […]

     

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