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Recent stories from sustg
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What it’s like to live in Saudi Arabia during Riyadh Season, PIF-backed Alat launches with eyes on a big impact, and more…
The boys are back for their normal format and catch up on just some of the seemingly endless new developments and storylines emerging from Saudi Arabia of late.
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Science Museum Group to create ‘museum hub’ in Saudi Arabia
The Science Museum Group is to create a Museums Hub in Saudi Arabia which it says will become a “center of excellence for science and culture and support the wider museum sector”. The new hub, to be located in Riyadh, hoped to enable the Science Museum Group to work with museum professionals, researchers and educators […]
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Saudi Family Office Mithaq Capital Buys Majority Stake in Struggling Retailer Children’s Place
Saudi Arabia’s Mithaq Capital, a family office owned by the Al Rahji Family, snapped up shares in struggling children’s retailer The Children’s Place to take a majority stake in the company, Semafor reports.
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House Prices in Riyadh Continue Climb into Record Territory — Knight Frank Report
Global real estate consultancy Knight Frank released today its Winter 2023/24 Saudi Arabia Residential Market Review, available now on the company’s website.
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A Look at Saudi Arabia’s Latest Tourism Figures
Tourism minister Ahmed bin Aqeel Al Khateeb recently revealed Saudi Arabia’s latest tourism figures — key numbers for the Kingdom as it looks to diversify its economy in part by attracting visitors to the Kingdom.
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Discussing Saudi Arabia’s growth and construction projects with Waleed Abdel-Fattah, President of the MENA Region at Hill International
Waleed Abdel-Fattah, President of the MENA Region at Hill International, joins The 966 to talk about Saudi Arabia’s building boom and Hill’s traction in KSA since entering the market to help build out what is now known as KAFD. Hill has 100 offices across 42 countries, and its main geographical areas are the US, Europe […]
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Saudi Arabia Leads Arab Push for Palestinian State as Anger over Israel’s Brutality Mounts in East and West
Saudi Arabia is pushing for Arab states to take “a common position on how to end Israel’s war on Hamas as fears grow over its attacks on the refugee haven of Rafah — while increasing calls for an independent Palestinian state,” Bloomberg reports.
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Local content rate seen at 43% in Saudi Arabia with a 20% jump in spending – PIF
The growth rate of local content in Saudi Arabia has now reached 43 percent, a top PIF official noted at the Private Sector Forum in Riyadh yesterday, noting that overall spending on content has increased by 20 percent.
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2nd PIF Private Sector Forum Concludes; Expands Private Sector Interaction with PIF Portfolio Companies
Saudi Arabia concluded its second edition of the “PIF Private Sector Forum” in Riyadh, an event that brought together stakeholders from the PIF and its portfolio companies to engage directly with private sector companies at the King Abdulaziz International Convention Center in Riyadh.
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Fitch Affirms Saudi Arabia at ‘A+’ with Outlook Stable
Fitch Ratings has affirmed Saudi Arabia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘A+’ with a Stable Outlook, the ratings agency said. “Saudi Arabia’s ratings reflect its strong fiscal and external balance sheets, with government debt/GDP and sovereign net foreign assets (SNFA) considerably stronger than both the ‘A’ and ‘AA’ medians, and significant fiscal buffers […]
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MUST-READS
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Saudi Surgeon Honored for Performing the World’s First Fully Robotic Heart Transplant
The award also commemorates his successful completion of the world’s first robotic heart transplant on a 16-year-old patient suffering from end-stage (Class IV) heart failure. This achievement represents a turning point in heart transplant surgery practices, with a medical approach that relies on minimal surgical intervention, thereby reducing pain, shortening recovery times, and minimizing the risks of complications.
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Saudi FM arrives in Russia’s Kazan to attend BRICS summit
Saudi Foreign Minister Prince Faisal bin Farhan arrived in Russia’s Kazan to head the Kingdom’s delegation at the BRICS summit as “a country which is invited to join the group,” Al-Ekhbariya said on Wednesday. Prince Faisal is representing King Salman at the meeting of around 20 world leaders. In a joint statement issued on Wednesday, the BRICS group said it was “deeply concerned about ongoing conflicts and instability in the Middle East and North African region.”
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Al-Rajhi: 364000 Saudis join employment market for the first time in 2024
Minister of Human Resources and Social Development Eng. Ahmed Al-Rajhi said that as many as 364000 Saudi citizens have joined the local employment market, for the first time, during the year 2024. Addressing the first dialogue session of the Global Health Exhibition in Riyadh on Monday, the minister revealed that a total of 50 decisions have been taken to localize qualitative jobs, during the past four years, including the professions of accounting, pharmacy, radiology, and that is in coordination with the Ministry of Health and Ministry of Investment.
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Saudi Arabia Taps BlackRock to Build Mortgage-Backed Securities Market
The country hopes developing a secondary market for mortgages would allow banks to offer borrowers lower interest rates and improve the cost of home ownership, BlackRock Inc. Chief Executive Officer Larry Fink said at a conference in Johannesburg. In August, BlackRock signed an agreement with Saudi Real Estate Refinance Company — the state-owned equivalent of Fannie Mae and Freddie Mac in the US — to develop the real estate finance market in the kingdom. “Spreads are much wider than if there was a securitization market,” Fink said. “It would be much narrower and the homeowners would benefit, so the cost of home ownership would go down.”
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The World’s Largest Building Is Coming to Saudi Arabia
Located in northwest Riyadh, Saudi Arabia, the forthcoming Mukaab skyscraper is just one component of a 19-square-kilometer project spearheaded by New Murabba and the country’s Public Investment Fund (PIF), according to the developers. Though far from the tallest building at a projected 1,312 feet upon completion, the structure is expected to handily take the title of the world’s largest by volume.
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Saudi Finance Minister warns against rise in global fragmentation
Saudi Finance Minister Mohammed Al Jadaan on Monday offered a strong defence of multilateralism, warning of the challenges that global fragmentation poses to trade and humanitarian efforts. Mr Al Jadaan, who leads the International Monetary and Financial Committee, said countries have become increasingly isolated in recent years and that numerous shocks have weakened faith in multilateralism. “We can see that the world is becoming more and more fragmented,” Mr Al Jadaan said in remarks at the Peterson Institute for International Economics. “It is more difficult to build consensus of digital security, trade, development and countless ambitions.”
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Washington’s Arab allies engage with Iran as US efforts to stem Middle East violence falter
In a rare meeting this month, Saudi Arabia’s Crown Prince Mohamed bin Salman, who once called Iran’s Supreme Leader Ayatollah Ali Khamenei the “new Hitler of the Middle East,” sat down with Iranian Foreign Minister Abbas Araghchi in Riyadh. It was the third meeting between Iranian and Saudi officials in one month. Tehran’s top diplomat also met Jordan’s King Abdullah II in Amman and made a rare trip to Egypt for a meeting with President Abdel Fattah Al Sisi in Cairo. He has also met Qatar’s prime minister in Doha, the Omani foreign minister in Muscat and the Bahraini king in Manama.
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Meet Ali from Saudi Arabia, a Nursing Student at the University of South Carolina
Ali from Saudi Arabia has been passionate about pursuing a career in nursing since middle school. He completed one year of his undergraduate education in Australia, then transferred through the International Accelerator Program (IAP) to the University of South Carolina (USC) to explore opportunities in the US.“The total nursing program is two years lower division [pre-nursing] and two years upper division,” Ali said. Lower division students take core general education classes including English, history, math, and basic sciences. The curriculum also includes courses in nursing that focus on health and wellness, the history of nursing, pathophysiology, and more. Once students complete the prescribed number of lower division courses, they can then apply to the upper division level.
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Iranians debate leak of US docs on Israeli attack plans
A fringe pro-Iranian channel on the messaging app Telegram has published highly classified US intelligence documents detailing how Israel is preparing for an attack on Iran. US media have confirmed the authenticity of the documents, but the source of the leak and the possible motives remain unclear. The reaction in Tehran has been muted. However, some speculate that the leak is deliberate and meant to delay or reduce the scale of Israel’s pledged response to Iran’s Oct. 1 missile barrage.
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Syria: Iran and Hezbollah’s Savior and Achilles’ Heel
As the Netanyahu government engages in wars throughout the Middle East to degrade Iran and its allied militias, Biden administration officials are reportedly calling these military victories a “history-defining moment.” But is this moment history-defining in the way that White House officials seem to hope it is? Without a political solution that accommodates the millions yearning for peace and justice in the Middle East including Palestinians, Lebanese, and Syrians, it’s likely not. Israel’s tactical victories and Iran’s losses will be ephemeral.
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