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Saudi PPP to Invest $15 Billion in New Technology Fund – Report
- July 29,2021
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- SUSTG Team
A Saudi public-private partnership will launch a $15 billion technology fund “to advance the digital infrastructure in the Kingdom,” a report in Arab News said, based on an announcement at a conference in Riyadh on Wednesday.
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Saudi Arabia Suspends Privatization of the $2 Billion Ras Al Khair Desalination and Power Plant – Reports
- July 26,2021
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- SUSTG Team
Saudi Arabia has suspended the privatization plans for the Ras Al Khair desalination and power plant, valued at an estimated $2 billion, according to reports.
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Uncertainty Inside OPEC+ Causes Oil Price Flux
- July 9,2021
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- SUSTG Team
Oil prices continued to see increased volatility as traders attempt to understand how the Saudi-UAE chasm on production might affect supply in the coming months, according to reports.
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Saudi Arabia to Invest Over $133 Billion in Transportation Sector as Details of New Plan Emerge
- July 6,2021
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- SUSTG Team
New details are emerging regarding Saudi Arabia’s new plans to turbocharge growth in the Kingdom’s transportation sector and place it in more direct competition with the UAE as a hub connecting east and west, according to comments from the Kingdom’s transportation minister this week. Saudi Arabia will invest over 500 billion riyals ($133.34 billion) in airports, […]
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Flurry of New Deals Builds on Early 2021 Momentum for Saudi Venture Capital
- June 7,2021
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- SUSTG Team
Saudi Arabia’s venture capital scene continues to grow at an impressive clip as new deals and investments into Saudi companies – or by Saudi venture firms – builds on early growth so far in 2021.
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Saudi Arabia’s Ultra-Lux Amaala Resort May Raise Up to $2.7 Billion Next Year
- May 18,2021
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- SUSTG Team
Saudi Arabia’s ultra-luxury Amaala tourism project may raise up to 10 billion riyals ($2.7 billion) in 2022, the CEO of the company, John Pagano said in an interview on the sidelines of Arabian Travel Market in Dubai.
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Saudi Arabia’s ACWA Power Begins Construction on South Africa’s Largest Renewable Project
- May 13,2021
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- SUSTG Team
Saudi-based ACWA Power has announced the start of construction on the 100MW Redstone solar thermal project in South Africa following financial close of the deal, according to reports.
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Saudi Arabia’s Public Investment Fund Reportedly Eyes IPO for Security Company Elm
- May 11,2021
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- SUSTG Team
Elm, the digital security firm owned by Saudi Arabia’s Public Investment Fund (PIF), is exploring a roughly $2 billion initial public offering (IPO), Bloomberg reports.
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Flurry of U.S.-Saudi Diplomatic Activity as Allies Huddle on Yemen, Mutual Interests
- May 3,2021
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- SUSTG Team
Top diplomatic officials from the U.S. and Saudi Arabia met in Riyadh over the weekend to discuss bilateral relations and areas of mutual interest, according to official government accounts and information shared on Twitter. Several meetings were held between the two allies. Saudi Arabia’s top diplomat, Prince Faisal bin Farhan Al-Saud, and the Kingdom’s Ambassador to the […]
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‘Rapid Radical Reduction’ in Solar PV Price a Massive Opportunity for Saudi Renewables
- April 27,2021
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- SUSTG Team
A significant and unforeseen drop in the cost to produce solar energy in recent years may enable Saudi Arabia to turbocharge its ambitions to diversify its economy and free up more oil for exports, as the Kingdom continues ahead with the development of several solar installations.
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MUST-READS
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The Middle East cyber front line aiming to beat back AI-powered threats
IBM’s 2020 data showed that the average cost of a cyberattack on organizations in the UAE and Saudi Arabia was $6.53 million, about 69 percent higher than the global average.
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Saudi Arabia and the UAE opt for Nvidia chips to power their AI ambitions
At the helm of Saudi Arabia’s AI expedition is the project codenamed Shaheen III, a supercomputer project poised to reshape computational horizons, planned to be powered by 700 Nvidia Grace Hopper superconductor chips. Akin to its neighbor, the UAE is orchestrating a profound national revolution in AI through strategic developments. The UAE’s state-owned Technology Innovation Institute in Abu Dhabi has recently announced the creation of Falcon, an open-source large language model.
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US Troop Buildup in the Gulf Reemphasizes Military Power
The US military has recently significantly increased its presence in the Arabian Gulf, a show of force aimed primarily at deterring Iran from attacking or harassing commercial ships in the area. However, this beefed up military presence also has ancillary effects, namely to reassure Gulf Arab states of the United States’ commitment to their security, to signal to China and Russia that the Gulf remains in the US sphere of influence, to deter Israel from attacking Iran (which could lead to a destabilizing conflict in the region), and to strengthen the US bargaining position vis-à-vis Iran in case indirect talks over a so-called “mini-agreement” on its nuclear program are revived.
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Saudi Arabia and UAE race to buy Nvidia chips to power AI ambitions
According to multiple sources close to Nvidia and its manufacturer, Taiwan Semiconductor Manufacturing Company, the chipmaker will ship about 550,000 of its latest H100 chips globally in 2023, primarily to US tech companies. Nvidia declined to comment. In Saudi Arabia, Kaust will receive 3000 of these specialist chips, worth about $US120 million in total, by the end of 2023, according to two people close to the university’s AI labs.
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Saudi Arabia and UAE race to buy Nvidia chips to power AI ambitions
According to people familiar with the moves, Saudi Arabia has bought at least 3000 of Nvidia’s H100 chips – a $US40,000 ($61,570) processor described by Nvidia chief Jensen Huang as “the world’s first computer [chip] designed for generative AI” – via the public research institution King Abdullah University of Science and Technology (Kaust). Meanwhile, the UAE has also secured access to thousands of Nvidia chips and has already developed its own open-source large language model, known as Falcon, at the state-owned Technology Innovation Institute in Masdar City, Abu Dhabi.
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Saudi Arabia and UAE race to buy Nvidia chips to power AI ambitions
Saudi Arabia and the United Arab Emirates are buying up thousands of the high-performance Nvidia chips crucial for building artificial intelligence software, joining a global AI arms race that is squeezing the supply of Silicon Valley’s hottest commodity. The Gulf powerhouses have publicly stated their goal of becoming leaders in AI as they pursue ambitious plans to turbocharge their economies. But the push has also raised concerns about potential misuse of the technology by the oil-rich states’ autocratic leaders.
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Saudi Arabia to power green hydrogen project with 2.2 GW of solar
Sungrow has agreed to supply inverter technology for a 2.2 GW solar plant under development in Oxagon, Saudi Arabia. The PV installation, which will be the largest in the Middle East upon completion, will provide power for Neom Green Hydrogen Co.’s (NGHC) $8.7 billion green hydrogen project.
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Sleysla — a commitment to Saudi heritage and women’s empowerment at its center
Sleysla’s handmade products are made with eco-friendly and sustainable materials, reviving Saudi cultural heritage while making a fashion statement with bold colors and designs. More than just a brand for cultural goods, the Sleysla Center for Developing Saudi Heritage is one of the most prominent cultural initiatives, founded in 2008 under Saudi Arabia’s Al-Faisalya Women Welfare Society. The center’s chairman of the board and president is Princess Fahda bint Saud bin Abdul Aziz Al-Saud.
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Empowering the future: The rising women workforce in Saudi Arabia’s private sector
Ahmad highlighted the transformative socio-economic changes underway in Saudi Arabia, driven by its Vision 2030 agenda, with a strong emphasis on women’s empowerment. Over the past five years, the labor force participation rate of Saudi women has risen by an impressive 67 percent, from 21 percent in 2017 to 35 percent in 2022, signaling a supportive shift in government policies.
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U.S. Fellowship Program Empowers Thirty-Four Saudi Women Entrepreneurs to Achieve Greater Professional Heights
The WIn Fellowship is a women’s entrepreneurship and empowerment partnership between U.S. Embassy Riyadh, the Atlantic Council, Georgetown University’s McDonough Business School, and PepsiCo. It delivers a year-long virtual program that includes mentoring and networking opportunities with leading U.S. and Middle East business executives, government officials, and policy professionals. At the end of the program, five WIn program participants will participate in a one-week exchange in the United States in Washington, DC.
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