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Difficult Times for the Saudi Binladin Group
- May 5,2016
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- SUSTG Team
The Saudi Binladin Group (SBG) is facing its toughest challenges in the construction giant’s 85 years of operation as tightened government spending and a 8-month restriction on new projects in the pipeline has undermined the company’s finances. Saudi Binladen has announced a reduction in jobs totaling 77,000, or about one-third of its total workforce. “The […]
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The 5 Major Changes Saudi Arabia’s Capital Markets Authority Made to Increase Foreign Investment in the Saudi Stock Market
- May 3,2016
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- Lucien Zeigler
Saudi Arabia’s Capital Markets Authority (CMA) has significantly lowered the barriers to entering the Saudi stock market as a foreign investor and increased the amount which a foreigner may own of a Saudi company, the bourse announced in a release today. “These rules were implemented with the aim of raising the bar in relation to investing […]
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Commentary: Saudi Arabia’s Vision 2030, Don’t Miss the Point
- April 29,2016
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- Richard Wilson
While Saudi Arabia’s Vision 2030 was formally endorsed by the Saudi Council of Ministers and published on April 25, 2016, anticipation about the plan had been building for months. McKinsey & Company’s 165-page Moving Saudi Arabia’s Economy Beyond Oil in December 2015 confirmed the depth of the analysis underway within the Saudi government while Deputy […]
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Deputy Crown Prince Mohammed bin Salman Opens Up on Personal History; ‘Vision for the Kingdom of Saudi Arabia’
- April 22,2016
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- SUSTG Team
In his second exclusive and wide-ranging interview with Bloomberg, Saudi Arabia’s deputy crown prince, chair of the Council of Economic and Development Affairs (CEDA), and minister of defense opened up on his rise to power, his initial struggles and ultimate acceptance under the late King Abdullah, and his fondness for Winston Churchill and Sun Tzu’s The […]
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As President Obama Heads to Saudi Arabia, Economic Cooperation and Enhanced Bi-Lateral Security Will be on Agenda
- April 15,2016
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- Lucien Zeigler and Richard Wilson
As President Obama heads to Saudi Arabia next week to meet with HRH King Salman and attend a GCC summit, familiar topics as well as new issues will be on the agenda for the President’s 3rd official visit to Saudi Arabia and second meeting with King Salman since September. Along with long-standing regional and security concerns that require U.S.-Saudi […]
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In Egypt, Saudi Arabia’s King Salman Reaffirms Commitment to Bi-Lateral Ties
- April 8,2016
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- SUSTG Team
In what is being hailed as a landmark visit, Saudi Arabia’s King Salman arrived in Egypt to re-affirm Saudi-Egyptian ties and engage a critical regional ally on key foreign policy concerns. King Salman, who was also accompanied by Deputy Crown Prince Mohammed bin Salman and dozens of Saudi officials and leaders, including 14 ministers, was received […]
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Crown Prince Mohammed bin Naif Joins Twitter
- April 7,2016
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- SUSTG Team
Following the lead of King Salman and other top Saudi government officials, Saudi Arabia’s Crown Prince has joined the social microblogging website Twitter using the handle @M_Naif_Alsaud. The Crown Prince chairs the Council of Political and Security Affairs (CPSA) and is Minister of Interior of Saudi Arabia. His first tweet, sent on April 5, 2016 […]
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Saudi Arabia was world’s third largest military spender in 2015, surpassing Russia
- April 6,2016
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- SUSTG Team
Saudi Arabia surpassed Russia in military spending for 2015 to be the world’s third largest spender on defense, according to a new report by the Stockholm International Peace Research Institute (SIPRI). The United States retained its top position globally in total military spending in 2015, accounting for almost one-third of all military spending globally. The […]
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Saudi Arabia taking ‘unprecedented hands-on role in housing finance and development’
- April 4,2016
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- SUSTG Team
Saudi Arabia’s housing minister Majed al-Hogail gave an interview with Bloomberg last week in which he discussed the government’s plans to create its own development company and start a mortgage-guarantee fund to encourage banks to increase lending for Saudis. “‘We are looking to improve the productivity of the local developers’ but also trying to attract international […]
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Throwback: Photos of King Salman at King Saud University, 40 Years On
- March 31,2016
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- SUSTG Team
Recently released photos by the Saudi Press Agency (SPA) show King Salman at the King Saud University roughly 40 years ago, as the then-prince assisted in shaping the Riyadh-based University to be what it is today. King Saud University (KSU) is billed as “the premier institution of higher education in the Kingdom of Saudi Arabia. Prince […]
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Trump Ramps Up Israel Support as Saudi Prince Condemns War
US President-elect Donald Trump’s choice of three ardently pro-Israel lawmakers for top foreign-policy jobs underscores that his focus will be on heightening support for Israel and boxing in Iran once he takes office. Even after he won over many Arab Americans who criticized the Biden administration over its support for Israel in the Gaza war, the selections will be deeply reassuring to Israeli leaders after their sometimes fraught relationship with President Joe Biden.
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Gulf states wary of return to Donald Trump’s ‘maximum pressure’ against Iran
Leaders like Saudi Arabia’s Crown Prince Mohammed bin Salman were among Trump’s most enthusiastic Arab backers during his first term as US president, welcoming both his adversarial approach to Iran and his transactional style after years of Gulf frustration with American policy. But in the years since, the Gulf’s two powerhouses — Saudi Arabia and the UAE — have changed tack, seeking to engage with Tehran amid doubts about the US’s commitment to their security. This became more urgent after Hamas’s October 7 2023 attack against Israel triggered a wave of regional hostilities and heightened tensions between the US and Iran, with both Riyadh and Abu Dhabi seeking to remain on the sidelines.
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Khalid bin Salman’s Rising Influence in Saudi Defense Reforms
Saudi Arabia is investing in the reorganization of the defense ministry, and to further improve defense sector’s human skills. This fits into the professionalization path the Saudi armed forces have embraced, also complying with Riyadh’s greater defense autonomy aspirations. The plan foresees three main reform phases: the building of the ministry’s centre and of specific undersecretaries (for instance, on strategic affairs, and on procurement); the reorganization of the forces to increase performance efficiency and facilitate joint operations; the rearming of the forces and the building of capabilities.
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Nigeria Seeks $5 Billion Trade Facility From Saudi Arabia
Nigeria is seeking a $5 billion trade facility from Saudi Arabia to shore up capital for its economic reform program. The West African nation wants a deal with the Saudi government on the facility, Nigeria’s presidency said in a statement Tuesday after President Bola Tinubu met Crown Prince Mohammed bin Salman in Riyadh on the sidelines of the joint Arab-Islamic Summit. No further details were given.
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Saudi Arabian Schools Welcome First Chinese Teachers
The first 175 Chinese language teachers began teaching at primary and middle schools in Saudi Arabia last month, as part of an agreement made between the two countries in 2023 to enhance cooperation in Chinese language education. According to China’s state Xinhua News Agency, Saudi Arabia will start with Chinese language classes in middle schools, and 800 such teaching positions will be available.
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MENA cinema market poised for major growth, led by Saudi Arabia’s surge in screen count and revenue
New Omdia analysis has revealed the MENA cinema market is poised for substantial revenue growth, projected to increase from $900 million in 2024 to $1.5 billion by 2029. The Kingdom of Saudi Arabia is expected to play a pivotal role, contributing nearly two-thirds of the region's cinema revenue by 2029. Saudi Arabia is set to lead the MENA region in screen count by year-end, reaching 803 screens, followed by the UAE with 734. This growth is largely due to Saudi Arabia's substantial investment in its entertainment infrastructure.
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Special Briefing: The Middle East reacts to Donald Trump’s reelection
Despite reports during President Joe Biden’s term about tensions between Netanyahu and Trump, when the Israeli prime minister visited the US in July 2024, it was obvious that his meeting with Trump was much warmer than the ones he held with Biden and with Vice President Kamala Harris. In the lead up to the US presidential election, Trump utilized his support for Netanyahu in an effort to sway Jewish American voters in his favor, while also seeking to attract Arab Americans by calling for an end to the wars in Gaza and Lebanon.
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Israeli government celebrates Trump’s victory amid its concerns about Biden’s final policy moves
Israeli Prime Minister Benjamin Netanyahu was quick to call President-elect Donald Trump to congratulate him for his victory in the Nov. 5 US election and to appoint a new ambassador to Washington — a hard-liner from the settler movement. Throughout his years in office, Netanyahu has shown a clear preference for the Republican Party, often being accused of meddling in US politics and eroding the bipartisan nature of American support for Israel.
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Opinion: A new era of hope – Trump’s return and the promise of stability
The reelection of President Donald Trump heralds a new era of optimism and possibility for both the US and the global community. His impending return to office signals a steadfast commitment to revitalizing the US economy and prioritizing the well-being of the American people. As a businessman with a proven track record, Trump brings a practical approach to governance, focusing on economic prosperity and tangible results.
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Silicon Valley’s General Catalyst makes first investment into Saudi Arabia through fintech Lean Technologies
Silicon Valley venture capital firm General Catalyst has made its first investment in Saudi Arabia through fintech startup Lean Technologies, which just closed a Series B round worth $67.5 million. General Catalyst has $30 billion in assets under management and has backed major U.S. tech companies like Snap, Stripe and AirBnb. Lean Technologies’ fundraising round also saw participation from Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, and Arbor Ventures, among others, bringing the Riyadh-based firm’s total funding to over $100 million to date, according to a Sunday statement from the company. For three of those investors — General Catalyst, Stanley Druckenmiller and Bain Capital — this investment is their first in the kingdom.
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