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Saudi Arabia’s 2015 Budget: A Message of Confidence and Focus on Human Capital – John Sfakianakis
Saudi Arabia’s 2015 budget has captured attention as a counter-cyclical fiscal policy to spend heavily despite a projected deficit on the back of falling oil prices. SUSTG’s President Richard Wilson sat down with Dr. John Sfakianakis, Regional Director for the GCC at Ashmore Group, for a wide-ranging interview to discuss issues affecting the Saudi economy. The discussion […]
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John Sfakianakis on the Saudi Economy and 2015 Budget, Oil Prices, and the Opening of the Saudi Stock Market
SUSTG’s President Richard Wilson sits down with Dr. John Sfakianakis of Ashmore Group to discuss a range of key economic an political topics for Saudi Arabia. This discussion is part of SUSTG.com and SUSRIS.com’s FocusKSA series of online interviews with a wide variety of experts and analysts whose commentary provides insight on issues of importance to […]
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Ras Tanura Clean Fuels Project in Saudi Arabia Suspended Due to Low Oil Price
Saudi Arabia’s $2 billion Ras Tanura clean fuels project has been suspended by Saudi Aramco following a steep drop in oil’s price since July 2014, Reem Shamseddine of Reuters reports. The Ras Tanura clean fuels project was due to be a part of a second phase of upgrades to Aramco’s refineries, but may resume in a […]
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Saudi Arabia’s 2015 Fiscal Budget Expands Spending, Projects $39b Deficit to be Covered by Reserves – Jadwa Investment
Saudi Arabia’s 2015 fiscal spending plans amount to “another expansionary budget with spending maintained at a very high level which will play a vital role in supporting the economy,” according to Riyadh-based Jadwa Investment. The firm notes that for the first time since 2011, a fiscal deficit is projected, based on revenues of SR715 billion and expenditures […]
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Ahead of Budget Announcement, Inflation in Saudi Arabia Hits 7-Year Low
Ahead of Saudi Arabia’s budget announcement, which is expected for the end of the week after a special meeting, inflation in Saudi Arabia is approaching its lowest levels since April 2007, Asharq Alawsat reports. The 7-year low is expected to be official when Saudi Arabia’s Central Department of Statistics and Information releases official data before […]
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Saudi Arabia’s 2015 Budget Expectations – SUSRIS
Writing in SUSRIS, Patrick Ryan provides an overview of the expectations for Saudi Arabia’s upcoming announcement of its fiscal plans for 2015. Although the price of oil has been high in recent years, “this year is different,” Ryan writes: “The 2015 budget, expected to be released on Monday, is anticipated to roll back spending to about SR800 […]
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Saudi Stock Market Posts Biggest Daily Loss in 6 Years as Oil Dips Below $60
Saudi Arabia’s Stock Market posted the biggest loss in 6 years as the bourse reacted to further declines in the price of oil, according to reports. The TASI fell 7.3 percent to 7,330 points, its lowest level since June 2013. Dozens of stocks fell by their daily 10 percent limits, indicating further potential weakness, Arab News […]
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John Kerry’s Remarks at U.S. Chamber of Commerce Middle East Commercial Center Leadership Dinner
In an energetic and wide-ranging speech delivered to guests attending the Middle East Commercial Center Leadership Dinner on Monday night at the U.S. Chamber of Commerce, Secretary of State John Kerry praised the work of the Center and the development of business relationships between the United States and the Middle East region. Secretary Kerry shared […]
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#SaudiTBT: The Father of the Saudi Arabian National Guard HRH King Abdullah bin Abdulaziz in 1962
HRH Miteb Bin Abdullah, Minister of the Saudi Arabian National Guard (SANG) and the third oldest son of Saudi Arabia’s King Abdullah Bin Abdulaziz, recently visited Washington to meet with President Obama and other senior officials to discuss strengthened bilateral cooperation between the U.S. Department of Defense and SANG. The National Guard is one […]
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Jadwa Investment: Oil Market Dynamics and Saudi Fiscal Challenges
After a significant drop in oil’s price on international markets since July 2014, the impact on the Kingdom of Saudi Arabia’s budget and fiscal policy is assessed in Jadwa Investment just-released research note. Head of Research Dr. Fahad Alturki notes that the recent decision not to cut output by OPEC “adds further uncertainty not only on the global […]
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MUST-READS
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The first-ever retro Pepsi Diner is in Saudi – and it’s anything but ordinary
Bringing the first-ever experience of its kind to Riyadh, the new diner is a limited collab between PepsiCo and Black Tap. The exclusive experience blends the creativity behind the New York burger joint Black Tap with the flavours of Pepsi to create a modern twist on a classic American diner.
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Saudi Artist Turns Calligraphy Into Captivating Art With His Stunning Projects
Based in Riyadh, Al-Sulaimani’s love for calligraffiti started back in school during an Arabic calligraphy class. Captivated by the power of the written word, he started blending this timeless art form with vibrant, graffiti-inspired styles, creating eye-catching and unique masterpieces.
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Saudi: New Nazaha law stipulates termination of government employee if convicted of corruption
A government employee shall be terminated from service in the event of conviction of corruption by a court of law. Legal measures will be taken against an employee if he amasses wealth disproportionate to his income. These provisions are included in the new Saudi Oversight and Anti-Corruption Authority (Nazaha) Law, approved by the Council of Ministers on July 23.
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Saudi Maaden Doubles Profits in Second Quarter of 2024
The net profits of the Saudi Arabian Mining Company (Maaden) doubled by approximately 192 percent to one billion riyals ($266 million) during the second quarter of 2024, compared to SAR 350.9 million ($93 million) during the same period last year. In a statement on Tadawul, the company attributed the growth to the increase in total profit by 35 percent to SAR 572 million as a result of the rise in selling prices, the decrease in the cost of raw materials, and depreciation expenses.
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Saudi EV market seen to grow by 6% YoY until 2030: Lucid
Marc Winterhoff, Chief Operating Officer at Lucid Group, predicts that the electric vehicle (EV) market in Saudi Arabia will grow by 6% year-on-year (YoY) until 2030, Al Eqtisadiah newspaper reported. He added that by that time, 210,000 to 250,000 EVs would be sold annually in Saudi Arabia, a significant number that aligns with Saudi Arabia’s commitment to manufacturing 500,000 vehicles and supporting this investment with $50 billion.
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Readout of Secretary of Defense Lloyd J. Austin III’s Call With Israeli Minister of Defense Yoav Gallant
Secretary Austin reiterated the United States' commitment to take every possible step to defend Israel and noted the strengthening of U.S. military force posture and capabilities throughout the Middle East in light of escalating regional tensions. Reinforcing this commitment, Secretary Austin has ordered the USS ABRAHAM LINCOLN Carrier Strike Group, equipped with F-35C fighters, to accelerate its transit to the Central Command area of responsibility, adding to the capabilities already provided by the USS THEODORE ROOSEVELT Carrier Strike Group.
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US ‘shares’ Israel concern Iran retaliation ‘could’ come this week
President Biden and European allies intensified diplomatic consultations and outreach to try to avert regional escalation as Israel said it was on high alert for Iranian retaliation, and as the Pentagon rushed additional naval and air power to the region to try to defend Israel from potential attack. But it was unclear if the U.S. believed an Iranian attack was likely, or if it might be conducting some sort of psychological warfare, forcing Israel to brace for one without striking, yet, or possibly to advance Gaza ceasefire efforts.
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Why Israel’s bombing of Yemen may have unintended consequences
On July 20, after an unprecedented Houthi drone strike killed a civilian in Tel Aviv the day before, Israel launched a series of airstrikes on Houthi-held Hodeidah Port on Yemen’s Red Sea coast. Beyond reportedly killing at least nine people and injuring dozens more, the aerial bombardment destroyed several pieces of vital infrastructure—including a major fuel storage site. While much of the international coverage of the incident has focused on the context of the wider regional dynamics of the Gaza war, the destruction of such infrastructure also stands to have significant economic, political, and potentially even military impacts within Yemen.
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Abbas Araghchi, Iran’s Experienced and ‘Revolutionary’ Incoming Foreign Minister
Araghchi’s appointment should be seen as a positive development at a time of high and rising tension in the region. In addition to his long experience in international affairs and nuclear talks, he enjoys robust “revolutionary” credentials that could partially shield him from domestic criticism should Iran make concessions on key issues.
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Saudi Arabia ranks 4th in road quality index in G20 countries
Saudi Arabia’s road quality index has risen to 5.7, placing the Kingdom in the fourth rank among the G20 countries, according to a survey carried out by the Saudi Roads General Authority. More than 77 percent of the roads across Saudi Arabia meets safety standards, exceeding the 66 percent targeted last year, the survey pointed out. These performance results were revealed 500 days after the Kingdom’s launching of the Roads Sector Strategy that focuses on safety, quality and traffic density, and based on its role in organizing and supervising the sector by setting the necessary policies, standards and procedures for the roads sector.
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