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Recent stories from sustg

  • Cracking the Online Payments Puzzle in MENA
     

    Online payments have been at the center of electronic commerce challenges in the Middle East and North Africa since the first regional e-commerce sites came online. In many cases, they’ve kept both investors and founders worried about venturing into e-commerce businesses, and prevented many consumers from enjoying the benefits. Research shows that 47% of people […]

     
  • PHOTOS: Saudi Commando Forces Train in the Alps
     

    Saudi Arabia’s commando forces are training in the Alps with their French counterparts. The forces included “Saudi commando units, surveillance units of paratroopers and special forces units from the Royal Saudi Land Forces, joined by French commandos, all took part in the high-altitude drills dubbed ‘Shamrakh 1,’ Al Arabiya reports. [CLICK HERE TO VIEW A […]

     
  • After Sfakianakis Hire, Ashmore to Open an Office in Saudi Arabia Ahead of Market Opening
     

    London-based Ashmore Investments is set to open an office in Saudi Arabia before the opening of the Saudi Stock Exchange to foreign investors, the Wall Street Journal‘s Nicholas Parasie reports. Ashmore, which is registered with the Saudi market regulator the Capital Markets Authority and based in Riyadh on Olaya Main Street, recently hired John Sfakianakis to join the […]

     
  • Riyadh Gunman who Killed an American Co-Worker and was Born in the US Identified as Abdulaziz bin Fahd Al-Rasheed
     

    An American was shot and killed in a car in Riyadh today by a 25 year-old Saudi citizen named Abdulaziz bin Fahd Al-Rasheed who was born in the United States, the official Saudi Press Agency reports. The two were employed by Vinnell Company contracting with the Ministry of the National Guard, the SPA has said, […]

     
  • Saudi Arabia in the Air
     

    A stunning collection of photos from Saudi Arabia’s Press Agency, the SPA, showed Saudi Arabia’s helicopters and some shots of the Kingdom from above. [Click here to view a slideshow of Saudi helicopters and aerial shots of the Kingdom from above]

     
  • Google on a Camel
     

    Google’s Street View has provided 360-degree views of locations around the globe since 2007.   Street View cameras have been deployed on boats, underwater and now, Raffia, a 10-year old camel. Writing for The National, Lindsay Carroll reports on Raffia’s walk in the desert around the Liwa Oasis carrying a specialized camera. The Liwa Desert […]

     
  • Saudi Aramco: Not Your Ordinary NOC
     

    Last month Saudi Aramco opened a 50,000 square foot, state-of-the-art research center in Houston that Saudi Aramco President and CEO, Khalid Al-Falih called, “an upstream research center like no other.”  It will be an extension of Saudi Aramco’s Exploration and Petroleum Engineering Center’s Advanced Research Center (EXPEC ARC) and it’s Research and Development Center both […]

     
  • Central bank’s record reserves ‘show strength of Saudi economy’
     

    The Saudi Arabian Monetary Agency (SAMA)’s reserve assets soared to another historic level in August, official data show, to over $757.3 billion. The jump in August, an increase of $10.4 billion, shows the strength of the Saudi economy, Asharq Alawsat reports, citing economist Abdulaziz Al-Fahad. Asharq Alawsat: “SAMA itself attributed the rise in reserves to […]

     
  • Lockheed, Raytheon Sell ‘Worlds Most Advanced’ Patriot Missile System to Saudi Arabia for $1.7b
     

    U.S. defense contractors Lockheed Martin and Raytheon are the lead contractors in the proposed $1.7b sale of the Patriot Advanced Capability-3 (PAC-3) Missile system to Saudi Arabia, following a request for approval by the Pentagon.  The development is the latest in recent weeks indicating a strengthening of U.S.-Saudi ties as the two countries coordinate security efforts to counter […]

     
  • Why MNCs Must Localize their Saudi Business
     

    Saudi Arabia is one of Europe, Middle East and Africa’s (EMEA) top emerging markets, but it is on an unsustainable growth path that threatens long-term prosperity. In addressing this problem through economic diversification, the government will increasingly push multi-national corporations (MNC) to localize their presence or risk being shut out of the market. Success for […]

     

MUST-READS

  • Saudi Arabia investing $180 billion to develop green economy, says minister

    Saudi Minister of Economy and Planning Faisal Al-Ibrahim said that Saudi Arabia plays a pivotal role in achieving global climate-related goals, with more than 80 initiatives and investments exceeding $180 billion to develop the country's green economy, in addition to establishing its position as a leader in renewable energy.

  • PIF strengthens renewable energy localization in Saudi Arabia with three new joint ventures

    PIF has today announced the signing of three new agreements to localize in Saudi Arabia the manufacturing and assembly of equipment and components needed for solar and wind power. These agreements have been entered into by the Renewable Energy Localization Company (RELC) – a fully owned PIF company. They are in line with the Saudi Ministry of Energy’s drive to localize production of renewable energy components.

  • IMF revises Saudi GDP growth down on oil cuts

    The International Monetary Fund on Tuesday revised downwards Saudi Arabia's economic growth by nearly one percentage point, mainly due to oil production cuts. The revision was the biggest among major economies and dragged down the rest of the Middle East and North Africa region, which is projected to grow 2.2% this year, a downward revision of half a percentage point from three months ago, IMF projections in its World Economic Outlook showed.

  • Saudi Arabia updates requirements for construction of residential buildings

    The updated specifications included a number of provisions related to facilitating various types of construction work for the beneficiaries. These provisions aimed to preserve safety of buildings and protect them from risks, in addition to providing the best standards in construction work such as increasing the proportion of built area in residential buildings and villas, and buildings for commercial, administrative and residential purposes. It also aims to reduce setback, which is the minimum open space required around any building or structure, in residential villas.

  • Nine killed in Oman Shi’ite mosque shooting, including three attackers

    Nine people were killed, including three attackers, and more than two dozen others were injured in an assault on a Shi'ite Muslim mosque in Oman late on Monday, law enforcement said, in a rare security breach in the oil producing Gulf state. Four Pakistanis , an Indian and a police officer were among those killed in the gun attack, according to Pakistani, Indian and Omani officials. The Oman police said 28 people of various nationalities were wounded, including security personnel.

  • Global Growth Steady Amid Slowing Disinflation and Rising Policy Uncertainty

    Our global growth projections are unchanged at 3.2 percent this year and slightly higher at 3.3 percent for next year, but there have been notable developments beneath the surface since the April World Economic Outlook. Growth in major advanced economies is becoming more aligned as output gaps are closing. The United States shows increasing signs of cooling, especially in the labor market, after a strong 2023. The euro area, meanwhile, is poised to pick up after a nearly flat performance last year.

  • Al-Hilal SFC named Saudi Arabia’s strongest football club brand as nation bolsters financial commitment to the sport

    Al-Hilal SFC is Saudi Arabia’s strongest football club brand with a brand strength index (BSI) score of 74.6, and an equivalent AA+ rating, according to new data from Brand Finance. Al-Hilal's strategic investments, including the signings of Neymar, Ruben Neves, and Milinković-Savić, have solidified the club’s dominance in the Saudi Pro League and reinforced its status as a top football brand in the region.

  • IMF projects Saudi economy to grow 1.7% in 2024

    The International Monetary Fund (IMF) trimmed its forecast for Saudi economic growth to 1.7% for 2024, compared to its former 2.6% estimate issued last April.  In its Global Economic Outlook report issued today, July 16, the fund indicated that slashing its Saudi economic growth expectations by 0.9% for the current year primarily reflects the extension of oil production cuts. It also expected the Saudi economy to advance by 4.7% in 2025, compared to its previous projection issued in April of 6%, marking a 1.3% downgrade.

  • British PM praises Saudi crown prince for role in promoting Middle East stability

    While discussing the situation in the Middle East, the prime minister praised the crown prince for his leadership in supporting regional stability, and emphasized the UK’s enduring commitment to peace and security in the region.

  • Archaeologists Found 345 Ancient Stone Circles That Tell a New Story About Humans

    Archaeologists recently discovered a whole mess of these circles—roughly 345, actually—in Saudi Arabia using aerial surveillance techniques. “These structures were individual dwellings, constructed in concentrations of varying numbers with associated domestic installations, such as hearths,” the research time behind the find, who published their study in Levant, explained. “The standing stone circle sites presented in this paper demonstrate a scale of Neolithic occupation not previously recognized in Saudi Arabia.”