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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

  • Will Gulf Camping Survive the Tourism Boom?

    The Gulf Cooperation Council’s “Grand Tours” unified visa is expected to launch by the end of 2024, permitting intercountry travel for foreign nationals living in all six GCC states akin to the European Union’s Schengen Area. With the unified visa projected to ease travel logistics and boost tourism revenue, tourism sectors across the GCC states are strategically working to craft multicountry tourism packages in tandem with the announcement of the visa.

  • Israel bombards central Gaza as tanks advance deeper in Rafah

    Israeli forces bombarded the Gaza Strip's historic refugee camps in the centre of the enclave and struck Gaza City in the north on Thursday, killing at least 13 people, and tanks pushed deeper into Rafah in the south, health officials and residents said. One Israeli airstrike killed six people in Zawayda town in central Gaza and two other people were killed in a strike on a house in Bureij camp. An Israeli air strike killed three people in a car in Deir Al-Balah, a city packed with people displaced from elsewhere in Gaza, health officials said.

  • Saudi Arabia sees 60 million tourists in first half of 2024

    Saudi Minister of Tourism Ahmed Al-Khateeb announced that in the first half of 2024, the number of tourists reached 60 million, spending a total of SR150 billion. He emphasized the country's commitment to developing the tourism sector, which currently represents 3% of Saudi Arabia's GDP, while noting that the sector  accounts for 10% of the global economy. Al-Khateeb revealed that in 2023, Saudi Arabia welcomed approximately 109 million tourists, including 27 million international visitors, placing the country 11th globally in terms of tourist numbers.

  • VLCC rates under pressure as Saudi Arabia slashes exports

    New data from Vortexa shows VLCC utilisation for OPEC+ – excluding Iran and Venezuela – fell sharply during June and reached a record low earlier this month, as exports from the group, especially Saudi Arabia, fell sharply. “The lack of sizeable alternative routes for VLCC flows, i.e. outside of OPEC+ (mostly Middle East) to Asia, is likely to keep VLCC rates under pressure,” Vortexa warned in a tanker update this week. VLCC rates have been on the slide this month, ducking well below the $30,000 a day mark.

  • Saudi Arabia Condemns Israeli Attack on UNRWA School in Gaza

    Saudi Arabia strongly condemned on Thursday Israel’s targeting of the Al-Razi United Nations Relief and Works Agency for Palestine Refugees (UNRWA) school in the Nuseirat refugee camp and its attack on the Attar area in Khan Younis in Gaza.

  • Saudi Cabinet approves establishment of national minerals program

    According to a ministry statement released earlier this year, the Kingdom’s mineral wealth is valued at an estimated SR9.4 trillion ($2.5 trillion). The Minister of Industry and Mineral Resources Bandar Alkhorayef thanked King Salman and Crown Prince Mohammed bin Salman for the cabinet’s approval and said the program will effectively drive growth in the minerals sector and exploit the country’s mineral wealth.

  • ‘I’ll always protect’ Saudi Arabia, former US President Trump says

    Donald Trump has vowed to “always” protect Saudi Arabia if he is re-elected as US president during the upcoming elections in November. The former president and Republican nominee, who will run against Joe Biden in a few months, made his first trip abroad to Saudi Arabia after entering the White House in 2017.

  • JinkoSolar to build 10GW n-type cell and module factory in Saudi Arabia

    The facility will be built and financed through a joint venture (JV) between JinkoSolar Middle East, the Renewable Energy Localization Company (RELC) – a subsidiary of the state-run Saudi Public Investment Fund – and Vision Industries (VI), an investor in Saudi clean energy industrial projects and supply chains. Both JinkoSolar and RELC will hold 40% equity and VI the remaining 20%.

  • NASA Signs US, Saudi Arabia Agreement for Civil Aeronautics, Space Collaboration

    The United States and Saudi Arabia signed a framework agreement that opens new possibilities for cooperation with NASA in areas such as space science, exploration, aeronautics, space operations, education, and Earth science. NASA Administrator Bill Nelson signed on behalf of the U.S., and CEO of the Saudi Space Agency Mohammed bin Saud Al-Tamimi signed on behalf of the Kingdom of Saudi Arabia.

  • Mideast missile duels have cost US Navy nearly $1B, secretary says

    The U.S. Navy is nearly $1 billion in the hole after defending Israel from Iranian missiles last weekend and fighting off Houthi attacks on Red Sea shipping since October, the service’s secretary said Tuesday in a bid to convince House lawmakers to approve $95 billion in supplemental funding.