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Recent stories from sustg
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Big Week for Oil Prices as Major Producers Scramble for a Deal
Saudi Arabia, Russia, OPEC countries and the United States are hoping this week a deal can be reached on production cuts to prevent the price of oil from falling further on international indices, but some analysts and market observers are skeptical that such a deal can come together given the current market dynamics.
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Saudi Arabia’s King Salman Chairs Virtual Gathering of G20 Countries to Combat COVID-19
Saudi Arabia’s King Salman chaired a virtual G20 summit via video teleconference with world leaders to address the COVID19 crisis under the G20 Saudi Arabia Presidency.
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Jadwa Macroeconomic Update: COVID-19 ‘Changes Everything, for Now’
The latest Macroeconomic Update report from Jadwa Investment examines the impact of the COVID-19 virus, or Coronavirus, on the Saudi economy, noting that while COVID-19 will put pressure on the oil economy, downside risks to non-oil growth will also be noticeable in the Kingdom.
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Report: Saudi Plans $6bn Surge in Mortgage Refinancing
Saudi Arabia’s first mortgage refinancing firm “aims to raise its holdings of home-loan portfolios by 10 times this year,” Bloomberg reports, as the Kingdom’s Saudi Housing Minister said that Saudi’s first mortgage refinancing firm plans to buy more than SAR 23 billion ($6.1 billion) of mortgage portfolios from banks in 2020.
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Pompeo Meets with King Salman, FM Prince Faisal bin Farhan in Riyadh
Secretary of State Mike Pompeo met with King Salman and Foreign Minister Prince Faisal bin Farhan in Riyadh today, photos from the Saudi Press Agency show.
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Saudi Cabinet Gives Approval to Saudi Export and Import (Exim) Bank, Launch Expected Soon
Saudi Arabia’s Council of Ministers has approved regulations for the creation of a new Saudi Export and Import (Exim) Bank on Tuesday during a session presided over by Custodian of the Two Holy Mosques King Salman at Al-Yamamah Palace.
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Jadwa Investment: Saudi Inflation Set to Rise Slightly in 2020; Non-Oil Private Sector to Pick Up
A recently-released report by Jadwa Investment notes that the Kingdom will see a slight increase in inflation in 2020 on expectations of a continued pick-up in non-oil activities and an elevated level of consumer spending.
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Saudi Aramco Makes $5 million Investment in Blockchain-Based Oil Trading Company VAKT
Saudi Aramco Energy Ventures (SAEV) has invested $5 million into blockchain-based oil trading company VAKT, the company said in a press release.
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Israelis Can Now Go to Saudi Arabia For Religious Pilgrimages, Business Visits, Israel Says; Saudi Says ‘Our Policy is Fixed’
UPDATE: Saudi Arabia’a Foreign Minister said Israelis were not welcome to visit the kingdom, CNN reported on Monday. “Our policy is fixed. We do not have relations with the state of Israel and Israeli passport holders cannot visit the kingdom at the current time,” CNN quoted Prince Faisal bin Farhan as saying. [Reuters] —- A new […]
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Kingdom’s Domestic Tourism, Entertainment Push Leads to Declines in Saudis Visiting Dubai
The number of Saudi tourists visiting Dubai in 2019 dropped as Saudi Arabia begins to see major gains in its domestic tourism market and local entertainment offerings.
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Al-Jadaan: Saudi Arabia is approaching goals of Vision 2030 in job creation
“Our non-oil revenues exceeded our expectations. We aim to increase the role of the private sector in the employment process,” he said while noting that the Kingdom’s gross domestic product (GDP) has increased by more than 15 percent since the launch of Vision 2030. Al-Jadaan said that the global economy faces serious challenges. He noted that spending at a time of global inflation results in increased costs of projects, saying that this further fuels inflation and overheats the economy. The minister said that Saudi Arabia is in a position to reshape the Gulf region’s overall economy.
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Al-Khateeb: Saudi Arabia has become a global hub for innovations with SR800 billion investments
Saudi Minister of Tourism Ahmed Al-Khateeb said that Saudi Arabia has become a hub for innovations around the world with investments reaching SR800 billion. In his speech at the inaugural session of the GREAT FUTURES initiative conference at King Abdullah Financial District in Riyadh on Tuesday, he said that the Kingdom has witnessed a robust growth with regard to the issuance of tourist licenses by about 90 percent. “This vital sector contributes 5 percent of the gross domestic product,” he said. GREAT FUTURES is one of the initiatives of the Saudi-UK Strategic Partnership Council, co-chaired by Crown Prince and Prime Minister Mohammed bin Salman and British Prime Minister Rishi Sunak.
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Commentary: Divergent Saudi-Emirati Agendas Cripple Yemen’s Presidential Leadership Council
The PLC was established in April 2022 with a dual mandate: to lead the internationally recognized government of Yemen and to unify anti-Houthi factions against their common adversary. The eight-member council is chaired by former interior minister and deputy prime minister Rashad al-Alimi. The UAE and KSA are the PLC’s main backers, but their different agendas and approaches constrain the council’s operations.
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Saudi FM: Israel’s war on Gaza has weakened credibility of international bodies
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan said that the Israeli occupation forces’ ongoing aggression and violation of all international laws and norms in the Gaza Strip has exacerbated the scale of the humanitarian catastrophe and weakened the credibility of the rules of the international law and its institutions.
He made the remarks while chairing the meeting of the Arab foreign ministers, preparatory for the 33rd Summit of the Arab League, which will be held in Manama, Bahrain on Thursday. -
Bahrain signals willingness to join Arab multinational force in Gaza, US official says
Bahrain has signalled its willingness to be a member of an Arab multinational force that would administer security in Gaza once Israel ends its war on the embattled enclave, a US official familiar with the Biden administration's plans for the region has told Middle East Eye. US officials have made several overtures in recent weeks to see if Bahrain would be a member of the force that will fill the security vacuum in Gaza until a Palestinian governing authority can be formed, the US official said on condition of anonymity as he was not authorised to speak to the media. Manama has said it wants to take a bigger role in post-war Gaza's governance, pointing to its position as the fourth country to normalise ties with Israel in 2020 as part of the Abraham Accords agreements, the official said.
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Nadhmi Al-Nasr: 140,000 workers involved in NEOM projects around the clock
NEOM CEO Nadhmi Al-Nasr said that about 140,000 workers are involved in implementing various projects on the NEOM giga city site around the clock.
Addressing the GREAT FUTURES initiative conference at King Abdullah Financial District in Riyadh on Tuesday, Al-Nasr expected that the number of project workers would rise to 200,000 by 2025. “We have about 5,000 full-time employees from more than 100 countries,” the NEOM chief said. -
Saudi Arabia approves new tax scheme at arrivals duty-free stores
In big breaking news for the fast-growing Saudi travel retail industry, the Zakat, Tax and Customs Authority (ZATCA) has approved a tax scheme that allows travellers to be exempted from customs duties and taxes when purchasing at duty-free arrivals stores at all land, sea and air customs points in the Kingdom.
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Saudi Arabia issues royal decrees
Saudi Arabia issued various royal decrees on Wednesday. They are as follows: Prince Abdulaziz bin Mohammed bin Abdulaziz bin Ayyaf Al-Muqrin was appointed special adviser to King Salman at the rank of minister. He is also responsible for carrying out the work of deputy minister of the National Guard. Abdul Mohsen bin Abdulaziz Al-Tuwaijri was relieved of his position as deputy minister of the National Guard and appointed as an adviser to the Royal Court at the rank of minister.
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Saudi’s new mining vehicle picks industry veteran as first CEO
Saudi Arabia’s Manara Minerals Investment Co. hired veteran dealmaker Pierre Chenard to be its first permanent chief executive officer, as the mining investment firm searches for more assets.
Manara, backed by the Saudi sovereign wealth fund, is spearheading the kingdom’s ambitious plan to become a major player in metals and mining. The vehicle has been tasked with snapping up stakes in mines overseas and funneling the raw materials back to Saudi Arabia for processing. -
How Do You Solve a Problem Like the Houthis?
The last seven months have made two things clear. First, the Houthi threat to commercial shipping and freedom of navigation is not going to disappear. This will remain true whether there is a cease-fire in Gaza or not – the genie is out of the bottle, and it will be very hard to contain it. Second, the United States does not have a good toolbox to counter the Houthi threat. As Haines told Congress, U.S. actions have “been insufficient to really stop the Houthis from going down this road.” All of this raises the key question: How can the United States deal with a long-term and enduring challenge like Houthi attacks on commercial shipping?
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