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  • A look at municipal services fees for tourist hospitality facilities licenses in KSA

    Saudi Arabia’s Minister of Municipalities and Housing Majed Al Hogail issued a decision to scrap fees for issuing commercial licenses for hotels, hotel apartments, and residential resorts, effective as of Sept. 4. Under the Regulations of Municipal Services Fees, issued on Jan. 14, 2019, fees imposed on issuing licenses for local tourist hospitality facilities are based on the category classification approved by the Saudi Ministry of Tourism. They shall range between a minimum of SAR 10 and a maximum of SAR 250 each, depending on the facility type.

  • Putin Thanks Saudi Prince for U.S.-Russia Prisoner Swap

    Russian President Vladimir Putin thanked Saudi Crown Prince Mohammed bin Salman on Thursday for his role in the historic U.S.-Russia prisoner swap. American journalist Evan Gershkovich and U.S. marine Paul Wheelan returned home after being freed following the largest prison swap between the U.S. and Russia on August 1. Gershkovich and Whelan were accused of espionage by the Kremlin, a charge they and the U.S. government had consistently denied. "Saudi Arabia's Crown Prince played an active role in the initial stages of this work. We are very grateful to him, as it resulted in the return of our citizens to the homeland," Putin said at the Eastern Economic Forum.

  • Activists among 457 prisoners released in Bahrain by royal decree

    Scores of prisoners were released from a Bahrain prison on Thursday following a royal pardon of more than 450 inmates, including activists detained during Shia-led protests more than a decade ago.

  • OPEC+ agrees to delay October oil output hike for two months, sources say

    OPEC+ has agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in nine months, three sources from the producers' group told Reuters on Thursday. Oil prices have been falling along with other asset classes on concerns about a weak global economy and soft data from China, the world's biggest oil importer. "Two months delay," one of the sources said. The three sources declined to be identified by name

  • What went down in August?

    The month began recording the lowest venture funding across all emerging markets in 2024, with no mega deals in sight. August also revealed an in-depth analysis of Africa’s H1 funding figures, highlighting a steep 57% drop compared to last year, marking the region’s most significant decline since 2019. Meanwhile, MENA defied global trends with a notable increase in investor activity, particularly from international backers. The month concluded with insights into investor behavior, spotlighting key players reshaping the venture landscape in the UAE and Saudi Arabia.

  • Family offices now rival hedge funds as a way for the ultra-rich to hoard their wealth

    The number of ultra-wealthy individuals and families continues to increase. Today the amount of wealth held by family offices is an estimated $5.5 trillion, which is already a stark increase from $3.3 trillion in 2019. According to Deloitte projections, the wealth held by family offices will increase by 189% by 2030.

  • Saudi: Barq signs deal with Mastercard for payment solutions

    The agreement will see barq leverage Mastercard Gateway technology to further equip its merchants and consumers around the kingdom with greater access to a wide range of value-added services — responsive, personalised solutions that cater to their unique needs and preferences.

  • Saudi Arabia leads international bond issuance

    Saudi Arabia, the Middle East’s largest economy despite a 0.8 percent decline in real GDP last year, sold $26.8 billion of international bonds from January 1 to August 27 2024, inclusive. Poland was second among emerging markets with $18 billion and the UAE was third with $12 billion, data from London Stock Exchange Group shows. The data refers to “international” bonds, or those sold to foreign investors.

  • Who moved to Saudi Arabia this summer – and what it reveals about the Pro League

    While 2023 will be remembered as the year Cristiano Ronaldo (Al Nassr), Neymar (Al Hilal), Karim Benzema (Al Ittihad) and Jordan Henderson (Al Ettifaq; he terminated his contract in January and joined Ajax) left Europe for lucrative contracts in the Saudi Pro League, the transfer outlay in 2024 has been less extravagant, with total spending coming in at around $250m (£190m).

  • Construction kicks off on $1.95bln ‘The Avenues – Khobar’ Project in Saudi Arabia

    The contract was awarded by the developer Shomoul Holding Company - a subsidiary of Kuwait-based developer Mabanee - to a joint venture of Saudi group AlKifah Contracting Company and Kuwait-based Al Ahmadiah Contracting. Working alongside Kuwait-based regional architecture and engineering firm Pace, the JV is working to bring to life this visionary project which is set to transform the landscape of Al Khobar city.