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Saudi Car Market: Tops GCC, women purchase 30% of cars sold in 2023
- May 6,2024
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- SUSTG Team
In 2023, Saudi Arabia sold 729,466 cars, a 17% increase from the previous year. The Toyota Yaris was the best-selling car, accounting for 37% of the sales. Car sales are expected to surge to 870,000 this year.
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Nusuk pilgrim card launched
- May 3,2024
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- SUSTG Team
With the 2024 Hajj expected to begin June 14, Minister of Hajj and Umrah Dr. Tawfiq Al-Rabiah released the Nusuk card by presenting its copy to Indonesian Minister of Religious Affairs Yaqut Cholil Qoumas in Jakarta on Tuesday, April 30, during his official visit to Indonesia.
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10th Saudi Film Festival Underway
- May 2,2024
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- SUSTG Team
The 10th Saudi Film Festival runs May 2-9 at the King Abdulaziz Center for World Culture (Ithra) in Dhahran. Debuting in 2008 this year’s edition has two main themes: Indian cinema and sci-fi films.
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PIF and BlackRock Launch $5bn Investment Fund
- May 1,2024
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- SUSTG Team
BlackRock and Public Investment Fund signed a non-binding MOU that calls for the sovereign fund to invest up to $5bn in stages as the new firm hits agreed milestones. Investments will provide capital for a variety of funds invested in public equities and bonds as well as alternative assets.
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Saudi Space Agency and WEF Establish Space C4IR Center
- April 30,2024
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- SUSTG Team
The World Economic Forum has signed an agreement with the Saudi Space Agency to establish a Centre for the Fourth Industrial Revolution (C4IR) focused on space. The Centre for Space Futures, set to open in autumn 2024, will be hosted by the Saudi Space Agency.
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Special World Economic Forum Convenes in Riyadh
- April 29,2024
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- SUSTG Team
The World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh convenes 1,000 global leaders from 92 countries on 28-29 April, to support global dialogue and find actionable, collaborative and sustainable solutions to shared global challenges.
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Vision 2030 Marks 8th Year Since Launch
- April 26,2024
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- SUSTG Team
Launched on April 25, 2016, Vision 2030, Saudi Arabia’s blueprint for economic and social transformation marks it 8th year and the halfway point between 2016 and 2030.
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IMF Launches New Regional Office in Saudi Arabia
- April 25,2024
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- SUSTG Team
The goal of the new office is to strengthen the IMF’s collaboration with governments and institutions in the Middle East including promoting economic stability, growth, and regional integration. It also underscores the growing economic importance of the region.
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Saudi’s Regional Headquarters Program Moves Forward
- April 24,2024
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- SUSTG Team
In February the Zakat, Tax and Customs Authority published guidelines specifying RHQ tax rules. Under the new rules, specific activities qualify for tax incentives. The new RHQ tax rules aim to clarify the scope and conditions of tax relief for RHQ entities, as announced by MISA in December 2023.
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EU announces five-year Schengen visas for Saudi, Omani and Bahraini citizens
- April 23,2024
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- SUSTG Team
The EU will now allow citizens from Saudi Arabia, Oman, and Bahrain to apply for five-year Schengen visas. This marks a significant step forward in strengthening people-to-people relations between the EU and the GCC.
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MUST-READS
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Saudi Arabia’s new family law: Key marriage, custody and privacy reforms explained
The 41-article regulation, which took effect on Friday, marks a significant step in the kingdom’s ongoing legal reforms, reinforcing women’s rights, marital laws, and child custody provisions in line with broader judicial modernisation efforts. Under the new rules, unapproved marriage contracts will now be subject to a structured review, led by the Minister of Justice and other authorities. The ministry has also been granted authority to introduce additional regulations as needed based on evolving judicial applications. The Personal Status Law is one of four key legal frameworks announced by the Crown Prince in February 2021, alongside the Civil Transactions Law, Penal Code for Discretionary Sanctions, and Law of Evidence. Together, these reforms enhance judicial transparency, expand individual rights, and bring Saudi Arabia's legal system closer to international standards.
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Will Europe’s ‘green agenda’ push away Qatari gas?
The European Union continues to strive to reduce its dependence on Russian natural gas by significantly increasing its purchases of liquified natural gas (LNG) from the US and other countries. However, the successful implementation of this plan might push EU member states to be more cautious and nuanced in implementing the European “green agenda” to avoid tensions with potential suppliers. Blunt statements by Qatar Energy Minister and head of QatarEnergy (QE) Saad Al-Kaabi late last year sparked a wave of controversy among market observers, which continues to resonate. Kaabi expressed unequivocally that he would rather shun the European LNG market if new environmental legislation is strictly applied to QE, as the energy giant would lose substantial revenues.
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West Bank Palestinians fear Gaza-style clearance as Israel squeezes Jenin camp
Israeli bulldozers have demolished large areas of the now virtually empty Jenin refugee camp and appear to be carving wide roadways through its once-crowded warren of alleyways, echoing tactics already employed in Gaza as troops prepare for a long-term stay. At least 40,000 Palestinians have left their homes in Jenin and the nearby city of Tulkarm in the northern West Bank since Israel began its operation just a day after reaching a ceasefire agreement in Gaza after 15 months of war. "Jenin is a repeat of what happened in Jabalia," said Basheer Matahen, spokesperson for the Jenin municipality, referring to the refugee camp in northern Gaza that was cleared out by the Israeli army after weeks of bitter fighting. "The camp has become uninhabitable."
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National dialogue a ‘historic opportunity’ for Syria, interim president says
Syria's interim president said on Tuesday his country had a "historic opportunity" to rebuild, addressing a national dialogue summit billed by Syria's Islamist rulers as a key milestone after decades of Assad-family rule. Hundreds of Syrians gathered at the presidential palace in Damascus for the one-day event, arriving on a red carpet previously reserved for the few foreign dignitaries visiting former president Bashar al-Assad until he was toppled last year by a rebel offensive spearheaded by Hayat Tahrir al-Sham (HTS). The group's head, Ahmed al-Sharaa, was named by military rebel commanders as the country's interim president last month and he swiftly pledged to hold a national dialogue to discuss the country's future. "Syria liberated itself on its own, and it suits it to build itself on its own," he said in his opening address on Tuesday. "What we are living today is an exceptional, historic and rare opportunity. We must take advantage of every moment of it to serve the interests of our people and our country," he said.
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Arctic doomsday seed vault gets more than 14,000 new samples
A "doomsday" vault storing food crop seeds from around the world in man-made caves on a remote Norwegian Arctic island will receive more than 14,000 new samples on Tuesday, a custodian of the facility said. The Svalbard Global Seed Vault, set deep inside a mountain to withstand disasters from nuclear war to global warming, was launched in 2008 as a backup for the world's gene banks that store the genetic code for thousands of plant species. Protected by permafrost, the vault has received samples from across the world, and played a leading role between 2015 and 2019 in rebuilding seed collections damaged during the war in Syria.
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Infographic: 10 reasons why you should move to Saudi Arabia
Many expats overlook Saudi Arabia as an emerging digital hub and a fantastic place to build their career. However, aside from great career opportunities, there are many lifestyle reasons why digital professionals are opting for a career in Saudi Arabia. The economy has been rapidly liberalising which has unleashed huge potential, it sports a deep and varied history and a low cost of living combined with tax-free incomes. As Saudi Arabia is on a race to become the next big tech hub, many international companies also have offices in Saudi Arabia, including BlackRock, Amazon, Morgan Stanley, and PwC. We support many international companies, national governments and local businesses as they digitize their operations, and find that professionals places in Saudi Arabia quickly fall in love with the country.
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DHL eCommerce enters Saudi Arabian market by acquiring equity stake in parcel logistics company AJEX
DHL eCommerce and AJEX Logistics Services, have entered into an agreement in which DHL will acquire a minority stake in the Saudi Arabian parcel logistics company. For DHL eCommerce, whose core business is domestic parcel transport in selected European countries, the United States, and certain key Asian countries, this agreement represents an expansion into the rapidly growing Saudi Arabian e-commerce parcel market. Although AJEX only began its operations in 2021, it has already established itself as a leading parcel service provider in the rapidly evolving domestic market, with robust growth and an extensive distribution network.
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Saudi Arabia tightens corporate ownership rules to boost transparency
Set to take effect on April 3, the measures coincide with the enforcement of the updated Commercial Registry System and were developed in collaboration with experts to align with international best practices, according to the Commerce Ministry. The decision was issued by Minister of Commerce Majid Al-Qasabi as part of efforts to strengthen regulatory oversight. The regulations, developed in line with Financial Action Task Force guidelines, require companies to disclose individuals who ultimately control or benefit from their operations. The new rules also reinforce the Kingdom’s adherence to international standards, particularly those set by FATF, which works to protect the global financial system from illicit activities through policy development and enforcement. The rules apply to all businesses operating in Saudi Arabia, including foreign entities, but exempt publicly listed firms, state-owned enterprises, and companies undergoing bankruptcy liquidation.
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Gloomy outlook for Saudi petrochemicals
Saudi Arabia’s 10 listed petrochemical companies are likely to report lacklustre earnings for the fourth quarter of 2024 because of an ongoing downturn in the global chemicals industry, analysts predict. The sector’s prolonged malaise means they are likely to be of little interest to international institutional investors – although all enjoy significant cost advantages over competitors in Europe and Asia, excluding China, through access to cheap feedstock. Trading in the likes of Saudi Basic Industries Corp (Sabic), the world’s sixth-largest petrochemical operation by market cap according to companiesmarketcap.com, is now largely the preserve of retail investors seeking to make a quick profit as stock prices fluctuate.
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Saudi Arabia may be expanding ballistic missile force, satellite images show
Saudi Arabia may be quietly modernising and expanding its long-range missile capabilities, according to newly published satellite imagery. Fabian Hinz, a defence and military researcher at the International Institute for Strategic Studies (IISS), analysed the images in a report published on Thursday. Riyadh first established long-range surface-to-surface missiles in the 1980s in response to the Iran-Iraq war and the broader proliferation of missile capabilities in the region. Details about the development of its missile programme since then have been scarce, as the Gulf kingdom rarely displays its long-range weaponry openly. The IISS report found what appears to be the construction of an underground missile base near the town of al-Nabhaniyah in central Saudi Arabia. Construction began in 2019 and was mostly complete by early 2024, it added.
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