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NYT Columnist Tom Friedman Praises Saudi Arabia’s ‘Arab Spring, At Last’; Twitter Reacts
- November 27,2017
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- SUSTG Team
New York Times Columnist and bestselling author Tom Friedman met with Crown Prince Mohammed bin Salman in Saudi Arabia for a second time in three years to speak with the powerful and young leader about the ongoing Vision 2030 social and economic reform plans as well as ongoing regional and security issues facing the Kingdom. […]
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Saudi Arabia’s PIF Officially Takes Over Management of Riyadh’s King Abdullah Financial District
- November 22,2017
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- SUSTG Team
Saudi Arabia’s sovereign wealth fund finalized the take over of the management of Riyadh’s US$10 billion unfinished King Abdullah Financial District (KAFD), a large financial hub on the outskirts of the city, as the government attempts to revive the project. Bloomberg reports the project also has a new leader. KAFD’s final development will be run by real […]
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In WSJ Op-Ed, Al-Qassabi Says Kingdom Will Not Avoid Short-Term Difficult Decisions to Eradicate Corruption, Actualize Vision 2030
- November 14,2017
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- SUSTG Team
In a op-ed published in the Wall Street Journal, Saudi Arabia’s Minister of Commerce and Investment Dr. Majed Al-Qassabi addressed critics of the Kingdom’s anti-corruption efforts and says the actions taken last week are evidence that Saudi Arabia is facing a “watershed moment” to eradicate the scourge of corrupt practices. “Saudi Arabia is a rich […]
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Secretary Tillerson, in Riyadh, Pledges Support for Saudi-Iraq Relationship to Counter Iran
- October 23,2017
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- SUSTG Team
U.S. Secretary of State Rex Tillerson visited Riyadh over the weekend to express U.S. support for a warming of relations between Saudi Arabia and Iraq as the two nations inaugurate the first meeting of the Saudi-Iraq Coordination Council, a new organization that will facilitate bilateral ties. The inaugural Coordination Council meeting marks a warming of relations between Riyadh and Baghdad. […]
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Saudi Aramco Denies Financial Times Report on Shelving Long-Awaited IPO
- October 16,2017
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- SUSTG Team
Saudi Aramco has denied a report in the London-based Financial Times that the state-controlled company will shelve its plans to list part of the company on international indices in favor of private placements. The Financial Times reports that talks about “a private sale to foreign governments including China and other investors have gathered pace in recent […]
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King Salman Consolidates Development Funds and Promotes New Transportation Minister
- October 5,2017
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- SUSTG Team
Saudi Arabia’s King Salman has created a new organizational body to centralize and consolidate control and management of its economic development funds, called the National Development Fund (NDF), under Crown Prince Mohammed bin Salman. The NDF will “link the Saudi Fund for Development, the Saudi Industrial Development Fund, the Agricultural Development Fund, the Social Development Bank, the Human […]
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Saudi Arabia’s PIF Takes Charge of $5b Jeddah Corniche Redevelopment to create “New Downtown”
- September 28,2017
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) has announced it will lead the redevelopment of Jeddah’s waterfront corniche, creating a “unique tourist, residential and commercial destination” that aims to become the “New Jeddah Downtown.” The PIF will look to add 12,000 housing units as well as shops and other attractions like museums, a cultural and social area, an activities center, […]
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Saudi Arabia Will Remove its Ban on Internet Phone Calls on Thursday
- September 20,2017
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- SUSTG Team
Saudi Arabia will remove its ban on internet phone calls on Thursday, a government spokesman said, in a bid “aimed at stimulating online business as the kingdom looks to boost non-oil revenue,” Reuters reports. The news is sure to be welcomed by the many foreign men and women who travel to Saudi Arabia for business, […]
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New York Times Profiles New Saudi Ambassador to the U.S. Prince Khaled bin Salman
- September 13,2017
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- SUSTG Team
The New York Times published a profile and interview with Saudi Arabia’s new Ambassador to the United States Prince Khaled bin Salman and the significant role the young prince will play in the U.S.-Saudi diplomatic and economic relationship. Prince Khaled, who is brother of the Crown Prince Mohammed bin Salman and son of King Salman, […]
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Al-Falih: Steps Taken by OPEC Have Brought Greater Stability, Further Cuts Eyed
- September 11,2017
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- SUSTG Team
Saudi Arabia’s Minister of Energy, Industry, and Mineral Resources Khalid Al-Falih said he agreed with other OPEC nations to keep all options open in the organization’s push to re-balance world oil markets, “including the possible extension of output cuts beyond next March,” according to reports. According to three emailed statements from his ministry obtained by Bloomberg, steps taken by […]
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MUST-READS
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New video and documents revive questions about Saudi role in 9/11 attacks
The video, which was unsealed in federal court last week, was a self-narrated video that shows Al-Bayoumi giving a tour of landmarks in Washington, DC. The video was shot over several days in 1999 and included footage of entrances, exits and security checkpoints in the U.S. Capitol.
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Saudi-backed Almar Water seeks lithium partnership in Chile, CEO says
Almar Water Solutions, part of Saudi Arabian group Abdul Latif Jameel, is looking to form a partnership with Chile's state mining giant Codelco in its planned Maricunga lithium mining project, Almar's chief executive said on Tuesday. The Spain-based firm, which focuses on water solutions for renewable energy production, wants to leverage its technology in the extraction of battery-metal lithium, a water-intensive process, CEO Carlos Cosin told Reuters.
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The Gwadar-Chabahar Standoff
The involvement of two global powers in projects situated within a proximity of just over 100 miles presents a notable geopolitical dynamic: the Gwadar port in Pakistan, spearheaded by China, and the Chabahar port in Iran, backed by India. The question arises: Will the enduring rivalries between India and China extend to these strategically significant ports?
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At Least 11 Americans Among Those Dead in Hajj Pilgrimage to Saudi Arabia
The couple were among the more than 1,300 people who died while making the annual pilgrimage to the holy city of Mecca, as temperatures reached 120 degrees at times. The Saudi government said that the vast majority of them did not have permits.
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Saudi’s Arabian Mills plans to list 30 percent stake in IPO
Saudi Arabia’s Arabian Mills for Food Products is planning to list 15.4 million shares, equal to a 30 percent stake, on its local bourse, according to a statement by the Saudi Capital Markets Authority (CMA). The CMA has approved Arabian Mills’ public listing application, and the company will publish the IPO prospectus “within sufficient time prior to the start of the subscription period.” However, the CMA did not provide a timeline for the listing.
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Saudi Arabia launches ‘unprecedented’ geographical survey of renewable energy sites
Part of the National Renewable Energy Program, the ambitious project will identify the best sites to develop renewable energy projects throughout the country. Contracted companies will install 1,200 stations across all regions of the kingdom to measure solar and wind energy. Beginning this year, Saudi Arabia will tender new renewable energy projects with a capacity of 20 GW annually.
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Saudi, Chinese defense ministers discuss ways to strengthen relations in Beijing
Several high-ranking Saudi officials attended the meeting. They included Chief of the General Staff Lt. Gen. Fayyad Al-Ruwaili, Saudi Ambassador to China Abdulrahman Al-Harbi; Commander of the Strategic Missile Force Lt. Gen. Jarallah Al-Alweet, Director General of the Office of the Minister of Defense Hisham bin Abdulaziz bin Saif, Head of the Armed Forces Operations Authority Maj. Gen. Misfer Al-Ghanem, and Military Attaché at the Saudi Embassy in Beijing Commodore Salem Al-Maliki.
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UAE, Saudi short-term rentals attract record travelers as year-round demand skyrockets for Dubai, Abu Dhabi, Riyadh real estate
Global and regional rental service-providing firms are gearing up for a surge in the influx of visitors and business travellers to the UAE and Saudi Arabia during the current summer season and beyond, as the two countries shift strategies to make cities such as Dubai, Abu Dhabi and Riyadh year-round destinations for travellers.
- As climate change imperils Taliban’s shift from opium, impact could be felt worldwide
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Are Saudi Arabia’s plans for a non-oil future too grand?
In March, the Saudi government transferred 8% of shares in state-owned oil company, Aramco, to the PIF. This means the PIF now holds 16% of Aramco, valued at $2 trillion, making it the fourth-most valuable company in the world. Critics have also pointed to the fact that, even though the PIF manages a portfolio of assets worth $940 billion, it only has about $15 billion in funds.
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