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The fundamentals of the oil price slide: where’s the bottom and is Saudi Arabia still a swing producer?
- January 6,2015
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- SUSTG Team
With a precipitous slide in the price of oil to less than half its July 2014 highs, markets around the world are watching Saudi Arabia closely as they try to figure out where the bottom might be for oil prices. But given its low extraction costs, significant capital investment in production infrastructure and large capital reserves, […]
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Saudi Arabia’s 2015 Budget: A Message of Confidence and Focus on Human Capital – John Sfakianakis
- January 5,2015
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- SUSTG Team
Saudi Arabia’s 2015 budget has captured attention as a counter-cyclical fiscal policy to spend heavily despite a projected deficit on the back of falling oil prices. SUSTG’s President Richard Wilson sat down with Dr. John Sfakianakis, Regional Director for the GCC at Ashmore Group, for a wide-ranging interview to discuss issues affecting the Saudi economy. The discussion […]
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John Sfakianakis on the Saudi Economy and 2015 Budget, Oil Prices, and the Opening of the Saudi Stock Market
- January 5,2015
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- SUSTG Team
SUSTG’s President Richard Wilson sits down with Dr. John Sfakianakis of Ashmore Group to discuss a range of key economic an political topics for Saudi Arabia. This discussion is part of SUSTG.com and SUSRIS.com’s FocusKSA series of online interviews with a wide variety of experts and analysts whose commentary provides insight on issues of importance to […]
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Ras Tanura Clean Fuels Project in Saudi Arabia Suspended Due to Low Oil Price
- January 2,2015
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- SUSTG Team
Saudi Arabia’s $2 billion Ras Tanura clean fuels project has been suspended by Saudi Aramco following a steep drop in oil’s price since July 2014, Reem Shamseddine of Reuters reports. The Ras Tanura clean fuels project was due to be a part of a second phase of upgrades to Aramco’s refineries, but may resume in a […]
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For Saudi Arabia’s Budget, Oil’s True Breakeven Price Disputed by Analysts
- December 31,2014
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- Lucien Zeigler
One of the most important figures that factors into Saudi Arabia’s budget each year isn’t actually published by the government. What the Kingdom annually assumes will be the average price of oil is crucial for government and fiscal planning. With the Kingdom’s economic diversification goals still yet to be realized, oil revenues are (almost) everything […]
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In Wide-Ranging Interview with Local Paper, Alwaleed bin Talal Discusses Path to Success
- December 30,2014
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- SUSTG Team
Saudi Arabia’s Prince Alwaleed bin Talal gave his first interview with a local Saudi paper in eight years, according to the Saudi Gazette, and the billionaire discussed his path to business successes, how he spends his time, and national/regional issues of concern. The in-depth interview was revealing of the Prince’s day-to-day business and personal activities. When […]
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Saudi Arabia’s 2015 Fiscal Budget Expands Spending, Projects $39b Deficit to be Covered by Reserves – Jadwa Investment
- December 29,2014
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- SUSTG Team
Saudi Arabia’s 2015 fiscal spending plans amount to “another expansionary budget with spending maintained at a very high level which will play a vital role in supporting the economy,” according to Riyadh-based Jadwa Investment. The firm notes that for the first time since 2011, a fiscal deficit is projected, based on revenues of SR715 billion and expenditures […]
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IT Spending in Saudi Arabia to Grow $2.7 billion by 2017, Study Finds
- December 24,2014
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- SUSTG Team
A recently released study by Oxford Economics and SAP finds that employers in Saudi Arabia “will need to tailor their approach to talent management for catering to the fast-changing technology landscape,” the Saudi Gazette reports. The report also finds that “IT spending in the Kingdom is increasing at the fastest rate of any country in the Middle East […]
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Ahead of Budget Announcement, Inflation in Saudi Arabia Hits 7-Year Low
- December 23,2014
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- SUSTG Team
Ahead of Saudi Arabia’s budget announcement, which is expected for the end of the week after a special meeting, inflation in Saudi Arabia is approaching its lowest levels since April 2007, Asharq Alawsat reports. The 7-year low is expected to be official when Saudi Arabia’s Central Department of Statistics and Information releases official data before […]
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Saudi Arabia Hails ‘Thaw’ Between Egypt and Qatar as Sisi Meets Top Qatari Envoy in Cairo
- December 22,2014
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- SUSTG Team
Egypt’s President Abdel Fattah Al-Sisi met with a top Qatari envoy, Sheikh Mohammad bin Abdel Rahman al-Thani, in Cairo Saturday in what has been reported to be a significant rapprochement between the two countries. Also in attendance was Khalid al-Tuwaijri, head of the Saudi Royal Court and the powerful private secretary to Saudi Arabia’s King Abdullah. […]
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MUST-READS
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US national security adviser to travel to Saudi Arabia for talks with crown prince
White House National Security Adviser Jake Sullivan plans to travel to Saudi Arabia this week for talks with Crown Prince Mohammed bin Salman amid a US push for progress toward normalizing relations between Israel and the Gulf kingdom. Talks on normalization were put on ice in the immediate aftermath of the October 7 attack by Palestinian Hamas terrorists on southern Israel and Israel’s subsequent war against Hamas in Gaza, but conversations have resumed in recent months.
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Saudi Arabia releases its green finance framework
Saudi Arabia released its green financing framework (pdf)on Thursday, identifying eight types of green projects to be funded through the sale of the bonds. The framework targets projects focused on renewable energy, energy efficiency, carbon capture and storage, green hydrogen, cutting emissions, sustainable water and wastewater management and climate adaptation measures.
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How Saudi Arabia champions cutting-edge research into unique Red Sea marine environments — blue holes
In just the first year of a decade-long expedition led by Saudi Arabia’s National Center for Wildlife, 20 extremely deep underwater sinkholes, known as “blue holes,” were discovered along the Kingdom’s southern Red Sea coast. Blue holes, named for their vibrant color, have long been recognized as havens for a diverse array of marine life, attracting researchers eager to study their remarkable biodiversity and leisure divers drawn to their profound natural beauty.
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Saudi Arabia seizes a million Captagon pills hidden in melon shipment
The Authority stated on its official website on Sunday, March 31, that it found the quantity of pills wrapped and hidden inside cavities in melons during an inspection and examination operation of one of the trucks coming through the seaport. After the seizure was completed, the authority coordinated with the General Directorate for Narcotics Control and managed to apprehend the recipients of the shipment within the kingdom.
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Desert X AlUla: A cultural renaissance in Saudi Arabia’s ancient sands
Produced by The Desert Biennial, a not-for-profit charitable organisation founded in California, the format primarily focuses on recurring international contemporary art exhibitions in desert locations. These locations are often considered challenging and less productive territories due to their timeless inhabitants and diverse yet limited ecosystems. Similar to the land-art movement of the 1960s in the USA, each edition of Desert X delicately intervenes in the desert landscape, paying great respect to its inherent beauty.
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Saudi Arabia achieves historic milestone in 2023 with record tourism balance of payments surplus
Saudi Arabia's tourism sector has marked a historic achievement in 2023, recording the largest balance of payments surplus in its history, as the country continues to develop this key sector and diversify its income sources.The Financial Analysis Unit of "Al Eqtisadiyah" newspaper reports that the travel item of the Saudi balance of payments saw an unprecedented surplus of 48 billion riyals last year, fueled by a significant influx of international tourists.
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Saudi Arabia’s $1.4bn financing to boost Bangladesh’s energy security
A recently signed agreement on a Saudi financing loan for the Bangladesh Petroleum Corp. was expected to boost the South Asian economy’s energy security and reduce pressure on its dollar reserves. The International Islamic Trade Finance Corp., a division of the Islamic Development Bank, finalized on March 25 a financing deal with the Bangladeshi government to provide $1.4 billion to the Bangladesh Petroleum Corp.
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Saudi Arabia detain over 4,000 for misconduct at Grand Mosque during Ramadan
Saudi Arabia has confirmed it arrested over 4,000 individuals since the start of Ramadan for engaging in negative behaviour within the Grand Mosque.Additionally, authorities have identified and shut down 35 fraudulent firms attempting to deceive foreigners with fake Umrah trip offers.
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10 things to look forward to in Saudi Arabia this April 2024
Come April, we’re looking forward to the extra-long Eid al-Fitr weekend to take a well-deserved break. It’s a good time to catch up with family and friends with some new activities happening. Whether it’s kid-friendly attractions or a unique staycay with your loved ones, it’s time to kick things up a notch with these ten things to do in Saudi Arabia in April 2024.
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Saudi Arabia’s Israel strategy upended by anger over Gaza war
Like many Saudis, Hisham feels deep solidarity with the Palestinian victims of Israel’s five-month offensive in Gaza — the reason for his choice of T-shirt. But the police response underscores the alarm emanating from the Saudi leadership, which before the war was nearing a deal to normalise relations with Israel. Now Saudi Arabia’s leaders worry about the threat posed by a prolonged conflict in Gaza to its chances of restarting that process, as well as to its ambitious plans for economic and social reform and the cohesion of the kingdom.
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