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Saudi Arabia’s PIF Ups Stake in Tesla, Musk Considers Taking Company Private
- August 8,2018
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) has bought a minority stake in Tesla at just below 5 percent, Reuters reports, citing a source familiar with the stake. Yesterday, Elon Musk took to Twitter to declare that he wanted to take Tesla private in a deal that would value the company at $70bn. “Am considering taking Tesla private […]
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Report: Saudi-backed SoftBank Earnings Surge on Vision Fund Valuation
- August 7,2018
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- SUSTG Team
SoftBank has reported a 49.2 percent surge in its latest quarterly earnings due in part to a $2.2 billion gain at its tech-focused Saudi-backed Vision Fund, Zawya reports. According to Zawya, the fund’s investment gain was a result of the sale of the Indian e-commerce company Flipkart to US chain Walmart. An increase in the value of the fund’s […]
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Reports: Saudi Aramco Interested in Buying Controlling Stake in Sabic, Possibly Up to 70%; IPO Timeline in Question
- July 23,2018
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- SUSTG Team
Saudi Aramco aims to buy a controlling stake in petrochemical maker SABIC, possibly up to 70% of the company that is currently controlled by the Public Investment Fund (PIF), according to reports. Sabic, as the chemical company is known, carries a market value of over $100 billion. Amin Nasser, Aramco’s chief executive officer, said in an […]
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Report Says U.S., Saudi Arabia Officials Working Closely on Ongoing Economic, Security Cooperation
- July 11,2018
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- SUSTG Team
U.S. government teams spent three days in Saudi Arabia discussing ways to cut off money flows to Iran without disrupting energy markets, Bloomberg reports, ahead of U.S. efforts to press nations to stop buying Iranian oil by Nov. 4. The report, which cited a senior State Department official, said that envoys from the State and Treasury departments and […]
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Report: Saudi Modified Mineral Investment System Preparation Done: Al-Falih
- July 9,2018
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- SUSTG Team
The Saudi Ministry of Energy, Industry and Mineral Resources announced Sunday the completion of the modified mineral investment system which will “open the path for investors and the private sector to benefit from promising investment opportunities in this vital sector in the Kingdom of Saudi Arabia,” according to reports. Saudi Arabia’s Minister of Energy, Industry […]
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Saudi Aramco, US Firm NOV Sign Deal for Onshore Oil Rigs, Equipment
- June 29,2018
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- SUSTG Team
Saudi Aramco signed a deal with Houston-based National Oilwell Varco Inc. (NOV) to form a joint venture to make onshore rigs and equipment in Saudi Arabia, according to a press release by Aramco and reported in several news outlets. The Houston Chronicle reports the joint venture with Saudi Aramco is for “the manufacturing of land […]
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Saudi Arabia’s Grain Organization will Privatize Four Mills as Reforms Reach More Sectors
- June 28,2018
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- SUSTG Team
Saudi Arabia’s state grain buyer, the Saudi Arabian Grains Organization (SAGO), said on Thursday it would start accepting applications for qualification of potential investors interested in the sale of its four mills on Aug. 26 as the push toward privatization across several sectors in the Kingdom continues. Reuters reports that the agency “will also make […]
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Potentially Lucrative Decision for Saudi Arabia on MSCI Inclusion Today
- June 20,2018
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- SUSTG Team
Saudi Arabia will hear news regarding its inclusion into MSCI, Inc.’s highly sought-after emerging market index. The announcement is expected at 4:30pm today on the U.S. East coast, or 23:30 tonight in Riyadh. As Bloomberg writes, the Kingdom’s path toward potential inclusion in the index began three years ago with a concerted effort toward more transparent […]
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Tough Start for Saudi Arabia Football at World Cup; Uruguay Next
- June 15,2018
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- SUSTG Team
Host country Russia defeated Saudi Arabia 5-0 in a tough start for the Kingdom’s first World Cup bid in 12 years. Saudi Arabia’s Crown Prince Mohammed bin Salman watched the match alongside of Russia’s President Vladimir Putin, and video images of the two leaders reacting to the match have gone viral on social media sites. […]
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Saudi Arabia Set to Launch $32 Billion Plan to Jumpstart Housing Market
- June 14,2018
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- SUSTG Team
Saudi Arabia’s Public Investment Fund-backed mortgage company, the Saudi Real Estate Refinance Company (SRC), plans to roll out new funding soon to the Kingdom’s lenders to boost home ownership in Saudi Arabia, according to a report. Announced in October 2017, the creation of the SRC and the overall plan for $32 billion to boost home ownership […]
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MUST-READS
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TransportationSaudi’s high-speed Haramain train on track to start service in September
Saudi Arabia's first high-speed electric Haramain train will be operational by September, according to Saudi Transport Minister Nabil bin Mohammed Al-Amoudi.
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GOSISaudi Social Insurance body switches to Gregorian calendar starting June
This decision comes in line with the government directives to unify paydays for all state employees according to the Gregorian calendar.
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Nuclear PowerU.S. and partners form international alliance to push nuclear power
The partners are Japan, Canada, Russia, South Africa, the United Arab Emirates, Poland, Argentina and Romania.
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Saudi CurrencySAMA starts withdrawing SR1 notes from market
The SR1 banknote accounts for 49 percent of the volume of traded cash, as it is often dealt between people and rarely deposited into banks,
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Anti-Corruption CommissionSaudi Takes Part in UN Anti-Corruption Meeting, Mark 15th Anniversary of Convention Adoption
Saudi Arabia, represented by a delegation from the National Anti-Corruption Commission (Nazaha), will take part on Wednesday in a high-level meeting of the U.N. General Assembly (UNGA) to mark 15 years since the adoption of the U.N. Convention against Corruption.
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UAEUAE To Allow 100% Business Ownership For Companies As Part Of Changes To Visa System
The plan is expected to result in a clear boost for UAE’s emerging small businesses, as the country now has plans to allow for 100% business ownership of all enterprises in the country- an incentive previously only applicable for companies operating in the free zones
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Jared KushnerKushners’ Startup Cadre Seeking Saudi-Backed Softbank Funds
Cadre is so closely identified with Jared and Josh Kushner that any financial involvement by sovereign wealth funds is problematic, some government watchdog groups say.
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Saudi MilitaryHeart-stopping video of Saudi C-130 flying over soldier in Yemen
A YouTube video emerged on Friday showing a Saudi C-130H flying very low over a soldier's head in Yemen, The War Zone first reported.
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Makkah-Madinah RailHigh-speed rail line in Saudi Arabia to start operations in September
A high-speed railway line connecting Islam’s holiest cities – Mecca and Medina in Saudi Arabia – will become operational in September.
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Makkah-Madinah High Speed RailSaudi high-speed rail line to start operating in September
Saudi Arabia in 2011 awarded the contract worth 6.7 billion euros ($7.1 billion) to the consortium of 12 Spanish companies and two Saudi firms for the project which aims to improve transport between the two cities during the annual hajj pilgrimage.
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