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Land Tax Finalized: 2.5% Annual Fee on Property Approved in Cabinet Session Chaired by King Salman
- November 23,2015
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- SUSTG Team
Saudi Arabia’s cabinet, in a meeting chaired by King Salman, finalized a 2.5% fee on undeveloped land within city limits intended for residential or commercial use, according to the SPA and reports. Property experts told the Saudi Gazette that the fee could raise up to $13 billion (SR50 billion) worth of revenues annually for the government. The […]
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Storms Pound Saudi Arabia as Floods in Jeddah Claim 12 lives
- November 18,2015
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- SUSTG Team
At least 12 people are dead as torrential rains have flooded Jeddah, Saudi Arabia’s second-largest city, as thunderstorms reportedly turned “wadis into rivers and alleyways into raging torrents.” Local meteorologists report the city received 22 millimetres (.86 inches) of rain over a few hours. Two people were electrocuted when they touched a lamp post as they […]
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Consumers in Saudi Arabia Unaffected by Slump in Oil Price, Government Fiscal Policy Shifts
- November 2,2015
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- SUSTG Team
Consumers in Saudi Arabia are thus far reportedly feeling few effects of the fall in oil prices on the broader Saudi economy, Bloomberg reports, though the government is taking measures to curb spending and adjust its fiscal policy to new realities. “It’s Saudi policy in action,” writes Bloomberg. “When the revenue slows down, as it’s doing […]
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This is Damascus Now: Incredible Drone Footage Reveals Extent of Devastation in Damascus from Syria’s Bloody Civil War
- October 23,2015
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- SUSTG Team
Incredible aerial footage of Syria’s capital, Damascus, has emerged showing widespread devastation to a once vibrant city. The Associated Press reports that the original video was shot by RTR war correspondent Yevgeny Poddubny on October 18, noting, “thousands of Syrian army airstrikes and barrel bombs dropped from army helicopters throughout the country’s civil war have reduced […]
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In First Interview as Capital Markets Authority Chairman, Mohammed Al-Jadaan Indicates Willingness to Open Stock Market to Wider Foreign Investment
- October 21,2015
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- SUSTG Team
Saudi Arabia would be open to relaxing its rules on foreigners investing directly in its stock market to help it get included in global indices, the chairman of the Capital Market Authority told Reuters. In his first interview with international media, Al Jadaan told Reuters that “[o]ne of our objectives is to ensure we are […]
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CMA Tightens Curbs on Anonymous Investors in Preventive Measure to Curb Money Laundering and Terrorist Financing
- October 14,2015
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- SUSTG Team
Saudi Arabia’s Capital Market Authority has further tightened its restrictions on anonymous investors trading shares through brokers in a bid to prevent money laundering and financing of militant groups, Reuters reports. The new rules apply to Saudi and Gulf-based brokers and banks “which offer opportunities to invest in the Saudi stock market through funds called ‘nominee accounts’. […]
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Riyadh Metro Milestone Hit As Drilling Completed in First Tunnel Section
- October 8,2015
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- SUSTG Team
Saudi Arabia’s long-awaited Riyadh metro project has hit a major milestone as a consortium led by Spanish construction giant FCC said it has completed the drilling work related to the first tunnel section of Line Five (Green line). According to TradeArabia, FCC said these works “represent a new milestone for the consortium after becoming the […]
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Saudi Foreign Minister Adel Al-Jubeir Deplores World’s Inability to End Bloodshed in Syria in UN Speech
- October 2,2015
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- SUSTG Team
In a passionate speech to the members of the UN General Assembly yesterday, Saudi Arabia’s Foreign Minister Adel Al-Jubeir said “those whose hands are stained with the blood of the Syrian people” have no place in a “new Syria” and expressed deep concern that the international community has been unable to save innocent Syrians from the […]
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An Overview of the Conflict in Yemen, in Maps
- October 1,2015
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- SUSTG Team
The European Council on Foreign Relations published an extensive and informative overview of the conflict in Yemen using maps to show the country’s political history and ongoing conflicts. “Far from reaching a tidy conclusion,” the conflict is War in”growing, if anything, more complicated by the day,” the EUCFR writes. “Rather than being a single conflict, […]
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Democratic Ex-Congressman Calls for Deepening of U.S.-Saudi Ties, ‘This partnership serves U.S. economic as well as security interests’
- September 29,2015
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- SUSTG Team
Former Rep. Gary L. Ackerman (D-N.Y.) from New York, who served for 30 years in the U.S. House, has penned an op-ed in The Hill outlining the importance of strengthening ties between the U.S. and Saudi Arabia. “Sometimes, it’s a good idea to reach out to your enemies. But don’t ever take old friends for […]
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MUST-READS
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Opinion: Normalization with Saudi Arabia is a golden opportunity for Israel
Normalization will lead to the establishment of a regional security alliance and the reversal of the negative strategic trends for Israel since October 7. The moderate alliance will stand up against Iran and the resistance camp and open the door to PA participation while establishing a governing alternative to Hamas in the Gaza Strip and renewing a political process in the Israeli-Palestinian conflict arena.
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Tadawul: Net foreign buys up to SAR 11.4B in H1 2024, Saudis net buyers of SAR 11B
Foreign investors were net buyers of about SAR 11.43 billion worth of stocks on the Saudi Exchange (Tadawul) in H1 2024, registering a hike of 50% from SAR 7.63 billion in H1 2023, according to data issued by Tadawul.
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Saudi Arabian court jails teacher for 20 years for tweets
A Saudi Arabian man has been sentenced to 20 years in prison on charges related to his social media activity, the organisation Human Rights Watch (HRW) reported on Tuesday. On 29 May, Asaad al-Ghamdi, a 47-year-old teacher, was convicted by Saudi Arabia’s counter-terrorism tribunal of “challenging the religion and justice of the King and the Crown Prince”, and “publishing false and malicious news and rumours”.
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Saudi Arabia completes first phase of ‘Professional Verification’ program
The Ministry of Human Resources and Social Development completed the first phase of the "Professional Verification" service as part of the "Professional Certification" program. It covers 128 countries and cooperates with the Ministry of Foreign Affairs through a unified electronic platform supervised by the ministry.
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Saudi Arabia to lure ultra-luxury travelers with Red Palace stays
In the south of Riyadh, nestled into downtown streets steeped in rare desert greenery, sits a 365,000 square-foot palace once lived in by King Saud bin Abdulaziz, the second ruler of modern Saudi Arabia. The Red Palace was built in the 1940s for the then-crown prince. Now, the 9-acre, art-deco manse is being transformed into an ultra-luxury hotel designed to give guests a taste of the Saudi royal life.
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Border Traffic: How Syria Uses Captagon to Gain Leverage Over Saudi Arabia
Since 2011, the Gulf region has seen a significant escalation in the scale and sophistication of drug trafficking. There has been a particular increase in the supply of Captagon, a codrug of amphetamine and theophylline, whose consumption threatens social peace. However, the issue extends beyond organized crime to affect politics. The Syrian regime of President Bashar al-Assad and its allies have leveraged Captagon trafficking as a means of exerting pressure on the Gulf states, notably Saudi Arabia, to reintegrate Syria into the Arab world and secure concessions that would allow the regime to reinforce its position after thirteen years of conflict.
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World’s largest oil company bets on the enduring power of petrol
The state-owned oil group, which made $500bn in revenues last year mainly from producing and selling crude, last month took a €740mn, 10 per cent stake in Horse Powertrain, a company dedicated to building fuel-based engines. The calculation by Saudi Aramco and the other shareholders in Horse, Chinese carmaker Geely and its French peer Renault, is that as the industry stops designing and developing its own combustion engines, it will start buying them from third parties.
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E-commerce in Saudi Arabia sees 17.47 percent surge with 40,697 new records in Q2 2024
The issuance of existing commercial records for e-commerce in Saudi Arabia recorded a growth of 17.47 percent by the end of the second quarter of 2024, new data showed. According to the Q2 2024 Business Sector Bulletin issued by the Saudi Ministry of Commerce, during this period, 40,697 e-commerce records were issued, compared to 34,645 in the same period of 2023.
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Warrior Group announces opening of new office in Saudi Arabia
The increasing demand for Warrior Group’s expertise and offerings led to the decision to open a dedicated office in Saudi Arabia. The company now concentrates almost 70% of its operations within the Kingdom, and so this decision is in line with Saudi Arabia’s Vision 2030 goals. This initiative highlights the company’s dedication to assisting Saudi Arabia in achieving its ambitious objectives in tourism and the economy.
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Women take part in changing of Kaaba’s kiswa in Saudi Arabia for first time in history
According to the General Authority for the Care of the Two Holy Mosques, female employees took part in the ceremonial changing of the Kaaba’s kiswa – the black cloth decorated with gold and silver threads which adorns the monument – on Sunday by carrying some of its components and handing them over to other workers, who then loaded them into a vehicle for transport to the Makkah’s Grand Mosque.
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