Recent stories from sustg

• 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 […]

   
• 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 […]

   
• 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 […]

   
• 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 […]

   
• 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 […]

   
• 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’. […]

   
• 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 […]

   
• 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 […]

   
• 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, […]

   
• 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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