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NCB: Saudi real GDP to grow 3.4 percent in 2015
- June 10,2015
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- SUSTG Team
Saudi Arabia will face “a moderate business cycle during 2015 and 2016, growing around 3% in real terms,” Saudi Arabia’s National Commercial Bank (NCB) finds in a recently released study. The study, entitled “Saudi Economic Perspectives 2015-2016” with the theme of “Tackling Challenges on Solid Ground,” finds less contribution from the oil sector and moderation in […]
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Level of Turmoil in Middle East at ‘Highest Point in 50 years’, Gulf Expert Writes in Politico Magazine
- June 5,2015
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- SUSTG Team
Gary Sick, a well-known and respected Gulf expert writes in an in-depth piece for Politico Magazine that the turmoil in the Middle East is at the highest point in 50 years, and that Saudi Arabia is dramatically increasing its efforts to slow the spread of Iranian influence across the region. Dr. Sick, a Columbia professor […]
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Cash Reward Offered for Wanted Men Connected to Mosque Bombings
- June 4,2015
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- SUSTG Team
Saudi Arabia’s government offered a $1.3m cash reward for men connected to bombings at mosques in the past two weeks, saying that “[a]nyone dealing with the wanted men will be held accountable,” according to Reuters and information posted by the Ministry of Interior and the Saudi Press Agency. The self-described Islamic State, or Daesh, claimed […]
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Saudi Arabia’s total exports in 2014 dropped by 8.9 percent
- May 29,2015
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- SUSTG Team
Saudi Arabia’s Central Department of Statistics found that total exports in 2014 dropped by 8.9 percent to SR1.28 trillion ($342.28 billion), while imports rose. Oil was the lion’s share of total exports at 83 percent of the total value of exports at $280 billion. According to Arab News and Saudi Arabia’s Central Department of Statistics, non oil […]
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Photos: King Salman Urges More ‘Support to Investment and Investors in the Kingdom’ at High-Level Business Gathering
- May 28,2015
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- SUSTG Team
In a focus on investment forum in Saudi Arabia, Custodian of the Two Holy Mosques King Salman spoke to leading business leaders and government officials at Al-Salam Palace on Wednesday and asked them to encourage “businessmen to invest in the Kingdom where the climate is conducive for business and where everyone gets a fair opportunity” and to […]
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Saudi Arabia Seeks Sikorsky MH-60R Helicopters, First Military Sale Request from a Gulf State Since Camp David Summit
- May 22,2015
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- SUSTG Team
The Royal Saudi Navy is seeking to purchase 10 Sikorsky MH-60R Sea Hawk helicopters as part of its naval expansion program, the first military purchase since the U.S.-GCC summit last week in Washington, Defense News reports. “The State Department has made a determination approving a possible Foreign Military Sale to the Kingdom of Saudi Arabia […]
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Sfakianakis: “The choices now being made stand to alter the face of the kingdom”
- May 20,2015
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- SUSTG Team
In a opinion piece in the London-based Financial Times (paywall), veteran banker in Saudi Arabia Dr. John Sfakianakis writes that tough decisions loom for the Kingdom’s leaders with regard to oil and energy use. “When your income is cut in half, it helps to have a few dollars on hand, but even then you will have to […]
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Reaction: GCC Camp David Summit ‘Exceeded Expectations’, Indicates ‘Clear and Continuing Commitment’ between U.S., Gulf Partners
- May 18,2015
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- SUSTG Team
Reaction from officials and analysts after last week’s U.S.-Gulf Cooperation Council (GCC) meeting indicate that President Obama’s outreach to leaders helped to shore up the U.S.-GCC alliance. “The countries of the Gulf Cooperation Council (GCC) may not have gotten what they wanted from the Obama administration this week, but they appear to have gotten some […]
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President Obama Hosts GCC Leaders to Camp David, Offers ‘Ironclad’ Security Commitment
- May 15,2015
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- SUSTG Team
President Barack Obama hosted a summit of GCC member states in Camp David this week to shore up U.S. security support for external threats to Gulf Nations and discuss the Administration’s nuclear deal with Iran. Saudi Arabia’s Foreign Minister Adel Al-Jubeir called the U.S.-Gulf Cooperation Council (GCC) summit at Camp David “unprecedented” and said the day had brought U.S.-Gulf […]
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French President Hollande in Riyadh for Talks on Regional Issues with GCC Leaders
- May 5,2015
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- SUSTG Team
French President François Hollande arrived in Riyadh for talks on regional issues in what a French diplomat told Reuters was an indication to the United States that the Saudi-French alliance was strong and getting stronger. According to Reuters, Hollande met Salman “for an hour after dinner at his personal palace on Monday, and the Saudi cabinet […]
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MUST-READS
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Cruise Saudi to Develop Red Sea Private Island
Barbara Buczek, Cruise Saudi’s chief destination experiences officer, said: “The creation of this new cruise destination in the Red Sea marks an exciting step in the development of Saudi’s cruise industry. We look forward to welcoming cruise lines and their passengers to experience authentic Saudi hospitality, culture and activities in the heart of the Red Sea.”
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Iraq set to pay high price for bumper wheat harvest
A bumper harvest and a hefty grain surplus in Iraq, typically one of the Middle East's biggest wheat importers, has left the government with the prospect of a net loss of nearly half a billion dollars, according to Reuters calculations. The 1.5 million metric ton wheat surplus, helped by better than expected rains but above all by government subsidies, is excellent news for farmers. For the government, however, which pays them more than double the global market price to encourage cultivation of the food staple in often arid conditions, the price is high.
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Saudi National Day Evolves
Today, seven years on, Mohammed bin Salman’s reign has become more settled and predictable. The kingdom’s 94th National Day still catered to young people and families but presented more of an establishment feel, complete with military parades and fireworks. Official imagery and national songs extolled the extensive Saudi urban and industrial projects. If the earliest days of this most nationalist of eras promised festivities, now it’s time to get down to work.
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Saudi Civil Defense warns of heavy rains, flash floods
The General Directorate of Civil Defense urged the public to stay cautious and in safe areas during thunderstorms affecting parts of the Kingdom from Wednesday to Sunday. It advised avoiding valleys, flood-prone areas and swimming in valley streams, the Saudi Press Agency reported.
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Israel-Iran: Netanyahu and Biden talk for the first time since August; Israel warns Lebanon of destruction like Gaza’s
Israeli Prime Minister Benjamin Netanyahu spoke with President Joe Biden today ahead of an Israeli Cabinet vote on the response to Iran's missile attack and after Israeli Defense Minister Yoav Gallant's trip to the U.S. was called off, Israeli and U.S. officials told NBC News.
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Experts React: Energy Implications of Escalating Middle East Conflict
Even in an age of generative artificial intelligence, oil price estimates remain far from an exact science, and the impacts of supply disruptions can depend significantly on scope and duration. Back-of-the-envelope estimates by ClearView Energy Partners, LLC, gauged broad new sanctions (or strict enforcement of existing ones) at up to a roughly $7/bbl impact; attacks on Iran’s principal export facility at Kharg Island at up to around $13/bbl; and a three-to-seven-day retaliatory Iranian blockade of the Strait of Hormuz between $13/bbl and $28/bbl.
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More airlines fly over Afghanistan in last week as Middle East tensions rise
Airlines have diverted more flights over Afghanistan over the past week to avoid Iranian airspace, data shows, adding to journey times and fuel costs in the latest disruption for routes between Asia and Europe as tensions in the Middle East escalate. Flights over Afghanistan were already growing in recent months, but expectations of an Israeli response to an Iranian ballistic missile attack on Israel last week have furthered that trend, data from flight tracker FlightRadar24 shows.
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Oil falls as swelling US supply counters Middle East and hurricane risks
Oil prices fell on Wednesday after U.S. data showed rising crude inventories, but losses were limited by the risk of Iranian supply disruptions caused by the Middle East conflict and Hurricane Milton in the U.S. Brent crude futures settled at $76.58 a barrel, falling 60 cents, or 0.8%. U.S. West Texas Intermediate (WTI) futures settled down 33 cents or 0.5%, at $73.24 a barrel. Crude inventories jumped by 5.8 million barrels to 422.7 million barrels last week, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 2 million-barrel rise.
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USAF F-15s Arriving in Middle East as Israel Weighs Response to Iran Attack
More of the U.S. Air Force fighters directed to deploy to the Middle East late last month arrived as Israel contemplates its response to Tehran’s ballistic missile attack on Israel on Oct. 1. A squadron of F-15E Strike Eagles began arriving in the region Oct. 9, U.S. Central Command announced. The fresh Strike Eagles deploying to the Middle East are from Mountain Home Air Force Base, Idaho, Air & Space Forces Magazine first reported. CENTCOM later announced the move. The first batch of aircraft made their way across the Atlantic and stopped at RAF Lakenheath, U.K., where they were spotted on Oct. 7 by local observers.
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Perspective: How Netanyahu shattered Biden’s Middle East hopes
Recent reporting indicates growing “distrust” between U.S. officials and their Israeli counterparts; the Biden administration was reportedly furious when Israel gave them little notice of its strikes that killed Hezbollah leader Hasan Nasrallah. Defense Secretary Lloyd Austin, as my colleagues reported, privately characterized Netanyahu’s government as “playing with house money” — operating on the presumption that, whatever it does, it could count on the United States to support its war aims and defend Israel against any Iranian retaliation.
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