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Recent stories from sustg

  • Muslims begin hajj pilgrimage – photo gallery
     

    Hours before sunrise Thursday, thousands of Muslims from around the world stood in the dark on a rocky desert hill, preparing for prayers on the first day of the annual hajj pilgrimage, a central pillar of their faith.

     
  • Anne Habiby: Entrepreneurship and Job Creation in the Arab World
     

    In addition to featured speakers such as President Bill Clinton and Mr. Abdullah Alireza  the recent C3 Summit in New York City presented a number of compelling panel discussions addressing commercial and trade issues related to doing business in the MENA region. SUSTG has featured the remarks at this event of Abdullah Alireza (Global Economic […]

     
  • Saudi best in MidEast for doing business
     

    Saudi Arabia is the best country in the Middle East for doing business, according to a new study published by the World Bank. The Gulf kingdom, the world’s largest oil producer, was ranked 22nd globally in the ‘Doing Business 2013’ report, ahead of neighbour the UAE which placed 26th. Elsewhere in the GCC, Qatar came […]

     
  • The Saudi Economy: Still Shining
     

    A recently released October 2012 economic report by Jadwa Investment finds that a recent flow of data has been generally stronger than expected, and as a result of high oil production (which elevates the hydrocarbon sector growth to 6.1 percent for the year) Jadwa raises its projections for Saudi Arabia’s budget and current account surpluses. […]

     
  • Energy policy: What we need to talk about
     

    For starters, the United States is already over 80 percent (up from 70 percent a decade ago) self sufficient when it comes to energy production and use. We are routinely described as the Saudi Arabia of coal, and have the largest nuclear fleet in the world. We are the world’s largest natural gas producer and […]

     
  • Randa Hudome: How do I get my business over to the Middle East?
     

    In addition to featured speakers such as President Bill Clinton and Mr. Abdullah Alireza the recent C3 Summit in New York City presented a number of compelling panel discussions addressing commercial and trade issues related to doing business in the MENA region.

     
  • Saudi oil sales to U.S. robust despite refinery upsets
     

    Saudi Arabia appears to be keeping its pledge to ensure global markets are well supplied with oil, barely letting up in shipments to the United States even after two of its biggest refining customers suffered crippling glitches. A Reuters analysis of U.S. import data shows sales to the world’s top oil consumer have dipped less […]

     
  • Public policy considerations in Saudi Arabia’s new Arbitration Law
     

    We see plenty of coverage these days of Saudi Arabia’s growing economy; and justifiably so.  Expansionary government spending, elevated oil prices, a strong banking system, a maturing private-sector, increasing diversification, growing foreign investment and other factors contribute to an exciting period for Saudi Arabia. While elevated oil prices have fueled Saudi Arabia’s impressive recent growth, […]

     
  • Dubai and Saudi Chambers seek stronger ties
     

    To share expertise and best practice across the GCC region, Dubai Chamber of Commerce and Industry hosted a delegation led by the Council of Saudi Chambers at its head office recently. The group of 17 senior officials from various Saudi chambers of commerce, led by Omar A. Bahlaiwa, Secretary General of the Council of Saudi […]

     
  • Saudi market opening to take ‘a while’ as conditions debated
     

    Saudi Arabia — the largest, most liquid and yet least accessible stock market in the Arab world — is considering opening its stock market to foreign investors in a move that could help turn the local market into a regional trading hub. But when the kingdom will make its final decision on this proposal, which […]

     

MUST-READS

  • Gulf IPO boom: Who’s next to go public in Saudi Arabia and UAE?

    Economic diversification strategies in the UAE and Saudi Arabia, coupled with increasing investor appetite are fuelling an enduring rush of stock market listings across sectors.
    After a tremendous year for the Gulf in 2022, which saw 48 IPOs raise a total of over $22 billion, another 47 companies went public last year though proceeds dropped to around $10 billion, experts said.

  • Saudi Arabia starts $13,300 fines and deporting expats over Hajj violations

    Saudi Arabia has introduced and is enforcing penalties for violating Hajj permit violations. The Public Security has started enforcing penalties for those violating Hajj regulations and instructions without a Hajj permit in the city of Makkah, the central area, the holy sites, the Haramain train station, security checkpoints, screening centres, and temporary security checkpoints.

  • Saudi Arabia to become 1st G20 country to replace all street lights with energy-saving LEDs: official

    Saudi Arabia is set to become the first G20 country to install LED street lights to conserve energy, said a top official of the National Energy Services Co., known as Tarshid. Speaking during a panel titled “Saudi Vision 2030 Outlook” on the first day of the Global Project Management Forum 2024 taking place in Riyadh from June 2 to 3, Mohammed Muaafa, technical services director of Tarshid, said the company has worked on a large number of projects to conserve electricity in various types of commercial and residential projects across the Kingdom.

  • Why Saudi Arabia Never Acquired The F-16

    Boeing hopes Saudi Arabia will choose the F-15EX Eagle II over rival bids for Eurofighter Typhoons from the United Kingdom and Dassault Rafale multirole fighter jets from France. The American aerospace giant pointed to Riyadh’s decades-long interest in and experience operating the F-15, of which the kingdom possesses approximately 230. The three-way fighter competition is also a striking reminder that Saudi Arabia never acquired the F-16, peculiar for a region that operates the second, third, and fourth largest fleets of the venerable Viper.

  • U.S. Presses To End The War In Gaza

    On May 31, in a formal statement at the White House, U.S. President Joseph Biden outlined what he termed an Israeli proposal for a three-phased roadmap toward a permanent end of hostilities in the war between Israel and Hamas in the Gaza Strip. Appearing to pressure both Israeli and Hamas leaders to back the roadmap fully, the Biden statement stressed that the plan, if fully agreed and implemented, meets the core demands of both sides and should be accepted. The proposal appeared to reflect the results of recent intensive negotiations between the United States, Qatar, and Egypt, on new initiatives to break the logjams that have blocked Israel-Hamas agreement on another temporary ceasefire and further hostage releases. The U.S. and some Arab officials have attributed the impasse mostly to Hamas’ demand for a complete end to Israel’s offensive in Gaza as a condition for freeing remaining Israeli hostages.

  • Saudi Aramco offered $12 billion worth of stock. It sold out in hours

    Saudi Arabia will still own the vast majority of the company, both directly and through its Public Investment Fund. The country is using some of the proceeds to help diversify its economy in anticipation of so-called “peak oil,” when the commodity’s demand and/or supply begin to fall for climate and alternative energy-related reasons. One big priority for the new economy has been tourism, which Saudi Arabia has been working to increase through the creation of new attractions and travel options.

  • Doctor’s Sons Turn Billionaires as Saudi IPOs Mint New Fortunes

    A hospital group is set to become the kingdom’s biggest listing of the year, turning its two top shareholders into billionaires. Brothers Mazen and Ammar Fakeeh, the sons of the physician who founded the Dr. Soliman Abdul Kader Fakeeh Hospital Co., will have a combined fortune of at least $2.5 billion after the sale, while their sister Manal will be worth some $600 million, according to the Bloomberg Billionaires Index.

  • New Study Say Life on Earth may have Originated in Saudi Arabia 3.48 billion years ago

    Scientists have identified living stromatolites on Saudi Arabia’s Sheybarah Island in the Red Sea, marking the first discovery of living shallow-marine stromatolites in the Middle East. The discovery raises significant questions related to how and where life first originated on planet Earth. Published in the journal Geology, the study explores these ancient microbial structures and offers a unique glimpse into Earth’s early life and the environmental conditions that prevailed billions of years ago.

  • Saudi Arabia, Brazil sign defense agreement

    Saudi Arabia and Brazil signed on Monday in Riyadh a cooperation agreement in the defense field. The deal was signed during a meeting between Saudi Defense Minister Prince Khalid bin Salman and Brazil’s Vice President and Minister of Development, Industry, Trade and Services Geraldo Alckmin.

  • Saudi games company wants to deepen Nintendo, Capcom ties

    "Game development is our long-term goal -- we want to build a global hub for gaming and esports," he said. The prince has invited prominent Japanese game developers, including Nintendo, Bandai, Capcom and Konami Group, to consider setting up offices in the Middle East. Currently, the region lacks a direct presence, with gaming companies typically overseeing their businesses from offices in Europe.