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Recent stories from sustg

  • 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 […]

     
  • Jadwa Investment: Shifts in Foreign Investor Flows and the TASI
     

    A recently released Jadwa Investment report discusses shifts in foreign investment in the Saudi stock market, also known as the TASI. “Big changes in foreign investment in the Saudi stock market tend to come ahead of moves in the TASI, meaning that local investors can benefit from tracking what foreign investors are doing. In six of the seven […]

     
  • High capital/solid profitability: Saudi banking system remains stable
     

    The outlook for Saudi Arabia’s banking system remains stable, says Moody’s Investors Service in a new Banking System Outlook. The key drivers of the outlook are (1) a benign operating environment; (2) low problem loan levels; (3) strong loss-absorption capacity, underpinned by high capital buffers and solid profitability; and (4) the sector’s stable, low-cost deposit […]

     
  • Saudi eases access to long-hidden ancient ruins
     

    “Spectacular… wonderful… breathtaking,” she says. “But where are the tourists? If we had a site like this in my country, we would have millions of tourists!” Dating back to the second century BC, the Nabataean archaeological site, also known as Madain Saleh, has long been hidden from foreign visitors in this ultra-conservative kingdom that rarely […]

     
  • GE Sees Gas Turbine Sales Gain Amid Saudis’ Solar Shift
     

    General Electric Co. GE predicts demand for its gas turbines will increase in Saudi Arabia, even with the kingdom working to supply a third of power needs from solar energy within the next two decades. Saudi Arabia already has 500 installed gas turbines from GE that generate about half its electricity, and the Middle Eastern […]

     
  • Modernity and tradition: Khalid Habash’s stunning photos of Saudi
     

    It is no secret that Saudi Arabia’s economy and society are modernizing at a remarkable pace. Already the Arab world’s largest economy, the Kingdom also has one of the world’s highest GDP growth rates.  Government spending is expansive and investment in infrastructure, education and numerous other sectors are at all time highs.  Soon to be […]

     
  • Confronting Tremendous Challenges: Prince Turki al-Faisal
     

    I think Saudi Arabia over the past 80 years has been going through an Arab Spring. When you look at the Kingdom when I was born in it for example, 1945, there were no schools in Saudi Arabia. There were no roads. Disease and poverty were the rule rather than the exception. Since then, the […]

     
  • US Eximbank OKs record-breaking $5 bln loan for Saudi petchem complex
     

    In its largest job-supporting authorization to date, the board of the Export-Import Bank of the United States (Ex-Im Bank) has approved a $4.975 billion direct loan to Sadara Chemical Company for the export of American goods and services required in the construction of a petrochemical complex in Jubail Industrial City II in the Kingdom of […]

     

MUST-READS

  • Saudi Arabia signs 2 PPAs for Al Ghat, Wa’ad Al Shamal wind projects

    Saudi Power Procurement Co. (principal buyer) and a consortium led by the Japanese Marubeni Co. signed two power purchase agreements (PPAs) for the 600-megawatts (MW) Al Ghat and 500-MW Wa'ad Al Shamal wind farm projects.

  • Big Airbus order overshadows Boeing at Riyadh conference

    Saudia Group, owner of Saudia airline and budget carrier flyadeal, placed a hefty order for 105 Airbus (AIR.PA), opens new tab narrow-body aircraft on Monday, marking a bounce-back for the European planemaker just months after Boeing had been tipped to win more Saudi business.
    Ibrahim Al Omar, Saudia Group's director general, described the order for 12 A320neo and 93 A321neo single-aisle aircraft as the largest in the country's history.

  • US, Saudis close to deal on defense pact, White House says

    The United States and Saudi Arabia are close to a final agreement on a bilateral defense pact after the U.S. national security adviser made significant progress in talks with the Saudis over the weekend, the White House said on Monday.
    White House national security spokesperson John Kirby said the two sides are "closer than we've ever been" on a bilateral agreement that is now "near final."
    U.S. and Saudi negotiators are seeking to complete work on a bilateral accord expected to call for formal U.S. guarantees to defend the kingdom as well as Saudi access to more advanced U.S. weaponry, in return for halting Chinese arms purchases and restricting Beijing’s investment in the country.

  • IBM makes more AI models open source and lands Saudi Arabia deal

    International Business Machines (IBM.N), opens new tab on Tuesday said that it will release a family of artificial intelligence models as open-source software, and that it will help Saudi Arabia train an AI system in Arabic.
    The Armonk, New York-based company has taken a different approach to making money from AI than some of its rivals such as Microsoft (MSFT.O), opens new tab and others that are tightly guarding their AI models and charging for access to them. Similar to Facebook owner Meta Platforms (META.O), opens new tab, IBM is instead providing open access to the models themselves and on Wednesday opened its "Granite" family of AI models for companies to customize.

  • Saudi Arabia launches summer program with mega lineup of events to boost tourism

    Saudi Arabia has launched its summer program with a lineup of major events taking place across seven destinations in the Kingdom, the Saudi Tourism Authority announced on Monday, in a bid to boost domestic and regional tourism.

    The program will run for four months until the end of September across seven destinations: Aseer, Al Baha, Taif, the Red Sea (a new destination), Jeddah, Riyadh, and AlUla.

  • Over 267,000 Hajj pilgrims arrive in Saudi Arabia

    A total of 267,657 pilgrims have arrived in Saudi Arabia from all over the world to perform the annual pilgrimage of Hajj until the end of Sunday. The General Directorate of Passports (Jawazat) said on Monday that this figure includes pilgrims who came via Saudi airports, seaports and land entry points. The overwhelming majority of pilgrims came by air.

  • Tickets for Saudi Arabia’s first ever UFC fight in Riyadh go on sale

    Tickets for the first ever Ultimate Fighting Championship (UFC) fight in Saudi Arabia’s Riyadh are now on sale, the Saudi Press Agency (SPA) reported on Monday. Australian Robert Whittaker and Russian Khamzat Chimaev will face off on June 22 at the Kingdom Arena.

  • WTA signs multi-year partnership with Saudi PIF

    The Saudi Public Investment Fund (PIF) will become the first-ever naming partner of the WTA's rankings, the two organisations announced on Monday, as part of a multi-year partnership. The announcement marks the PIF's latest foray into tennis, after the men's ATP tour also signed a multi-year "strategic partnership" earlier this year. "Together, we look forward to sharing the journey of our talented players across the season, as we continue to grow the sport, creating more fans of tennis and inspiring more young people to take up the game," WTA Ventures CEO Marina Storti said in a statement.

  • U.S. Special Envoy for Yemen Lenderking’s Travel to Saudi Arabia, the United Arab Emirates, and Oman

    U.S. Special Envoy for Yemen Tim Lenderking is traveling to Saudi Arabia, the United Arab Emirates, and Oman this week to continue discussions with partners regarding the peace process in Yemen and an immediate end to the reckless Houthi attacks in the Red Sea and surrounding waterways.  The Houthis’ continued attacks threaten progress toward achieving a durable resolution to the conflict in Yemen and obstruct the delivery of humanitarian assistance to Yemenis and people in need across the region.

  • Saudi Arabia says would rather develop homegrown talent than recruit foreign athletes

    Saudi Arabia will look to homegrown talent to expand its base of elite athletes rather than follow its neighbors down the path of naturalizing foreigners, the media chief of the Saudi Olympic Committee told Reuters. Funding from the country’s Public Investment Fund (PIF), which manages more than $700 billion in assets, has rocketed the country to major-player status in world of sport over a few short years.