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Recent stories from sustg

  • 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 […]

     
  • Saudi restoration commemorates pact of princes, clerics
     

    Climb the rickety ladder through the Emir Omar bin Saud Palace courtyard in crumbling Diriyah and the image of old Saudi Arabia suddenly appears in an adobe roofscape set against dark green palms. The caramel tones of the mud walls, the smell of dust mingling with water and the muffled clanging of hammer on stone […]

     
  • U.S. Approval Eroding in MENA Before Film Controversy
     

    Approval of U.S. leadership in the Middle East and North Africa (MENA) region was already slipping before the recent wave of anti-U.S. protests across the region. An average of 20% of adults across 12 MENA countries Gallup surveyed between January and May 2012 approved of the job performance of the leadership of the U.S. This […]

     

MUST-READS

  • Grid Telecom to build Greece to Saudi cable system

    Grid Telecom and Dawiyat Integrated will collaborate to build a new high-capacity system that will connect Greece with the Kingdom of Saudi Arabia. The two companies have signed a Memorandum of Understanding (MoU) to connect Saudi Arabia to the Island of Crete, extending westwards to major destinations in Europe and eastwards to the entire Arabian Peninsula.

  • Saudi Arabia celebrates birth of cheetah cubs with new conservation strategy

    Saudi Arabia’s National Centre for Wildlife (NCW) has reported a significant development in its Cheetah Conservation Programme with the birth of four cheetah cubs, Saudi Press Agency (SPA) reported. This event coincides with the launch of the National Cheetah Conservation Strategy, a key initiative led by the Minister of Environment, Water and Agriculture, Abdulrahman AlFadley.

  • In fuel-guzzling Saudi Arabia, electric cars pique interest

    Although the EV market in the world's largest oil exporter remains small compared with the United States and China, it tripled last year to nearly 800 cars, according to Saudi business news outlet Al-Iqtisadiyah. "What drove me to buy an electric vehicle was financial considerations," said Rafidain, who spends up to 2,000 riyals ($530) a month on fuel for his off-road vehicle. "Maintenance costs are also lower compared to a conventional vehicle, with no oil changes and no brake-pad replacements," he added, pointing to the engine-free storage space under the hood of his new car.

  • Foreign Ownership of Real Estate in Saudi Arabia

    The issue of foreigners owning real estate in Saudi Arabia is a significant topic of interest for many non-Saudis,especially with the substantial development in the real estate investment sector and Saudi Arabia’s diligent efforts to achieve its ambitious goals within Vision 2030.

  • How Energy Intensive Are Data Centers?

    While the median estimate for data centers, AI-connected offerings and cryptocurrency mining stood at 415 TWh in 2022, already significantly higher than the United Kingdom's electricity demand and on par with the electricity consumption of France, this figure could rise to anything between 620 and 1,050 TWh in 2026. Per the IEA's report, this would be the equivalent "to adding at least one Sweden or at most one Germany" to the most recent estimates. Calculating the median estimated energy use, data centers and associated industries would rival the electricity demand of Japan, which as of 2022 had the fifth-highest in the world after China (8,540 TWh), the United States (4,128 TWh), India (1,463 TWh) and Russia (1,026 TWh).

  • Kemitt expands into Saudi Arabia bolstered by new funding round

    Kemitt, Egypt's leading e-commerce marketplace for furniture and home accessories, proudly announces its expansion into the Saudi Arabian market. This strategic move is bolstered by a recent undisclosed funding round, underscoring the growing investor confidence in Kemitt’s innovative business model and robust growth trajectory.

  • Saudi Arabia’s growth this year marred by lower for longer oil output

    Saudi Arabia's economic growth will likely be one of the slowest among the Gulf Cooperation Council (GCC) countries this year, according to a Reuters poll of economists who lowered growth forecasts from three months ago due to extended oil output cuts. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, were expected to start raising production this year but in June said the reductions would continue well into 2025.

  • Saudi government agencies boost emerging tech adoption by 10% in 2024

    Saudi Arabia’s government and businesses are advancing technology adoption and investing in programs to digitally upskill the population. A new report by the Digital Government Authority revealed that the performance index of Saudi government agencies in Emerging Technologies Adoption has improved significantly by 10% compared to last year, rising from 60.3% in 2023 to 70.7% in 2024.

  • New Saudi AI model to advance radiology diagnosis

    King Abdullah University of Science and Technology (KAUST) and Saudi Data and Artificial Intelligence Authority (SDAIA) have released MiniGPT-Med, a new vision-interfaced large language model, designed to provide faster and more efficient radiology diagnosis. The new model was built using Meta’s Llama 2 for the language component and the university’s MiniGPT-v2 as a vision-language alignment backbone.

  • GCC Population Surges by 4 Million in Two Years

    According to recent statistics released by the GCC Statistical Centre, the total population of the Gulf Cooperation Council (GCC) countries witnessed a significant increase of 7.3% in 2023 compared to 2021, reaching 57.6 million.