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Recent stories from sustg

  • Top-10 ranking in sight for Tadawul
     

    Saudi Arabia’s stock exchange is expected to quickly rank among the world’s 10 most active markets if it opens up to international investors.

     
  • American Public Opposes Israel Striking Iran
     

    A new poll finds that only one in four Americans favors Israel conducting a military strike against Iran’s nuclear program. Seven in ten (69%) favor the US and other major powers continuing to pursue negotiations with Iran, a position that is supported by majorities of Republicans (58%), Democrats (79%) and Independents (67%).

     
  • SACM Career Fair and Graduation Ceremony Begins in Washington
     

    Saudi students from around the United States are descending on the U.S. capital for a graduation ceremony and career fair organized by the Saudi Arabian Cultural Mission (SACM) on May 26-27. SACM, in coordination with the Saudi Ministry of Higher Education, will host the SACM Career Fair and Graduation Ceremony this weekend at the Gaylord […]

     
  • Global Markets Drag on TASI
     

    The TASI has dipped over the past month, primarily due to global factors. First quarter results of listed companies point to ongoing strength in the domestic economy, with profits 14.9 percent higher than in the first quarter of 2011. Nonetheless, the TASI is down by 10 percent since the end of March, mirroring falls on […]

     
  • USTR: Saudi Continues to Protect Intellectual Property Rights
     

    The Office of the U.S. Trade Representative on Monday released the 2012 Special 301 Report reviewing the intellectual property protection policies of foreign nations.  Saudi Arabia is not named on the “Watch List” again this year and has not been since a successful Out-of-Cycle Review in 2009 to resolve IP issues in cooperation with the […]

     
  • How Gulf Countries Are Splurging at Home
     

    Asa Fitch, writing in the Wall Street Journal, details the extent to which oil dollars are fueling economic growth “at home” for GCC countries: Booming oil prices are flooding Arab countries with money, but where the lion’s share of that wealth would once have been pumped into the world’s financial markets, much of it is […]

     
  • Island in the Gulf – A Film of Juraid Island
     

    One of the great joys of living in Saudi Arabia has always been the natural environment itself – the dunes, the jebals and especially the Gulf with its beaches, reefs and islands. For those lucky enough to visit Juraid Island, fifteen miles offshore from Jubail, the experience has always been unforgettable. A pristine island shaped […]

     
  • Foreign Military Sales Keep Production Lines Hot
     

    “Partnership building is part of one of the largest benefits that we see,” Hunt said. “It’s building and maintaining friendships, it’s about building allies. United States Central Command, or CENTCOM, is obviously a very busy place for the United States now. The more that we can help those countries not only defend, but operate amongst […]

     
  • SEC unveils SR452b projects
     

    The Saudi Electricity Company (SEC) has allocated SR452 billion to implement energy projects until the year 2021 according to SEC Chairman of the Board of Directors Dr. Saleh Bin Hussein Al-Awaji. These projects will provide services consistent with international standards, including building up an adequate power at a peak time about 10 percent of combined capacity. The […]

     
  • US and Saudi team up for renewable energy projects
     

    The United States and Saudi Arabia are prepared to sign a number of deals related to the establishment of investment and service projects depending on renewable energy resources, Arab News reported. US Assistant Secretary of Commerce for Manufacturing and Services, Nicole Lamb, said the US would support the Kingdom on its drive to develop clean […]

     

MUST-READS

  • Why Dolce & Gabbana is investing in Saudi Arabia

    To further its Middle East expansion, Dolce & Gabbana has unveiled a unique strategy for Saudi Arabia, the market everyone has their eyes on right now. First is a new flagship store in Riyadh, the capital city and commercial heart of Saudi Arabia. Dolce & Gabbana will also be entering a formal partnership with Diriyah Company, a Saudi Arabian state-owned organisation responsible for the restoration, redevelopment, and management of the historic Diriyah area in Saudi. “Saudi Arabia is a country to which we have always looked with keen interest for its entrepreneurial and economic dynamism, as well as its ancient culture,” says Dolce & Gabbana CEO Alfonso Dolce. “For years, we have been present in this country, initially approaching the market with caution and respect, deepening our understanding of its history and social aspects. To this day, we can say that the Saudi market is very interesting, reacts positively to incentives and is open to new proposals.”

  • Saudi Investors to Create New Fishing Tournament League

    In a similar fashion to LIV Golf, a group of investors from Saudi Arabia are putting forward plans to launch a premier bass fishing tournament league with extremely big payouts. This has several anglers considering a big move. The money will be provide by the Saudi Public Investment Fund which is trying to broaden its economic dependence on oil. The league is said to be a “no-electronics league.” And they want to lure the very best anglers in fishing to the league with incentive deals. The Saudi Public Investment Fund is a government-controlled fund that has $650 billion in assets under management, rapidly heading to $1 trillion. A state-owned investment fund like the PIF is quite common and this one is said to be the 7th largest in the world.

  • Saudi Arabia may hike May crude oil prices to Asia

    Top oil exporter Saudi Arabia may raise the official selling price (OSP) for flagship Arab Light crude in May after Middle East benchmarks strengthened last month, industry sources said. The May OSP for Arab Light crude could rise by 20 to 30 cents a barrel from April, according to a Reuters survey of six refining sources. The expectation of higher prices comes after the backwardation structure in the Dubai benchmark narrowed by 33 cents a barrel in March versus February, Reuters data showed. When the market is in backwardation, prompt prices are higher than those in future months, implying tight supply.

  • Saudi Arabia announces cultural cooperation award with China

    The Saudi Ministry of Culture announced on Thursday the launch of the Prince Mohammed bin Salman Award for Cultural Cooperation between Saudi Arabia and China, at the King Abdulaziz Public Library branch in Beijing, Saudi Press Agency reported. This award aims to acknowledge the efforts of researchers, artists and translators from both countries, offering grants to support their continuing work. It is designed to spur enhanced collaboration and shared creative efforts.

  • Saudi Green Initiative: Targets and progress so far

    The SGI was launched by MBS on March 27, 2021, and has since played an important role in accelerating environment protection efforts, transitioning the energy sector, and implementing sustainability programs in various fields.

  • Private equity investing in Saudi Arabia reached $4 billion in 2023

    Private equity investing is blasting off in Saudi Arabia. After crossing the $1 billion threshold in 2022 and growing nearly 6X in the prior year, the industry quadrupled to $4 billion in 2023 across 30 deals, according to new data from Magnitt. The kingdom is at a “pivotal intersection,” Huda Al Lawati, Founder & CEO of Gulf-based investment manager Aliph Capital, said in Magnitt’s report.

  • Saudi Arabia embraces challenge of 2034 World Cup prep

    To host the 48-team World Cup, the country “needs 14 all-seater stadiums capable of holding at least 40,000 people.” Saudi Arabia currently has two: Jeddah’s King Abdullah Sports City Stadium and Riyadh’s “venerable” King Fahd International Stadium, which is “undergoing a major refit.” Among its 30-plus stadiums, “many are old, small and have fields surrounded by running tracks.”

  • Project to save Historic Jeddah buildings completed thanks to SR50m from Saudi crown prince

    The Historic Jeddah district contains more than 600 buildings, including 36 mosques, as well as five marketplace sites, ancient squares, and other locations of historical importance, such as the Waterfront, that were vital stopping-off points for Muslim pilgrims in days gone by. Many are being restored and renovated to help preserve and illustrate the history of the Hajj since the dawn of Islam.

  • Saudi Arabia’s unemployment rate declines to 4.4 percent in Q4 2023

    Saudi Arabia’s unemployment rate declined 0.7 percent to 4.4 percent in the fourth quarter of 2023 compared to the year-ago period. In its latest report, the General Authority for Statistics revealed that the unemployment rate among Saudi nationals saw a 0.9 percent quarterly decrease and a 0.3 percent annual decrease to 7.7 percent in Q4 of 2023. The participation of Saudi nationals in the labor force saw a 0.3 percent decline to 51.3 percent. Meanwhile, the employment-to-population ratio of Saudis saw a 0.2 percent increase to 47.4 percent.

  • UAE, Saudi Arabia ranked as leading global entrepreneurial ecosystems

    The UAE and Saudi Arabia have been ranked first and third respectively in the Global Entrepreneurship Monitor report for 2023-2024. The report, which assesses the entrepreneurial ecosystems of countries worldwide, is highly regarded by international bodies such as the World Bank, International Monetary Fund and various UN organizations, Saudi Arabia showed significant progress in its entrepreneurial environment, with its National Entrepreneurship Context Index score increasing from 5.0 in 2019 to 6.3 in both 2022 and 2023.