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Recent stories from sustg

  • 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 […]

     
  • The arms spending map of the world
     

    How much do countries spend on their militaries? This data from the Stockholm International Peace research Institute shows the world in arms spending – both in dollars over time and as a percentage of GDP.

     
  • Major Banks Expanding in Saudi Arabia
     

    “We’d be crazy to limit ourselves to a handful of bankers when we can see oil prices are going to sustain the Saudi economy for the foreseeable future,” Rory Gilbert, the head of Middle East and North Africa at London-based Barclays’s wealth management unit, said in an interview this week in Dubai. “In four or […]

     
  • A Nuclear Iran: CNN
     

    What do we really know about the Iranian nuclear threat?  Iran says it wants the right to have its peaceful nuclear program formally recognized.  But from the outside, Iran has long given the impression it has something to hide.  And fear that Iran may soon have the capability to build a nuclear weapon, has spurred […]

     
  • Saudi ‘tops in mobile users’
     

    Saudi Arabia has the highest proportion of mobile phone users in the world with 188 per cent, followed by Vietnam and Oman in the second and third places respectively, according to a recent study. The study which was conducted by the United Nations Conference on Trade and Development (UNCTAD) indicated that this percentage is by far […]

     
  • The Menu of Options in the Iranian Nuclear Talks
     

    For the first time in more than a year and a half, negotiators from Iran and the so-called P5+1 countries – the five permanent members of the United Nations Security Council, the U.S., Russia, China, France and England, plus Germany – will sit down with their Iranian counterparts this Friday in Istanbul to talk about […]

     

MUST-READS

  • One year later, why haven’t the PGA Tour and Saudis completed a deal?

    One year later, the professional golf world is still bitterly divided. Television ratings many weeks are down. There has been no merger and no partnership. The two tours continue to operate independently. The best players on the planet get together just four times a year. And there’s been no infusion of Saudi oil money to help reshape or bolster the PGA Tour.

  • Commentary: Are Iran and Bahrain about to restore diplomatic relations?

    In this discussion about improving ties with neighboring nations, the Bahraini king was not only referring to the Gulf Cooperation Council countries or Iraq, but also openly referring to his country’s eastern neighbor, the Islamic Republic of Iran. Relations with Iran have been strained in recent years, with security and political concerns causing a diplomatic rift. King Hamad told President Putin on May 23: “We have good relations with all countries. Iran is the only one with which we will work to resolve issues and, in fact, there are no significant problems to mention.” The ruler of Bahrain expressed his wish for “progress in development, trade and overall quality of life.”

  • Saudi Arabia joins BIS- and China-led central bank digital currency project

    Saudi Arabia has joined a China-dominated central bank digital currency cross-border trial, in what could be another step towards less of the world's oil trade being done in U.S. dollars.
    The move, announced by the Bank for International Settlements on Wednesday, will see Saudi's central bank become a "full participant" of Project mBridge, a collaboration launched in 2021 between the central banks of China, Hong Kong, Thailand and the United Arab Emirates.

  • World Cup bidder Saudi Arabia accused of abusing migrant workers ahead of FIFA decision

    A global group of trade unions is accusing Saudi Arabia of abusing migrant workers in a complaint filed Wednesday with a UN-backed labor organization, which comes as FIFA prepares to confirm the oil-rich kingdom as host of the 2034 World Cup. The complaint filed by Building and Wood Workers’ International urged the International Labor Organization to investigate Saudi Arabia for “severe human rights abuses and wage theft,” which it said affected at least 21,000 workers over the past decade.

  • Saudi Green Initiative Introduces ‘Namour’ to Inspire Environmental Awareness among Youth and Children

    Saudi Green Initiative (SGI) issued a press release today announcing the introduction of Namour, a character that aims to inspire young people in Saudi Arabia to be environmental heroes. Named after the Arabic word for Arabian leopard (Nimr), Namour represents strength, power, and grace, symbolizing Saudi Arabia's dedication to environmental conservation and sustainability.

  • Five impacts of the Gaza war to watch

    Support for the United States was not high in the Middle East prior to October 7, 2023 and strong US support for Israel has always angered the Arab public. Still, the mass casualties caused by Israel’s post-October 7, 2023 operations, coupled with President Joe Biden’s strong support for Israel, have caused public indignation towards the United States to reach new heights. From my conversations with business leaders and experts in the region, there is a concerning level of outrage with US policy, which is perceived as both amoral and damaging to the region’s ability to develop economically.

  • Saudi Arabia’s chip design ambitions take shape with new hub

    The kingdom announced the National Semiconductor Hub Wednesday to develop so-called fabless chip companies that design new semiconductors.

    The goal is to draw 50 firms to the kingdom by 2030 and the focus will be on simple chips — rather than cutting-edge and politically-sensitive technologies — and manufacturing will be done internationally, at least in the medium-term, according to Naveed Sherwani, head of the new hub.

  • Saudi Aramco targets two US natural gas producers

    Saudi Aramco, the world’s biggest oil exporter, has initiated talks with two liquefied natural gas (LNG) producers in the United States to bolster its overseas expansion strategy. The oil major is negotiating with Tellurian and NextDecade, Reuters reported, quoting informed sources. Aramco is considering buying a stake in Tellurian’s Driftwood LNG plant in Louisiana, which has a capacity of 27.6 million metric tonnes per annum, the report said

  • Senior Biden administration officials returning to Middle East to push for Gaza ceasefire deal

    Top Biden administration officials are traveling to the Middle East this week to engage in ongoing talks on a possible ceasefire and hostage release deal between Israel and Hamas, as well as the dire situation in the Gazan city of Rafah, US officials told CNN.

    CIA Director Bill Burns, who has served as the administration’s primary interlocutor in ceasefire negotiations, is meeting Qatari leaders in Doha to receive an update on their conversations with Hamas leaders, according to national security adviser Jake Sullivan. Qatar is acting as an intermediary in talks between Israel and Hamas.

    Sullivan also said that the US remains in hourly contact with the Qataris as they await a formal response from Hamas.

  • Saudi Aramco’s $12 Billion Share Sale Quickly Sells Out, but Who is Buying?

    Last week, Saudi Arabia’s energy giant Saudi Aramco (ARMCO) confirmed in a filing with the Saudi Exchange plans to sell shares in the state-owned oil company to help the kingdom fund plans to diversify the economy. Well, the sale took place on Sunday and was a resounding success with US$12 billion share sale sold out shortly after the deal opened. The deal offered ~1.545B Aramco shares, or ~0.64% of the company, within the price range of 26.70 riyals to 29 riyals. Buyers of the shares will be looking to cash in on an upcoming ~$124 billion annual payout that Bloomberg Intelligence estimates will give the shares a juicy dividend yield of 6.6%.

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