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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

  • Saudi Arabia estimates financing needs at $23 bln for 2024

    Saudi Arabia estimates financing needs of about $22.93 billion (86 billion riyals) in 2024 under a borrowing plan approved by Finance Minister Mohammed al-Jadaan, the National Debt Management Center (NDMC) said on Thursday. The Kingdom, the world’s top oil exporter, has forecast a budget deficit of 79 billion riyals in 2024, slightly smaller than a deficit of 82 billion riyals projected for last year as lower crude production and global prices reduced revenue.

  • Saudi Arabia megaprojects: 24 massive developments in the making

    Saudi Arabia has announced several ambitious plans to build a series of large-scale projects aimed at reshaping the country into a prominent global economic force, over the past few years. These initiatives, which involve substantial investments amounting to billions of dollars, seek to diversify the nation’s economy beyond oil, generate employment opportunities, and enhance its reputation as a premier destination for trade and tourism.

  • Saudi Arabia sets record with 2100 new investment licenses in Q3 of 2023

    The Saudi Ministry of Investment has revealed that it issued more than 2100 investment licenses in the third quarter of 2023, with a growth rate of 135.4 percent on an annual basis. This does not include licenses issued as part of the campaign to combat violators of the Anti-Commercial Concealment (tasattur) Law. The ministry said that the growth in the volume of issued licenses reflects the Kingdom’s position as an attractive investment destination that enjoys strong competitive advantages represented by a stable and supportive business environment.

  • Perspective: Rushing to fail: Understanding construction disputes in Saudi Arabia

    The case for change is clear. Construction and engineering projects in the Middle East are subject to more delay than in most other regions.
    Our integrated research programme, CRUX, shows that contractors across the Middle East sought extensions of time averaging 81.6% of planned project schedules.
    The Saudi average was 98.8%, meaning the extra time sought nearly doubled the time originally specified.
    Claimed costs in Saudi Arabia typically amounted to 29.8% of original contract values, lower than the 37.4% average elsewhere in the Middle East.
    There are clearly legacy challenges in the Kingdom, and now also recognition that things need to change.

  • Secretary Blinken’s Travel to Türkiye, Greece, Jordan, Qatar, U.A.E., Saudi Arabia, Israel, the West Bank, and Egypt

    Throughout his trip, the Secretary will underscore the importance of protecting civilian lives in Israel and the West Bank and Gaza; securing the release of all remaining hostages; our shared commitment to facilitating the increased, sustained delivery of life-saving humanitarian assistance to civilians in Gaza and the resumption of essential services; and ensuring that Palestinians are not forcibly displaced from Gaza.

  • Exploring AlUla: Saudi Arabia’s oasis of hidden history and heritage

    With so many sites to see, it can be overwhelming trying to decide where to begin, but one cannot find a better introduction to AlUla than Old Town. This fascinating maze of winding streets and mud-brick dwellings—some of which go as far back as the 12th century CE, including the hilltop fortress overlooking the town—is still inhabited to this day, its bustling souks filled with artisanal shops and traditional ware. However, the site is much more ancient, representing continuous waves of settlement and resettlement one after the other.

  • Saudi Arabia announces ‘active lifestyle’ area of Neom

    The “Norlana” area will contain space for 3,000 residents in 711 properties, two hotels and a 120-berth marina and club for superyachts. Among these properties will be mansions, apartments and villas built into sand dunes.
    There will also be an 18-hole golf course in the mountains, an equestrian and polo centre, as well as facilities for sailing and diving.
    Hong Kong architect 10 Design, which handled the concept design, said its aim was to make it appear as if Norlana’s buildings were growing out of mountains.

  • Saudi Arabian companies warn Aramco fuel price hike may curb earnings

    Scores of Saudi Arabian companies said their earnings could be dampened this year as production costs will increase after state energy group Saudi Aramco (2222.SE) notified them it would sharply raise feedstock and fuel prices.

    Companies including Nama Chemicals (2210.SE) and Saudi Ceramic (2040.SE) said in regulatory filings that they were notified by Saudi Aramco on Wednesday that, effective from Jan. 1, the energy giant would increase retail diesel prices for 2024 by 53% to 1.15 riyals ($0.3067) per litre, its third increase since 2016.

  • Saudi Arabia Condemns Iran Explosions

    Saudi Arabia has condemned two deadly explosions in Iran. “The Ministry of Foreign Affairs affirmed the Kingdom’s rejection and condemnation of the terrorist bombings that targeted civilians in Iran,” a statement said. The Ministry extended it condolences and sympathy to Iran, wishing the injured a speedy recovery. Two bombs exploded and killed and injured hundreds of people in Iran.

  • Saudi Arabia launches 4 projects to generate 7,200 MW using carbon-capture tech

    The Saudi Power Procurement Co. has invited bids for four independent power plant projects with a combined capacity of 7,200 megawatts. The company has specified that two of the projects, namely Rumah1 and Rumah2, are slated for the central region, while the remaining two, Nairyah1 and Nairyah2, will be situated in the eastern region of the Kingdom, the Saudi Press Agency reported. All these projects will have a capacity of 1,800 MW each and use natural gas combined-cycle technology, along with carbon capture.