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Saudi Arabia Replaces Finance Minister in Continued Shift Toward Younger Technocrats
- November 1,2016
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- Lucien Zeigler
Saudi Arabia has replaced its Minister of Finance, Dr. Ibrahim Al-Assaf, with the head of the Kingdom’s capital markets regulator Mohammed Al-Jadaan in the latest move toward a younger generation of technocratic leaders in high positions. Al-Assaf was Saudi Arabia’s longest-serving active minister, having held the position of Minister of Finance since 1996. Another Royal […]
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Vision 2030 and Natural Gas
- October 25,2016
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- SUSTG Team
A recently released Jadwa Investment report looks at the role that natural gas will play in Saudi Arabia’s Vision 2030 plan to reform its economy and society. “Saudi Arabia holds the world’s sixth largest proven gas reserves and was the seventh largest producer of gas in 2015. Continued investment in gas has resulted in steadily […]
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Candor from High-Ranking Saudi Ministers on Economy Latest Example of Increased Transparency
- October 24,2016
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- SUSTG Team
Several high-ranking officials and Ministers in Saudi Arabia discussed the state of the Kingdom’s economy on a popular television show last week, according to Bloomberg, in what amounted to “an unusual attempt by a government not known for transparency to promote its plan to cope with the plunge in oil prices.” “Saudis who switched on a […]
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Saudi Arabia’s PIF, Japan’s Softbank Team Up to Create a Tech Investing Behemoth
- October 14,2016
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- SUSTG Team
Saudi Arabia and Japan’s SoftBank Group will create a technology investment fund that could grow as large as $100 billion, making it one of the world’s largest private equity investors. Softbank is creating a new global tech investment fund, seeded with $25 billion of its own money. The fund, which will be London, UK based […]
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Jadwa Investment Report Looks at ‘Significant Implications of Vision 2030 on Trade and Financial Flows’ for Saudi Arabia
- September 29,2016
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- SUSTG Team
A recently released Jadwa Investment report researches the impact that Vision 2030 is likely to have on international trade and investment flows with Saudi Arabia. This report looks at the evolution of the current account for the period 2016-30, which is forecast to reach a surplus of $135 billion (8 percent of GDP) by 2030. “While oil export […]
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News Analysis: In Push for Diversified Economy, Saudis Share in Sacrifice
- September 28,2016
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- Lucien Zeigler
As part of its ongoing drive to reduce government spending Saudi Arabia announced that it will suspend pay increases for public sector employees and slash Minister-level pay and benefits, sending a message that all Saudis will share in the sacrifice as tries to balance its budget and diversify its economy away from oil. The decision […]
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Deputy Crown Prince Mohammed bin Salman Cracks Bloomberg’s 50 Most Influential in Finance
- September 27,2016
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- SUSTG Team
Saudi Deputy Crown Prince Mohammed bin Salman has been ranked 42nd Bloomberg’s list of the 50 Most Influential People in the world of finance. Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after […]
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Report: $20 Billion in Projects may be Canceled; Ministerial Budgets Squeezed as Saudis Adapt to Low Oil Prices
- September 7,2016
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- SUSTG Team
A report in Bloomberg today said that Saudi Arabia is considering canceling more than $20 billion of projects in addition to making deep cuts to ministry budgets as the Kingdom takes austerity measures due to low oil prices. The budget cuts to some ministries could be as much as 25%, the Bloomberg report said. Overall, the government is […]
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Asian Banks Said to Have ‘Intense Interest’ in First Saudi Foreign Debt Issuance, Reports Say
- September 1,2016
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- SUSTG Team
Saudi Arabia is seeing “intense interest” in its first international bond sale of $15 billion and is considering further issuances given the current appetite, according to a report today in the Financial Times. The Kingdom’s first international debt sale has generated so much interest from particularly from Asian investors that “the kingdom is weighing a […]
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Deputy Crown Prince Mohammed bin Salman Arrives in China, Meets with Top Chinese Officials to Discuss ‘Vision 2030’
- August 30,2016
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- SUSTG Team
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman and a delegation including top ministers and other officials are in China this week for talks aimed at pushing the Kingdom’s Vision 2030 broad economic reforms. The visit to global economic powerhouse China, like the Deputy Crown Prince’s visit to the United States in June, hopes to “showcase […]
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Saudi Prince Steps In as Power Broker in Trump’s New World Order
MBS, as the oil-rich kingdom’s de facto ruler is known, is one of the few global power brokers to enjoy a close relationship with Trump and Russian President Vladimir Putin, while most Arab heads of state see him as critical to tackling a more erratic Washington. That has positioned Riyadh as the most likely venue for a Trump-Putin summit on Ukraine, and puts Prince Mohammed at the heart of the regional response to Trump’s controversial proposals for war-ravaged Gaza. Saudi officials believe that positioning MBS as a peacemaker furthers the kingdom’s goal of becoming a middle-ranked global power that’s friends with everyone and pursues a foreign policy that’s mainly in the service of its economic interests and aspirations.
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Saudi Arabia Emerges as Key Global Player Under Trump
Saudi Arabia's diplomatic maneuvers reflect its ambitions to assert itself globally while securing its own geopolitical interests. Its support for a negotiated peace in Ukraine could bolster its influence with both Washington and Moscow, while its leadership on Gaza underscores its regional authority. The Kingdom's balancing act will test its ability to navigate the complex dynamics of great power competition and Middle East stability. "Saudi Arabia's recent diplomatic maneuvers reflect a growing maturity from Riyadh that we didn't see during President Donald Trump's first term. The Kingdom appears to have moved on from an unrealistic foreign policy approach towards the region, and instead seems to be using its leverage and embracing diplomacy as a tool for regional stability and strategic influence."
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Discover a World of Cinematic Opportunities in Saudi Arabia
The Saudi Film Commission, one of 11 specialized commissions under the Ministry of Culture, plays a pivotal role in empowering the industry and driving its development, further strengthening the Kingdom’s position as a leader in the global film landscape. From the high mountains of the north to the Red Sea’s white beaches in the west, and from vast deserts in the east to green landscapes in the south, Saudi Arabia offers an array of possibilities for filmmakers. The Kingdom’s landscapes, with their modern cities, reflect a blend of heritage and modernity, offering the chance to tell diverse stories. Sites like NEOM, Alula, Diriyah, Riyadh, Jeddah and the Empty Quarter provide a versatile backdrop providing locations that can stand in for a wide variety of settings.
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Explorer completes first stage of bid to cross Saudi Arabia on foot
Writer and TV presenter Alice Morrison, from Edinburgh, began her journey on New Year’s Day at the border with Jordan. Accompanied by two camels – named Juicy and Lulu – and local guides, the 61-year-old has now covered the 930 kilometres to the Prophet’s Mosque, also known as Al-Masjid an-Nabawi, in Madinah. The seven-week journey saw the seasoned explorer average about 23km – or 33,000 steps – per day. During the journey, Ms Morrison, who speaks fluent Arabic, explored numerous pieces of the country’s rich history – including ancient ruins, bronze age tombs, and relics from the old Hejaz railway.
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Saudi Arabia deports 10,822 illegal residents in a week
Saudi Arabia has deported 10,822 illegal residents during the last week, the Ministry of Interior revealed on Saturday. A total of 29,510 violators were referred to their diplomatic missions to obtain travel documents while 3678 violators were referred to complete their travel reservations during the period between Feb. 06 and 12. The Saudi security forces have arrested a total of 22,663 illegal residents from various regions of the Kingdom during the last week. The arrests were made during the joint field security campaigns that were carried out in collaboration with the relevant government agencies.
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How Saudi Arabia is leveraging regenerative tourism to blend luxury with sustainability
At the heart of Saudi Arabia’s environmental strategy is regenerative tourism, which aims to protect natural habitats through science-led approaches and sustainable practices. Unlike sustainable tourism, which aims to minimize harm, regenerative tourism strives to improve destinations through conservation, community engagement and science-led initiatives. This includes implementing eco-friendly infrastructure, protecting biodiversity, and involving local communities in conservation efforts to ensure long-term environmental and economic benefits.
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Cybersecurity market seen to rise 13% in Saudi Arabia: PwC official
Samer Omar, PwC Middle East Cybersecurity & Digital Trust Leader, said Saudi Arabia's cybersecurity market is estimated at SAR 13-14 billion, of which 31% is dominated by the government & public sector and the remaining 69% by the private sector, as outlined in a 2024 report by the National Cybersecurity Authority (NCA). The market is expected to grow at a compound annual growth rate (CAGR) of 11-13% over the next five years, driven by the continued investments and accelerated technological developments, Omar said in an interview with Argaam on the sidelines of LEAP 2025 Conference.
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Saudi Arabia eyes $1 trillion infrastructure boost by 2030
Saudi Arabia plans to invest nearly $1 trillion in infrastructure projects by 2030 to accelerate economic diversification and boost private-sector participation, Minister of Economy and Planning Faisal Al Ibrahim announced. Speaking at the Public Investment Fund (PIF) Private Sector Forum in Riyadh, Al Ibrahim said the Kingdom’s non-oil sector is set for significant expansion by 2026, fueled by investments in key industries. He highlighted the PIF’s pivotal role in shaping the economy, establishing strategic companies, and fostering new industries that drive long-term growth.
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BYD Energy Storage Secures World’s Largest Energy Storage Contracts with Saudi Electricity Company
BYD Energy Storage has signed a landmark agreement with Saudi Electricity Company for the development of energy storage projects with a total capacity of 12.5 GWh, marking the largest energy storage contracts in the world to date. Combined with the previously delivered 2.6 GWh project, the collaboration now amounts to 15.1 GWh of energy storage capacity, reinforcing their commitment to advancing Saudi Arabia’s renewable energy sector. The agreement is a significant step towards Saudi Arabia’s Vision 2030 goals, aiming to enhance the country’s energy infrastructure and accelerate the transition to renewables. The projects will be deployed across five sites, fully integrating with Saudi Arabia’s power transmission network to ensure grid stability, manage peak energy demand, and support the growing adoption of renewable energy sources.
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US, Ukrainian officials head to Saudi Arabia as talks loom on ending Russia’s war
A Ukrainian delegation has arrived in Saudi Arabia for meetings in preparation for a possible visit by President Volodymyr Zelenskyy, a Ukrainian minister said Sunday, at a time of intense speculation over planned U.S.-Russia talks in the kingdom to end Moscow’s war on its neighbor. It also comes as a top U.S. envoy revealed that he and a fellow negotiator appointed by U.S. President Donald Trump were heading to Saudi Arabia. Ukrainian Economy Minister Yulia Svyrydenko, who also serves as first deputy prime minister, didn’t clarify whether there is a link between Zelenskyy’s possible trip and the previously announced U.S.-Russia talks. In a Facebook post, she said that the Ukrainian delegation’s focus is on strengthening economic ties, as Kyiv “prepares to sign important economic agreements with countries in the region.”
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