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Oil Demand Soars in 2021, Expected to Grow Further as Market Reacts to Reported Saudi-UAE Agreement
- July 16,2021
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- SUSTG Team
Global demand for oil is soaring in 2021 as the world rebounds from the pandemic year, according to OPEC data and shared by Riyadh-based Jadwa Investment in an oil market update.
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Report: Algosaibi Family Conglomerate AHAB Near Debt Settlement after Nearly 12 Years
- July 8,2021
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- SUSTG Team
One of Saudi Arabia’s largest and longest debt sagas, ongoing for nearly 12 years, is set to finally reach a resolution. Saudi Arabia’s Algosaibi family’s conglomerate AHAB and its creditors have submitted a debt restructuring proposal to the Dammam commercial court this week after approval from a creditor committee, Reuters reports.
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Saudi Reaches Key 70% Vaccination Milestone, but New Cases Reach 10-Month High
- June 24,2021
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- SUSTG Team
Saudi Arabia’s Ministry of Health (MoH) on Wednesday said it has administered more than 16.8 million vaccine doses covering 70 percent of the total adult population in Saudi Arabia, a key milestone as the Kingdom progresses toward a full recovery from the pandemic, according to the Saudi Gazette.
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For Second Straight Year, Saudi Arabia Puts Safety First with Plans for Scaled Back Hajj in 2021
- June 14,2021
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- SUSTG Team
Saudi Arabia announced over the weekend that this year’s Hajj pilgrimage will be limited to no more than 60,000 people, all of them from within the kingdom, as authorities seek to build on progress combatting the ongoing coronavirus pandemic.
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Saudis Surge Investments into U.S. Stock Market in Q1 2021 as Overseas Inflows Reach Record Highs
- May 20,2021
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- SUSTG Team
The total amount invested by Saudi traders in the U.S. stock market through companies licensed by the Capital Market Authority (CMA) surged 162 percent, year-on-year, to SR77.4 billion ($20.64 billion) in the first quarter, Zawya reports, citing data compiled by financial website Argaam.
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Eid Al-Fitr to Start Thursday, Saudi Scholar Says; Saudis to Look for Crescent Moon
- May 10,2021
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- SUSTG Team
A Saudi scholar and advisor to the Royal Court predicts that Ramadan will end on Wednesday May 12th and the Eid Al-Fitr will begin on Thursday May 13th, according to a report in Gulf News. The precise ending of the 30 days-long Ramadan for the world’s 1.8 billion Muslims will depend on the sighting of the youngest […]
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Saudi Arabia’s Stock Market Revamps Corporate Structure Ahead of Highly-Anticipated IPO
- April 7,2021
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- SUSTG Team
Saudi Arabia’s stock exchange, the Tadawul, has announced a revamped corporate structure as it prepares for a much anticipated IPO, converting to a holding company called the Saudi Tadawul Group, according to reports. The change was announced by the Tadawul Group CEO Khalid al-Hussan said on Wednesday.
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‘Red Sea Rainforests’: Astronaut Captures Striking View of Saudi Arabia’s Northwest Coastline from Space Station
- March 30,2021
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- SUSTG Team
An astronaut captured a striking view of the northwest coastline of Saudi Arabia, showing the extent of a coral reef where Saudi Arabia hopes to boost sustainable tourism and where up to 260 reef species thrive, according to a post the NASA Earth Observatory blog.
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Saudi Arabia’s Stock Market Amends Rules, Allows All Qualified Investors to Sell Short
- March 26,2021
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- SUSTG Team
Saudi Arabia’s stock exchange, Tadawul, has widened access to short-selling and stock-lending, while tightening some other rules as of March 25, according to a report in Arab News.
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New Paper Highlights Deep U.S.-Saudi Economic Relationship Beyond Defense and Energy
- March 16,2021
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- SUSTG Team
A new paper from authors David Kenner and Kameal Al-Ahmad of the King Faisal Center for Research provides a fresh overview of the US-Saudi economic relationship beyond the headline-dominating oil and arms sales.
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MUST-READS
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Saudi Aramco exploring opportunities to export blue hydrogen, CEO says
“Currently, blue hydrogen requires … ammonia as a transport medium. It requires a lot of carbon capture and sequestration. And we are doing a lot of work in terms of front-end engineering for carbon capture and sequestration," Amin Nasser told investors in a call on Monday.
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Saudi Aramco scouting for more deals to offer to investors
Saudi Aramco (2222.SE) is scouting for other potential deals to offer to investors and unlock capital, Chief Executive Amin Nasser said on Monday after the oil giant in June closed a $12.4 billion deal for its crude pipeline network. "We are looking at the potential for other deals that we are currently in negotiation (about)," Nasser said on a call with analysts.
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Saudi Aramco posts near 300% leap in Q2 profit as oil demand recovers
Aramco’s net income of $25.5 billion for the quarter compares to $6.6 billion in the same quarter of 2020. The result beat expectations, with analysts expecting a median net income of $24.7 billion for the quarter.
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Saudi Aramco’s $75 Billion Dividend Isn’t Enough, Says BofA
Saudi Aramco’s annual dividend of $75 billion is already the world’s biggest, but the oil producer may have to raise it to follow peers, according to Bank of America.
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Saudi Aramco Denies Bitcoin Mining Initiative Reports
The world’s third-largest company by market capitalization, Saudi Aramco, has reportedly denied any reports that it was going start bitcoin mining operations using gas flare energy. Refuting recent media reports, the Saudi oil giant has denied that it is venturing into the bitcoin mining business.
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Fitch revises Saudi Aramco’s outlook to stable from negative
In a new report published on Tuesday, the rating agency said that the revision of the outlook on Saudi Aramco's IDR is driven by a similar action on the sovereign early this month, while it assessed the oil giant's standalone credit Profile (SCP) at 'aa+'.
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Saudi Aramco Chairman Yasir Al Rumayyan Joins Mukesh Ambani
Mukesh Ambani’s Reliance Industries (RIL) today said that the appointment of Saudi Aramco Chairman Yasir Al Rumayyan as an independent director of the company has taken effect from July 19
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Saudi Aramco Confirms Data Leak After Ransomware Cyber Attack
Saudi Aramco confirmed that some company files were leaked after hackers reportedly demanded a $50 million ransom from the world’s most-valuable oil producer. “Aramco recently became aware of the indirect release of a limited amount of company data which was held by third-party contractors,” the Middle Eastern oil major said Wednesday in an email. “We confirm that the release of data was not due to a breach of our systems, has no impact on our operations, and the company continues to maintain a robust cybersecurity posture.”
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Saudi Aramco facing $50M cyber extortion over leaked data
Saudi Arabia’s state oil giant acknowledged Wednesday that leaked data from the company — files now apparently being used in a cyber-extortion attempt involving a $50 million ransom demand — likely came from one of its contractors.
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Oil giant Saudi Aramco hit by 1TB data breach
The cybercriminal group known as ZeroX is now selling 1TB of proprietary Saudi Aramco data on an online hacking forum starting at $5m but the price is negotiable. The group claims that the data itself was stolen from the company sometime last year though some of the files contained in the dump date all the way back to 1993.
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