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Report: $7.9 Billion Bid for KAFD by Saudi Arabia’s Public Investment Fund
- May 25,2016
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) is reported to be prepared to make an offer for the King Abdullah Financial District (KAFD), situated between downtown Riyadh and the city’s King Khalid International Airport. The offer, reported by Bloomberg citing unnamed sources, is 30 billion riyals ($7.9 billion) — the amount already spent on KAFD by the Saudi Public […]
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G.E. Jumps Into Saudi Economic Reforms with $1.4b in Deals, Doubled Workforce
- May 23,2016
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- SUSTG Team
General Electric (G.E.) has won a series of deals in Saudi Arabia worth $1.4 billion and said it would double its workforce in the Kingdom from 2,000 to 4,000 by 2020, according to reports. The deals amount to “support” for Saudi Arabia’s “Vision 2030” reform plan, according to Reuters, and were announced by the company’s […]
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Jadwa Investment: Recent Saudi Stock Market Changes ‘Pave the Way’ for Saudi Arabia’s Inclusion Into MSCI Emerging Market Index
- May 20,2016
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- SUSTG Team
The major announcements for Saudi Arabia’s economy and society in the last few weeks related to the release of its ‘Vision 2030’ strategy have given the Kingdom a roadmap and targeted benchmarks for achieving greater economic diversification and empowering Saudi Arabia’s youth. In addition to the ‘Vision 2030’ release and cabinet changes there was “an […]
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How Riyadh’s King Abdullah Financial District’s Future Has Shifted
- May 11,2016
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- SUSTG Team
Riyadh’s unfinished King Abdullah Financial District (KAFD) located halfway between downtown Riyadh and King Fahd International Airport is headed for new ownership and a revised master plan. KAFD – the city within a city that was originally designed to be home to the Kingdom’s banks and international financial houses – will soon be owned by […]
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Graphic: Saudi Arabia Reshuffles Government Leaders, Modifies Ministries
- May 9,2016
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- SUSTG Team
Saudi Arabia’s King Salman issued a Royal Order on Saturday, May 7th, 2016 making changes to the government structure and key leaders. The Royal Order follows the recently released ‘Vision 2030’ economic and development plan to transform the Saudi economy and society into the 21st Century. The full text of the changes as issued by […]
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Ahead of ‘Vision 2030’, Saudi Arabia Tested Foreign Lending Appetite
- May 6,2016
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- Lucien Zeigler
Ahead of Saudi Arabia’s landmark Vision 2030 announcement, the Kingdom tested its credit-worthiness from international lenders by raising $10 billion, despite downgrades by Moody’s and Standard & Poor’s (S&P) earlier this year. Not only was Saudi Arabia able to easily raise the funding, the issuance was oversubscribed – so much so that the Kingdom increased […]
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Jadwa Investment: ‘Vision 2030’ Plan May Help Saudi Avoid Significant Fiscal Deficit
- May 5,2016
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- SUSTG Team
Jadwa Investment’s recently released economic analysis on Saudi Arabia’s ‘Vision 2030’ finds that Saudi Arabia’s new plan to move toward sustainability may help it avoid a looming fiscal crisis. Calling the plan “major and ambitious,” the Riyadh-based Jadwa looks at what might hypothetically happen if Saudi Arabia were to do nothing about the harsh fiscal […]
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Mining in Focus for ‘Vision 2030’ as Ma’aden Appoints Health Minister Khalid al-Falih Chairman, Reshuffles Board
- May 2,2016
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- SUSTG Team
Saudi Arabia’s ‘Vision 2030’ plan to diversify its economy identifies the mining and minerals sector as one of the top non-oil growth sectors for the Kingdom. Days after the Vision 2030 plan was announced the Saudi Public Investment Fund (PIF) reshuffled the board of the Saudi Arabian Mining Company – known as Ma’aden – and […]
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Commentary: Saudi Arabia’s Vision 2030, Don’t Miss the Point
- April 29,2016
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- Richard Wilson
While Saudi Arabia’s Vision 2030 was formally endorsed by the Saudi Council of Ministers and published on April 25, 2016, anticipation about the plan had been building for months. McKinsey & Company’s 165-page Moving Saudi Arabia’s Economy Beyond Oil in December 2015 confirmed the depth of the analysis underway within the Saudi government while Deputy […]
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Saudi Arabia’s ‘Vision 2030’: What Does Success Look Like?
- April 28,2016
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- Lucien Zeigler and Richard Wilson
The recently released ‘Vision 2030’ is notable in many ways; not the least for the scope and ambition of the plan’s goals. As SUSTG has documented this week through a series of infographics, ‘Vision 2030’ is organized around three main themes and calls for the implementation of 13 separate ‘programs’ in support of the plan’s goals. […]
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No booze in 2034 World Cup, LGBTQ fans welcome, Saudi ambassador says
Saudi Arabia will uphold its current ban on alcohol during the 2034 World Cup, said Khalid bin Bandar Al Saud, the host country's ambassador to the United Kingdom. Global soccer governing body FIFA officially announced Saudi as hosts of the 2034 World Cup in December. The kingdom banned alcohol, which is prohibited for observant Muslims, in 1952. It was not sold at stadiums in neighbouring Qatar, where drinking in public is illegal, during the 2022 tournament but beer was available at designated fan zones and in some hotels. "Plenty of fun can be had without alcohol - it's not 100 per cent necessary and if you want to drink after you leave, you're welcome to, but at the moment we don't have alcohol," Khalid bin Bandar told British radio station LBC on Wednesday. "Rather like our weather, it's a dry country. Everyone has their own culture. We're happy to accommodate people within the boundaries of our culture but we don’t want to change our culture for someone else."
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Saudi Arabia acquires Tanzania’s Bagamoyo port
The Tanzanian authorities granted the Saudi African Investment and Development Co. (SADC) concession and acquisition rights for Bagamoyo Port in Tanzania, Saudi Press Agency reported, citing Chairman of Federation of Saudi Chambers of Commerce Hassan Al-Huwaizi. The approval is part of SADC's "East Gateway Project," aimed at the East African region. The initiative will bolster Saudi Arabia’s position as a key driver of global economic development, attract greater foreign investment (particularly in Africa), and strengthen its logistical capacity to deliver Saudi exports worldwide.
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Saudi Arabia is evaluating BRICS membership, says economy minister
Saudi Arabia is evaluating the benefits of joining the BRICS economic bloc, Faisal Alibrahim, the Kingdom’s minister of economy and planning, said at the World Governments Summit on Wednesday. Speaking during a session titled “The Emergence of Multiple Economic Blocs,” Alibrahim highlighted Saudi Arabia’s commitment to fostering global dialogue while navigating an increasingly fragmented economic landscape. The BRICS bloc was formed in 2009 and initially named after its original founders Brazil, Russia, India and China, while South Africa joined a year later. It now has 10 full members including Iran, Egypt, Ethiopia, the UAE and Indonesia. Alibrahim said economic blocs such as BRICS were not an end in themselves but tools to promote stability and integration. “Dialogue is important. It’s important for the Kingdom and for the world today.”
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Saudi Arabia: Suspension of Multiple-Entry Visa for Certain Nationals
Saudi Arabia has suspended the issuance of one-year multiple-entry visas for business, tourism, and family visits for nationals of Algeria, Bangladesh, Egypt, Ethiopia, India, Indonesia, Iraq, Jordan, Morocco, Nigeria, Pakistan, Sudan, Tunisia, and Yemen. Affected nationals are still eligible to apply for a single-entry visa, however, based on experience, processing times for single-entry visas may be longer, and in some cases, applications may be rejected, especially during the Hajj season.
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‘Haram. Haram. Haram!’ — Riyadh Air CEO slams lack of direct flights from Saudi Arabia to major global cities
“Haram. Haram. Haram.” With those three emphatic words, Riyadh Air CEO Tony Douglas made it clear — Saudi Arabia’s lack of direct global connectivity is unacceptable, and it’s time to fix it. Speaking at the PIF Private Sector Forum on Wednesday, Douglas didn’t hold back. “We can’t travel directly from Riyadh to Tokyo, to Shanghai, to Seoul, to Sydney — the list goes on and on,” he said. What’s worse, Saudi travelers are propping up foreign airlines instead. “The number one premium passenger for Qatar Airways — business and first class — is Saudi passport holders. Number three on Emirates? Saudi passport holders,” he revealed. Even Douglas himself is forced to fly Emirates next week to attend FII Miami. “Why? Because there is no direct connectivity from Riyadh. Haram. Haram. Haram.”
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Saudi Arabia assumes presidency of global anti-corruption network
Saudi Arabia, through its Oversight and Anti-Corruption Authority, or Nazaha, has assumed the presidency of the Global Operational Network of Anti-Corruption Law Enforcement Authorities. Spain handed over the leadership of the GlobE Network during a ceremony at the UN Office on Drugs and Crime’s headquarters in Vienna, Austria, the Saudi Press Agency reported on Wednesday. Nasser Nasser Abaalkhail, Nazaha’s deputy for international collaboration, was installed as chairman of the committee, with Boni de Moraes Soares, Brazil’s national solicitor for international affairs, as vice chair.
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Saudi Arabia, Tanzania Sign Trade Agreements and Establish Joint Business Council
The Federation of Saudi Chambers of Commerce and the Tanzania Chamber of Commerce, Industry And Agriculture (TCCIA) signed an agreement to establish a joint Saudi-Tanzanian business council, marking a significant stride towards enhancing economic cooperation between the two countries. The signing ceremony took place in Dar es Salaam on the sidelines of the Saudi-Tanzanian Roundtable meeting held yesterday, in which ministers, officials, and business leaders from both countries took part. During the meeting, discussions revolved around exploring partnership opportunities in vital sectors such as ports, agriculture, and transportation. The event also witnessed the signing of trade agreements between Saudi and Tanzanian companies across various economic sectors.
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Saudi educator known for charity and prisoner work wins $1 million Global Teacher Prize
Al-Mansour, a teacher at the Prince Saud bin Jalawi School in al-Ahsa, is also an author and is known for work in his community, including a program that helped ensure people had access to air conditioning maintenance during Saudi Arabia’s scorching summer months. He also works with orphans and hopes to use the prize to build a school for them.
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Italy-Saudi ties strengthen with $10bn energy deals
The Italian move highlights the strengthening ties between the two countries and signals the growing relevance of the Middle East for Italy, amid a tenser relationship between Europe and the U.S. as Donald Trump took office for a second presidential mandate last month. The deals were part of a strategic partnership that involved energy as well as other sectors such as defence and infrastructure, Italian Prime Minister Giorgia Meloni said after meeting Saudi Crown Prince Mohammed bin Salman, Reuters reported. Among the deals, Italy’s credit export agency SACE said it would provide loan guarantees worth $3 billion for Saudi Arabia’s NEOM real estate project.
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Trump’s special envoy to the Middle East reveals how the US secured Marc Fogel’s release
U.S. Special Envoy to the Middle East Steve Witkoff said some things were still up in the air when he hopped on his jet to Russia to discuss the potential release of American school teacher Marc Fogel. Witkoff, a longtime friend of President Donald Trump, said Wednesday on "Hannity" that someone who is an intermediary between the United States and Russian governments reached out with an opportunity to bring Fogel back. A plan was presented to the president and members of his Cabinet, including national security advisor Mike Waltz and CIA director John Ratcliffe, who deemed the information "credible" and "actionable."
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