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NYT Reports on Proposed $40B Saudi AI Investment
- March 20,2024
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- SUSTG Team
The New York Times’ Maureen Farrell and Rob Copeland report that Saudi Arabia is working with Wall Street banks to establish a $40 billion AI-focused investment fund.
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U. S. Secretary of State Antony Blinken to Visit Middle East this week Seeking Ceasefire Agreement
- March 19,2024
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- SUSTG Team
U.S. State Department spokesman Matthew Miller said, “The Secretary will discuss efforts to reach an immediate ceasefire agreement that secures the release of all remaining hostages, intensified international efforts to increase humanitarian assistance to Gaza, and coordination on post-conflict planning for Gaza, including ensuring Hamas can no longer govern or repeat the attacks of October 7.”
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Israel, Gaza, and a region with shifting power dynamics with columnist Hussein Ibish
- March 4,2024
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- SUSTG Team
In Episode 125, the hosts welcome veteran columnist and analyst Hussein Ibish onto The 966 for his third appearance on the program to unpack the implications of Israel’s brutal war in Gaza and the shifting regional and global power dynamics since October 7th.
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Human Capability Initiative Conference in Riyadh Concludes with Goal of Increasing Employment Rate in New Industries
- February 29,2024
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- SUSTG Team
The Human Capability Initiative (HCI) Conference launched this week in Riyadh at the King Abdulaziz International Convention Center under the patronage of Crown Prince Mohammed bin Salman with the goal of boosting human capital in the Kingdom.
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What it’s like to live in Saudi Arabia during Riyadh Season, PIF-backed Alat launches with eyes on a big impact, and more…
- February 20,2024
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- SUSTG Team
The boys are back for their normal format and catch up on just some of the seemingly endless new developments and storylines emerging from Saudi Arabia of late.
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Local content rate seen at 43% in Saudi Arabia with a 20% jump in spending – PIF
- February 8,2024
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- SUSTG Team
The growth rate of local content in Saudi Arabia has now reached 43 percent, a top PIF official noted at the Private Sector Forum in Riyadh yesterday, noting that overall spending on content has increased by 20 percent.
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Saudi Real Estate Prices to Rise 25-40%, Premium Residency a Unique Opportunity – Al Rahji Executive
- January 23,2024
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- SUSTG Team
A Sales Director at Al Rajhi Investment Co. said real estate prices in Saudi Arabia are likely to rise by 25% to 40% in the coming period, Asharq News reported.
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Saudi Arabia Invites Developers for 3.7 GW of Solar Projects
- January 16,2024
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- SUSTG Team
Saudi Arabia is seeking to award four solar projects with a combined capacity of 3.7 GW as part of the fifth round of its National Renewable Energy Program (NREP), with the Saudi Power Procurement Company (SPPC) opening the qualification process for companies interested in the development of the four projects, according to a report in renewablesnow.com.
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The evolution of Saudi Arabia’s public diplomacy with Rayan Alyusufi
- January 15,2024
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- SUSTG Team
The 966 speaks with Rayan Alyusufi, a young Saudi researcher in public diplomacy and international communication to discuss the Kingdom’s public diplomacy, “sharp power,” and evolution of Saudi as an emerging diplomatic player. Rayan is a PHD Candidate at Bournemouth University in the United Kingdom.
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Secretary Blinken to Visit Saudi Arabia on Regional Diplomatic Tour to Contain Regional Spread of Violence
- January 5,2024
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- SUSTG Team
U.S. Secretary of State Antony J. Blinken will travel to the Middle East region this week to “discuss urgent mechanisms to stem violence, calm rhetoric, and reduce regional tensions,” according to a press release from the State Department. The State Department said that Blinken will visit Istanbul, Türkiye; Crete, Greece; Amman, Jordan; Doha, Qatar; Abu Dhabi, the […]
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MUST-READS
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ACWA Power commissions 700-MW solar park in Saudi Arabia
The solar plant located in Ar Rass city, Qassim province, north of the capital Riyadh "is now online and has started power generation" after receiving the commercial operation certificate from the Saudi Power Procurement Company (SPPC), the developer said in a stock market filing.
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ACWA Power commissions 700 MW photovoltaic plant in Saudi Arabia
Saudi energy giant ACWA Power has commissioned the 700-megawatt AlRass1 Solar Photovoltaic Project, furthering the Kingdom’s renewable energy goals. The plant has begun power generation after receiving a commercial operations certificate from its off-taker, the company stated on Tadawul.
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Saudi firm plans hydrogen-powered skyscraper in Egypt’s new capital
A Saudi-controlled real estate firm says it plans to break ground early next year in Egypt's new capital on a $1 billion, 50-storey office tower that aims to be the first of its kind to be powered by clean hydrogen. The sophisticated design and high price tag represent a bet by Magnom Properties, a subsidiary of Saudi industrial group Rawabi Holding, that international clients will be drawn to the new capital, a city for over 6 million people being built from scratch in the desert east of Cairo.
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China added more solar power last year than America has, period
Citing data from Bloomberg and the Chinese Department of Energy, Semafor says that China built out infrastructure capable of generating nearly 217 gigawatts of power last year, to make for a total capacity of more than 609 gigawatts. America’s solar capacity pales in comparison at a mere 175 gigawatts. (For perspective, a gigawatt is enough energy to power about 100 million LED light bulbs.)
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ACWA Power to commission 2.6 GW of Saudi solar projects by end-2024
Saudi Arabia’s ACWA Power Co (TADAWUL:2082) will commence operations in the second half of 2024 for four domestic solar projects with a combined capacity of 2,620 MW and a total investment of SAR 11.5 billion (USD 3.06bn/EUR 2.81bn).
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As international dollars flow towards AI-powered startups, how has MENA been riding the wave?
Saudi Arabia-based Intelmatix, a deep tech B2B startup focused on empowering MENA businesses with AI for decision-making, has recently secured a $20M Series A funding round—one of the largest for a regional company of this type. This past week also saw Saudi-based SaaS provider Velents AI join the AI funding frenzy, raising an undisclosed sum from Women Collective to fuel its growth. And just last week, Aramco’s venture arm, Wa’ed Ventures, splashed $15M on South Korean chipmaker Rebellions Inc., marking its debut investment in South Korea following a $6.5M investment in California-based aiXplain. That was Wa’ed Ventures’ second AI deal in one week!
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Sports Powerhouse IMG Forges Broadcast Production Partnership With Saudi Soccer Entities
Starting from the 2024-25 season, IMG will take on the role of broadcast producer on top of being distributor outside the Middle East and North Africa (MENA) region for the Roshn Saudi League, King’s Cup and Saudi Super Cup in tandem with their partners.
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New law empowers Saudi Arabia’s oversight authority to settle corruption cases
The new Oversight and Anti-Corruption Authority's law granted the authority to make financial settlements with natural or legal persons who have initiated requests for settlement and have committed corruption crimes. The law, recently approved by the Council of Ministers, grants the Authority new powers to combat corruption, ensuring public funds are protected and that accountability is enforced. It includes provisions for criminal investigation, prosecution, and the establishment of councils to oversee the Authority's operations and its members.
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Saudi And Egyptian Energy Ministers Discuss Strategic Power Projects And Renewables
In a significant move to enhance regional energy cooperation, Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, met today in Riyadh with Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, and Minister of Electricity and Renewable Energy, Dr. Mahmoud Esmat.
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Saudi Arabia to visit Brazil and lithium power Chile as seeks to diversify
Saudi Arabia's mining minister will visit Brazil and Chile over the coming two weeks, the ministry said on Sunday, as the world's leading oil exporter seeks to expand its international presence in mining. In Brazil, talks will cover mining, food processing, and aviation, while in Chile the focus is on lithium, needed for electric vehicle batteries. "This aligns with the Kingdom's direction towards expanding the production of EVs," a Saudi government statement said.
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