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Latest Data: Improvements in Saudi Arabia’s Labor Market in Line with Pick-up in Overall Economic Activity
- February 3,2021
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- SUSTG Team
Unemployment in Saudi Arabia declined to 14.9 percent in Q3 2020, the latest date for which such data are available, down from 15.4 percent in Q2 2020, a recent report from the Riyadh-based Jadwa Investment finds, citing figures from the official General Authority for Statistics.
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List of World’s Top Golfers Competing at Third Saudi International Grows as Kevin Na Commits
- January 21,2021
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- SUSTG Team
The field of competitors for next month’s Saudi International powered by Softbank Investment Advisers is growing as another top golfer in the world has joined some of the sports biggest names confirmed to compete in Saudi Arabia. Five-time PGA Tour winner Kevin Na, who won the PGA Tour’s Sony Open in Hawaii on Sunday, is […]
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$5 Billion Hydrogen Project JV Planned for NEOM Hires Financial Advisor – Report
- January 13,2021
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- SUSTG Team
A three-organization joint venture hydrogen project between Air Products, NEOM, and ACWA Power has hired financial firm Lazard to advise on a planned $5 billion hydrogen project in the NEOM high-tech business zone in Saudi Arabia, according to a Reuters report, citing sources.
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Gulf Rift Ends after 42 Months; Qatari Emir Heads to GCC Summit as Skies, Borders Re-Open
- January 5,2021
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- SUSTG Team
Saudi Arabia and other GCC nations effectively ended their 42 month-long rift with neighboring Qatar on Monday, signaling a new era in Gulf political and economic relations and bringing to a close a long dispute begun in June 2017.
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Saudi Arabia’s PIF Makes Two Moves in Security, Defense Space
- December 29,2020
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) and its defense subsidiary SAMI announced separate moves in the defense and security space this week, according to reports. The PIF said Tuesday it had established a company to develop and expand the private security sector in the Kingdom, creating the National Security Services Co. (SAFE). SAFE will focus on […]
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Saudi Arabia’s Tourism Minister: Kingdom Needs to Inject $200 Billion into Industry — Report
- December 22,2020
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- SUSTG Team
Saudi Arabia’s tourism minister Ahmed Al-Khateeb dismissed naysayers of the Kingdom’s ambitious tourism plans, telling Arab News‘ Frank Kane in an exclusive interview that the Kingdom’s target of obtaining 100 million visits by 2030 is not overambitious with big investments in the industry.
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Houston-Based Baker Hughes, Saudi Aramco to Develop Oil, Gas Products Using Nonmetallic Resources
- December 9,2020
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- SUSTG Team
Saudi Aramco and Houston-based Baker Hughes have announced the formation of Novel, a 50/50 Joint Venture (JV) to develop and commercialize a broad range of non-metallic products for multiple applications in the energy sector, the companies said in a press release.
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Saudi Economy More Resilient than Expected in Q2, Q3 2020; Recovery Possible Next Year – Jadwa Investment
- November 27,2020
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- SUSTG Team
Saudi Arabia’s economy proved to be more resilient than expectations in the face of dual crises of the Coronavirus pandemic and a drop in oil prices in 2020, Jadwa Investment writes in an economic update.
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Road to the G20: Saudi Arabia Set to Host Main Leaders’ Summit this Weekend
- November 19,2020
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- SUSTG Team
Saudi Arabia is set to host the G20 Leaders Summit this weekend, the main event involving the heads of the 20 nations chaired virtually by the Kingdom due to the Coronavirus pandemic.
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Saudi Economy Contracts 4.2% in 3Q, Improves from 2Q; Fitch Affirms Credit Rating at ‘A’
- November 10,2020
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- SUSTG Team
Saudi Arabia’s economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, but the contraction was smaller than the second quarter when the economy was reeling from coronavirus-linked lockdowns, Reuters reports. The economy expanded by 1.2% on a seasonally-adjusted quarter-on-quarter basis in the third quarter from a contraction of 4.9% […]
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Travel bans tightened as Saudi Arabia, Norway see 1st omicron cases
The United States is moving to require that all air travelers entering the country show a negative COVID-19 test performed within one day of departure, the Centers for Disease Control and Prevention (CDC) said late on Tuesday. Currently, vaccinated international travelers can present a negative result obtained within three days from their point of departure. The new one-day testing requirement would apply to U.S. citizens as well as foreign nationals.
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How Taliban rule is impacting Iran’s economy
In the aftermath of then US president Donald Trump’s 2018 withdrawal from the Iran nuclear deal and reimposition of sanctions, many economic players in Iran have used Afghanistan as a hub for hard currency transactions. Most importantly, according to multiple informed sources who spoke to Amwaj.media, there has been a consistent inflow of foreign cash, feeding Iran’s sanctions-hit foreign exchange market. One source in Iran asserted that over 2018-20, more than 5B USD in cash was coming in from Afghanistan annually.
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SoftBank Bets on Asian Metaverse Platform Selling Digital Gucci, Dior
Zepeto, even by the nascent standards of the metaverse, is niche. Roblox Corp. , which runs one of the most popular metaverse platforms, said it had more than 47 million daily active users as of the third quarter. But about 70% of Zepeto’s users are female and between the ages of 13 and 24, Naver said—a rarity in the metaverse landscape that is largely dominated by older, male gamers.
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Egyptian gas may flow to Lebanon in a few months: U.S. energy envoy
Natural gas from Egypt may start flowing to Lebanon within two or three months, and hopefully “long before” the country’s elections in 2022, according to Amos Hochstein, the U.S. State Department’s senior advisor for global energy security. The governments of four countries in September reached an agreement to pipe gas from Egypt, through Jordan and Syria, to ease the power crisis in Lebanon.
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Real estate loans to retail customers up 7.3% in Q3: Saudi Central Bank
Real estate loans made to Saudi individuals increased by 7.2 percent to hit SR412.6 billion ($110 billion) in the third quarter of this year, data from the Saudi Central Bank showed. Saudi banks lent SR533.4 billion in real estate loans to both retail and corporate customers in Q3, while finance companies lent a much lower SR25.4 billion.
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Taliban, Qatar discuss issue of humanitarian aid for Afghanistan
A Taliban delegation met with the special envoy of Qatar's ministry of foreign affairs, Mutlaq Al Qahtani, to discuss ways to improve humanitarian assistance for Afghan citizens. This meeting comes as a delegation from the Taliban is currently visiting Qatar, where a new round of negotiations between the outfit and the US will start next week.
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Saudi Arabia bans flights to and from 7 African countries due to Omicron
An official source at the Ministry of Interior announced on Sunday the suspension of flights coming from and going to seven countries, namely Malawi, Zambia, Madagascar, Angola, Seychelles, Mauritius, and Comoros. The source stated that this decision was taken due to reasons related to the outbreak of the emerging coronavirus (COVID-19) pandemic.
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Lebanon launches second offshore licensing round
Lebanon re-launched a second offshore oil and gas licensing round for eight remaining blocs on Friday, with the deadline for submission of bids set for June 15, 2022, the Lebanese Petroleum Administration said on its website. The round was initially approved in April 2019 in just two blocs but has been postponed several times, including last year due to the COVID-19 pandemic.
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Saudi Arabia to allow more digital banks, central bank governor says
Saudi Arabia will give operating licences to more digital banks, Central Bank Governor Fahad al-Mubarak said on Thursday at a financial forum in Riyadh. The kingdom this year issued licences for its first digital banks, STC Bank and Saudi Digital Bank.
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Saudi Arabia lifts ban on travellers from six countries
Saudi Arabia’s Ministry of Interior on Thursday announced that direct flights to and from six countries will resume starting December 1. The ban, introduced last year to curb the spread of Covid-19, will be lifted on flights from India, Pakistan, Egypt, Indonesia, Brazil and Vietnam.
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