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Recent stories from sustg
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It’s Official: Saudi Arabia Pitches Riyadh for 2030 World’s Fair
Saudi Arabia has officially submitted a bid to host Expo 2030 in Riyadh, with the Royal Commission for Riyadh City (RCRC) CEO Fahd Al-Rasheed submitting the Kingdom’s bid while addressing a virtual gathering of 170 member countries assembled to kickstart the five-stage bidding process that will conclude with voting in November 2023.
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Saudi Economy on Track for ‘Very Strong Level of Growth This Year,’ with 2022 ‘Critical’ for Vision 2030 — Jadwa Investment
The Saudi economy is “on-track to record a very strong level of growth this year, and we expect this to continue into next year…[with] the Kingdom’s economy growing by 7 percent year-on-year in 2022 as a result of sizably higher oil sector growth and robust levels of non-oil growth,” Jadwa Investment said in the Riyadh-based bank’s […]
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With Pandemic’s Damage in the Rear View for Saudi Arabia, Consumers Up Spending; Non-Oil Economy Recovers
With Saudi Arabia’s success against the pandemic becoming the envy of countries around the world, the Kingdom’s economy is roaring back to life on the back of high oil prices and consumer confidence.
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Reliance, Aramco ‘Mutually Determined’ to Reevaluate $15b Deal, Statement Says
Reliance and Saudi Aramco have “mutually determined” to reevaluate a potential $15 billion investment by Saudi Aramco into Reliance’s oil-to-chemicals (O2C) business agreed to in 2019, according to reports and a statement from Reliance.
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Race to the Finish for Saudi Arabia’s F1 Circuit Track Construction in Jeddah; Officials Say Track will be Ready
Despite media reports that say there is a lot of work left to be done, Formula One’s governing body has said it is confident Saudi Arabia will be ready for its grand prix debut next month, multiple sources told Reuters. The race is set to run at night under the lights in Jeddah on December […]
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Saudi Aramco Chief Says World’s Spare Oil Supplies Are Falling Rapidly, Urges Production Investment
Saudi Aramco’s CEO Amin Nasser said that oil-output capacity across the world is dropping quickly and companies need to invest more in production, according to a story in Bloomberg. It’s a “huge concern,” Nasser said in an interview in Riyadh. “The spare capacity is shrinking.”
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The 966, Episode 8 – F1 Grand Prix in Jeddah, The Puzzle of U.S.-Saudi Ties, Tadawul Hits 15 Year High, Solar Costs Rise
This week, The 966 hosts discuss the upcoming COP 26 UN Climate Change Conference in Glasgow, the F1 race in Jeddah, an excellent recent commentary piece by Jon Alterman of the CSIS, Tadawul’s 15-year high, and the rising cost of solar energy components in Saudi Arabia.
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An Interview with the IMF’s Abdullah Hassan, Former Sous-Sherpa for Saudi Arabia for the G20 Meetings
In 2020, Saudi Arabia became the first Arab nation to assume the G20 presidency. Hosting the G20 is a massive undertaking, involving close to two years of event planning, policy development and strategy, and much more.
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As Oil Continues Rise, Saudi Aramco Again Nears World’s Most Valuable Company
Oil’s continued rise in recent months has pushed up the value of state-owned Saudi Aramco to nearly $2 trillion, positioning the company within striking distance of Apple Inc. as the world’s most valuable.
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Unemployment Among Saudi Citizens Hits Lowest in the Decade as Economy Continues Recovery
Unemployment of Saudi citizens dropped to 11.3% in the second quarter of this year, the lowest in a decade, according to the government’s General Authority for Statistics, as signs continue to mount that the Saudi economy is continuing to recover from the global pandemic.
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MUST-READS
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Can Saudi Arabia Extend The OPEC Deal Until 2022?
The official views proponed by the OPEC+ JMCC during the last few days were looked at as a positive sign as existing production cuts are being relaxed in August as a result of higher expected demand. The Saudi Minister of Energy and OPEC’s main power broker Prince Abdulaziz bin Salman added fuel to the fire by telling Al Arabiya yesterday that he could see a development in which the OPEC+ oil production agreement will be extended to the end of 2021 or even through the beginning of 2022.
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Analysis: Could the Houthis Be the Next Hizballah?
To inform this analysis and better capture Iran’s strategic calculus vis-à-vis the Houthis, the project also explored Iran’s history of proxy development in three distinct contexts: Lebanon, Iraq, and the Persian Gulf. Lessons from these cases have informed the analysis of the future trajectory of the Houthi-Iran relationship.
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Video: What does the future hold for Saudi Arabia’s construction sector?
Joining the panel was Fenwick Elliott's lead partner for Saudi Arabia, Toby Randle, and Hammad Al-Mehdar partner Ali Ali Touki. Randle explains how the "kingdom won't be held down from its ambitions" towards Vision 2030, while Ali Touki says despite expecting many challenges, he remains optimistic for a successful future in the kingdom.
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When Saudi Arabia Says ‘Jump!’ OPEC Responds ‘How High?’
Since the disastrous Saudi-Russia price war was called off after five weeks, the cartel has not only righted its own ship, defying yet another round of commentary about its demise, but seems to have fixed global oil markets in the midst of an unprecedented demand collapse – just in time for OPEC’s 60th birthday.
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A series of unusual events in Iran point to sabotage. How will Tehran respond?
Something strange has been happening in Iran. A spate of explosions has struck highly secure and sensitive sites, as well as regular industrial locales, including factories and gas pipelines, and even a clinic in a fancy part of north Tehran.
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Accident or sabotage? What we know of incident at Iran’s Natanz nuclear site
A mysterious incident in the early hours of Thursday, July 2, badly damaged a building at Iran's Natanz nuclear complex and sparked speculation over exactly what happened — and whether foul play was involved. Iranian authorities say they have determined the "cause of the accident", but decline to release details. Iran's atomic energy agency first reported that an "accident" had damaged warehouses under construction at the Natanz site, some 250 kilometres (150 miles) south of Tehran, in a confusing statement on the morning after the incident.
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Could Israel and Its Neighbors Be Powered Solely by Solar Power?
Currently, nearly all of Israel’s energy comes from natural gas and coal; it has no nuclear power and very little oil. According to the BP Statistical Review of World Energy, renewables account for less than 5% of Israel’s electricity.
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Commentary: Saudi Arabia Hikes its VAT, but for How Long?
Al-Jadaan pointed out that the VAT increase is likely to stay in place since the benefits of imposing it on the economy will not be seen before two to three years.
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Hiring in Saudi Arabia During COVID-19: What Should You Consider?
Thus, we recommend that recruiters consider looking for candidates who are already in Saudi Arabia with valid residence permits (Iqamas). Challenges and restrictions are lower from an application processing perspective for “in-country” hires, as these applications are processed through the government’s online portal with no requirement for in-person submissions. In addition, application processing times are comparatively quicker.
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Who’s Flying Those MiG-29s In Libya And Why Does It Matter?
The deployment of these aircraft seemed reminiscent of Russia’s secret military deployment in Syria before Moscow began overtly participating in that country’s civil war on the side of President Bashar al-Assad in late September 2015. However, in that case, Russia quickly made clear it was directly and officially intervening and participating in the conflict. At present, the Libya case seems quite different.
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