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Government Makes Payments to Construction Companies as MMG Sends Letter to Deputy Crown Prince Warning of Operations Halt
- November 21,2016
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- SUSTG Team
Saudi Arabia has reportedly made good on $10.7 billion that it owed to private sector companies, according to Arab News, but one construction firm said on Monday that it wrote directly to the Deputy Crown Prince warning it may need to cease operations. Mohammad Al Mojil Group (MMG) said in a short statement through Saudi […]
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GCC Bloc Could Be World’s 6th Largest Economy, Deputy Crown Prince Mohammed Says
- November 11,2016
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- SUSTG Team
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman said that the GCC countries could become the world’s sixth largest economy if they joined forces in the coming years. The comments were made at the opening ceremony of the first meeting of the GCC Economic and Development Affairs Authority in Riyadh. The authority was created to hasten coordination […]
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Yemen’s Houthis Fire Another Missile into Saudi Arabia as Kingdom, Iran Spar at UN over War
- October 12,2016
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- SUSTG Team
Saudi Arabia says it has shot down a ballistic missile fired into the Kingdom by Houthi rebels and their Iranian allies in the latest incident in Yemen’s civil war that has raged for nearly 19 months. The missile targeted the southwestern city of Khamis Mushait and was destroyed Tuesday night without causing any injuries, the Saudi Press […]
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Saudi Arabia’s Foreign Ministry Criticizes JASTA, Congress Weighs Adjustment of Law
- September 30,2016
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- SUSTG Team
Although the Congressional override of President Obama’s veto on the controversial Justice Against Sponsors of Terrorism Act (JASTA) was anticipated, it’s reality has proved shocking to U.S. leaders as well as countries globally. Saudi Arabia’s foreign ministry has issued a statement strongly condemning the legislation and noted, as has been done frequently in the run-up […]
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News Analysis: In Push for Diversified Economy, Saudis Share in Sacrifice
- September 28,2016
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- Lucien Zeigler
As part of its ongoing drive to reduce government spending Saudi Arabia announced that it will suspend pay increases for public sector employees and slash Minister-level pay and benefits, sending a message that all Saudis will share in the sacrifice as tries to balance its budget and diversify its economy away from oil. The decision […]
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Deputy Crown Prince Mohammed bin Salman Cracks Bloomberg’s 50 Most Influential in Finance
- September 27,2016
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- SUSTG Team
Saudi Deputy Crown Prince Mohammed bin Salman has been ranked 42nd Bloomberg’s list of the 50 Most Influential People in the world of finance. Bloomberg said that the 31-year old prince has drawn up a plan to transform the world’s biggest crude exporter into a diversified economy fit for the next era, almost eight decades after […]
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Senate Votes Down Proposal to Block U.S. Arms Sale to Saudi Arabia
- September 22,2016
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- Lucien Zeigler
The Senate on Wednesday rejected a bipartisan proposal to block a pending $1.15 billion United States arms sale to Saudi Arabia by a vote of 71-27. The Senate action comes as Congress is considering whether to override an expected presidential veto of the so-called JASTA bill, allowing 9/11 victims’ families to sue the Saudi government. The proposed […]
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White House Lobbies Senate on JASTA, Works Toward 34 Votes to Prevent Veto Override
- September 21,2016
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- Lucien Zeigler
Some Senate Democrats on Capitol Hill continue to consider their votes on the Justice Against Sponsors of Terrorism Act (JASTA) and, according to some reports, are “starting to show cracks in their support” of the legislation after efforts by the Obama administration to convey the risk of the bill’s potential international relations fallout. JASTA, which would expand […]
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Asian Banks Said to Have ‘Intense Interest’ in First Saudi Foreign Debt Issuance, Reports Say
- September 1,2016
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- SUSTG Team
Saudi Arabia is seeing “intense interest” in its first international bond sale of $15 billion and is considering further issuances given the current appetite, according to a report today in the Financial Times. The Kingdom’s first international debt sale has generated so much interest from particularly from Asian investors that “the kingdom is weighing a […]
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Deputy Crown Prince Mohammed bin Salman Arrives in China, Meets with Top Chinese Officials to Discuss ‘Vision 2030’
- August 30,2016
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- SUSTG Team
Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman and a delegation including top ministers and other officials are in China this week for talks aimed at pushing the Kingdom’s Vision 2030 broad economic reforms. The visit to global economic powerhouse China, like the Deputy Crown Prince’s visit to the United States in June, hopes to “showcase […]
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MUST-READS
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Saudi Arabia Says Crown Prince MBS Plans Schools Revamp to Boost Employment
Saudi Arabia said it plans to overhaul the kingdom’s flagging education system to better prepare citizens to find jobs and tackle intolerance. The revamp will cover all levels of education, from early childhood to adult learning opportunities, according to a summary of the Human Capability Development Program announced by the official Saudi Press Agency on Wednesday. It aims to better prepare Saudis to enter the labor market, as unemployment hovers at 11.7% and many companies prefer to hire cheaper foreign workers. Other objectives include fostering values like moderation, perseverance and a “hard-work culture,” the report said.
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Saudi National Bank’s first-half income climbs amid economic rebound
Saudi National Bank, the country’s biggest lender by assets, reported a more than 12 per cent rise in its first-half net profit on the back of higher operating profit as the kingdom’s economy rebounds from the Covid-19 pandemic.
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The toll of Israeli bombs on Gaza, mapped
The destruction to Gaza during the 11-day conflict between Hamas and Israel in May was heavy and widespread, with damage afflicting hundreds of buildings and dozens of roads, an initial United Nations analysis shows.
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Oil Climbs Near Highest Since 2018 With More Iran Talks Expected
Oil crept higher with prices trading near their highest level since 2018. Futures in New York erased earlier losses to trade above $69 a barrel. A significant draw in American crude stockpiles added positive signs to a market buoyed this week by the deferring of expectations of when a nuclear deal with Iran would be signed.
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Oil Climbs With Stock Markets as Volatility Takes a Hit
Oil traded near the highest close in more than two years as optimism over burgeoning demand -- particularly in the U.S. -- outweighed concern that Iranian supplies will jump should sanctions on exports be lifted. West Texas Intermediate rose 1%, following positive sentiment across markets. Still, prices have been stuck in a $10 range since March, and volatility on the global Brent benchmark has fallen to its lowest level since last August.
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US May Intervene in Saudi MBS Lawsuit, Fears Will Reveal Secrets
Attorneys for MBS have also accused al-Jabri of using his anti-terror programs to embezzle $3.4 billion from the Saudi state. Al-Jabri denies the claim.
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Opinion: Can Normalizing Saudi-Israeli Relations Improve MbS’ Reputation in DC?
MbS must deal with constraints that will likely give him good reason to avoid signing a diplomatic deal with Israel under the current circumstances. Regionally, there are concerns about how rivals and adversaries could leverage any Saudi-Israeli accord against the Kingdom to try and convince more Arabs and Muslims that the Al Saud family is not in a position to lead the Islamic world.
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MBS Holds Tight on Saudi Aramco, The World’s Most Profitable Company
On track for $80 billion in income this year, Saudi Aramco held onto its No. 5 spot in the Global 2000. Shares trade “in their own universe,” as investors show faith in the vision of Crown Prince Mohammed bin Salman.
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Saudi Arabia’s MBS says Aramco stake could be sold to a foreign investor
Saudi Arabia is considering selling part of its giant state oil company to a major foreign investor, likely from China. The kingdom's crown prince, Mohammed bin Salman, confirmed the possible sale of a 1% stake in the world's biggest oil company on Tuesday. The stake would be worth about $19 billion based on Aramco's market value.
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Toll climbs to 82 in Baghdad hospital fire, says Iraq government
At least 82 people were killed in the fire which ripped through a Baghdad coronavirus ward, Iraq’s Interior Ministry said Sunday, sparking anger and frustration over the state of the country’s buckling health system. Another 110 people were wounded in the blaze at Baghdad’s Ibn al-Khatib hospital late Saturday, a ministry official told Iraqi state media.
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