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Recent stories from sustg
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Kingdom Gears Up for 2019 Hajj Season
Saudi Arabia is finalizing preparations for the 2019 Hajj Pilgrimage season, set to begin on Friday August 9th. Hosting the Hajj presents a number of major logistical, security, and health challenges for which Saudi authorities must prepare. The sheer number of pilgrims arriving each year is staggering. In both 2017 and 2018, over 2.3 million pilgrims […]
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Saudi Arabia’s PIF has agreed initial terms for a $10bn loan – report
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has agreed to initial terms for a $10 billion loan, the second time the fund has sought to raise money in less than a year, the Financial Times reports. Bank of America Merrill Lynch, BNP Paribas, Crédit Agricole and Citigroup are among the 10 banks that have […]
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The Seven Wonders of Arabia, Aramco Expats’ Tribute to the Kingdom’s Top Heritage Sites – Part 2: Historic Jeddah
Last week, SUSTG published the first in a series of posts highlighting the seven wonders of Arabia as selected and featured by AramcoExpats.com, an online blog that is a resource for current and former Saudi Aramco expatriates and their families. As the Kingdom prepares to open itself up to more visitors and boost its tourism industry in line […]
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Saudi Arabia’s PIF has ‘$300b in Assets’ and is Still Growing, Report Says
Saudi Arabia’s sovereign wealth fund, the Saudi Arabian Public Investment Fund (PIF), has “about $300 billion in assets” now, a report has found, and its growing size is set to “improve the country’s international investment position.” “We now estimate PIF’s assets at about $300 billion, of which one-fourth are invested abroad….Proceeds from privatization (a target of about […]
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Saudi Arabia, UAE and Norway Say ‘State Actor’ Likely Attacked Oil Tankers
Saudi Arabia, the UAE, and Norway have told the UN Security Council that the recent attack on four oil tankers off the UAE coast was a “sophisticated and coordinated” operation most likely conducted by a “state actor,” according to reports. The three countries presented their initial findings to the U.N. Security Council in an informal meeting […]
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Gulf Arab states support right of Saudi Arabia and UAE to defend interests
Gulf Arab states voiced support for Saudi Arabia and the United Arab Emirates to take any action required to defend their security following recent attacks on their oil assets, Reuters reports. A statement published by Saudi state news agency SPA said the six nations had discussed at an emergency meeting in the kingdom a joint […]
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Saudi Stocks Surge for Largest Single-Day Gain in 6 Months as Investors Prepare for MSCI Inclusion
Shares in the Tadawul, the Saudi stock market, surged 2% on Tuesday with much of the gains happening before the session closed as MSCI Inc. prepares to include the Kingdom into its developing country benchmark, according to a report in Bloomberg. MSCI Inc., which is a Global provider of equity, fixed income, hedge fund stock market indexes, […]
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Reports: Saudi Arabia Places Huge Bet on U.S. Natural Gas
Saudi Aramco announced a preliminary agreement on Wednesday to buy 5 million tons of liquefied natural gas per year in a deal with U.S.-based Sempra LNG, according to reports. The move is a “new strategy” for Aramco and highlights “the growing importance of the United States as an energy exporter,” the New York Times reports. The deal, if completed, […]
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Arabian Centres IPO Postponed Two Days, But will Still Make History
Saudi Arabia’s largest share offering in four years for Arabian Centres shopping malls has been postponed for two days amid rising geopolitical tensions and a looming trade war between the U.S. and China, but when trading begins, it will still be a historic moment for Saudi Arabia’s markets. In addition to being the biggest IPO in four years, the […]
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Saudi Arabia’s Shura Council Approves Green Card-Style Residence Program
Saudi Arabia’s Shura Council has approved a plan for introducing a “Green Card-style residence system for foreigners aimed at attracting investors,” according to reports which cited Saudi media. The “privileged iqama” system will be offered for specific fees and have both permanent and temporary versions. The new system is designed to ensure eligible residents “a set of advantages […]
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MUST-READS
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Why did a video showing the Saudi crown prince holding two phones go viral?
Prince Mohammed Bin Salman was using the devices, an old and a new phone, to depict the past and present in his discussion on NEOM, a $500 billion mega city project announced yesterday by Saudi Arabia.
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A new era for Saudi Arabia?
In what The Independent called “his most direct criticism of Saudi Arabia’s conservative religious establishment to date” he told Maria Bartiromo of Fox Business Network: “We are simply reverting to what we followed – a moderate Islam open to the world and all religions. Seventy per cent of the Saudis are younger than 30, honestly we won’t waste 30 years of our life combating extremist thoughts, we will destroy them now and immediately.”
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Saudi crown prince’s modernization drive: How real is it?
Bin Salman's strategy, Vision 2030, has looked stunningly ambitious since it was unveiled last year, at a time when he was still deputy crown prince and not set to inherit the throne.
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Are Russia, Iran outflanking the US in Iraq?
Russian President Vladimir Putin has moved quickly to adapt to the Iraqi federal government’s retaking of Kirkuk and disputed territories through the use of Iraqi forces, all the while seeking to limit any fallout with Iran in Iraq and Syria.
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Commentary: Why is Saudi Arabia suddenly so paranoid?
In the past, Saudi Arabia depended upon its enormous oil wealth and the United States for its security. It used the former to buy friends and pay off enemies and potential enemies. It used the latter to guarantee its survival. With a few exceptions, Saudi Arabia did not involve itself directly in the affairs of its neighbors.
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Why did Saudi Arabia save Yemen’s ex-president again?
A Russian medical team flew into Sanaa on Oct. 11 with the approval of the Saudis, who control Yemeni airspace. The Russian surgeons then performed a life-saving procedure on the 75-year-old Saleh.
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Saudi Royal Transition: Why, What, and When?
Saudi succession law does not lay out a strict system of primogeniture -- it merely states that rule passes to the sons and grandsons of the country's founder, Abdulaziz (Ibn Saud). This loose edict allows succession from brother to brother, creating a problem that has been growing with each transition -- the sons of Ibn Saud have been acceding to the throne at older ages and living longer while in power, eventually straining their physical and mental capacities for leadership (click on chart below for high-resolution version). The accession of MbS could resolve that problem for years to come.
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Who was the Bedouin guide who tracked Saudi’s first oil in the desert?
Ibn Rimthan and American geologist Max Steineke were assigned by King Abdulaziz to find oil for commercial use in the eastern province. Although many had given up on finding oil there, they eventually found the first oil well, later dubbed as oil no.7.
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Why did Vikings have ‘Allah’ embroidered into funeral clothes?
Researchers in Sweden have found Arabic characters woven into burial costumes from Viking boat graves. The discovery raises new questions about the influence of Islam in Scandinavia, writes journalist Tharik Hussain.
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What Did King Salman’s Visit to Russia Say About U.S.-Saudi Relations?
Some aspects of the Saudi king’s trip are independent of Washington’s policies. Riyadh and Moscow must cooperate on energy pricing, on which both of their economies depend, and those relations are largely a bilateral matter.
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