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Reports: Saudi Arabia Places Huge Bet on U.S. Natural Gas
- May 23,2019
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- SUSTG Team
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
- May 21,2019
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- SUSTG Team
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
- May 9,2019
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- SUSTG Team
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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New ‘Economics in Society’ Report Examines Role of Misperceptions on Women Employment Rates in Saudi Arabia
- May 7,2019
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- SUSTG Team
A new research report published by the UBS International Center of Economics in Society examines how social norms may affect employment rates for women in Saudi Arabia, providing evidence “that most Saudi men privately believe that women should be allowed to work, but that they underestimate the extent to which other men share their views.” […]
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Saudi Economy to Grow at 2% This Year, Government Posts Large 1Q Surplus
- April 24,2019
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- SUSTG Team
Saudi Arabia’s central bank governor, Ahmed Al-Kholifey, told Reuters in an interview that he expects economic growth to be “no less than 2 percent” in 2019. The comments from Al-Kholifey comes as a separate quarterly Reuters poll of economists found lowered expectations for growth in Arab Gulf economies this year. Gross domestic product in Saudi Arabia, […]
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Al-Falih Expects Strong Demand for Aramco’s First-Ever Bond Issue
- April 8,2019
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- SUSTG Team
Saudi Arabia expects strong demand for Saudi Aramco’s first-ever bond issue, which is expected to close on Wednesday. Demand for the bonds could surpass $30 billion, Energy Minister Khalid Al-Falih said while speaking at the inaugural Gulf Intelligence Saudi Arabia Energy Forum in Riyadh on Monday. Others estimate it could top $40 billion, more than four […]
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Saudi Arabia plans 2.6 GW solar park near Mecca
- March 27,2019
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- SUSTG Team
Saudi Arabia is set to issue tenders for 2.6 GW Mecca solar project in 2019, according to reports. The Faisaliah Solar Power Project is planned to be developed in several stages by the Saudi Ministry of Energy, Industry and Mineral Resources and the Development Authority of Mecca. Construction work on the project will begin this year, […]
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King Salman Announces $23 Billion for Four Entertainment Projects Including the ‘World’s Biggest Park’ in Riyadh
- March 19,2019
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- SUSTG Team
Saudi Arabia is planning to build the “world’s biggest park” as part of a $22.9bn project that aims to create large open green areas in Riyadh while creating thousands of new jobs, according to the Saudi Press Agency and other news outlets. The project consists of four entertainment projects in Riyadh, which are currently in the design phase, according […]
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WATCH: Adidas Ultraboost Ad Features Young Saudi Women Combatting Fitness Stereotypes
- March 11,2019
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- SUSTG Team
A new inspirational advertisement for Adidas’ popular Ultraboost shoe line features three young Saudi women discussing stereotypes they face and how they overcome them. The ad for Ultraboost trainers features fitness instructor and modest sportswear designer Lojain Alrefae running along the waterfront in Jeddah; Saudi mountaineer Raha Moharrak climbing the rocky ranges near Jeddah and football campaigner […]
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Saudi Housing Sector to See $21 Billion in Investment in 2019; Home Ownership Growing 6-7 Percent Annually – Minister
- March 6,2019
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- SUSTG Team
Saudi Arabia’s Minister of Housing Majed al-Hogail said he expects investments in the real estate financing sector to reach between 60 billion Saudi riyals and 80 billion riyals ($21.33 billion) in 2019, according to Reuters on the sidelines of a housing conference in Riyadh. The minister told Reuters that real estate financing for January hit 4.7 […]
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MUST-READS
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SparkLabs launches $50 million fund for Saudi AIM-X accelerator
Global early-stage venture capital firm SparkLabs Group has launched the SparkLabs AIM AI Fund with confirmed investment of $50 million, which will invest in participants in the AIM-X artificial intelligence startup programme. SparkLabs unveiled AIM-X in June, as the official AI startup programme under Saudi Arabia’s Artificial Intelligence Mission (AI.M), which aims to bolster the Kingdom's leadership in AI over the next five years. Originally announced at LEAP24 in March, AI.M was created by Saudi’s Ministry of Communications and Information Technology's National Technology Development Program (NTDP), King Abdullah University of Science and Technology (KAUST), and Saudi Data & Artificial Intelligence Authority (SDAIA).
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UAE bets big on green hydrogen, eyes global clean energy leadership, ministry official says
The UAE launched its National Hydrogen Strategy 2050 last year with the aim to become a top global hydrogen producer by 2031. The Gulf country plans to use its natural resources and energy infrastructure to build a hydrogen value chain, focusing on domestic demand and exports. By 2050, the UAE forecasts its hydrogen sectoral demand could grow fivefold to around 10.1 million tonnes per annum, supporting the country’s broader clean energy and net-zero emissions targets.
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Cristiano Ronaldo: ‘I recommend the world’ to visit Saudi Arabia’s Red Sea
“If you have to mention one romantic place – a place to be with my whole family – I will say that from some places that I visited this year, which surprised me a lot and we enjoyed so much is the Red Sea.” Ronaldo, who has visited numerous destinations worldwide, was particularly impressed by his recent trip to the Red Sea. “I recommend for all the world to visit this amazing place,” he said.
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How Telegram became the ‘center of gravity’ for a new breed of domestic terrorists
Late last month, Telegram burst into the news with another arrest related to alleged criminal activity on the giant messaging and social media platform. This time, the man in police custody was the company’s founder, Pavel Durov. French authorities detained the Russian-born billionaire after his plane touched down at an airport a few miles north of Paris.
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Red Sea Film Foundation Chief Jomana Al-Rashid on Fueling Saudi Arabia’s Cinematic Ambitions
Variety spoke to Jomana Al-Rashid, who chairs the Red Sea Film Festival International Film Foundation, about nurturing Saudi’s rapidly evolving film scene. "For us, it’s about forms of expression and good storytelling, whether it’s indie films or the more commercial films. If you have a good story then that’s something that we are going to support."
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Saudi National Day: Employees, students to enjoy long holiday
This year’s occasion will fall on a Monday and with a Friday-Saturday weekend in the Kingdom, some employees will enjoy an extended holiday with Sunday September 22 off as well. Students, according to the education ministry’s academic calendar, will also be given Sunday September 22 as a day off for the occasion.
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Saudi oil tanker Amjad was not targeted in Red Sea, owner Bahri says
Saudi shipping firm Bahri (4030.SE), opens new tab said on Tuesday its tanker Amjad was not targeted in a Red Sea attack, and that it had been spared any damage from the incident that hit another tanker that was sailing nearby. The U.S. Central Command said Yemen's Iran-backed Houthi rebels attacked two crude oil tankers - the Saudi-flagged Amjad and the Panama-flagged Blue Lagoon I - in the Red Sea on Monday with two ballistic missiles and a one-way attack uncrewed aerial system, hitting both vessels.
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Saudi Central Bank to enable Samsung Pay service in Q4 2024
SAMA explained that this step affirms its ongoing efforts to strengthen the digital payments system in the Kingdom, aligning with the Financial Sector Development Program’s (FSDP) objectives, a key initiative of Vision 2030.
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Tabby to acquire Saudi fintech Tweeq
Founded in 2019 in the UAE by Hosam Arab, Tabby is a buy now pay later (BNPL) fintech with over $6 billion in annualised transaction volume. Meanwhile, Tweeq, founded in 2020 by Saeed Albuhairi and Abdulaziz Almalki, offers a spending account that allows customers to spend, send, and manage their money.
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Shell isn’t so eager to look for oil these days
Shell SHEL-1.19%, one of the world’s largest oil companies, is pulling back a bit from looking for the product that powers its bottom line. Reuters reports that the company will be cutting 20% of its oil-and-gas exploration workforce, the equivalent of hundreds of jobs. The move is part of an effort to save as much as $3 billion in expenses by the end of the year.
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