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Saudi Arabia’s Budget Deficit Shrinks a Whopping 60%
- November 1,2018
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- SUSTG Team
Saudi Arabia reduced its budget deficit by 60 percent to SR49 billion ($13 billion) in the first nine months of the year, official figures published Wednesday show. The reduction — greater than anticipated in earlier budget forecasts — was the result of a significant growth in both oil and non-oil revenues, the Ministry of Finance […]
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Saudi Crown Prince Promises Justice for ‘Heinous Crime’ of Khashoggi Murder, Touts Reform Progress
- October 25,2018
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- SUSTG Team
Crown Prince Mohammed bin Salman took the stage yesterday at the Future Investment Initiative conference in Riyadh, making his first public comments since the murder of Saudi journalist Jamal Khashoggi in Istanbul grabbed the world’s attention. The Crown Prince did not shy away from the topic, and opened with addressing what he and the Saudi […]
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Oil Down 11% in Two Weeks
- October 19,2018
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- SUSTG Team
Despite sanctions against Iran and tensions between Riyadh and Washington over the disappearance of Saudi journalist Jamal Khashoggi, the price of oil has fallen 11% in two weeks on oversupply and other downward pressures, according to reports. U.S. crude has plunged 11 percent from peak to trough over the last two weeks, while Brent is […]
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The Impact of Reforms on The Saudi Retail Experience – Report
- September 26,2018
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- SUSTG Team
A report today in Reuters highlights the impact that Saudi Arabia’s Vision 2030 economic and social reforms are having on Saudi Arabia’s malls and bazaars – which are changing as retailers embrace a shift in shopping habits. “Designer clothes stores and high-end chocolate and flower shops are shutting and fast-fashion, fast-food, budget stores and cinemas […]
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75% of Riyadh Metro Project Work Completed, Riyadh Emir Says
- September 18,2018
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- SUSTG Team
Saudi Arabia’s ambitious and sprawling Riyadh metro project is 75% completed, Riyadh Emir Prince Faisal Bin Bandar said after chairing the Arriyadh Development Authority meeting on Monday. Prince Faisal, who is also the chairman of the board of directors of Arriyadh Development Authority and chairman of the supreme committee for supervision of the King Abdul […]
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Ministry of Labor Inspectors ‘Find Many Shops Closed’ as Store Owners Deal With New Regulations
- September 12,2018
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- SUSTG Team
Saudi Arabia’s plans to increase Saudi employment to 70 percent of jobs in stores in several sectors came into force on Tuesday, and inspectors from the Ministry of Labor reportedly found that “many such shops in Dammam and Al-Khobar downed their shutters to avoid penalties and ensure that when they open they are in line with the […]
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PIF Selects Goldman Sachs, Bank of America Merrill Lynch and Michael Klein Selected to Advise on SABIC sale
- September 11,2018
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- SUSTG Team
Saudi Arabia’s sovereign wealth fund has chosen Goldman Sachs, Bank of America Merrill Lynch and Michael Klein as advisers on its planned sale of a stake in petrochemicals firm SABIC to Saudi Aramco, sources familiar with the process told Reuters. Citigroup Inc has reportedly won the mandate to advise Saudi Basic Industries Corp (SABIC). Reuters previously […]
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Kingdom of Saudi Arabia Contributes $100 Million for Syria’s Stabilization Efforts: Raqqa and Areas of Northeast Syria Liberated from ISIS
- August 17,2018
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- SUSTG Team
Saudi Arabia has announced that it has contributed $100 million for Global Coalition to Defeat ISIS-supported stabilization projects in areas liberated from ISIS in northeast Syria, the largest Coalition contribution to date for these liberated areas. “This substantial contribution will play a critical role in the Coalition’s efforts to revitalize communities, such as Raqqa, that […]
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Al Widyan is Saudi Arabia’s Next PIF-Backed ‘City Within a City’ Planned for Riyadh
- August 6,2018
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- SUSTG Team
A new Public Investment Fund (PIF)-backed “city within a city” is being planned for North Riyadh, according to a report in the English-language daily Arab News. The development – called Al Widyan – will include residential, commercial, retail and leisure facilities on a 7 million square meter site to the north of the capital, and will […]
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Saudi Arabia Forms New ‘Higher Committee for Hydrocarbon Affairs’ to Oversee Oil and Gas Sectors
- August 1,2018
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- SUSTG Team
Saudi Arabia plans to form “a higher committee for hydrocarbons,” which will fall under the leadership of Crown Prince Mohammed bin Salman, according to the state-run Saudi Press Agency. The decision for the creation of a body to oversee the oil and gas sectors was approved in a cabinet meeting chaired by King Salman. “The […]
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MUST-READS
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What does hosting the 2034 World Cup mean for Saudi Arabia?
For a historically football-obsessed nation, it represents arguably the pinnacle achievement of Saudi Arabia’s changing physical and social landscape since the introduction of the country’s wide-reaching Vision 2030 strategy. Now all eyes are on 2034. The Kingdom’s love of football knows no bounds. It drives conversations and friendships, with 80 percent of Saudis engaged with the beautiful game either through playing or watching. Saudi Arabia’s Ministry of Sport has done an admirable job of diversifying Saudi sporting interests in recent years, but there is still no escaping the fact that football remains the nation’s undisputed No. 1 pastime.
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Study: Saudi management boards increasingly diverse in their make-up
In terms of board composition, the Heidrick & Struggles report found that diversity in boards is increasing. For example, 8% of board members in the KSA are women, a new reality that would not have been possible without the significant reforms Saudi leadership kicked off starting over a decade ago. What’s more, 8% of board appointments are non-nationals, with Saudi Arabia being home to a relatively large expat community of people from all over Asia and the MENA region, among other regions. “Boards in the KSA must look at diversity holistically and strive to achieve the right balance of demographics and expertise, which includes gender, age, nationality, as well as industry and geographical experiences,” said Maliha Jilani, partner Heidrick & Struggles in Dubai.
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OPEC makes fifth and biggest cut to 2024 oil demand growth forecast
OPEC cut its 2024 global oil demand growth forecast for a fifth straight month on Wednesday and by the largest amount yet, a series of downgrades that highlights China's sputtering role as the world's demand growth engine. The weaker outlook underlines the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia. OPEC+ earlier this month delayed its plan to start raising output until April 2025 against a backdrop of falling prices.
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The Israeli Jews who spied for Iran in biggest infiltration in decades
Israel's arrest of almost 30 mostly Jewish citizens who allegedly spied for Iran in nine covert cells has caused alarm in the country and points to Tehran's biggest effort in decades to infiltrate its arch foe, four Israeli security sources said. Among the unfulfilled goals of the alleged cells was the assassination of an Israeli nuclear scientist and former military officials, while one group gathered information on military bases and air defences, security service Shin Bet has said. Last week, the agency and Israel's police said a father and son team had passed on details of Israeli force movements including in the Golan Heights where they lived.
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Saudi Arabia to host FIFA World Cup 2034: When and where will it be staged?
Securing the 2034 FIFA World Cup was a central part of the kingdom’s “Vision 2030” economic strategy, spearheaded by the de facto ruler Saudi Crown Prince Mohammed bin Salman. In recent years, Saudi Arabia’s Public Investment Fund has allowed the country to rapidly grow its influence in the global sporting sector, resulting in several large-scale professional events already taking place inside the country: LIV Golf Tour, Formula One, Saudi Pro League football, Combat Sports (Boxing and MMA), ATP and WTA Tennis, and the famous Dakar motorsports rally event.
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Eric Trump reveals rendering of Trump Tower project in Saudi Arabia
Trump, executive vice president of the Trump Organization, shared the video rendering in a post on X of what marks the Trump Organization’s first major project in Saudi Arabia. "Incredibly proud to officially launch a project that has been underway for many months, Trump Tower - Jeddah!" he wrote. "Thank you to our partners @dar_global - This will be our 5th project together and among the most luxurious buildings anywhere in the world!" In the video, the rendering of the potential future high-rise residential tower is emblazoned with the Trump name.
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2034 World Cup in Saudi Arabia puts lives at risk: rights groups
Awarding the tournament to Saudi Arabia "despite the well-known and severe risks to residents, migrant workers and visiting fans alike, marks a moment of great danger," Amnesty and organisations including Human Rights Watch, the Gulf Centre for Human Rights and the Football Supporters Europe group said in a statement. "As global and regional human rights organisations, trade unions, fans groups and organisations representing migrant workers, many of us have long highlighted the severe risks posed by Saudi Arabia’s hosting of mega-sporting events," the groups said. "By awarding the 2034 World Cup to Saudi Arabia without meaningful protections, FIFA has today decided both to ignore our warnings and discard its own human rights policies."
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Saudi Arabia confirmed as 2034 World Cup host. The next question: Winter, summer or neither?
World Cups have traditionally been held in the Northern Hemisphere's summer, even when staged beneath the equator in South America or South Africa. The entire rhythm of global soccer settled in around this tradition. Most top-flight leagues begin their seasons in August, finish in or around May, and then break for high-profile international tournaments. But Saudi Arabia's climate, like Qatar's, complicates matters. In the Gulf, summer temperatures regularly exceed 100 degrees. Such heat is often considered unsafe for soccer — and undesirable for the millions of fans that World Cups attract. FIFA, citing those dangers, moved the 2022 Qatar World Cup from its typical summer window to November and December. Many assume Infantino and the current FIFA administration will push for a similar move in 2034.
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What will a Saudi 2034 World Cup look like?
Saudi Arabia has invested around £5bn in sports since 2021, when the country's crown prince Mohammed bin Salman made it a key part of his strategy to diversify the economy, with a host of major sporting events brought to the kingdom, including high-profile boxing and Formula 1. The country's domestic football league now includes world stars such as Cristiano Ronaldo, Karim Benzema and Neymar Jr, and the country's Public Investment Fund owns Newcastle United and launched the breakaway LIV golf series. However, the country has been accused of 'sportswashing' - using its unprecedented spending on sport to improve the oil-producing kingdom's reputation over its human rights record and environmental impact. So what will a World Cup in Saudi Arabia look like?
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2034 World Cup: Why Saudi Arabia is hosting, explained
When the bidding process for 2030 and 2034 was announced in Oct 2023, the FIFA Council adopted a so-called "principle of confederation rotation" to ensure that five of its six confederations -- Europe (UEFA), South America (CONMEBOL), Asia (AFC), Africa (CAF) and Oceania (OFC) -- would be considered as potential hosts. Concacaf, the North and Central American confederation, was omitted due to the 2026 Men's World Cup being staged in the United States, Mexico and Canada. With Qatar hosting in 2022, Asia would ordinarily have had to wait until 2042 to host another World Cup under the terms of confederation rotation, but the decision to stage the 2030 tournament across three confederations (UEFA, CAF and CONMEBOL) suddenly pushed Oceania and Asia to the front of the line in 2034.
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