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Recent stories from sustg

  • Saudi Binladin Group Says Government Resumes Payment of Dues
     

    The Saudi finance ministry has resumed payments to Saudi Binladin Group (SBG), the kingdom’s biggest construction firm, for its work on government projects, according to a Reuters report which cited a local newspaper. The positive news for SBG and its employees comes at a critical time for the company. SBG faced its toughest challenges in the […]

     
  • Event Alert: King of Bahrain, Secretary Kissinger, Gen. David Petraeus Headline C3 Business Summit in New York
     

    Scheduled to take place on the heels of the 71st U.N. General Assembly in New York on September 26 and September 27, the 2016 C3 Business and Healthcare Summit has announced the confirmed participation of His Majesty King Hamad Bin Isa Al Khalifa and The Honorable Dr. Henry Kissinger. This edition of the well-established C3 Summit series will examine ISIS, Brexit, the growing concerns […]

     
  • Senate Votes Down Proposal to Block U.S. Arms Sale to Saudi Arabia
     

    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 […]

     
  • Washington Post Editorial: Obama Right to Veto JASTA
     

    An editorial in today’s edition of the Washington Post calls for President Obama to veto the Justice Against Sponsors of Terrorism Act (JASTA) which reduces foreign sovereign immunity by allowing U.S. courts to hear cases involving claims against a foreign state for injuries, death, or damages that occur inside the United States as a result of […]

     
  • Asian Banks Said to Have ‘Intense Interest’ in First Saudi Foreign Debt Issuance, Reports Say
     

    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 […]

     
  • Contemporary Saudi Art Exhibit Continues Tour of America
     

    Today’s SUSTG Review includes a review from the East Bay Express about GENERA#ION, a traveling show presenting contemporary art from Saudi Arabia that is now on view in a number of galleries in San Francisco.  The East Bay Express gives the show a strong recommendation and, in fact, the exhibition has been very well-received as […]

     
  • Saudi CMA Presses on Adoption of International Financial Reporting Standards
     

    The Saudi Capital Market Authority (CMA) continues to press forward it’s efforts to make the Saudi stock market (Tadawul) more attractive to foreign investors.  Earlier this month the CMA approved amended rules for Qualified Foreign Investors by lowering the asset qualifications as well as adjusting upwards some key ownership limitations.  For more on those changes […]

     
  • Social Media Lights Up after First Saudi Woman Competes in 100m in Rio
     

    Saudi Sprinter Kariman Abuljadayel made history as the first woman ever to compete in the 100m dash in the Olympics at Rio, and she did it covered from head-to-toe. The sprinter did not qualify for the final event, but her participation in the 100m dash – like Sarah Attar’s participation in the 800m race in London in […]

     
  • Amended Rules Increasing Foreign Investor Access to Saudi Stock Market Approved
     

    Saudi Arabia’s Capital Market Authority (CMA) Board has approved changes to rules that regulate what type of foreign investor can enter into the Saudi stock market.  The changes include 24 Articles that address procedures, requirements, and conditions for the registration of qualified foreign investors (QFIs) with the CMA to invest in listed securities in the Saudi […]

     
  • Saudi Arabia Confirms Cooperation with Germany to Investigate, Prevent Terrorist Attacks
     

    Saudi Arabia’s has confirmed it was working with German investigators to track Islamist militants behind bomb and axe attacks in July. The news was originally reported by the German outlet Der Spiegel and confirmed in rare comments by a Saudi spokesman. A spokesman for the Saudi interior ministry, General Mansour al-Turki, said Saudi and German security experts […]

     

MUST-READS

  • Michelle Nunn: The Challenges of Gaza’s Humanitarian Crisis

    If you are a humanitarian, one way to describe it is that humanitarians are not used to having a kind of wall around the place where they're trying to bring relief, right? Of course, there’s humanitarian access issues in Syria and Yemen, but there is literally a corridor with a very small entry point in which only a small amount of aid can enter. Sometimes you can't get through your tent, or sometimes you can't get through your walkie-talkies, or all manner of things that are considered at different points to be “dual usage.” In other words, people are fearful that they will be utilized for terror. This is a particularly difficult gauntlet for humanitarians to grapple with.

  • A $2 Trillion Reckoning Looms as Ports Become Pawns in Geopolitics

    Now, both old and new gateways for seaborne commerce⁠— responsible for handling 80% of the world’s $25 trillion in annual merchandise trade⁠—are economic fortresses in the great-power struggles of a multipolar world. Meantime, they’re having to undergo costly and painstaking conversions to digital technologies, automation and green energy with a price tag estimated at €200 billion ($216 billion) a year in new investment, for a total of €2 trillion over the next decade.

  • Saudi 2036 Olympics ambitions: long race full of major hurdles

    If Saudi Arabia bags the second largest sport mega event in the world, attention will turn to a separate prospective bid for the 2036 Olympics. As such, it can reasonably be assumed that the government delegation’s July 31 visit to Paris also featured efforts to sway the International Olympic Committee (IOC) into agreeing that the Gulf giant is the best place to hold the games in 12 years.

  • Saudi Arabia calls on businesses to submit tax returns or face fines

    The Zakat, Tax and Customs Authority (ZATCA) has called on businesses subject to Value Added Tax (VAT), whose annual supplies of goods and services exceed SR40m ($10.7m), to submit their tax returns for July no later than August 31.

  • Israel says it bombed Hezbollah arms depots in Lebanon’s Bekaa Valley

    The Israeli military said on Wednesday that it bombed Hezbollah weapons storage facilities in Lebanon's Bekaa Valley overnight, its latest strike on arms depots in a major stronghold of the powerful Iranian-backed militia. The air attack came hours after Israeli Defence Minister Yoav Gallant said that "attacking munitions warehouses in Lebanon is preparation for anything that might happen". Hezbollah said it had retaliated for the strike on the Bekaa region by firing Katyusha rockets at an Israeli military logistics site in the Israeli-occupied Golan Heights.

  • Blinken wraps up Mideast trip with Gaza deal still elusive

    U.S. Secretary of State Antony Blinken sought during a whirlwind trip to the Middle East to inject urgency into efforts to broker a Gaza ceasefire deal, but departed the region on Tuesday with an agreement between Israel and Hamas still elusive. Blinken and mediators from Egypt and Qatar have pinned their hopes on a U.S. "bridging proposal" aimed at narrowing the gaps between the two sides in the 10-month-old war, after negotiations last week paused without a breakthrough.

  • What has happened to Saudi Pro League’s big spending?

    "It has been a relatively quiet summer across global football," Simon Chadwick, professor of sport and geopolitical economy at Skema Business School in Paris, told BBC Sport. Chadwick attributes it to "a combination of harsh economic conditions, the late finishing of continental national team tournaments, and clubs across various territories trying to navigate local financial regulations".

  • Saudi’s Bahri and Marinakis’ Capital Maritime sign mega VLCC deal

    The National Shipping Company of Saudi Arabia (Bahri) announced today it has finalised a purchase agreement with Evangelos Marinakis-backed Capital Maritime and Trading, to acquire nine very large crude carriers (VLCCs) for a total of US$1Bn. Most of the VLCCs were built in South Korea and have an average age of 5.9 years. These vessels are fitted with scrubbers and equipped with advanced energy efficiency and low-emissions technologies to minimise environmental impact. Each VLCC has an average deadweight tonnage of approximately 311,500.

  • Saudi Arabia’s literary renaissance captivates local and international audiences

    “Saudi literature has witnessed significant acceleration over the past decade, particularly during the period when culture and its literary derivatives became one of the key objectives of Vision 2030,” said Ibraheem Al-Sinan, head of editorial at Raff Publishing. He added: “This newfound openness to knowledge and literature, spurred by various initiatives, competitions and activities, has enabled young people to make significant leaps in literary production. What once took decades to learn, the youth now accomplish in just a few years.”

  • S&P Global Ratings discusses Saudi-China ties and renminbi-based oil trade – Video

    Charles Chang of S&P Global Ratings outlines the factors to keep in mind.