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Future Mega-City NEOM in Saudi Arabia Receives First High-Profile Holiday Visitor: King Salman
- July 31,2018
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- SUSTG Team
Saudi Arabia’s King Salman arrived yesterday for a holiday in NEOM, the $500 billion future city in the remote northwest corner of the Kingdom near Egypt. It is not known where or for how long the King will stay in NEOM, but according to Reuters, the first contracts awarded for the new city were for 5 […]
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Reports: Houthis Thwarted in Attack on Saudi Oil Tanker
- July 26,2018
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- SUSTG Team
Iran- backed Houthi rebels in Yemen were foiled in an attack in international waters on a Saudi oil tanker, the Saudi Gazette and major news services report. As a result of the “immediate intervention of the [Saudi-backed] Coalition’s fleet” the oil tanker only “sustained minimal damages” in the waters off of port city Hodeidah, the Saudi Press […]
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Report: Saudi Aramco Mulls Stake in SABIC
- July 18,2018
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- SUSTG Team
Saudi Aramco has invited banks to pitch for an advisory role on the potential acquisition of a strategic stake in Saudi Basic Industries Corp (SABIC), two sources with direct knowledge of the matter told Reuters. Riyadh-listed SABIC, the world’s number-four chemical firm, is 70 percent owned by the Public Investment Fund, Saudi Arabia’s top sovereign […]
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ACWA Power to Build 100MW Solar Project in South Africa Following Major Investment Announcements from Saudi, UAE
- July 16,2018
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- SUSTG Team
ACWA Power says it will begin construction this year on a 100MW solar energy plant in South Africa as Saudi Arabia and the UAE announced that the two countries will invest a combined $20 billion into the country, according to reports. The 100MW Redstone concentrated solar thermal power (CSP) plant, whose construction had initially been scheduled […]
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Exclusive: Engineering Giant Bechtel Launches New Women’s Empowerment Program in Saudi Arabia
- July 3,2018
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- SUSTG Team
Global engineering and procurement giant Bechtel Corporation will launch a new pioneering program for women’s empowerment in Saudi Arabia, set to be announced this month and rolled out this fall, SUSTG has learned. Working with Al Khaleej Training and Education organization, the program aims to increase women’s participation in the country’s workforce through training and […]
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Saudi Arabia Selected for MSCI Inclusion; Analysts Expect Significant Capital Inflows
- June 21,2018
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- SUSTG Team
Following years of effort by Saudi officials to increase transparency in its stock market, the Kingdom won inclusion into MSCI, Inc.’s highly sought-after emerging market index, expanding the asset class by as much as $600 billion for the Kingdom. The news, announced overnight in Saudi Arabia, was welcomed by Saudi officials and executives at the […]
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Saudi Ambassador to the United States Prince Khaled bin Salman Issues Statement on Hodaidah
- June 13,2018
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- SUSTG Team
Saudi Arabia’s ambassador to the United States HRH Prince Khaled bin Salman has issued a statement on Twitter concerning the recent moves by the Kingdom and its Arab allies on the port city of Hodaidah in Yemen, blasting the Iran-backed Houthi rebels for worsening the humanitarian situation in the war-torn country. Yesterday, Saudi Arabia and […]
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Nasdaq Dubai to Launch Futures Trading in Saudi Quoted Companies before End of Year
- May 21,2018
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- SUSTG Team
Nasdaq Dubai will launch futures trading in Saudi quoted companies “before the end of this year,” according to reports, marking the first time Saudi stocks can be traded in derivative form. The move will allow global investors to trade shares in Saudi Arabian listed companies via contracts to buy or sell shares at a set price in […]
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New Tax Gains Redistributed to Support Saudi Safety Net but Takes Toll on Balance Sheet, Report Says
- May 10,2018
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- SUSTG Team
New tax earnings for Saudi Arabia’s government were offset by expenditures toward programs comprising the Kingdom’s safety net for lower income citizens, according to a Bloomberg report which cited Ministry of Finance figures. The increase in the kingdom’s spending on wages and social benefits during the first quarter “exceeded what it accrued through higher taxes […]
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Oxford Business Group Survey of CEOs finds Confidence high in Saudi Arabia
- May 3,2018
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- SUSTG Team
Executives have welcomed signs that change is afoot in Saudi Arabia, although many are also keen for the pace of economic reforms to be accelerated, a new survey by the Oxford Business Group finds. As part of its second survey on the Kingdom, the global research and consultancy firm asked over 100 C-suite executives from […]
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Saudi Crown Prince and Canadian PM discuss over phone efforts to de-escalate regional tensions
Saudi Crown Prince and Prime Minister Mohammed bin Salman received a phone call from Canadian Prime Minister Justin Trudeau on Tuesday. During the call, the leaders emphasized the importance of supporting efforts to de-escalate tensions and achieve security, peace, and stability in the region. They discussed developments in Gaza and the occupied Palestinian territories, the latest updates from Syria, in addition to several other topics of mutual interest. The leaders also reviewed bilateral relations and discussed ways to enhance them in various fields.
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Saudi, Malaysian foreign ministers chair cooperation meeting in Riyadh
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan and his Malaysian counterpart chaired the first meeting of the Saudi-Malaysian Coordination Council in Riyadh on Tuesday. Following the meeting, Prince Faisal and Dato’ Seri Utama Hajji Mohamad bin Hajji Hasan, Malaysian minister of foreign affairs, signed a memorandum of understanding on mutual exemption from a short-stay visa for holders of diplomatic, private or official passports.
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Saudi Arabian low-fare carrier opens new Egypt route
Saudi Arabia’s low-fare carrier, flynas, has inaugurated a new route connecting Medina Prince Mohammad bin Abdulaziz Airport (MED) and Giza Airport (SPX) in Egypt. The new service will operate three times a week, offering travelers budget travel to Cairo, which is served by Giza. The airline says the route supports the goals of the Saudi national Civil Aviation Strategy, which aims to significantly increase passenger traffic and tourism to the Kingdom by 2030. The airline now connects five Saudi cities to various Egyptian destinations, including Cairo, Sohag, Sharm El-Sheikh, Hurghada, and El Alamein.
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PIF sets up company to develop Saudi hotel brands
Khalid Johar, co-head of local real estate portfolio at PIF, said: “The launch of Adeera comes at a pivotal time when Saudi Arabia is expanding its hospitality and tourism offerings. The company has the opportunity to grow the sector by introducing new hotel brands as the country is establishing itself as a major tourism destination. Adeera’s unique focus on Saudi culture and traditions will provide a distinctive edge.” Adeera has been described as “a national champion” that will build new world-class Saudi hotel brands across the sector, from mid-range to ultra-luxury, and create programmes to train Saudis in the hospitality sector.
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Saudi Arabia Launches Its First-Ever Cruise Ship in Jeddah
Saudi Arabia has officially launched its first-ever cruise ship, AROYA, at the Jeddah Islamic Port, marking a significant step in the Kingdom's growing cruise tourism sector. The new ship, introduced by Cruise Saudi, is set to boost the nation’s efforts to enhance its maritime tourism offerings and attract international travelers. The AROYA cruise ship features a state-of-the-art design with 19 decks and a total of 1,678 cabins and suites. The vessel can accommodate up to 3,362 passengers, making it one of the largest in the region.
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Top White House advisor travels to Middle East in last ditch push for a Gaza deal
White House national security adviser Jake Sullivan is expected to travel to Israel, Egypt and Qatar this week in a last ditch effort to reach a hostage-release and ceasefire in Gaza deal before President-elect Trump's inauguration in six weeks, two sources with knowledge of the trip told Axios.
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Gulf monarchies scramble in Syria as ghosts of the Arab Spring return
Gulf states who spent years trying to crush Islamic political movements viewed as a threat to their rule are now reconciling, potentially working with a government in Syria headed by Hay'at Tahrir al-Sham (HTS) that is backed by rival Turkey and courting the US. Saudi Arabia, the UAE and Egypt have been caught off guard by what one Egyptian diplomat characterised to Middle East Eye as the “quick rebranding” of HTS, a former al-Qaeda affiliate. The UAE has also been unnerved by the US’s manoeuvring to open backchannels of communication to HTS via Turkey, according to a senior western official.
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Saudi Arabia and international arbitration: modern and ambitious
The growth of new centers of international arbitration in areas of the world not historically associated with this form of cross-border dispute resolution has been a key trend in the evolution of international arbitration over the last 20-30 years. The Kingdom of Saudi Arabia (KSA) has emerged as a country to watch in an increasingly competitive global marketplace for arbitration work. This article discusses the key features of the 2023 Arbitration Rules of the Saudi Center for Commercial Arbitration (SCCA).
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Amid euphoria of Assad’s fall, anxiety about governing Syria
Photos from the Syrian capital Damascus on Tuesday showed the surreal scene of the intransigent Assad’s former ministers sitting at a huge table with representatives of the Turkish-backed Syrian rebel group, Hayat Tahrir al-Sham (HTS), that entered Damascus on Saturday and moved to form an interim government. Behind the HTS-appointed interim Prime Minister Mohamed al-Bashir stood two flags: the green, white and black Free Syrian flag of the broad anti-Assad coalition; and HTS’s white flag with black writing, that represented the jihadi rebel group that has run the northwestern Syrian city of Idlib the past several years.
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Parsons signs deal to improve Riyadh’s road network
US company Parsons Corporation has won a contract to manage the development of Riyadh’s road network, as the Saudi capital city gears up to host Expo 2030 and the Fifa World Cup 2034. The $53-million three-year contract was awarded by the Royal Commission for Riyadh City (RCRC) to the New York Stock Exchange-listed company, which will offer programme management office (PMO) services on the city’s main and ring roads programme. As part of the contract, Parsons will be the PMO for all new major road development programmes in Riyadh, providing overall management and control of construction activities. The programme includes 500km of new and improved road corridor works.
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