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  • Five Saudi banks to finance cultural development fund

    Five Saudi banks have agreed to provide financing for a new arts fund managed by Saudi Arabia’s Cultural Development Fund, which has been leading government support for the arts since 2021.  The agreement with Al-Rajhi Bank, Alinma Bank, Banque Saudi Fransi, Arab National Bank and Bank Aljazira will provide support to private sector projects in the 16 areas covered by the fund, which include architecture, museums, film, fashion, music and poetry.

  • Egypt and Saudi Arabia accelerate $1.8 billion electricity interconnector project

    The first phase is slated to begin in July 2025, and the entire project is anticipated to be fully operational by early 2026. At an estimated cost of $1.8 billion, this project represents a major investment in regional energy cooperation.

  • Amiantit’s East Gas files to list 20% of shares on Nomu

    Saudi Arabian Amiantit Co. and Saudi Paper Manufacturing Co. announced receiving a letter from East Gas Co. on May 19, about applying to the Capital Market Authority (CMA) for a direct listing on the Nomu -Parallel Market.  The file was submitted by East Gas financial advisor, Arbah Capital Co. In separate statements to Tadawul, the two companies said the procedure and any material developments will be announced in due course.

  • 10 Saudi Players to Watch in 2024-25 RSL

    The dawn of a new season brings with it fresh excitement about the fresh additions to the Roshn Saudi League, names that will provide hours of entertainment across the next 34 rounds of action. Equally as entertaining, however, are the household stars already within the league that have set the benchmark for some time now, or perhaps have only emerged, standing above as the best Saudi players in the RSL. A mix of experienced and youthfulness, here are 10 Saudi Arabians to keep an eye out for as the 2024-25 season kicks into gear on Thursday.

  • KAUST and Saudi Red Sea Authority to collaborate on conservation research

    The King Abdullah University of Science and Technology (KAUST) has signed a Memorandum of Understanding (MoU) with Saudi Red Sea Authority (SRSA) to explore avenues of cooperation in biodiversity sustainability, support for marine environment protection initiatives and assess the impact of coastal tourism activities on the Red Sea. The MoU also aims to leverage their combined capabilities and expertise to achieve mutual benefits.

  • Saudi Arabia’s National Water Company constructs 3 reservoirs in Riyadh

    The National Water Company (NWC) announced that it has recently completed the construction and operation of a number of water reservoirs to support the daily water supply in Diriyah Governorate and Hattin and Al Nakheel districts north of Riyadh. The total cost is more than 43 million Saudi Riyals ($11.4 million) as part of Phase 1 of the Strategic Water Plan in Riyadh.

  • Saudi Arabia: Introduction of the New Investment Law

    The Investment Law aims to further Vision 2030 by facilitating the diversification of Saudi's economy and enhancing its competitiveness as a global investment hub. The law was drafted after conducting a thorough study with a detailed research methodology/ benchmarking exercise to consolidate best international practices. (Benchmark jurisdictions included Indonesia, Singapore, Germany, the U.A.E., Turkey, and the U.S.A.) The Investment Law will come into force 180 days after its publication in the Official Gazette and its implementing regulations will be issued within the same period.

  • Saudi Arabia’s profits from oil exports plunge as kingdom tightens purse strings

    Saudi Arabia’s revenue from oil exports have plummeted to a three-year low, testing the kingdom’s ability to support oil prices by choking supply. Saudi Arabia earned just $17.7bn from oil sales abroad in June, according to government data, or nine percent less than it did at the same time last year, and 12 percent less than in May. Bloomberg reported in July that Saudi Arabia exported about 5.6 million barrels of oil a day in June, just 250,000 barrels more than it was exporting during the start of the Covid-19 pandemic when global travel and oil demand crashed.

  • MISA: 184 foreign companies move regional HQ to Saudi Arabia during first half of 2024

    A total of 57 companies secured investment licenses to move their regional headquarters to the Kingdom during the second quarter of this year, and this records a growth rate of 84 percent compared to the same period in 2023. This is in addition to 127 licenses issued in the first quarter of 2024 and thus bringing the total number of licenses issued in the first half of the year to about 184 licenses, according to the “Saudi Economy and Investment Monitor” report for the second quarter of 2024, released by MISA.

  • GASTAT: Saudi non-oil exports jump 10.5 percent in Q2 2024

    Saudi Arabia’s non-oil exports recorded an increase of 10.5 percent during the second quarter of 2024 compared to the same period during the year 2023, according to a report of the General Authority for Statistics (GASTAT). The International Trade Publication for the second quarter of 2024, released by GASTAT on Thursday, showed that the national non-oil exports, excluding re-exports, increased by 1.4 percent while the value of re-exported goods shot up by 39.1 percent.