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  • 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.

  • Saudi culture ministry to honor scholarship graduates

    The Ministry of Culture will hold a ceremony on Thursday to honor graduates of the Cultural Scholarship Program, which offers high-quality education in cultural and arts disciplines at prestigious international universities. Under the patronage of Minister of Culture Prince Badr bin Abdullah bin Farhan, the ceremony will celebrate the graduates’ achievements and contributions in their fields. The event will also show the program’s impact on nurturing cultural talent and advancing the cultural sector, the Saudi Press Agency reported.

  • MENA’s Magnetic Pull: Are Foreign Investors Coming Back?

    UAE and Saudi Arabia are the go-to destinations for international investors in MENA, no doubt due to their well-established and relatively mature VC ecosystems. In H1 2024 alone, a whopping 80% of international investors in MENA flocked to these two giants, with the UAE capturing the lion’s share. Both countries boast key attractions such as political stability, economic growth, government support, clear regulations, and enticing tax incentives. The UAE in particular has positioned itself as the tech hub of MENA, making it a magnet for global investors.

  • Airlines fly over Afghanistan as Middle East becomes the greater risk

    Singapore Airlines, British Airways (ICAG.L), opens new tab and Lufthansa (LHAG.DE), opens new tab have increased their flights over Afghanistan after years of largely avoiding it now the Middle East conflict has made it seem a relatively safe option. The carriers mostly stopped transiting Afghanistan, which lies on major routes between Asia and Europe, three years ago when the Taliban took over and air traffic control services stopped.

  • Climate change, security take top billing as Pacific Island leaders prepare to meet

    Climate change and security will dominate discussions at next week's meeting of Pacific Islands leaders in Tonga as China and the United States jostle for influence in the region. The chairman of the Pacific Islands Forum, Cook Islands Prime Minister Mark Brown, told foreign ministers from the 18 member nations this month "regional solidarity amidst the ever-increasing geostrategic interest, navigating the ongoing climate crisis and managing emerging challenges" are top priorities.

  • 59% of Saudi family businesses have no succession plan: CEO of NCFB

    The regions of Qassim and Riyadh lead in the presence of family businesses in Saudi Arabia, constituting 95% of the active commercial establishments and employ 57% of the private sector's workforce, accounting for 48% of the total workforce in Saudi Arabia, Al-Eqtisadiah newspaper reported. Moreover, 69% of family businesses are concentrated in Riyadh, Makkah, and the Eastern Province, which is a natural reflection of the economic activity in Saudi Arabia.

  • Saudi Arabia’s economy set to grow in second half of 2024

    Saudi Arabia’s economic growth is anticipated to recover in the latter half of 2024, as per research firm CreditSights. The kingdom’s GDP is projected to increase by 1.7% in 2024, with a further acceleration to 4.7% in 2025. This follows a 0.4% contraction in the second quarter of 2024, after a 0.8% contraction in 2023 and a 7.5% expansion in 2022.