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Saudi Arabia’s Fiscal Balance Program (FBP) 2020: The Kingdom’s Path to Fiscal Sustainability
- March 1,2017
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- SUSTG Team
Fiscal reforms already underway in Saudi Arabia could save the Kingdom as much as SR362 billion ($97 billion) annually by 2020, leading to a surplus of SR162 billion ($43 billion) annually, according to a recent analysis by Jadwa Investment. That amount is a significant increase as compared to if nothing was done to address Saudi Arabia’s fiscal […]
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Saudi Arabia Gains ‘Upper Hand’ in Competition for Asia Energy Demand with Massive $7b Aramco-Petronas Deal
- February 28,2017
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- SUSTG Team
Oil giant Saudi Aramco signed a $7 billion deal Tuesday to take a 50 percent stake in a mega Malaysian oil refinery project, in a pact expected to help Saudi Arabia increase trade in Southeast Asia and give the Kingdom an “upper hand” in the supply competition for Asia’s energy demand, according to reports. Saudi […]
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Saudi Arabia Makes Diplomatic Push to Warm Ties with Iraq
- February 27,2017
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- SUSTG Team
Saudi Arabia’s Foreign Minister Adel Al-Jubeir made a surprise trip to Iraq on Saturday, the first trip there by a Saudi foreign minister since 1990. While in Baghdad, Al-Jubeir met with Iraqi Prime Minister Haider Al-Abadi and his counterpart, Ibrahim Al-Jaafari. Al-Jubeir said that Saudi Arabia plans to appoint a new ambassador and resume direct flights […]
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Petrochemicals Sector in Saudi Arabia Remains Vital for Vision 2030 Aims
- February 20,2017
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- SUSTG Team
The Petrochemicals sector in Saudi Arabia makes up 60% of the Kingdom’s non-oil exports and remains vital to the Kingdom’s Vision 2030 aims, according to a recent study on the sector released by Jadwa Investment. The sector’s prominence in the non-oil economy means it has been identified by both the National Transformation Program (NTP) 2020 and […]
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“Ken of Arabia” Lands Moelis and Co. as Lead Advisor for Saudi Aramco IPO
- February 9,2017
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- SUSTG Team
Saudi Aramco has chosen New York-based boutique investment bank Moelis & Co as an adviser on its plans for what is expected to be the world’s biggest initial public share offer, Reuters reports. Moelis & Co secured the role of lead independent adviser. The selection is set to move the small newcomer, and its CEO, […]
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Raw Video Emerges of Houthi Attack on Saudi Frigate as U.S. Sends Destroyer to Red Sea
- February 7,2017
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- SUSTG Team
Raw video has emerged online of a Houthi attack on a Saudi frigate that damaged the ship and drew the condemnation of Saudi Arabia and its allies. Suicide boats belonging to the Houthi militias from Yemen struck the Saudi frigate off Hodeida port in the Red Sea. Two crew members were killed and three were […]
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Saudi Restarts Renewable Energy Investment Plans with up to $50b in Solar, Wind by 2023
- February 3,2017
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- SUSTG Team
Saudi Arabia appears to be re-starting its efforts to expand renewable energy projects to meet growing domestic power needs with up to $50b invested through 2023, according to reports and comments by the Kingdom’s energy and industry minister Khalid al-Falih. The projects, part of the National Renewable Energy Plan (NREP) will be managed under a […]
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Jeddah Cell Connected to ISIS Busted after Two Saudis Blow Themselves Up During Raid
- January 25,2017
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- SUSTG Team
Saudi Arabia has busted a large terror cell after two Saudis blew themselves up during a gun battle in Jeddah, the Kingdom’s second-largest city. In addition to the two dead, 16 suspected terrorists have been arrested, including three Saudis and 13 Pakistani nationals, according to the Saudi Gazette. The Kingdom has also named the two […]
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Saudi Arabia May Cancel $20b in Projects to Cut Costs, Hires PwC
- January 9,2017
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- SUSTG Team
Saudi Arabia is reportedly working with accounting and consulting firm PricewaterhouseCoopers (PwC) on plans to cancel up to $20 billion of projects as the Kingdom continues to seek ways to cut costs as part of economic reforms, Bloomberg reports. The Ministry of Economy and Planning has appointed PwC to review $69 billion of government contracts and aims […]
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Saudi 2017 Budget Will Seek to Reduce Deficit, Create Surplus by 2020
- December 22,2016
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- SUSTG Team
Saudi Arabia’s government will reportedly unveil a plan to balance its high deficit and work to achieve a surplus in 2020, according to a senior government official with knowledge of the matter as quoted in Bloomberg. The plan was devised by the powerful Council on Economic and Development Affairs (CEDA), which is chaired by Deputy Crown Prince […]
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Gulf Cup SoccerGulf Cup: Saudi Arabia top group after 1-0 win over Yemen
The result sees the Green Falcons qualify top of their group on seven points, four points clear of second-placed Qatar, who recorded their third successive point in a goalless draw with Bahrain in a match held simultaneously the Prince Faisal Bin Fahd Stadium.
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YemenWhy the US Is Losing Yemen
“The Yemeni government is under enormous pressure from multiple fronts,” he said. “And we’re in danger of losing a key partner in our counter-terrorism allies.” It was not the statement itself that was surprising for those who have been paying attention to events in Yemen. Rather, it was a rare admission from a U.S. official that things weren’t going well in the country, which the Obama administration has cast as a key success story in the battle against al-Qaeda. President Obama in September used U.S. counterterrorism strategy in Yemen as a success story worthy of emulation elsewhere, as he laid out his strategy to combat the Islamic State, or ISIS or ISIL.
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YemenHouthi Rise in Yemen Puts Saudi Arabia, Iran on Crash Course
The situation is more complex than a simple Shiite-Sunni divide. Earlier this week, the U.S. imposed sanctions on former president Ali Abdullah Saleh, who lost power in 2012, during Yemen’s version of the Arab Spring. The Treasury Department accused Saleh of supporting the Houthis, whose leaders it also sanctioned. Not only are the U.S. and Saudi Arabia troubled by what the rise of a Shiite-dominated, Iran-backed force in Yemen portends, so is al-Qaida, which has already escalated its attacks in Yemen. Al-Qaida in the Arabian Peninsula (AQAP) has declared war on the Shiite rebels and has launched suicide missions in Sanaa, while at the same time attempting to kill U.S. diplomats.
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YemenUS drone strike kills 7 terrorists in southern Yemen
The US reportedly killed seven al Qaeda in the Arabian Peninsula (AQAP) fighters in a drone strike early this morning in the southern Yemeni province of Shabwa. The strike took place in the Azzan region of the province, located about 80 kilometers from the coast and long considered an AQAP stronghold in the country.
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YemenUS plans for possible evacuation of embassy in Yemen
The U.S. military is updating plans to potentially evacuate U.S. Embassy personnel from Yemen in the wake of rising violence and uncertainty about the security situation in that country, CNN has learned. Any military involvement in an evacuation would come only after the U.S. ambassador requests help, something which has not yet happened. However, this week, defense and State Department officials confirmed there have been a series of conversations between the Pentagon and State Department about how long U.S. diplomats can safely stay in Yemen.
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YemenAQAP continues escalation of attacks in Yemen, targets US ambassador
Despite a Nov. 7 announcement that a new inclusive Yemeni cabinet was formed in an effort to defuse the ongoing political stalemate in the country, there has been no indication of a deescalation of terrorist activity by al Qaeda in the Arabian Peninsula (AQAP).
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Conflict in YemenIran, Saudi Arabia jockey for power in Yemen
The most important platform for Iran and Saudi Arabia is not on the religious or economic level, but rather the military level on the ground. Tehran has a quasi-absolute influence on the political regimes in Iraq and Syria, as well as a strong ally in Lebanon, represented by Hezbollah. The Iranian president’s adviser, Ali Akbar Velayati, publicly announced his country’s support for the Houthis, as well as the fact that Ansar Allah’s role in Yemen resembles that of Hezbollah’s role in Lebanon. These challenges to the local Yemeni scene, in addition to the regional Saudi-Iran conflict, will limit Saudi Arabia’s options in Yemen in the near future. Saudi Arabia is still relying on its traditional tribal allies in Yemen, as well as weakening Iran regionally and defeating it in Syria, rather than trying to intervene directly in Yemen. This is happening in light of Saudi Arabia’s fight against IS, which represents a bigger threat to Saudi security than the challenges that Yemen is facing.
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YemenAl-Qaeda kills 30 Shi’ite rebels in central Yemen: tribal sources
The northern-based Shi'ite Houthi established themselves as power brokers in Yemen last month by capturing Sanaa against scant resistance from the weak administration of President Abd-Rabbu Mansour Hadi, who appears not to have a full grip on the country's fractious military. Houthi forces have since advanced into central Yemen and taken on Sunni tribesmen and al Qaeda militants, who regard the Houthis as heretics. Fighting has flared in several provinces, alarming neighbor Saudi Arabia, the world's No. 1 oil exporter.
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YemenUnhappy Yemen
Yemen had a flirtation with pluralism in the 1990s, but it fell prey to the same problems Yemen has had for much of the last century: poor infrastructure and communications, a weak educational system, spiraling population growth, not enough money, and not enough jobs. Yemen’s moderately-sized oil and gas reserves fed into patronage rather than progress, and insurgencies in the north and south gathered steam.
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Houthis and YemenBeyond the Houthi Takeover of Yemen
For now, the Houthis’ main opposition is Al Qaeda. What began as a tribal quarrel for revenge and the return of ideology, has quickly gained sectarian elements. On Oct. 9, Al Qaeda detonated a suicide bomb just before a Houthi rally in Tahrir Square, at the very center of Sana’a. The explosion killed 47 people and injured hundreds more. In their statement that claimed responsibility for the attack, Al Qaeda leaders promised “hundreds more bombs” in the future.
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