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GE secures $1b contract to produce gas and steam turbines to power more than 500,000 homes in Saudi Arabia
- January 4,2016
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- SUSTG Team
GE has been awarded what the company called a “landmark contract” with Saudi Arabia valued at nearly US$1 billion for the engineering, construction and provision of gas turbine services for the Waad Al Shamal combined cycle power plant of Saudi Electricity Company (SEC). The plant, scheduled for completion in 4 years, will support the phosphate mining […]
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An ‘Islamic NATO?’ Recently Formed Defense Coalition Faces Challenges in Fighting Extremism
- December 22,2015
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- SUSTG Team
Writing in Al Monitor, Washington-based analyst Fahad Nazer comments that Saudi Arabia may be aiming to form an Islamic NATO of sorts, in part because of the turmoil and instability surrounding the Kingdom from virtually all sides. Saudi Arabia’s government sees a more active foreign policy as essential, especially in the absence of a physical American presence in the region. “For much of […]
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McKinsey & Company Publishes 165-Page Analysis of ‘Saudi Arabia Beyond Oil’
- December 16,2015
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- SUSTG Team
McKinsey & Company, the top-tier global consulting firm with offices in Riyadh and across the Middle East, published an in-depth report on the Saudi Economy and the opportunities for the Kingdom beyond oil. The report, produced by the McKinsey Global Institute (MGI) and available on McKinsey’s website to the public (executive summary here, full report […]
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New Saudi Ambassador to United States HH Abdullah Al-Saud Addresses U.S. Business Community at First Public Event
- December 14,2015
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- SUSTG Team
HH Prince Abdullah Al Saud, Saudi Arabia’s new ambassador to the United States, gave his first public remarks as ambassador to the U.S. business community on Friday at an event at the U.S Chamber of Commerce, co-hosted by the U.S. Chamber of Commerce, the Council of Saudi Chambers of Commerce, the Saudi Committee for International […]
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Syrian Rebels Summit As Riyadh Eyes Political Solution
- December 9,2015
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- SUSTG Team
Rebel factions in Syria’s bloody 4-year civil war meet in Saudi Arabia this week for a conference as Riyadh looks for a political solution to the crisis. Around 100 representatives of the Syrian opposition representing 70,000 “moderate rebels” in the fight held the first meeting of its kind in the Saudi capital. Western nations have observer status at […]
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State Sovereign Wealth Funds Pull Out ‘At Least $19bn’ in Assets from Managers in 3Q 2015
- December 7,2015
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- SUSTG Team
Sovereign Wealth Funds are drawing down on their assets held by managers at an alarming rate, with estimates from some providers putting the amount at $19bn in the third quarter of this year alone, according to reports. A Financial Times report (link here to the same story in CNBC) cites the data provider eVestment as saying the drawdown […]
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Jadwa Investment: A ‘Mixed Picture’ for Domestic Economic Activity in October 2015 Data
- December 2,2015
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- SUSTG Team
Riyadh-based Jadwa Investment’s December 2015 Saudi Chartbook finds a ‘mixed picture’ for Saudi domestic economic activity. While data on consumer spending pointed to healthy growth, PMI fell to its lowest point on record. The Data also show the first positive net monthly change to government accounts with SAMA: Real Economy: October data showed a mixed picture for domestic […]
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Saudi Forces Train to Fight in Rugged Mountain Terrain as War in Yemen Continues
- November 19,2015
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- SUSTG Team
Military personnel from Saudi Arabia were photographed by the official Saudi Press Agency (SPA) training in remote mountain terrain as the battle against the Houthi rebels in Yemen continues. Victory has remained elusive for the Saudi-led coalition fighting in Yemen, but steady gains on the back of coalition airstrikes have turned the tide in the […]
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Saudi Shoura Council Approves Tax on Vacant ‘White Properties’ in Saudi Arabia
- November 17,2015
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- SUSTG Team
Saudi Arabia’s Shoura Council has approved a plan to tax landowners on vacant properties following an earlier Saudi Cabinet decision to pursue a tax on so-called ‘white properties.’ The plan was approved by Saudi Arabia’s King Salman in March and the issue was sent to the Shoura council to be voted upon. It still awaits […]
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KAUST Announces New Partnership with Dow, Launches Venture Capital Fund with ICD
- November 13,2015
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- SUSTG Team
Saudi Arabia’s King Abdullah University of Science and Technology (KAUST) announced two new partnerships this week, including a R&D agreement with Dow Chemical and the creation of a venture capital fund with the Islamic Corporation for the Development of the Private Sector (ICD). The university’s campus is now the future home of the new Dow Middle East […]
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Israel fails to meet US aid demands to ease Gaza catastrophe, aid groups say
International aid groups said that Israel had failed to meet a series of U.S. demands intended to improve the humanitarian crisis in Gaza by a Tuesday deadline. The United States told its ally Israel in a letter on Oct. 13 that it must take steps to improve the aid situation in war-ravaged Gaza within 30 days. If not, it could face potential restrictions on U.S. military aid."Israel not only failed to meet the U.S. criteria
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COP29 Azerbaijan: ‘The world must pay up’, UN’s Guterres says
U.S. President-elect Donald Trump said on Monday he will appoint Republican former Congressman Lee Zeldin to head the Environmental Protection Agency. Zeldin often voted against legislation on green issues including a measure to stop oil companies from price gouging, "He will ensure fair and swift deregulatory decisions that will be enacted in a way to unleash the power of American businesses, while at the same time maintaining the highest environmental standards, including the cleanest air and water on the planet," Trump said in a post on his social media platform Truth Social.
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What a Donald Trump Victory Means for the Middle East
Expectations that Trump’s second term will see him renewing pressure on Iran over its nuclear program, push for an end to regional conflicts and Russia’s invasion of Ukraine will be welcomed in Gulf capitals. Trump's already indicated that one of his priorities would be to expand the Abraham Accords to include normalization of relations between Israel and Saudi Arabia. His transactional approach to foreign policy, the return of familiar faces from his previous administration, and expectations that pressure over human rights will come to an end will also be well received. But in other areas, the new administration's goals may clash with the interests of Gulf rulers. Plans for American 'energy dominance' could weigh on oil prices at a time when OPEC members are already constraining supply and losing market share.
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Saudi Arabia Needs to Build 115,000 Homes A Year to Hit Demand
Saudi Arabia will need to build 115,000 homes each year for the next six years to fulfill demand from a young population and hit ownership targets set by the oil-rich nation’s government, according to Knight Frank LLP. The kingdom’s government wants homeownership to reach 70% by 2030 from 63.7% at the end of 2023. The Saudi government’s target along with new household formation are helping drive much of the demand in a country where 45% of citizens are below 20 years old, according to the report. The kingdom’s Sakani program, which includes social housing, has 883,562 applications from people looking to buy homes with financing help through guarantees on mortgages below 520,000 riyals ($138,448). The kingdom’s population grew in Saudi at 1.8% annually compared with a global rate of 1.1% between 2010 and 2002, according to the World Bank.
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Arab, Muslim leaders meet in Saudi Arabia for talks on Gaza, Lebanon wars
The summit builds on the earlier Arab-Islamic summit held in Riyadh on Nov. 11, 2023, following the directives of King Salman and complementing the efforts of Crown Prince Mohammed bin Salman to address the dangerous and unprecedented developments in Gaza and the rest of Palestine. The foreign ministers of Saudi Arabia, Jordan, Egypt, Qatar, Turkiye, Indonesia, Nigeria, and Palestine, along with the secretaries-general of the Arab League and the Organization of Islamic Cooperation, aim to initiate immediate international action to halt the war on Gaza and achieve a lasting, comprehensive peace.
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US charges Iranian man in plot to kill Donald Trump
The United States charged an Iranian man on Friday in connection with an alleged plot ordered by Iran's elite Revolutionary Guards Corps to assassinate President-elect Donald Trump, the Department of Justice said. Farhad Shakeri informed law enforcement "that he was tasked on October 7, 2024, with providing a plan to kill" Trump, the department said in a statement. It said Shakeri told law enforcement he did not intend to formulate such a plan within the time frame directed by the IRGC.
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‘Change the Game’: Saudi Arabia Takes a Stride Into Women’s Tennis
Moving into tennis, Saudi Arabia recently hosted the Six Kings Slam, an exhibition showcasing the top men’s players. And it struck a three-year deal with the financially struggling WTA to bring its finals to Riyadh in part with the promise of awarding some $15 million in prize money this year. Those are the highest winnings in the history of women’s tennis, satisfying players’ demands for prize parity with men. “The Western world can keep reporting that our country is sportswashing, or whatever, but what matters is that my sisters and I can watch our favorite sports stars right here at home,” said Maryam al-Shammeri, who was in the crowd for the WTA final on Saturday night with her brother and two sisters.
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Preserving the Past, Building the Future: Saudi Arabia’s cultural heritage and business synergy
In the Quality of Life Program 2023 annual report, Saudi Crown Prince Mohammed bin Salman said that the Kingdom is striving to cultivate a deep sense of pride in the nation and actively contribute to global development and progress, across economic, environmental, cultural, and intellectual dimensions. The report further revealed that in 2023, the Ministry of Culture targeted 108,010 employees in the Saudi cultural sector, but recorded 216,878 workers during the year, reflecting an achievement rate of 201 percent.
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Saudi armed forces chief of staff in Iran for talks with officials
The chief of staff of Saudi Arabia's armed forces, Fayyad al-Ruwaili, visited Tehran on Sunday to meet with his Iranian counterpart and discuss defence ties, state media reported the Iranian Armed Forces General Staff as saying. The visit follows the election of Donald Trump, who will take office for a second term as U.S. President in January, and who has promised to bring peace to the Middle East.
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Iran’s president hails Saudi Arabia’s summit initiative in call with crown prince
Saudi Crown Prince and Prime Minister Mohammed bin Salman received on Sunday a phone call from Iran’s President Dr. Masoud Pezeshkian. During the call, the Iranian leader praised Saudi Arabia’s initiative to convene a joint Arab-Islamic follow-up summit to discuss the ongoing Israeli aggression on the Palestinian and Lebanese territories. He wished the summit a great success. The two leaders also reviewed the improvement of relations between the two countries and ways to further enhance them, the Saudi Press Agency reported.
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