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Recent stories from sustg

  • Google on a Camel
     

    Google’s Street View has provided 360-degree views of locations around the globe since 2007.   Street View cameras have been deployed on boats, underwater and now, Raffia, a 10-year old camel. Writing for The National, Lindsay Carroll reports on Raffia’s walk in the desert around the Liwa Oasis carrying a specialized camera. The Liwa Desert […]

     
  • Saudi Aramco: Not Your Ordinary NOC
     

    Last month Saudi Aramco opened a 50,000 square foot, state-of-the-art research center in Houston that Saudi Aramco President and CEO, Khalid Al-Falih called, “an upstream research center like no other.”  It will be an extension of Saudi Aramco’s Exploration and Petroleum Engineering Center’s Advanced Research Center (EXPEC ARC) and it’s Research and Development Center both […]

     
  • Central bank’s record reserves ‘show strength of Saudi economy’
     

    The Saudi Arabian Monetary Agency (SAMA)’s reserve assets soared to another historic level in August, official data show, to over $757.3 billion. The jump in August, an increase of $10.4 billion, shows the strength of the Saudi economy, Asharq Alawsat reports, citing economist Abdulaziz Al-Fahad. Asharq Alawsat: “SAMA itself attributed the rise in reserves to […]

     
  • Lockheed, Raytheon Sell ‘Worlds Most Advanced’ Patriot Missile System to Saudi Arabia for $1.7b
     

    U.S. defense contractors Lockheed Martin and Raytheon are the lead contractors in the proposed $1.7b sale of the Patriot Advanced Capability-3 (PAC-3) Missile system to Saudi Arabia, following a request for approval by the Pentagon.  The development is the latest in recent weeks indicating a strengthening of U.S.-Saudi ties as the two countries coordinate security efforts to counter […]

     
  • Why MNCs Must Localize their Saudi Business
     

    Saudi Arabia is one of Europe, Middle East and Africa’s (EMEA) top emerging markets, but it is on an unsustainable growth path that threatens long-term prosperity. In addressing this problem through economic diversification, the government will increasingly push multi-national corporations (MNC) to localize their presence or risk being shut out of the market. Success for […]

     
  • In First Weekly for Ashmore, Sfakianakis Highlights ‘Wall Street’s Retreat from EM Market-Making’
     

    In his first weekly for the London-based Ashmore Investments, John Sfakianakis and co-author Jan Dehn write that emerging markets are playing a larger role in international finance, and recent political and economic developments around the globe “illustrate Wall Street’s decline as market-maker for Emerging Markets (EM) assets.”   The full analysis, available here and used by […]

     
  • Saudi Arabia’s Energy Pivot to Asia ‘May Result in Lower Crude Prices’, Analyst Predicts
     

    Saudi Arabia is starting to focus more on Asian destinations for its crude, which may result in lower costs to the region, writes Clyde Russell in a Reuters analysis. “The Saudis aren’t exactly retreating from the North American and European markets, but they seem to have read in the tea leaves the trend that physical […]

     
  • John Sfakianakis Hired by London-Based Ashmore Group PLC to Lead Middle East Expansion – Report
     

    Bloomberg’s Matthew Martin reports that veteran banker John Sfakianakis has been hired by UK-based Ashmore Group PLC to head expansion into the Kingdom ahead of Saudi Arabia’s market opening. According to the report, citing unnamed sources, Sfakianakis will be director for the GCC for Ashmore. Sfakianakis is a frequent contributor to SUSTG.com. 

     
  • US Training Teams Arrive in Saudi Arabia As Brass Praise Arab ‘Professionalism’ in Coordinated Strikes
     

    US Secretary of Defense Chuck Hagel and Chairman of the Joint Chiefs of Staff, Army Gen. Martin E. Dempsey announced at a joint press conference that U.S. trainers have arrived in Saudi Arabia to assist in the development of moderate Syrian rebels, the Voice of America reports.  “Opposition fighters are being vetted by U.S. military, […]

     
  • Saudi Arabia’s Latest Record: The World’s Tallest Flagpole
     

    Move over, Tajikistan: Saudi Arabia now has the world’s tallest flagpole. In Jeddah this week, Makkah Governor Prince Mishaal bin Majed presided over the unfurling of Saudi Arabia’s national flag on the world’s tallest flagpole – a new Guinness World Record for the Kingdom.  Soaring over nearby high rises, the flagpole can be seen for miles […]

     

MUST-READS

  • U.S.-Saudi Defense Cooperation: Next Steps

    Even if an Israeli-Saudi normalization deal proves unattainable for now, Washington and Riyadh should still seek ways to enhance military and defense cooperation in order to advance common interests and prepare for future security challenges.

  • Saudi Arabia announces new fee rules on customs services

    On 6 September 2024, the Board of Directors of the Zakat, Tax and Customs Authority (ZATCA) issued Resolution No. (03-03-24) dated 18/10/1445 AH (Resolution) regarding the new fee structure for customs services. On the same day, the ZATCA announced the issuance of the Resolution on its website. The new fee structure includes waiving export customs service fees and introducing a new mechanism for calculating import customs service fees with minimum and maximum fee caps, in addition to a special provision for e-commerce.

  • Zamil Industrial’s H1-24 accumulated losses hit 16.5% of capital; revenues cross $693mln

    Zamil Industrial Investment Company logged net profits amounting to SAR 11.52 million in the first half (H1) of 2024, against net losses of SAR 197.90 million in H1-23. The group registered revenues valued at SAR 2.63 billion in H1-24, higher by 21.49% year-on-year (YoY) than SAR 2.16 billion, according to the financial results. Earnings per share (EPS) hit SAR 0.19 in the first six months (6M) of 2024, versus a loss per share of SAR 3.30 in H1-23.

  • The Economic Impact of Generative AI Use: The Future of Work in the Kingdom of Saudi Arabia

    This study estimates that using generative AI to transform the way work is currently done in the Saudi private sector economy, excluding government agencies, can potentially unlock USD133.6 billion of productive capacity, equivalent to the size of its manufacturing industry. This estimate does not specify a timeframe for achieving this uplift but illustrates the potential gains for the economy should full adoption be achieved.

  • Saudi Arabia claims qualifying win over China at Asia World Cup

    Australia endured another disappointing evening in Asia’s World Cup qualifying on Tuesday as Graham Arnold’s side were held to a 0-0 draw by hosts Indonesia while Saudi Arabia claimed a late 2-1 win over China. Hassan Kadish’s 90th minute header earned victory for the 10-man Saudis, who moved onto four points from their opening two games in Group C of the third phase of qualifying

  • Saudi Arabia among top global investment destinations, says Al-Falih

    He explained that convincing international investors to invest their money in Saudi Arabia was not difficult, as investors were looking for a destination that offers several key factors, such as political and economic stability, predictability, a long-term vision, abundant opportunities, a strategic location and presence of local investors. Almost 87% of the 1,000 Vision 2030 initiatives have been implemented or are nearing completion. Saudi Arabia included more goals after completing the initial ones.

  • Microsoft and partners to generate $24 billion in Saudi Arabia over next four years, says IDC study

    Microsoft, along with its partners and cloud-utilizing customers, is projected to generate approximately $24 billion in additional revenue above the 2022 figures over the next four years, according to a recent study from IDC. The same research indicates that by 2026, Microsoft’s partner ecosystem will earn roughly $8 for every $1 of revenue generated by Microsoft’s cloud services. This presents significant opportunities for partners in the Kingdom to enhance their revenues, increase local content contributions, and expand their customer bases.

  • Saudi proptech HissaTech raises $670,000 pre-Seed

    Saudi PropTech startup HissaTech has announced raising $667,000 in a pre-seed funding round led by angel investors. The company aims to boost real estate investment in Saudi Arabia by enhancing its digital platform, which simplifies access to income-generating properties.

  • Saudi nationwide initiative to replace old ACs

    A Saudi government agency has launched a nationwide initiative to replace old air conditioners with new ones with the aim of boosting energy efficiency and cutting household consumption. Dubbed “Estbdal” (Replacement), the initiative is undertaken by the Saudi Energy Efficiency Centre in collaboration with other competent government bodies. More than 30 retailers, 350 showrooms and four Saudi plants are joining too.

  • Saudi liquidity reaches $770bln by end of Q2

    The current level, with a growth of SR238,150 million, is the highest, compared to the same period in 2023, when it amounted to SR2,660,556 million. The liquidity levels reflect the money supply in its broad and comprehensive concept (M3), according to data provided by the monthly bulletin of the Saudi Central Bank for July 2024.