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Recent stories from sustg
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Development on AMAALA Pushes Ahead as 300 Contracts Awarded Worth $1.6 Billion to Date
- September 12,2022
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- SUSTG Team
Saudi Arabia’s ultra-luxury tourism project AMAALA has broken ground and has $1.6 billion of contracts currently out to tender across 54 proposals, the project’s developer The Red Sea Development Company (TRSDC) revealed in a press statement.
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Aviation Plans Set to be Revealed at Saudi Arabia’s Future Airport Development Summit Set for November in Riyadh
- August 31,2022
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- SUSTG Team
Saudi Arabia is set to launch a new event, the Saudi Airport Exhibition, which organizers are billing as the largest dedicated event for airport development in Saudi Arabia.
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SAMA Licenses Two More Fintech Companies, Bringing Total to 38
- August 24,2022
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- SUSTG Team
The Saudi Central Bank, also known as the Saudi Arabian Monetary Agency (SAMA), announced on its website that it has granted permits to two companies to provide open banking solutions, bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38.
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President Biden Concludes Trip to Saudi Arabia with Agreements to Cooperate on Range of Issues
- July 18,2022
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- SUSTG Team
President Biden concluded his trip to Saudi Arabia with a renewed partnership with the Kingdom, pledging to work together with Saudi leadership to achieve shared goals on a number of diplomatic, energy, and trade issues.
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Dr. Sean Foley joins The 966 to talk about a changing Saudi culture, art in the Kingdom and more, and looking ahead to Biden’s visit
- July 15,2022
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- SUSTG Team
In Episode 52, Dr. Sean Foley, professor at MTSU and author of the book Changing Saudi Arabia: Art, Culture, and Society in the Kingdom, joins The 966. Dr. Foley specializes in Middle East history and the cultural, political, and religious trends in the wider Islamic World.
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Report: Announcement on Steps Toward Normalization of Saudi-Israel Relations Expected during President Biden’s Visit to Saudi Arabia
- July 14,2022
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- SUSTG Team
Steps toward normalizing relations between Saudi Arabia and Israel are expected to be announced over the weekend after President Biden meets in Jeddah with Saudi King Salman and Crown Prince Mohammed bin Salman, according to a report in Axios, citing three Israeli officials.
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Report: U.S. Justice Department Investigating PGA Tour in Fight With Saudi-Backed LIV Golf
- July 12,2022
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- SUSTG Team
The Department of Justice is investigating whether the PGA Tour engaged in anticompetitive behavior as it battles the upstart, Saudi-backed LIV Golf circuit, the PGA Tour confirmed to The Wall Street Journal.
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Raghad Fathaddin joins The 966; Oil’s price and Saudi spare production capacity, the new ‘Motawif’ app, and more…
- July 1,2022
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- SUSTG Team
In episode 50, The 966 talks with Raghad Fathaddin, communications analyst for PepsiCo based in Riyadh, an entrepreneur and founder of Sangha “Estidama Hub”, a Y20 delegate and also a WIn fellow. Before that conversation, the hosts discuss a new app from Saudi Arabia that is changing the way people register for the Hajj pilgrimage, […]
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IMF Sees 7.6% GDP Growth for Saudi Arabia in 2022; Highlights Solid Indicators
- June 23,2022
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- SUSTG Team
The International Monetary Fund (IMF) has highlighted solid indicators for the Saudi economy, expecting a 7.6 percent overall GDP growth in 2022, according to a report. Non-oil growth will increase to 4.2 percent in 2022, with the current account surplus increasing to 17.4 percent of GDP in 2022.
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Arabian Business’ Announces ‘Most Influential Arabs 2022’
- June 9,2022
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- SUSTG Team
Regional publication Arabian Business has revamped its “Arab Power List” and is introducing the Most Influential Arabs 2022 to “celebrate and recognize the public sector figures, CEOs, founders and presidents, educationalists and financiers, healthcare leaders and entrepreneurs who are making a difference in the world.”
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MUST-READS
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Top Saudi Chemical Firm Beats Profit Estimate in Sign of Rebound
The results will provide some relief for an industry that’s struggled with demand concerns in recent quarters. Global behemoth BASF SE reported lower second-quarter earnings while specialty-chemicals maker Lanxess AG flagged improvements but cautioned that it doesn’t see a broader market recovery yet. Sabic had itself earlier this year warned about “considerable uncertainty.”
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Saudi Arabia’s flynas flies over 7 million passengers in H1 2024
Saudi Arabia-based low-cost carrier flynas welcomed more than seven million passengers on board its flights in the first half of 2024, a 47 percent growth. The airline also reported a 37 percent increase in seat capacity for domestic and international flights during the period, compared with the same period of 2023, days after announcing the landmark purchase of 160 Airbus aircraft.
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Back-to-Back Assassinations in Middle East Scramble Biden’s Hopes for Peace
But Mr. Biden’s team vowed on Wednesday not to give up. U.S. officials spent the day reaching out to officials in Israel, Lebanon, Iraq, Qatar, Egypt, Jordan and Saudi Arabia in hopes of keeping the spiral of violence from escalating beyond limited strikes and salvaging a possible cease-fire deal after the dust settles. A team of American negotiators pursuing a cease-fire just left Rome, and another team was heading to Cairo from Saudi Arabia to continue the effort.
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Bomb Smuggled Into Tehran Guesthouse Months Ago Killed Hamas Leader
The bomb had been hidden approximately two months ago in the guesthouse, according to five of the Middle Eastern officials. The guesthouse is run and protected by the Islamic Revolutionary Guards Corps and is part of a large compound, known as Neshat, in an upscale neighborhood of northern Tehran.
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Khalid Sheikh Mohammed, accused as the main plotter of 9/11, agrees to plead guilty
After spending almost two decades in the U.S. military prison at Guantánamo Bay, Cuba, the alleged mastermind of the 9/11 terror attacks, Khalid Shaikh Mohammed, and two of his accomplices have agreed to plead guilty in exchange for sentences of up to life in prison rather than face a death-penalty trial.
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As international dollars flow towards AI-powered startups, how has MENA been riding the wave?
Saudi Arabia-based Intelmatix, a deep tech B2B startup focused on empowering MENA businesses with AI for decision-making, has recently secured a $20M Series A funding round—one of the largest for a regional company of this type. This past week also saw Saudi-based SaaS provider Velents AI join the AI funding frenzy, raising an undisclosed sum from Women Collective to fuel its growth. And just last week, Aramco’s venture arm, Wa’ed Ventures, splashed $15M on South Korean chipmaker Rebellions Inc., marking its debut investment in South Korea following a $6.5M investment in California-based aiXplain. That was Wa’ed Ventures’ second AI deal in one week!
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The rise of solar energy in Saudi Arabia
The best way to understand their changing approach is to look at the speed at which things are changing. Between 2022 and early 2024, Saudi Arabia added 2.1 gigawatts (GW) of renewable power capacity, a 300% increase from the 700 megawatts (MW) that was created between 2012 and 2022. According to a study by GlobalData, if they continue at their current pace, they could reach 31.5 GW of renewable energy by 2030 and 63.1 GW by 2035.
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JBS to open new chicken nugget plant in Saudi Arabia
JBS, the world’s largest poultry producer, will open a new plant in Jeddah, Saudi Arabia, where the company will produce chicken nuggets. The Brazil-based company invested $50 million in the facility, which is expected to begin operations in November. When fully operational, the plant will employ about 500 people.
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Saudi Arabia’s foreign assets rise 5.5 percent to $467.5 billion in June 2024
Saudi Arabia’s foreign reserve assets increased by 5.5 percent in June 2024, reaching SAR1.754 trillion ($467.5 billion). This compares to SAR1.662 trillion ($442.98 billion) in the same month of 2023, according to official data. This represents the highest level since November 2022.
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Saudi budget deficit at $4.09 billion in Q2 2024, finance ministry says
Saudi Arabia’s budget deficit was 15.341 billion riyals ($4.09 billion) in the second quarter of 2024, the finance ministry said on Wednesday. Saudi oil revenues came in at 212.99 billion riyals in the same quarter, up 18 percent compared with the same quarter a year earlier, while expenditures were up 15 percent at 368.932 billion riyals, the ministry added.
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