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Recent stories from sustg

  • Saudi Aramco, US Firm NOV Sign Deal for Onshore Oil Rigs, Equipment
     

    Saudi Aramco signed a deal with Houston-based National Oilwell Varco Inc. (NOV) to form a joint venture to make onshore rigs and equipment in Saudi Arabia, according to a press release by Aramco and reported in several news outlets. The Houston Chronicle reports the joint venture with Saudi Aramco is for “the manufacturing of land […]

     
  • Saudi Arabia’s Grain Organization will Privatize Four Mills as Reforms Reach More Sectors
     

    Saudi Arabia’s state grain buyer, the Saudi Arabian Grains Organization (SAGO), said on Thursday it would start accepting applications for qualification of potential investors interested in the sale of its four mills on Aug. 26 as the push toward privatization across several sectors in the Kingdom continues. Reuters reports that the agency “will also make […]

     
  • Potentially Lucrative Decision for Saudi Arabia on MSCI Inclusion Today
     

    Saudi Arabia will hear news regarding its inclusion into MSCI, Inc.’s highly sought-after emerging market index. The announcement is expected at 4:30pm today on the U.S. East coast, or 23:30 tonight in Riyadh. As Bloomberg writes, the Kingdom’s path toward potential inclusion in the index began three years ago with a concerted effort toward more transparent […]

     
  • Tough Start for Saudi Arabia Football at World Cup; Uruguay Next
     

    Host country Russia defeated Saudi Arabia 5-0 in a tough start for the Kingdom’s first World Cup bid in 12 years. Saudi Arabia’s Crown Prince Mohammed bin Salman watched the match alongside of Russia’s President Vladimir Putin, and video images of the two leaders reacting to the match have gone viral on social media sites. […]

     
  • Saudi Arabia Set to Launch $32 Billion Plan to Jumpstart Housing Market
     

    Saudi Arabia’s Public Investment Fund-backed mortgage company, the Saudi Real Estate Refinance Company (SRC), plans to roll out new funding soon to the Kingdom’s lenders to boost home ownership in Saudi Arabia, according to a report. Announced in October 2017, the creation of the SRC and the overall plan for $32 billion to boost home ownership […]

     
  • Jadwa Investment Chartbook: SAMA Reserves Rise and Other Positive Signs for Saudi Economy
     

    The latest monthly edition of the Saudi Chartbook published by Jadwa Investment finds positive indicators for the Saudi economy as growth picks up in the Kingdom. According to Jadwa, non-oil exports in March increased by 1.8 percent year-on-year, the Kingdom’s FX reserves soared to the largest monthly increase since October 2013, and while inflation ticked […]

     
  • Saudi Arabia’s Central Bank Sees Reserves Soar on High Oil Prices
     

    Saudi Arabia’s central bank foreign reserves rose last month at their fastest rate for four years, Reuters reports on official data revealed on Monday. The $13.3 billion month-on-month increase in reserves to $498.9 billion in April is the highest level reached in over year and reveals “the extent to which a rebound in oil prices is […]

     
  • Oil Hits $80 for First Time in Three Years, Saudis Consulting Other Producers on Supply
     

    The price of oil reached $80 on the Brent Crude Index this week for the first time in three years, prompting Saudi Arabia’s powerful Minister of Energy Khalid Al-Falih to tweet a message urging coordinated action to allay supply “anxiety,” according to reports. Al-Falih said in a Twitter post that he had called his counterparts […]

     
  • Ramadan Begins Today in Saudi Arabia
     

    Ramadan officially begins in Saudi Arabia Thursday, as millions of Muslims in the Kingdom and around the world prepare for a month of fasting, which is intended to bring Muslims closer to Allah and remind them of those less fortunate. The Islamic calendar is 11 days shorter than the Gregorian calendar, so each year, the […]

     
  • Poll: Strong Support for Crown Prince Mohammed bin Salman among Young Arabs
     

    A new poll tracking young Arabs’ attitudes throughout the Middle East finds they express a high level of confidence in Crown Prince Mohammed bin Salman and his leadership, with 63 percent supporting his appointment, 64 percent viewing him as a strong leader, and 59 percent saying Mohammed bin Salman will lead Saudi Arabia in the […]

     

MUST-READS

  • Saudi Arabia sees 30% drop in work injuries

    Saudi Arabia’s commitment to occupational safety and health has seen the rate of work-related injuries in the Kingdom drop from 416 to 288 injuries per 100,000 workers, over the past few years, marking a notable 30.7 percent decrease. At the same time, the compliance rate among establishments with occupational safety and health standards has risen to 71.27 percent.

  • Saudi Arabia Posts Budget Deficit as Capex Spending Climbs

    Saudi Arabia recorded a sixth straight quarterly budget deficit as increased spending on capital expenditure and other areas outpaced growth in revenue.

    The shortfall stood at 12.4 billion riyals ($3.3 billion) in the first quarter, more than four times higher than a year ago, according to a statement from the Ministry of Finance on Sunday. On a quarterly basis, the deficit eased from about 37 billion riyals at the end of 2023.

  • EU announces 1 billion euros in aid for Lebanon amid a surge in irregular migration

    The European Union announced Thursday an aid package for Lebanon of 1 billion euros — about $1.06 billion — much of which will go to boost border control to halt the flow of asylum seekers and migrants from the small, crisis-wracked country across the Mediterranean Sea to Cyprus and Italy.

  • F-15EX ‘Dogfights’ Eurofighter, Rafale Aircraft For Big, Fat Saudi Deal; Can Boeing Outdo Airbus & Dassault?

    With three options on the table, there is also conjecture that the kingdom might take the Qatar route and make its fleet more diverse by adding Rafales to the mix of its existing fleet comprising the F-15SA and the Eurofighter Typhoons. Although the officials in the kingdom have not officially acknowledged their interest in the French Rafale or the Airbus Eurofighter, a potential acquisition of either of these fighters may come as yet another setback to the US arms industry, which is believed to be steadily losing ground to European and even Chinese and Russian arms manufacturers in the Middle Eastern region.

  • U.S. tells Qatar to evict Hamas if it obstructs Israeli hostage deal

    Secretary of State Antony Blinken delivered the message to Prime Minister Mohammed bin Abdulrahman Al Thani in April, according to the official, who like others interviewed for this report spoke on the condition of anonymity to discuss sensitive conversations.

  • U.S. Shuffles Military Assets in Middle East After Gulf Pushback

    The U.A.E. informed the U.S. in February that it would no longer permit American warplanes and drones based at Al Dhafra air base in Abu Dhabi to carry out strikes in Yemen and Iraq without notifying Emirati officials ahead of time. That has prompted U.S. commanders to send the additional aircraft to Al Udeid air base in Qatar, the small Persian Gulf monarchy that hasn’t imposed similar restrictions, U.S. officials said.

  • Saudi Arabia’s private sector workers grow to 11.3M in April

    The total number of workers in the Saudi private sector reached 11.27 million in April 2024, the National Labor Observatory said.   The total number of nationals working in private-sector entities stood at 2.36 million in the same month, of which male and female workers accounted for 1.39 million and 970,240, respectively. Meanwhile, the number of expats working in the private sector reached 8.92 million.   Meanwhile, a total of 18,540 Saudis joined the private sector workforce for the first time.

  • Tyson Fury Arrives In Saudi Arabia For Undisputed Showdown With Usyk

    WBC heavyweight champion Tyson Fury has made his arrival in Saudi Arabia for his clash against IBF/WBA/WBO champ Oleksandr Usyk undisputed fight on May 18th at the Kingdom Arena in Riyadh.

  • How La Liga is building bridges with Saudi Arabia and regional partners

    At the start of March, the La Liga FC Futures U14 tournament was held at the Mahd Sports Academy in Riyadh and won by Spanish club Villarreal. The competition had been organized in partnership with the Kingdom’s Ministry of Sports and saw 12 teams taking part, including eight EA Sports La Liga teams — Barcelona, Cadiz, Atletico Madrid, Sevilla, Villarreal, Real Betis and Osasuna — as well AS Roma from Italy, Portugal’s SL Benfica, Olympique de Marseille ofFrance and Saudi Arabia’s own Mahd Academy.

  • Ronaldo scores his 4th hat trick of Saudi Pro League season

    Cristiano Ronaldo scored his fourth hat trick of the Saudi Pro League season on Saturday as Al Nassr thrashed Al Wehda 6-0. The five-time Ballon d'Or winner now has 32 league goals this season, two short of Abderrazak Hamdallah's record tally of 34 back in the 2018-19 campaign, with four games still to play. Ronaldo opened the scoring in Riyadh in the fifth minute after intercepting a poor clearance from goalkeeper Monir El Kajoui.

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