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Global Defense Spending Spikes in 2023
- April 22,2024
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- SUSTG Team
According to a study by Forecast International in 2023 global defense spending grew at its fastest pace in the last decade as governments respond to security crises unfolding around the world.
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IMF Sees OPEC+ Turn on Oil Production as Boon for Saudi Economy in 2025 – Report
- April 19,2024
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- SUSTG Team
The International Monetary Fund said it expects OPEC and its partners to start increasing oil output gradually from July, “a transition that’s set to catapult Saudi Arabia back into the ranks of the world’s fastest-growing economies next year,” according to a report in Bloomberg. “We are assuming the full reversal of cuts is happening at the beginning of 2025,” […]
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Prospects for Saudi Arabia hitting 2030 Renewable Energy Targets
- April 19,2024
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- SUSTG Team
In 2016 Saudi Arabia’s Vision 2030 had an initial target of deploying 9.5GW of green energy by 2030. The latest revision made in 2023 targets 130GW of renewable power capacity by 2030. GlobalData, a leading data and analytics company, says the Kingdom can come close to that target.
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Saudi Arabia Moves Closer to $1 Billion stake in a Pakistani mine – Report
- April 18,2024
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- SUSTG Team
Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp., people with knowledge of the matter told Bloomberg.
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Saudi Arabia Fares Well in 2024 Kearney FDI Confidence Index
- April 16,2024
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- SUSTG Team
Ongoing economic and business-related reforms helped the United Arab Emirates and Saudi Arabia post the biggest jumps in Kearney’s 2024 Foreign Direct Investment Confidence Index. The countries climbed ten spots from 2023, to eighth for the UAE and 14th for Saudi Arabia.
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Saudi defense minister receives phone call from US counterpart; Kingdom denies role in shooting down Iranian attack
- April 16,2024
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- SUSTG Team
Saudi Minister of Defense Prince Khalid bin Salman received on Sunday a phone call from U.S. Secretary of Defense Lloyd Austin, according to reports.
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Dr. William Greene, CIO of the Hevolution Foundation, joins The 966 to talk latest investments, strategy for Hevolution
- April 15,2024
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- SUSTG Team
William Greene, MD, Chief Investment Officer (CIO) of the Hevolution Foundation, joins The 966 to talk about Hevolution’s investment strategy and role as an investor in the emerging field of Healthspan Science. As CIO, Dr. Greene oversees all aspects of Hevolution Foundation’s investment strategy, planning, analysis, and execution.
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Halo Space to test Balloon Flight from Saudi
- April 11,2024
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- SUSTG Team
Spanish company Halo Space is in talks with Saudi regulators to set up a base in the kingdom for balloon flights into space. Ongoing tests are planned for Saudi Arabia this summer.
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Saudi Arabia Gets First Cannes Official Selection Slot With Drama ‘Norah’
- April 11,2024
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- SUSTG Team
Saudi Arabia has landed its first film in the Cannes Film Festival official selection with “Norah,” a drama by pioneering director Tawfik Alzaidi set in 1990s Saudi, according to reports.
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MBS’ True Legacy
- April 10,2024
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- SUSTG Team
Writing in Al-Arabiya, Richard Wilson, SUSTG president and The 966 Co-host, points out the fundamental (rather than flashy) changes that represent Crown Prince Mohammed Bin Salman’s true legacy.
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MUST-READS
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Saudi ambassador tells World Cup fans: ‘You can have fun without alcohol’
The Saudi Arabian ambassador to the UK has told football fans “plenty of fun can be had without alcohol” as he warned them not to expect to drink if they attend the 2034 World Cup. Prince Khalid bin Bandar bin Sultan Al Saud also said “we will welcome everyone” when asked to address the safety of LGBTQ+ people at the controversial tournament. In an interview with LBC, Prince Khalid said: “At the moment, we don’t allow alcohol, but you know, plenty of fun can be had without alcohol. It’s not 100% necessary. And you know if, if you want to drink when you leave, after you leave, you’re welcome to. But at the moment, we don’t have alcohol.”
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Saudi Arabia welcomes ‘riviera’ in Gaza but not by removing Palestinians: Ambassador
Saudi Arabia would welcome a riviera in Gaza, but not by removing the Palestinian people, a senior Saudi diplomat said on Wednesday. The diplomat was responding to US President Donald Trump’s recent proposal for the United States to take over Gaza and develop it into the “Riviera of the Middle East.” “My government’s position is that we would welcome a riviera in Gaza. I think that would be wonderful,” Saudi Ambassador to the United Kingdom Prince Khalid bin Bandar said. “But we’re not going to do it by removing the Palestinian people, certainly not moving them to Saudi; they don’t want to move. You know, it’s their land, it’s their territory. They deserve all the best that we can provide for them there, and we’d welcome America’s efforts to improve their situation on the ground,” Prince Khalid said in an interview with the London Broadcasting Company (LBC).
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Saudi Arabia firmly rejects extremist Israeli statements on displacing Palestinians
The Saudi Council of Ministers reiterated its firm rejection of extremist Israeli statements regarding the displacement of the Palestinian people. Crown Prince and Prime Minister Mohammed bin Salman chaired the Cabinet session in Riyadh on Tuesday. In a statement to the Saudi Press Agency following the session, Minister of Media Salman Al-Dossary said that the Cabinet, while discussing the latest regional and international developments, reaffirmed the centrality of the Palestinian cause to Saudi Arabia and stressed that lasting peace can only be achieved through the acceptance of peaceful coexistence based on a two-state solution.
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No alcohol at 2034 World Cup, says Saudi ambassador
No alcohol will be allowed at the 2034 World Cup in Saudi Arabia, says the country's ambassador to the United Kingdom. In an interview on LBC, Prince Khalid bin Bandar Al Saud said alcohol would not be sold anywhere during the tournament, including hotels. "At the moment, we don't allow alcohol," Prince Khalid told LBC., external "Plenty of fun can be had without alcohol - it's not 100% necessary and if you want to drink after you leave, you're welcome to, but at the moment we don't have alcohol." Asked whether that meant fans would be able to drink once they returned their hotels, as was the case at the 2022 World Cup in Qatar, he added: "No, there is no alcohol at all."
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Saudi crown prince, Russia’s wealth fund chief were involved in US prisoner release, source says
Saudi Crown Prince Mohammed bin Salman and Russia's sovereign wealth fund chief Kirill Dmitriev were involved in negotiations for the release of U.S. teacher Marc Fogel from a Russian prison, a source close to the negotiations between Russia and the United States told Reuters on condition of anonymity. The Kremlin could not be reached for immediate comment. The Saudi embassy in Moscow did not immediately reply to a request for comment. The Saudi crown prince, also known as MbS, helped to negotiate the biggest U.S.-Russian prisoner swap since the Cold War in August 2024.
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AGI by 2050 tops Saudi R&D goals
Developing national Artificial General Intelligence (AGI) by 2050, tops the list of Saudi Arabia’s ambitious R&D goals, according to a presentation made at LEAP25 by Acting Head of RDIA (Research, Development and Innovation Authority) Dr. Mohammed Alotaibi on Wednesday. AGI is one of three ‘moonshot' goals identified in the RDIA’s ‘Innovation Outlook in Economies of the Future”, a guiding framework to align, communicate and shape the Kingdom’s research agenda. The first national R&D moonshot goal is to establish five cognitive cities across Saudi Arabia by 2040; the second is to develop a scalable, fault tolerant quantum computer by 2045; and the third moonshot goal is to develop aligned artificial general intelligence by 2050. Additionally, the RDIA launched strategic alliances in fields of autonomous logistics, quantum computing, and AI-driven healthcare, alongside major investments in semiconductor manufacturing.
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Neuralink competitor Paradromics secures investment from Saudi Arabia’s Neom
Texas-based neurotech startup Paradromics on Wednesday announced a strategic partnership with Saudi Arabia’s Neom and said it will establish a Brain-Computer Interface Center of Excellence in the region. Paradromics is building a brain-computer interface, or a BCI, which is a system that deciphers brain signals and translates them into commands for external technologies. The company will work with Neom to “advance the development of BCI-based therapies” and set up the “premier center for BCI-based healthcare” in the Middle East and North Africa, it said in a release.
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PIF backing proposed $5 billion basketball league
Saudi Arabia's sovereign wealth fund has been named as a strategic partner to a group of investors looking to create a new basketball league that will span Asia and Europe to one day rival the NBA, with Swiss bank UBS serving as an advisor. The Financial Times reported Friday that the $5 billion competition plans to create six men's teams and six women's teams that will compete in eight host cities. Macau and Singapore are set to be hosts, while organisers are also looking for European venues. The league hopes to lure top players from around the world, especially Europe, and give them an alternative to the NBA. Byron Deeter and venture capital firm Quiet Capital are among the investors, with Maverick Carter, NBA great LeBron James's business manager, and Skype co-founder Geoff Prentice also on board.
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PIF becomes title sponsor of Saudi Ladies International
Saudi Arabia’s Public Investment Fund (PIF) is the new title partner of the renamed PIF Saudi Ladies International, a partnership which also sees the prize money for the tournament being increased to match that offered for the equivalent men’s tournament. The PIF Saudi Ladies International returns February 13-15 at Riyadh Golf Club and will also see a new format with tour professionals taking part in both an individual and team competition. -
Trump says he might meet Putin in Saudi Arabia after call on Ukraine
Trump made the comment a few hours after speaking with Putin in their first publicly disclosed call since Trump took office. Trump said they had agreed on "starting negotiations immediately" to end the war in Ukraine, which is approaching its third anniversary. Speaking to reporters in the Oval Office, Trump floated the idea of meeting Putin in Saudi Arabia, along with the Saudi crown prince. He did not lay out a timeline and said he would deal with Putin on the phone in the meantime. In an interview with the Economist published on Wednesday, Zelensky had said he'd had little contact with Trump's team and raised concerns about "any decision-making" on Ukraine taking place without Kyiv's involvement.
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