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Recent stories from sustg

  • 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 […]

     
  • 4 Dead, 4 Wounded in Gun Attack on Checkpoint in Asir, Saudi Arabia
     

    Four Saudi officers were shot dead and four others wounded Thursday when their checkpoint came under gunfire in southern Asir province, according to reports citing information from the Saudi Press Agency and Saudi Arabia’s interior ministry. According to reports, three officers were “instantly killed” when the outpost came under attack, the Saudi Press Agency reported, without specifying who […]

     
  • New Era of Cinema Begins Tomorrow with Soft Opening of First Theatre
     

    Saudi Arabia is set to have a soft opening for a new movie theatre tomorrow in what is the beginning of a new era of cinema in the Kingdom, some three decades after the last theatre was shuttered. A private film screening tomorrow, a collaboration between the Saudi Development and Investment Entertainment Company (DEIC), which is […]

     

MUST-READS

  • Saudi Arabia extends the tax amnesty scheme until 31 December 2024

    In March 2020, the Zakat, Tax and Customs Authority (ZATCA) released a tax amnesty program in the context of the COVID-19 pandemic, with the aim of mitigating its impact on taxpayers. This tax amnesty scheme exempted taxpayers complying with certain requirements from fines and penalties arising from late registrations, late payments and late filing of tax returns in relation to certain taxes.

  • EU Gulf Envoy: Saudi Arabia Is a Crucial Global Player

    Luigi Di Maio, the EU Special Representative for the Gulf region, told Asharq Al-Awsat that the recent visit by the President of the European Council to Saudi Arabia was to prepare for the upcoming EU-Gulf Cooperation Council (GCC) summit in Brussels on October 16. This will be the first summit between the two regional organizations, with leaders from both sides attending, marking a significant step in their cooperation. Di Maio stressed the importance of strong ties between leaders, noting that European Council President Charles Michel has been dedicated to strengthening these relations since his first visit to the Gulf two years ago, when he met with Saudi Crown Prince Mohammed bin Salman in Jeddah.

  • Saudi Arabia arrests 20,718 illegal residents in a week

    The Ministry of Interior announced the arrest of 20,718 illegal residents during inspection raids carried out by its officials in all regions of Saudi Arabia during last week. The arrests were made during the joint field security campaigns carried out by security forces and the concerned government agencies during the period between Aug. 22 and Aug. 28. The arrested persons included 13,248 violators of the Residency Law, 4688 violators of the Border Security Law, and 2,782 violators of the Labor Law.

  • Esports & Gaming to Contribute SAR 50 Billion to Saudi Economy by 2030

    The report, titled ‘Centre of the Game: KSA Emerges as a Significant Player in the Global Esports Market’, highlights the Kingdom's efforts to position itself as a hub for esports by developing an entire value chain to sustain the market. For example, Qiddiya, the entertainment and tourism megaproject in Riyadh, has unveiled plans to create the world’s first gaming and esports district.

  • Which transfer windows are still open after the Premier League deadline?

    Saudi Arabia emerged as an option for any Premier League club looking to shift players last summer. While clubs from the Gulf nation have been less active in the window this summer, there is still the potential for players from across Europe to move there, such as Moussa Diaby, who left Aston Villa to join Karim Benzema at Al Ittihad in the Saudi Pro League.

  • Saudi civil defense issues safety warnings as heavy rain sweeps the Kingdom

    The Saudi Ministry of Environment, Water and Agriculture reported significant rainfall in eight regions of Saudi Arabia, with the National Center for Meteorology registering the highest amount in the Madinah region at 37.4 millimeters. The rainfall occurred between 9 a.m. on Friday and 9 a.m. on Saturday, affecting areas including Makkah, Madinah, Qassim, Aseer, Tabuk, Jazan, Najran and Al-Baha. The airport in Madinah received 35.2 millimeters of rain, while 27.6 millimeters fell in Haram. In Makkah, Yalamlam and Al-Leith recorded 17.4 millimeters, with 8 millimeters in Al-Leith Dam.

  • Saudi merchandise imports down 5% to SAR 57.7B in June

    Saudi Arabia’s merchandise imports decreased 5% year-on-year (YoY) to almost SAR 57.7 billion in June 2024, according to data issued by the General Authority for Statistics (GASTAT).

  • Saudi Arabia’s GOSI extends fine exemption for businesses

    Launched by GOSI in March, the initiative aims to help establishments mitigate the financial impacts of fines, correct their insurance status, and settle debts, the Saudi Press Agency reported on Saturday. It is part of GOSI’s efforts to support the business sector, encourage insurance compliance, and improve customer satisfaction. With a 100 percent exemption rate, subscription amounts due to GOSI must be paid through Taminaty Business.

  • Saudi Arabia to Embark on Exceptional Visit to East Asia, Seeks Automotive Technology Localization

    Saudi Arabia is currently preparing for a high-profile economic visit to East Asia, under the leadership of Minister of Industry and Mineral Resources, Bandar AlKhorayef, from Sep. 1 to 8, 2024, reported the Saudi Press Agency (SPA).

  • Saudi Arabia seeks Chinese tech as it reinvents itself as car and automation hub

    Key meetings in Guangzhou, capital of the southern Chinese province of Guangdong, will include discussions with GAC Group, a major electric vehicle (EV) maker, as well as lithium battery producer General Lithium and communication tech giant Huawei, the statement said.