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Recent stories from sustg
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Jadwa Investment: Central Department of Statistics Finds 2014 inflation rate was 2.7%, Down from 3.5% in 2013
According to a recently released note by Jadwa Investment, a leading Saudi investment firm, inflation in the Kingdom was down in 2014 to 2.7% on average, and found a deceleration in prices to 2.4% year-on-year. Jadwa’s Head of Research Dr. Fahad Alturki wrote in an investor note: “The Central Department of Statistics and Information (CDSI) has […]
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U.S. Delegation Led by Senator John McCain Visits Saudi Arabia to Discuss Military Cooperation Efforts Against Daesh, Training of Moderate Rebels
U.S. Senate Republican John McCain and a delegation of Senate Armed Services Committee members visited Saudi Arabia on Saturday as part of a broad tour of the region to discuss American-Saudi joint efforts to back moderate Syrian rebels in that country’s 4-year old civil war. According to the Guardian, McCain and the Senate Armed Services […]
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Solar Power in MENA to See Six-Fold Growth in 2015
The MENA region will see solar projects worth $2.7 billion unveiled in 2015, 6 times as much as 2014, according to Arabian Business, which cited a new study by the Middle East Solar Industry Association (MESIA). 1,800MW worth of solar projects will be tendered or awarded during the next 12 months, compared with less than 300MW […]
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‘No Shortage of Funds’ for Saudi Arabia’s Troubled Housing Market as Minister Eyes Taxes on Undeveloped Lands
A longstanding issue for the Kingdom of Saudi Arabia has been the drag on the housing market caused by privately-owned property in urban locales that remains unused with no plans for development. Without taxation of this land, and low prices that owners might receive on the market, there is little incentive to sell it. However, […]
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Jadwa Investment: ‘The economy will continue performing strongly in 2015, albeit at a slower pace’
Jadwa Investment’s just-released report on the Saudi economy in 2015 expects growth at a “slower pace” than previous years and “a narrowing current account surplus and a larger than-budgeted fiscal deficit.” The report, which examines the potential of various sectors within the Saudi economy and the impact of oil prices on growth in 2015, projects economic growth […]
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The ‘Monumental’ Opening of the Saudi Stock Market in 2015 to Wider Foreign Investment
As Saudi Arabia prepares to open its stock market to wider foreign investment possible as soon as April 2015, there is tremendous enthusiasm on the part of foreign investors as wells as anticipation within the Kingdom. In a recent FocusKSA discussion with Dr. John Sfakianakis, SUSTG’s President Richard Wilson asked about the importance of the […]
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For Saudi Arabia’s Budget, Oil’s True Breakeven Price Disputed by Analysts
One of the most important figures that factors into Saudi Arabia’s budget each year isn’t actually published by the government. What the Kingdom annually assumes will be the average price of oil is crucial for government and fiscal planning. With the Kingdom’s economic diversification goals still yet to be realized, oil revenues are (almost) everything […]
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In Wide-Ranging Interview with Local Paper, Alwaleed bin Talal Discusses Path to Success
Saudi Arabia’s Prince Alwaleed bin Talal gave his first interview with a local Saudi paper in eight years, according to the Saudi Gazette, and the billionaire discussed his path to business successes, how he spends his time, and national/regional issues of concern. The in-depth interview was revealing of the Prince’s day-to-day business and personal activities. When […]
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IT Spending in Saudi Arabia to Grow $2.7 billion by 2017, Study Finds
A recently released study by Oxford Economics and SAP finds that employers in Saudi Arabia “will need to tailor their approach to talent management for catering to the fast-changing technology landscape,” the Saudi Gazette reports. The report also finds that “IT spending in the Kingdom is increasing at the fastest rate of any country in the Middle East […]
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Saudi Arabia Hails ‘Thaw’ Between Egypt and Qatar as Sisi Meets Top Qatari Envoy in Cairo
Egypt’s President Abdel Fattah Al-Sisi met with a top Qatari envoy, Sheikh Mohammad bin Abdel Rahman al-Thani, in Cairo Saturday in what has been reported to be a significant rapprochement between the two countries. Also in attendance was Khalid al-Tuwaijri, head of the Saudi Royal Court and the powerful private secretary to Saudi Arabia’s King Abdullah. […]
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MUST-READS
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Saudi PIF Has Poured $750 Million Into Depleted AR Firm Magic Leap
Magic Leap, which has raised at least $3.5 billion, said it needs additional funds later this month and again in January and June 2025 “to meet its obligations as they fall due,” according to a company report filed in the UK. The firm has a “realistic expectation” of getting the funding from an unnamed investor, according to the filing from its European operations.
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Saudi Aramco Sees Oil Demand Rising by 1.6 Million Bpd in Second Half of 2024
Global oil demand is expected to rise by between 1.6 million and 2 million barrels per day (bpd) in the second half of the year, Saudi Aramco’s chief executive Amin Nasser said on Tuesday, noting that the past week’s selloff in oil doesn’t reflect fundamentals. Aramco sees total global oil demand at 104.7 million bpd for the full-year 2024, the top executive of the world’s largest oil company said on the second-quarter earnings call.
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Saudi Aramco to Return $31 Billion to Shareholders, Government Despite Profit Dip
Saudi Arabia's national oil company on Tuesday posted a quarterly net profit of $29.07 billion, down from the $30.83 billion it reported for the same period last year, after it sold less crude oil and its refining margins weakened, offsetting robust oil prices in the quarter.
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ACWA Power to commission 2.6 GW of Saudi solar projects by end-2024
Saudi Arabia’s ACWA Power Co (TADAWUL:2082) will commence operations in the second half of 2024 for four domestic solar projects with a combined capacity of 2,620 MW and a total investment of SAR 11.5 billion (USD 3.06bn/EUR 2.81bn).
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Saudi Aramco stock climbs on Q2 results, dividends
Shares of Saudi Aramco (2223.SR) are trading higher after the company met second quarter net income expectations and will pay a quarterly dividend totaling $31.1 billion. Yahoo Finance reporter Ines Ferré breaks down the details, analyzing the company's financials and providing insights into the broader oil industry landscape.
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Revolutionizing GCC Logistics: Impact of the Proposed Kuwait-Saudi Railway
The Kuwait-Saudi Railway, a groundbreaking infrastructure project set to stretch 650 kilometers and connect Kuwait City with Riyadh by 2028, could revolutionize logistics in the Gulf Cooperation Council (GCC) region. This rail link promises to bring about significant improvements in efficiency, cost-effectiveness, and environmental sustainability, marking a transformative moment for the region’s logistics landscape.
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Distressed companies on rise in Saudi Arabia and UAE, study says
The number of distressed companies in the UAE and Saudi Arabia has increased by almost 9 percent in the past year, with the sectors most at risk including chemicals, commodities and specialised retail. Concerns also surround the consumer-facing food and beverage industry in both countries, according to a report from consultancy Alvarez & Marsal. A&M defines distressed companies as those that have “significant” deficits in terms of both their financial and earnings situation.
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Surviving Scarcity: Water and the Future of the Middle East
Decades of poor water management, exploding populations, and rising temperatures have degraded the region’s land and sapped its limited water supplies. The region’s famous waterways are disappearing before our very eyes. Once-roaring rivers have been reduced to trickles that can easily be crossed on foot.
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Saudi Cabinet approves fundraising law
Minister of State, Member of the Cabinet and Acting Minister of Media Dr. Essam bin Saad bin Saeed said in a statement to the Saudi Press Agency that the Cabinet discussed cooperation and joint work with various countries and organizations, carried out to enhance the Kingdom's position, and its regional and international role, as well as to serve common interests, and support stability and prosperity in the region and beyond.
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Saudi Aramco ‘confident’ in its oil demand growth forecasts
Saudi Aramco maintained its medium- and long-term demand forecasts on Aug. 6, with 52% of crude oil production output used in refining and other downstream operations in the second quarter of 2024.
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