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  • Saudi Arabia issues Real Estate Transaction Tax Law

    The Law introduces specific exemptions for various real estate transactions, providing further guidance on certain exemptions that were not referenced previously. The Law is effective 180 days from the date of its publication in the Official Gazette (i.e., effective 9 April 2025). Once the Law is effective, any contradictory provisions will be superseded. Additionally, the Board of Governors of the ZATCA will also issue new Implementing Regulations (Regulations) within 180 days from the date of issuance of the Law to facilitate the effective implementation of the Law, by providing additional guidance.

  • China in the Middle East

    The Chinese don't pretend to be the teachers or the lecturers of Middle Eastern countries. If you look at the framing in the Chinese diplomatic playbook, a lot of the time, the Chinese diplomats will refer to the term “mutual learning of great civilizations.” So: China is a great civilization, and the Middle East also has great civilizations, so let's learn and cooperate with each other. That's a very different element in terms of China's relationship with the Middle East.

  • Perspective: Here’s what’s at stake in the Middle East under Trump’s second term

    Ending the wars in Gaza and Lebanon and integrating Israel in the Middle East are likely to be at the top of the president-elect’s Middle East agenda, analysts said. “Netanyahu will face a much tougher president than he is used to in the sense that I don’t think that Trump would tolerate the wars in the manner that they are happening,” said Mustafa Barghouti, leader of the Palestinian National Initiative, adding that for Palestinians, it won’t make a major difference “because both administrations were totally biased” toward Israel. Trump doesn’t want those wars “on his desk as a burning issue” come January 20, when he is inaugurated, Alon Pinkas, a former Israeli diplomat, told CNN.

  • ‘Exceptional’ 4000-Year-Old Settlement Emerges in a Saudi Arabian Oasis

    Until 20 years ago, little was known about the Bronze Age culture of the Hejaz, a mountainous region that abuts the Red Sea in western Saudi Arabia. Archaeological evidence was scant and the traces on the ground—largely megalithic monuments and rock art—pointed to an era and territory sparsely populated by nomadic pastoralists. In the early 2000s, that picture began to change through a Saudi-German mission in the Tayma oasis that uncovered a fortified settlement with strong trade links across the Arabian Peninsula and with other Mesopotamian civilizations. Next, a Saudi-Austrian expedition in 2015 explored another urbanized oasis. Now, new excavations, some 120 miles southwest in the Khaybar Oasis, further the idea that the area saw an increase in urban living between 2,500 B.C.E. and the beginning of the second millennium B.C.E

  • Saudi Arabia Inks Over $18 Billion in Agreements on Biban24 Opening Day

    Saudi Arabia’s Small and Medium Enterprises Authority (Monsha’at) signed over 17 agreements and MoUs worth SAR 18 Billion on the first day of Biban24. This marked a major milestone in the Kingdom’s efforts to transform its rapidly growing SME sector. The forum kicked off on 5 November, bringing together startups, fintechs, and enterprises from around the globe. These participants struck diverse, innovative agreements aimed at enhancing regional and global SME sectors. Biban24, the Kingdom’s largest startup and SME event, runs from November 5th to November 9th, 2024, at the Riyadh Front Exhibition & Conference Center. Monsha’at secured both local and international agreements, including an MoU with Korea’s Ministry of Small and Medium Enterprises. This partnership focuses on enhancing SME technical classification, with a particular emphasis on the fintech sector.

  • Saudi Aramco blames lower sales for drop in profit

    The profit decline “was mainly due to the impact of lower crude oil prices and weakening refining margins,” an Aramco statement said. “This was partially offset by a reduction in selling, administrative and general expenses.” Aramco’s third-quarter average realised crude oil price was $79.30, down 11.2 percent from $89.30 in the same period in the previous year. Aramco will pay $31.1 billion in dividends for the third quarter, up 5.8 percent from $29.4 billion in the third quarter of 2023, despite the profit drop.

  • Saudi Arabia Automotive Retail Market is Poised to Reach Valuation of US$ 74.74 Billion By 2032

    Saudi Arabia automotive retail market was valued at US$ 19.72 billion in 2023 and is projected to reach US$ 74.74 billion by 2032 at a CAGR of 16.13% during the forecast period 2024–2032. The government has invested over $5 billion in developing domestic automotive production facilities, including partnerships with global manufacturers like Lucid Motors and Hyundai (Source: Saudi Ministry of Investment, 2023). By 2025, Saudi Arabia aims to produce over 300,000 vehicles annually, creating more than 27,000 jobs in the industry (Source: Arab News, 2023). An expanding middle class, with disposable incomes averaging $25,000 per annum, presents a significant consumer base for new vehicle sales (Source: World Bank, 2023).

  • Saudi Arabia and US expand aviation deal to include cargo

    Saudi Arabia and the US have expanded their bilateral aviation agreement to allow seventh freedom traffic rights for all-cargo flights. Seventh freedom allows airlines to carry on flights that originate in a foreign country, bypass its home country, and deposit the cargo or passengers at another international destination. The amendment will allow Saudi Arabian airlines to carry cargo between the US and third countries without needing to stop in Saudi Arabia, an important right for cargo hub operations.

  • Saudi Air Connectivity Program Targets New Routes, Seeks Bilateral Agreements

    Saudi Arabia’s Air Connectivity Program (ACP) is seeking to attract a further 10 new airlines to the country over the next 12 months, targeting carriers from the U.S., Europe and Asia. However, securing new bilateral air transport agreements will be key to the kingdom achieving its aviation ambitions of reaching 300 million air passengers and 150 million tourists by 2030, according to ACP CEO Majid Khan.

  • Aramco maintains dividend as profits slump, containing state deficit

    Saudi oil giant Aramco (2222.SE), opens new tab, by paying out generous dividends to the state, its biggest shareholder by far, has contained the country's fiscal deficit while increasing its own debts. The world's top oil exporter on Tuesday reported a 15.4% drop in third-quarter profit due to lower crude prices and weaker refining margins, but kept its dividend unchanged at $31.1 billion for the quarter, including $10.8 billion in performance-linked payouts.