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Recent stories from sustg

  • Saudi oil sales to U.S. robust despite refinery upsets
     

    Saudi Arabia appears to be keeping its pledge to ensure global markets are well supplied with oil, barely letting up in shipments to the United States even after two of its biggest refining customers suffered crippling glitches. A Reuters analysis of U.S. import data shows sales to the world’s top oil consumer have dipped less […]

     
  • Public policy considerations in Saudi Arabia’s new Arbitration Law
     

    We see plenty of coverage these days of Saudi Arabia’s growing economy; and justifiably so.  Expansionary government spending, elevated oil prices, a strong banking system, a maturing private-sector, increasing diversification, growing foreign investment and other factors contribute to an exciting period for Saudi Arabia. While elevated oil prices have fueled Saudi Arabia’s impressive recent growth, […]

     
  • Dubai and Saudi Chambers seek stronger ties
     

    To share expertise and best practice across the GCC region, Dubai Chamber of Commerce and Industry hosted a delegation led by the Council of Saudi Chambers at its head office recently. The group of 17 senior officials from various Saudi chambers of commerce, led by Omar A. Bahlaiwa, Secretary General of the Council of Saudi […]

     
  • Saudi market opening to take ‘a while’ as conditions debated
     

    Saudi Arabia — the largest, most liquid and yet least accessible stock market in the Arab world — is considering opening its stock market to foreign investors in a move that could help turn the local market into a regional trading hub. But when the kingdom will make its final decision on this proposal, which […]

     
  • Jadwa Investment: Shifts in Foreign Investor Flows and the TASI
     

    A recently released Jadwa Investment report discusses shifts in foreign investment in the Saudi stock market, also known as the TASI. “Big changes in foreign investment in the Saudi stock market tend to come ahead of moves in the TASI, meaning that local investors can benefit from tracking what foreign investors are doing. In six of the seven […]

     
  • High capital/solid profitability: Saudi banking system remains stable
     

    The outlook for Saudi Arabia’s banking system remains stable, says Moody’s Investors Service in a new Banking System Outlook. The key drivers of the outlook are (1) a benign operating environment; (2) low problem loan levels; (3) strong loss-absorption capacity, underpinned by high capital buffers and solid profitability; and (4) the sector’s stable, low-cost deposit […]

     
  • Saudi eases access to long-hidden ancient ruins
     

    “Spectacular… wonderful… breathtaking,” she says. “But where are the tourists? If we had a site like this in my country, we would have millions of tourists!” Dating back to the second century BC, the Nabataean archaeological site, also known as Madain Saleh, has long been hidden from foreign visitors in this ultra-conservative kingdom that rarely […]

     
  • GE Sees Gas Turbine Sales Gain Amid Saudis’ Solar Shift
     

    General Electric Co. GE predicts demand for its gas turbines will increase in Saudi Arabia, even with the kingdom working to supply a third of power needs from solar energy within the next two decades. Saudi Arabia already has 500 installed gas turbines from GE that generate about half its electricity, and the Middle Eastern […]

     
  • Modernity and tradition: Khalid Habash’s stunning photos of Saudi
     

    It is no secret that Saudi Arabia’s economy and society are modernizing at a remarkable pace. Already the Arab world’s largest economy, the Kingdom also has one of the world’s highest GDP growth rates.  Government spending is expansive and investment in infrastructure, education and numerous other sectors are at all time highs.  Soon to be […]

     
  • Confronting Tremendous Challenges: Prince Turki al-Faisal
     

    I think Saudi Arabia over the past 80 years has been going through an Arab Spring. When you look at the Kingdom when I was born in it for example, 1945, there were no schools in Saudi Arabia. There were no roads. Disease and poverty were the rule rather than the exception. Since then, the […]

     

MUST-READS

  • Doing the work: MBS’ true legacy

    Given our clickbait, short-attention-span media reality, we can’t really be surprised that Saudi Arabia’s splashy external investments and massive ‘giga’ projects are the glitter that catches the eye of the inattentive. In fact, while the Kingdom’s high-profile investments and massive construction projects actually do serve a purpose, the truly meaningful change that should matter to Americans and its elected officials is happening elsewhere.

  • Opinion: A New Era of Saudi Diplomacy Has Arrived

    Engagement allows Saudi Arabia to devote its energies to the economic transformation agenda of Vision 2030 while also enhancing its global influence. However, the renewal of conflicts, both within and outside the Middle East, has revealed Saudi diplomacy’s limitations and highlighted the kingdom’s persistently high level of geopolitical risk.

  • Canoo Teams Up with Red Sea Global for EV Pilot Program in Saudi Arabia

    The U.S. electric vehicle startup Canoo signed on Monday a partnership with Red Sea Global (RSG) to pilot its electric vehicles at the renowned regenerative tourism destinations, The Red Sea and AMAALA. AMAALA is an ultra-luxury tourism destination being developed along the Red Sea coast in northwestern Saudi Arabia with more than 4,000 sq. km — yes, km. The first phase of the luxurious complex is expected to be finished by 2025.

  • Saudi insurers lead GCC region in net profit and revenues, study shows

    The net profit of insurance companies in Saudi Arabia surged by 1,221.3 percent year-on-year in 2023 to $861 million, driven by favorable economic conditions. According to the report released by research firm Insurance Monitor, in association with Lux Actuaries and Consultants, four firms from the Kingdom grabbed their spots on the list of the 10 largest coverage companies in the Gulf Cooperation Council region in terms of revenue. The rankings come as 2023 saw the start of operations of the Insurance Authority in Saudi Arabia, described in the study as “a significant structural reform well-timed with the robust growth in insurance revenue to pave the way for regulatory independence and sectoral advancement.”

  • Electronic payments rise by 70 pc in Saudi Arabia

    As reported by the Saudi Press Agency, 10.8 billion transactions were processed in 2023 compared to 8.7 billion transactions in 2022. The e-commerce sector is expected to exceed $13.2 billion by 2025, after a 60 per cent surge in online shopping in 2019-20. Reports suggest close to 91 per cent of Saudi consumers now shop through e-commerce, and close to 14 per cent of money is spent online at least once a day. In 2023, Amazon Saudi also doubled its storage capacity in the year 2023. It had launched a 2.7 million cubic foot fulfilment centre in Riyadh that can house more than 9 million products.

  • Riyadh Air’s first intake of female Saudi engineers commence diploma course

    The female engineers will study under the supervision and guidance of Aviation Australia and the International Aviation Technical College at Riyadh Airport, this follows an MOU signed between Riyadh Air and the Colleges of Excellence in August 2023 and is the first collaboration of many between the organisations.

  • WWE King & Queen of The Ring Set to Return in Saudi Arabia

    WWE’s decade-long deal with Saudi Arabia is still going strong as there are still quite a few events left as part of their ongoing deal. Their next event will be taking place in May and now it appears it will feature the King & Queen of The Ring this time around.

  • Staff at France’s EDF question involvement in futuristic Saudi city

    Some employees of French energy giant EDF want the company to reconsider its involvement in a hydro-electric plant in the Saudi desert that would power Crown Prince Mohammed bin Salman's futuristic megacity Neom, following concerns over the project's sustainability and alleged human rights abuses. Neom is being built in the Tabuk region in northeast Saudi Arabia on some 26,000km2 of land, an area the size of Belgium.

  • Eid Al Fitr 2024: Shawwal moon not sighted in Saudi Arabia

    The moon sighting committee in Saudi Arabia declared that the Shawwal crescent could not be sighted in the Kingdom today. As a result, the holy month of Ramadan will continue until April 9, lasting 30 days. Eid Al Fitr will, therefore, be observed on April 10. The Supreme Court of Saudi Arabia had called on all Muslims across the Kingdom to sight the Shawwal crescent on the evening of Monday, Ramadan 29. The sighting of the Shawwal moon marks the end of the holy month of Ramadan and the beginning of Eid Al Fitr.

  • Etihad Expands To 76 Destinations With Airbus A320s To Saudi Arabia’s Al Qassim

    In most parts of the world, Etihad Airways is known for its ultra-luxurious long-haul flights across continents, but it also has a thriving short-haul network served mainly by Airbus A320 Family aircraft. Last Friday, the full-service carrier announced adding a new route from Abu Dhabi to Al Qassim in Saudi Arabia, which will commence in June.