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Recent stories from sustg

  • Sulaiman Al-Rajhi’s life a rags to riches story
     

    Al-Rajhi is a billionaire who chose last year to become a poor man at his own will without having any cash or real estates or stocks that he owned earlier. He became penniless after transferring all his assets among his children and set aside the rest for endowments. In recognition of his outstanding work to […]

     
  • How Oil Has Driven Global Conflict For The Past 100 Years
     

    Michael T. Klare recently gave a presentation titled “The Geopolitics of Oil: Old and New” at the Association for the Study of Peak Oil conference in Vienna, in which he speaks about how no other substance in the world is as closely aligned with geopolitics as oil is. Klare describes the geopolitics of oil — the intersection […]

     
  • Hoteliers Expand in Saudi Arabia as Mecca Goes Upscale
     

    “I wish I could have more hotels in Mecca,” said Jan Smits, InterContinental’s chief executive officer for Asia, Middle East and Africa. “In four months, you make 70 percent of your income. It’s a really strong market and it’s one of the most unique in the world.” The company has been in the country since […]

     
  • The problem with taxing foreign-earned income
     

    Eritrea is one of only two countries in the world that applies citizenship-based taxation in addition to residence-based taxation.  The other? The United States of America. In fact, the US is the ONLY industrialized country in the world to impose citizenship-based taxation. The immediate result for American expatriates is a blizzard of confusing and complex […]

     
  • Saudis allow women to compete
     

    Saudi Arabia is to allow its women athletes to compete in the Olympics for the first time. Officials say the country’s Olympic Committee will “oversee participation of women athletes who can qualify”. The decision will end recent speculation as to whether the entire Saudi team could have been disqualified on grounds of gender discrimination.

     
  • Education, Women’s Empowerment and Change
     

    There has been a significant investment in education, which is great. In the last eight or nine years the number of Saudi Universities has more than quadrupled from about seven to over 30. Some of that increase has been through splitting up existing, very large universities, like King Abdul Aziz University, into more manageable sizes. […]

     
  • Saudi car sector to accelerate
     

    Strong fundamentals coupled with a rapidly growing young population made Saudi Arabia the largest importer of vehicles and automotive parts in the Middle East in 2011, with the pace seen accelerating in the medium term, the National Commercial Bank said in its report on the Kingdom’s automotive sector released Wednesday. It noted that rising income […]

     
  • The Importance of Economic Diversification for Saudi Arabia
     

    In a clear break from past trends, Saudi Arabia’s private sector is growing. This trend can be in part explained by the increase in bank lending to private sector. In year-on-year terms, lending growth was at its highest since March 2009. More specifically, bank lending to private sector rose by 1.1 percent in April to […]

     
  • Saudi Arabia names Defense Minister Prince Salman new heir to throne
     

    Saudi Arabia’s ruler named Defense Minister Prince Salman bin Abdul-Aziz is the country’s new crown prince Monday — an expected nod that leaves power still within an aging and shrinking circle of leaders in one of the West’s most critical Middle East allies.

     
  • Saudi Arabia mourns death of Crown Prince Naif
     

    The funeral prayers for the Saudi Crown Prince Naif bin Abdul Aziz will be held at the Haram Mosque in Makkah following the Maghreb prayer today. The body will then be buried at the graveyard in the holy city. Muslim leaders from across the world started arriving in Jeddah on their way to Makkah to […]

     

MUST-READS

  • Saudi women are learning financial literacy and it’s helping the country grow

    While economic growth might be the overarching national motivation, international organizations are building programs that seek to empower individuals as well. The International Monetary Fund and World Bank have worked with individual countries to enhance financial literacy at the population level through targeted national programs, and the Organisation for Economic Co-operation and Development (OECD) has developed guidelines to support participating countries in improving financial literacy.

  • Dubai Advisory Setting Up Shop in Saudi Arabia Upbeat on FDI

    In a sign of the need for more capital, executives from so-called giga projects like Neom and Qiddiya were out in force this week at events in the capital city of Riyadh to pitch themselves to potential partners and investors. Neom also recently held a show-and-tell for bankers.

  • Saudi Interior Ministry launches digital ID service for Hajj pilgrims

    The Ministry of Interior launched the digital identity service for the Hajj pilgrims, who are arriving in the Kingdom from all over the world to perform the pilgrimage this year. The launch of the service is part of the efforts of the Saudi government to tap the potential of digital transformation and harness technology to serve the guests of God in a way achieving the goals of the Kingdom’s Vision 2030.

  • How Hamas Saved Egypt

    Last fall, Egypt was on the brink of economic collapse. A decade of debt-fueled spending on a pharaonic-scale had emptied its Central Bank coffers. By February, Cairo’s public debt was 89% of its gross domestic product. External debt had soared to 46% of GDP. The pound, its currency, was one of the world’s worst performing. Unable to import supplies and repatriate profits, foreign companies were leaving, or threatening to leave Egypt in droves. Annual inflation was over 35%, and double that for some food staples. Egypt seemed on the verge of a sovereign default—its first ever.

  • What to expect from Saudi Arabia’s first Red Sea Fashion Week

    Riyadh Fashion Week launched in 2023. And most recently, Lebanese designer Rami Kadi took a leaf out of the Dolce & Gabbana book by staging his latest couture show at AlUla.

    The first Red Sea Fashion Week will begin on Thursday, showing that the kingdom has big plans to put the nation firmly on the fashion map.

    Running until May 18, the event is being held at the newly opened The St Regis Red Sea, located on a private island and accessible only via boats.

  • Front Row Snaps Up World Rights For Saudi-Emirati Family Comedy ‘Al Eid Eiden’

    MENA distributor Front Row Filmed Entertainment has acquired global distribution rights for Image Nation Abu Dhabi’s Saudi-Emirati family comedy Al Eid Eiden.

    The film features Saudi star Fahad Al-Butairi (Telfaz11’ Al-Khallat+, The Office, From A to B) alongside actress Emirati Meerra Al Midfa (The Monster) and Egyptian actor Shadi Alfons (Malek Al Halba, Ramy).

    It follows a Saudi-Emirati family as they make the final preparations for a Eid getaway in Abu Dhabi. An unexpected turn of events on their day of travel changes things drastically for the parents, but not wanting to disappoint their three young children, they decide to go ahead as planned.

  • How are Ronaldo and other Saudi Pro League stars shaping up for Euros?

    England kick off Euro 2024 against Serbia on 16 June and if Jordan Henderson is called up then the former Al-Ettifaq midfielder should be able to give Gareth Southgate an idea of the form Aleksandar Mitrovic and Sergej Milinkovic-Savic are in. They are two of a growing number of European internationals who will be acting as unofficial ambassadors for the Saudi Pro League (SPL) this summer – especially if they underperform.

  • Saudi Arabia opens up to Iraq’s Shiite shrines

    Indicating a changing approach to Iraq, Saudi Ambassador to Baghdad Abdulaziz Al-Shammari has paid a highly publicized visit to a major Shiite shrine in the city of Karbala. The ambassador was welcomed by Karbala Governor Nassif Al-Khattabi in addition to other civil and religious dignitaries, hailing a mutual desire for “economic and political integration in all fields.”

  • Successful Completion of the First Saudi SolarThon at Alfaisal University

    This past weekend, Alfaisal University, Dimensions Startup Studios in collaboration with the College of Engineering, proudly hosted the first-ever Saudi SolarThon, an extraordinary gathering of minds focused on advancing solar energy technology. This event, held at our Dimensions Startup Studios, attracted esteemed guest speakers from King Abdullah University of Science and Technology (KAUST) and the King Abdulaziz City for Science and Technology (KACST) and OptimalPV.

  • Will Saudi Arabia’s sports investment trigger an athleisure boom?

    By 2030, the government aims to increase the ratio of individuals exercising at least once a week to 40 percent. With an expanding base of sports practitioners, the country’s sportswear and athleisure apparel market is set to boom. In 2022, the category generated $1.3 billion (SAR 4.9 billion) in sales, and by 2027, it is expected to reach $1.5 billion. Could Saudi Arabia be the next frontier for sportswear?