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U.S., Saudi Forces Conduct Joint Military Exercises on Saudi Islands
Forces from the United States and Saudi Arabia are conducting “routine and joint sustainment training” on and around Karan and Kurayn islands, Kingdom of Saudi Arabia this week, according to a statement from the U.S. Naval Forces Central Command.
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Kingdom’s National Development Fund Plans Near-Doubling of Funds to Saudi Businesses in 2020
Saudi Arabia’s National Development Fund (NDF) plans to provide an extra $5.9bn to Saudi businesses on top of the $6.8 it usually disperses annually, according to reports, as the Kingdom looks to weather the economic headwinds created by the global Coronavirus pandemic and lower oil prices.
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Ramadan Kareem from the SUSTG Team
The SUSTG team expresses our warmest wishes on the occasion of the holy month of Ramadan.
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COVID-19-Induced Oil ‘Demand Destruction’: Jadwa Sees Saudi Crude Production at 9.4 mbpd Average in 2020
With a bleak outlook for oil demand growth in 2020 by OPEC, and recent pledged cuts agreed to by the so-called OPEC+ group of producers last week, Saudi Arabia is set to produce about 2 million barrels per day less on average compared to previous forecasts, Jadwa Investment writes in a new quarterly oil market […]
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Oil Continues Steep Decline; U.S. Crude Reaches 17-Year Low
Oil prices fell for a third session on Wednesday on indices around the world, and U.S. crude futures tumbled to a 17-year low “as the outlook for fuel demand darkened with travel and social lockdowns triggered by the coronavirus epidemic,” according to Reuters.
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Saudi Aramco reports 2019 results in ‘difficult macro environment’
Saudi Aramco announced its full-year 2019 financial results, delivering “strong profits and dividends despite a lower price environment and challenging margins in refining and chemicals,” the company said in a press release.
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Saudi Arabia Postpones Red Sea Festival, Takes Other Precautions Against COVID-19
Saudi Arabia is taking unprecedented steps to curb the spread of the Coronavius, or COVID-19, in the Kingdom, announcing that it would suspend the upcoming Red Sea Film Festival after announcing a suspension of the Umrah religious pilgrimage for its citizens and residents.
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Saudi Arabia Continues with Cautious Path on Coronavirus; King Salman, Xi Jinping Speak by Phone
Saudi Arabia continued to take precautionary measures to prevent the arrival and spread of Coronavirus in the Kingdom as King Salman and China’s Xi Jinping spoke by phone today to discuss the outbreak, according to reports.
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With transfer season underway Saudi Professional League evolves strategy
The SPL has shifted from last year’s extensive talent acquisition—where 97 players were signed—to a more strategic approach this season. The Saudi transfer window opened on July 18 and will close on September 2, aligning with European leagues. This change indicates a focus on filling specific gaps and enhancing overall team quality rather than a […]
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Already a Riyadh Centerpiece, KAFD CEO Gautam Sashittal Discusses Future Plans
Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Company (KAFD DMC), sits with Imogene Lillywhite of Zawya for an extensive interview outlining what is next for the exciting city hub.
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US to send anti-missile system and troops to Israel, Pentagon says
The United States said on Sunday it will send U.S. troops to Israel along with an advanced U.S. anti-missile system, in a highly unusual deployment meant to bolster the country's air defenses following missile attacks by Iran. U.S. President Joe Biden said the move was meant "to defend Israel," which is weighing an expected retaliation against Iran after Tehran fired more than 180 missiles at Israel on Oct 1.
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Saudi Arabia sends second relief plane to Lebanon
The second Saudi relief plane, operated by KSrelief, departed on Monday from King Khalid International Airport in Riyadh, carrying food, medical supplies and shelter aid to Beirut International Airport. This mission follows the directives of King Salman and Crown Prince Prince Mohammed bin Salman to support the Lebanese people.
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Saudi PIF-Backed Firm Plans Trade Zone to Boost China Ties
The KSA-Sino Logistics Zone will be developed at Saudi Arabia’s new King Salman International Airport, Cliff Chau, managing partner at Riyadh-based EWPartners, said in an interview. It will aim to bring in Chinese firms involved in logistics, light manufacturing and reexports into Saudi Arabia to serve the wider Middle East, Africa and Europe, he said. The firm is currently in talks with potential investors including both Asian and Middle East sovereign wealth funds to finance around $2 billion for the initial development costs, said Chau, a former executive at China Investment Corp. The full cost of developing the 4 square kilometer zone, which is scheduled to launch by the end of next year, is still being determined, he said.
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Saudi naval forces participate in Medusa 13 joint naval-air exercise in Greece
The Royal Saudi Naval Forces took part on Sunday in a joint naval-air exercise called Medusa 13, being held in Greece. The exercise includes naval and air forces from Greece, Egypt, France, and Cyprus, alongside Saudi Arabia, and aims to strengthen international military cooperation and enhance naval security, Saudi Press Agency reported.
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Saudi Human Resource Firm’s IPO Fully Covered in First Hour
Tamkeen is seeking to raise up to 398 million riyals ($106 million) by selling a 30% stake, or 7.95 million shares, on the local stock exchange, the company said in a statement earlier. Institutional investors covered the order book across the price range of 46 riyals to 50 riyals a share, people familiar said, asking not to be identified.
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Saudi’s MbS will not attend Russia’s BRICS summit
Saudi Crown Prince Mohammed bin Salman is not expected to attend a Russian-hosted BRICS summit later this month, according to the Kremlin, which said the world's biggest oil exporter would be represented by the kingdom's foreign minister. The BRICS group originally consisted of Brazil, Russia, India, China and South Africa, and has expanded to include Ethiopia, Iran, Egypt and the United Arab Emirates and others. Two sources with direct knowledge of the matter told Reuters in January that Riyadh was still considering the invitation to join BRICS.
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Saudi Arabia Deploys Tornado Fighter Jets for Exercise in Pakistan
The Royal Saudi Air Force has deployed six Panavia Tornado fighter jets for the Indus Shield 2024 air exercise in Pakistan, where Turkey and Egypt also showcased their military capabilities and explored opportunities for enhanced cooperation. The drill allowed each nation to discuss and exchange best practices on the latest technologies, strategies, and operations. In addition to Riyad’s Panavia Tornados, the Turkish Air Force contributed with F-16s, the Egyptian Air Force sent Mirage 2000s, and Pakistan deployed J-10C fighter jets.
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A former Colorado staffer’s rogue NIL trip to Saudi Arabia: Wild tale or sign of desperate times?
Reilly said he did not tell Sanders of his plans to visit the Middle East after the conclusion of the 2023 season, but said he informed members of Sanders’ personal staff of his intentions. He also had made it clear to tourism officials in the Middle East that he could never himself strike a deal, but his goal was to serve as an introductory middleman between Colorado’s collective and potential partners.
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Saudi Arabia aims to establish itself as a global film production hub
Producers, artists, specialists, and filmmakers from the kingdom and abroad are participating in the four-day Saudi Film Confex. The opening day showcased an impressive attendance of specialized filmmakers, featuring dialogue sessions that addressed critical topics such as the role of support and financing funds in the industry and the integration of the film sector with other developmental areas.
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Saudi Arabia offers Pakistan share of $200bn in annual construction contracts
As Saudi Arabia prepares to become the world’s largest construction market, the Kingdom is investing heavily to diversify its economy. According to a 2024 report by global property consultancy Knight Frank, the total construction output is projected to reach $181.5 billion by the end of 2028, marking a nearly 30 percent increase from 2023. “Saudi Arabia is the largest construction site in the world and we will in the next few years be awarding construction and material procurement contracts reaching about $1.8 trillion,” Al-Falih said at the Pak-Saudi Business Forum 2024.
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