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Saudi Arabia’s Economy Still Shrank in 3Q Despite Rebound Trend
Saudi Arabia’s economy shrank more slowly in the third quarter of this year as the government relaxed some measures put in place to curb the spread of the Coronavirus but the oil sector continued to weigh on the Kingdom’s overall economic outlook, according to reports.
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Saudi Arabia Registers Pfizer COVID-19 Vaccine for Import, Distribution in Kingdom
Health authorities in Saudi Arabia have registered the Pfizer-BioNTech COVID-19 vaccine for import and use in the country, state news agency SPA said on Thursday. Saudi Arabia’s Food and Drug Agency registered the vaccine. Procedures necessary for its import and use will begin, the statement said.
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Road to the G20: G20 Leader’s Summit Publication Released Ahead of Virtual 2020 Summit
Organizers of the G20 in Riyadh released the summit’s Annual Publication ahead of the G20 leadership summit, beginning tomorrow and taking place virtually due to the Coronavirus pandemic. Saudi Arabia as host has prioritized empowering people, safeguarding the planet and shaping new frontiers as themes for this year’s event, the first G20 to be chaired by a nation […]
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Rising Coronavirus Cases, Lockdowns Globally Will Hurt Oil Demand More than Previously Thought in 2021, OPEC Says
A global surge in Coronavirus cases and resulting lockdowns in late 2020 will cause oil demand to rebound more slowly in 2021 than previously thought, OPEC said on Wednesday. The surge in Coronavirus cases will hamper efforts by OPEC and its allies to support the market, Reuters reports.
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Road to the G20: B20, T20 Meetings Conclude Ahead of Main G20 Event
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. Saudi Arabia just wrapped up the hosting of the B20 business-focused group, as well as the T20 meetings last week. The Business 20 […]
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Road to the G20: Two-Day Virtual B20 Begins Today
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. This week, Saudi Arabia will host the B20 business-focused group, as well as the T20 meetings later this week.
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Strict Countermeasures Continue to Pay Off as Saudi Arabia’s Covid Deaths Hit New Lows
Strict rules and regulations in place and an elevated social awareness of the danger of the coronavirus continues to pay dividends in stopping the spread of the virus in Saudi Arabia, data confirms. Saudi Arabia on Friday recorded just 383 new coronavirus cases and 14 deaths, representing some of the lowest figures seen in the Kingdom since […]
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IMF Sees Contraction in 2021 for Middle East Economies, With Oil Prices in $40-$50 Range
The International Monetary Fund (IMF) downgraded its outlook for Middle East and Central Asian economic recovery, predicting a 4.1% contraction for the region as a whole, according to latest data released by the international organization.
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Saudi Aramco in Talks with BlackRock, Others for $10 Billion Pipeline Deal
Saudi Aramco is in talks with U.S.-based global investment management corporation BlackRock and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business, sources told Reuters, although the deal is still in early stages.
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Saudi Arabia Celebrates 90th National Day
Saudis around the world are celebrating Saudi Arabia’s 90th National day today, the Kingdom’s top national holiday dedicated to the history of the Kingdom as a unified state.
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MUST-READS
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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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Saudi Company for Artificial Intelligence partners with Elm for Al in public sector
Established in 2021, SCAI is a PIF-owned company that was founded with the aim to positioning KSA as a global AI leader. The company builds AI applications, including in areas such as smart cities, healthcare, public transport, and sustainability. Together with Elm, one of Saudi Arabia’s leading IT consulting and technology companies, SCAI will develop AI use cases in the public sector, and develop prototypes and applications using Al technologies. Elm’s consulting business meanwhile will provide strategic advisory services to SCAI and to the Al offices of public sector institutions that are part of SCAI’s network.
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Saudi businessmen sign 27 memorandums of understanding with Pakistan valued at $2 billion
In a televised speech, Sharif hailed the memorandums and said he hoped they would soon be translated into agreements, adding that his government will do its best to facilitate Saudi investments in the country. Sharif also thanked Saudi Arabia for helping Pakistan reach an agreement to receive a $7 billion bailout from the International Monetary Fund.
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Saudi, UAE, Qatar Lobbying DC to Keep Gulf Oil Safe from Israel
Speaking to Reuters three unnamed Gulf sources said Saudi Arabia, UAE and Qatar are concerned that Israel will target Iranian oil facilities and that other Gulf assets could also come under fire by Iran or its proxies. All three Gulf countries are refusing to let Israel use their airspace, with Reuters reporting that Tehran warned Riyadh earlier this week that it could not guarantee the safety of the Kingdom's oil facilities in the event of an Israeli attack. "The Iranians have stated: 'If the Gulf states open up their airspace to Israel, that would be an act of war,” Reuters quoted a Saui analyst close to the royal court as saying.
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Saudi Arabia launches insurance policy to protect expatriate workers
Director general of international communications and cooperation, Abdulrahman Al-Zaid, told Arab News: “The Expatriate Worker Wage Insurance Service for Private Sector Defaults is part of the ministry’s ongoing efforts to protect both workers and employers, while enhancing the overall efficiency and appeal of the Saudi labor market. “The initiative is designed to create a more secure labor environment, making Saudi Arabia a leading hub for international talent.”
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Saudi Arabia, GCC embrace biological age testing in push for healthier aging
From stem cell research to modifying age-limiting conditions such as Alzheimer’s or Parkinson’s disease, to unlocking the regenerative capacity to reverse age-related changes in the body, targeting human aging with new therapies and medicines is a big business. And the latest trend is biological testing; figuring out how old your body actually is, versus the age on your passport. Or, in other words, your biological age versus your chronological age.
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Battling Japan down Saudi Arabia to stay perfect in World Cup qualifying
Japan handed Saudi Arabia a 2-0 defeat in Jeddah on Thursday as Hajime Moriyasu's side continued their march towards the World Cup with a third consecutive win in Asian qualifying that moves the Samurai Blue five points clear at the top of Group C. Daichi Kamada's close range finish put the Japanese in front in the 14th minute of a physical first half and substitute Koki Ogawa headed in Junya Ito's corner nine minutes from time to secure the points.
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Saudi Arabia’s flyadeal eyes widebodies; A321neo due in 1Q26
flyadeal (F3, Jeddah International) is planning to place a widebody order - its first - before the year ends, chief executive Steven Greenway said at the Routes World 2024 conference in Bahrain. The Saudia (SV, Jeddah International) low-cost subsidiary sees opportunity with widebodies, “and we’re going after it,” Greenway said, adding that they are evaluating both the A330 and B787 but have discarded the A350, as it would be “too big.”
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