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Recent stories from sustg

  • U.S. to Ramp Up Crude Oil Production by 10% in 2018
     

    The United States is poised to ramp up crude oil production by 10% in 2018 to about 11 million barrels per day, research firm Rystad Energy has said, which would make the U.S. the world’s largest producer. The expected surge in shale oil output “should allow the United States to dethrone Russia and Saudi Arabia as […]

     
  • Two Top Officials in Crackdown Sweep Return to Public Eye
     

    Two top officials detained in last year’s crackdown on corruption in Saudi Arabia have returned to the public eye following settlement payments, according to reports. Prince Miteb bin Abdullah, former head of the Saudi national guard and son of the late King Abdullah, was photographed alongside Crown Prince Mohammed bin Salman at a horse race […]

     
  • ‘Largest Ever’ Budgeted Expenditure for Saudi Arabia in 2018 as Kingdom Looks to Propel Growth
     

    Government officials unveiled Saudi Arabia’s largest budgeted expenditure ever as the Kingdom looks to propel economic growth following two years of reduced spending. Compared to previous years, the budget is expansionary. Saudi Arabia will spend SR88 billion ($23.5 billion) more in 2018 compared with 2017. The announcement was made at a press conference at which Finance Minister Mohammed […]

     
  • Nearly $20b in Stimulus for Saudi Economy in 2018
     

    Saudi Arabia has unveiled a stimulus package to begin next year with money to support housing construction as well as fee waivers for small businesses. Saudi Arabia’s King Salman issued a royal decree approving 72 billion riyals ($19.2 billion) worth of measures to stimulate growth in the private sector next year (2018), and 200 billion […]

     
  • Westinghouse in Talks with Other U.S. Companies to Bid for Saudi Nuclear Opportunities, Reuters Reports
     

    An exclusive Reuters report reveals that Westinghouse is in talks with other U.S-based companies to form a consortium to bid in a multi-billion-dollar tender for two nuclear power reactors in Saudi Arabia, citing three industry sources. If the consortium forms and bids, it would have stiff international competition in countries like South Korea, France, and Russia, who […]

     
  • UK Government Agrees to $2b Loan Guarantee For Saudi Aramco
     

    The U.K. government agreed to a $2 billion loan guarantee for Saudi Aramco as competition to host the likely largest in history IPO heats up, according to Bloomberg. “The unusually large export credit guarantee, designed to finance the purchase of British goods, will be seen by many as an attempt to help woo the IPO to the […]

     
  • Saudi Arabia to Boost Spending Next Year as Foreign Reserves Reach New Lows
     

    Saudi Arabia will boost state spending next year despite dwindling foreign reserves as the Kingdom looks to turbo charge economic growth, according to reports. Saudi Arabia’s Finance Minister Mohammed al-Jadaan told the Financial Times that Saudi Arabia “would set out an expansionary budget in 2018” to respond to the needs of the struggling private sector, which is […]

     
  • Secretary of State Rex Tillerson to Travel to Saudi Arabia October 20th for Saudi-Iraq Meet
     

    U.S. Secretary of State Rex Tillerson will travel to Riyadh, Saudi Arabia to take part in the inaugural Coordination Council meeting between the governments of Saudi Arabia and Iraq. The Secretary will also meet with various Saudi leaders to discuss the conflict in Yemen, the ongoing Gulf dispute, Iran, and a number of other important regional and […]

     
  • 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 […]

     
  • Al-Hilal’s Streak and Saudi Professional League Spending
     

    Saudi Pro League league standings leader, Al-Hilal, just notched it’s 28th straight win to break the world record for most consecutive wins by a top-flight team.

     

MUST-READS

  • Houthis’ email alert to Red Sea ships: Prepare for attack, with best regards

    On a warm spring night in Athens, shortly before midnight, a senior executive at a Greek shipping company noticed an unusual email had landed in his personal inbox. The message, which was also sent to the manager's business email address, warned that one of the company's vessels travelling through the Red Sea was at risk of being attacked by Yemen's Iranian-backed Houthi militia. The Greek-managed ship had violated a Houthi-imposed transit ban by docking at an Israeli port and would be "directly targeted by the Yemeni Armed Forces in any area they deem appropriate," read the message, written in English and reviewed by Reuters.

  • All eyes on improving infant health in Saudi Arabia

    One crucial indicator of a nation’s health, social stability, and economic development is infant mortality. Currently, Saudi Arabia has an infant mortality rate (IMR) of 5.1 infant deaths per 1,000 live births, placing it 63rd out of 253 countries globally. By comparison, developed G20 countries like Japan and Italy have the lowest IMRs of 1.6 and 2.2, respectively.

  • ‘Marvels of Saudi Orchestra’ Mesmerizes London with Stunning Performance

    The historic Westminster Central Hall resonated with the enchanting sounds of the ‘Marvels of Saudi Orchestra’ last night, as the Saudi National Orchestra and Choir performed alongside the Royal Philharmonic Orchestra. The event marked a significant moment of cultural exchange and musical collaboration between Saudi Arabia and the United Kingdom.

  • Airlines Forced Into Saudi Airspace Amid Mideast Conflict

    Airlines connecting Europe with the Middle East and South Asia are being forced to fly a more circuitous path using Egyptian and Saudi Arabian airspace as the escalating regional conflict blocks of routes over Iran and Iraq for many carriers. Bloomberg's Leen Al-Rashdan reports.

  • Work to resume on world’s tallest tower in Saudi Arabia

    Construction is to resume on the world’s tallest tower in Jeddah, Saudi Arabia, which will be over one kilometre high when completed. Jeddah Economic Company (JEC), an associate of Kingdom Holding Company (KHC) chaired by Prince Alwaleed Bin Talal, has reached an agreement with Saudi Binladin Group to continue developing the Jeddah Economic Company Tower, KHC said in a statement to the Saudi stock exchange on Wednesday. So far, 63 of the planned 157 floors have been completed. Construction is slated to be completed in 42 months.

  • Saudi PMI rises to 56.3 points in September

    The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia PMI, rose to 56.3 points in September 2024. This was the highest reading since May and signaled a further acceleration in non-oil private sector growth. On a monthly basis, the rise was attributed to a sharper expansion in output and new orders, in addition to a tightening of supply conditions. Growth was robust overall and widespread across the monitored segments of the non-oil economy.

  • 2-state solution the only viable path to lasting peace in Middle East, says Saudi foreign minister

    Now is the time to embark on an irreversible path to resolving the conflict between Israelis and Palestinians that culminates in the establishment of two independent states in which the peoples can live side by side in peace, Saudi Arabia’s foreign minister said. In an op-ed published in the Financial Times on Wednesday, Prince Faisal bin Farhan wrote that a two-state solution is the only viable way to ensure the long-term security of Palestine, Israel and the wider region.

  • Putin’s war economy faces pain if Saudis sink global oil prices

    Mikhail Krutikhin, a Russian energy analyst based in Norway, said Saudi Arabia's possible move posed "an enormous risk" for Moscow's state budget, because of its overwhelming dependency on oil revenues. And it's just one of several unpredictable factors on the horizon, including the U.S. presidential election. "So we have to sit back now and wait — stock up on the popcorn," he said. Saudi Arabia "understands perfectly well that Russian companies do not comply with the demand to reduce production, so they are making their own plans," Krutikhin added.

  • Saudi FM, Iranian president hold meeting in Doha

    Iran’s President Masoud Pezeshkian received on Wednesday in the Qatari capital Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan, the Saudi Press Agency said. The pair discussed the latest regional and international developments. Senior Saudi and Iranian officials attended the meeting.

  • Saudi Arabia’s Quantum raises investment from HearstLab

    Quantum, Saudi Arabia’s leading adtech and data platform that connects advertisers with publishers, announced today that it has secured funding as part of its $7 million Pre-Series-A round from HearstLab, the investment arm of Hearst Corporation dedicated to scaling early-stage, women-led tech startups. This marks HearstLab’s inaugural investment in the Middle East and underscores the rapid growth of Saudi Arabia’s tech ecosystem.