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Saudi Arabia Aims for over 1000% Increase in Entertainment Sector Employment this Year as Massive Investment Planned
- February 22,2018
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- SUSTG Team
Saudi Arabia is betting big on the entertainment sector to boost job creation and provide for a more vibrant society with a whopping $64 billion planned to spend in the next decade, according to the head of the General Entertainment Authority Ahmed Al-Khatib. Al-Khatib said that the investment and development is already underway, and that the […]
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Russian, Chinese Interests ‘Eager’ to Invest in Saudi Aramco IPO as Cooperation Heats Up
- February 14,2018
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- SUSTG Team
The head of the Russian Direct Investment Fund (RDIF) said in Riyadh today there is “significant interest” to invest in the forthcoming Aramco IPO from Russia and from China, according to reports. Several banks and other groups in Russia are interested in investing in shares of Aramco, according to Bloomberg, which reported comments from Kirill Dmitriev, chief […]
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Saudi Embassy Spokeswoman: ‘The Kingdom is not Easternizing or Westernizing, it’s Modernizing’
- February 6,2018
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- SUSTG Team
The first spokeswoman for the Royal Embassy of Saudi Arabia, Fatimah Baeshen, said in an interview that the Kingdom is not sacrificing culture or values with its Vision 2030 economic and social reform program and that the program has “something for everyone” in Saudi Arabia. The well-spoken Baeshen, who was appointed by Saudi Arabia’s Ambassador to the […]
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Saudi Arabia’s King Salman Orders $2b ‘Deposit’ to Yemen to Shore Up Currency
- January 18,2018
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- SUSTG Team
Saudi Arabia’s King Salman ordered a $2 billion transfer to the Yemeni central bank, according to reports, as the Kingdom looks to shore up the economy of its war-torn southern neighbor. The Saudi Ministry of Culture and Information (MoCI) said in a statement that the money is meant “to address the deteriorating economic situation” in Yemen. “All […]
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U.S. to Ramp Up Crude Oil Production by 10% in 2018
- January 4,2018
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- SUSTG Team
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 […]
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Two Top Officials in Crackdown Sweep Return to Public Eye
- January 2,2018
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- SUSTG Team
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 […]
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‘Largest Ever’ Budgeted Expenditure for Saudi Arabia in 2018 as Kingdom Looks to Propel Growth
- December 20,2017
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- SUSTG Team
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 […]
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Nearly $20b in Stimulus for Saudi Economy in 2018
- December 14,2017
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- SUSTG Team
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 […]
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Westinghouse in Talks with Other U.S. Companies to Bid for Saudi Nuclear Opportunities, Reuters Reports
- November 21,2017
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- SUSTG Team
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 […]
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UK Government Agrees to $2b Loan Guarantee For Saudi Aramco
- November 9,2017
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- SUSTG Team
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 […]
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MUST-READS
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SAMA licenses STC Bank to start operations in Saudi Arabia
The Saudi Central Bank (SAMA) gave the green light for STC Bank to commence its operations in the Kingdom. In April 2024, SAMA granted stc an experimental launch permit for STC Bank. The bank, in which stc holds an 85% stake, aims to provide Shariah-compliant banking services and financial solutions. Arabian Internet and Communications Services Co. (solutions) initially established STC Bank in 2017, with SAR 100 million in capital. The ownership was transferred to stc in 2019, with capital increased to SAR 400 million by the end of the same year.
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MBS meets Bill Clinton, former US president, in Riyadh
Saudi Crown Prince Mohammed bin Salman met on Wednesday with former US President Bill Clinton, the Saudi Press Agency (SPA) reported. MBS met with Clinton at his office in the Saudi capital, Riyadh, SPA said. The two officials held friendly talks, the report added. The meeting was attended by the Kingdom’s ambassador to the US, Princess Reema bint Bandar, Minister of State and National Security Adviser Musaed bin Mohammed al-Aiban along with Clinton’s accompanying delegation.
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SAFF officials open world football’s first dedicated Football Research Institute in Riyadh
The Saudi Arabian Football Federation [SAFF] has officially launched the Saudi Arabian Football Federation Institute of Research [SAFFIR], marking the world's first dedicated Research Institute for Football operated by a Football Federation. ‘SAFFIR’ - translated from Arabic as ambassador – is a symbol for the Institute’s aim to act as a connecting point between researchers, scholars, policy makers and the wider football community as a source of knowledge and insights for the game beyond the pitch. The first-of-its-kind institute in Riyadh will welcome its first researchers, scholars, football policy makers and lecturers to the site this week, with international researchers from all over the world arriving to begin ground-breaking projects on football and its impact - on and off the pitch.
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Energy and Climate Issues During the Trump Administration’s First 100 Days
President Donald Trump has made energy a clear focus for his second term in the White House. Having campaigned on an “America First” platform that highlighted domestic fossil fuel growth, the reversal of climate policies and clean energy incentives advanced by the Biden administration, and substantial tariffs on key US trading partners, he declared an “energy emergency” on his first day in office. How Trump’s platform will be transformed into action remains uncertain, as are the associated energy, environmental, economic, and geopolitical implications. In this series, scholars at the Center on Global Energy Policy examine central energy questions and issues facing the Trump administration in its first 100 days as it works to realize the energy vision outlined during the presidential race and consider the domestic and global outcomes of the decisions it may make.
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Steven Gerrard: Al Ettifaq manager leaves role at Saudi Pro League side by mutual consent
Ex-Liverpool and England midfielder Gerrard, who joined Al Ettifaq in July 2023, signed a two-year contract extension in January 2024 that was due to keep him at the club until 2027. But the 44-year-old leaves the role with Al Ettifaq sitting 12th in the 18-team Saudi Pro League, just five points above the relegation zone. Al Ettifaq have won just five of their 17 league games this season under the ex-Rangers boss, most recently drawing 2-2 with second-bottom side Al Wehda FC.
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Saudi Arabia’s evolving lending market: Surge in international interest and diversification of borrowers
In recent years, the Kingdom of Saudi Arabia has implemented large scale regulatory reforms, including the Civil Transactions Law, Bankruptcy Law, Public-Private Partnership Program, and the Government Tenders and Procurement Law. These reforms were designed to enhance the Kingdom’s diversification efforts and attract international business – they have also propelled the country to rank 16th globally on the IMD World Competitive index. Historically, the interest in Saudi borrowing has been predominantly domestic or from the Gulf Cooperation Council (GCC) countries. However, we expect to see a shift in 2025, with a surge in interest from international markets. Several factors contribute to this change.
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Collector Basma Al Sulaiman on the Future of the Saudi Art Market: ‘We Are Not Just Consumers’
The Gulf has been a hotbed of cultural investment in recent years. Saudi Arabia, in particular, has experienced a burgeoning museum landscape—both public and private—and cultural events launching as part of its Vision 2030 project, a sweeping plan for diversifying the nation’s economy to be less oil-production reliant. As of last year, projects associated with Vision 2030 have reached $1.3 trillion in value. Part of that plan has included expanding luxury retail as well as arts and culture infrastructure. Last year, Abu Dhabi’s sovereign wealth fund struck a $1 billion deal with Sotheby’s owner, Patrick Drahi, for a minority stake in the firm. Christie’s also recently announced that it is expanding its presence in the Middle East with an outpost in Riyadh, the capital of Saudi Arabia— this will be the house’s second location in the region, alongside its Dubai office, which opened in 2005. The Riyadh location will focus on Modern and contemporary Middle Eastern art, as well as jewelry and timepieces, the house said, aiming to draw the kingdom’s wealthy millennials; Saudi Arabia is one of the world’s youngest countries, with roughly 70 percent of the population under the age of 40.
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SFDA chief rules out plan to ban sale of cigarettes or vapes
Saudi Arabia has no plan to ban the sale of traditional or electronic cigarettes, according to Dr. Hisham Al-Jadhey, CEO of the Saudi Food and Drug Authority (SFDA). His remarks came amid growing international discussions on tobacco regulations, with countries like Belgium opting for stricter measures, including bans on vaping products. Speaking on Rotana Khalejia’s program “Fi Al-Soura” on Monday, Dr. Al-Jadhey clarified that electronic cigarettes are subject to different regulations worldwide. He emphasized that e-cigarettes are not a safer alternative to traditional smoking, countering common misconceptions. Dr. Al-Jadhey highlighted the SFDA's overarching goal to encourage smokers to quit smoking entirely. “Our primary aim is to support smokers in transitioning away from tobacco use,” he said, while explaining that the authority works to ensure tobacco companies comply with established standards and regulations while actively monitoring potential violations.
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Reflecting on Davos 2025
At NEOM House, we gave visitors an up close and personal look into our many diverse regions. We shone a light on three - Trojena, Oxagon, and THE LINE - with each embodying our vision for an innovative and sustainable future: In a compelling session, NEOM's Deputy CEO Rayan Fayez and Chief Development Officer Denis Hickey discussed how NEOM's vision is becoming a reality. They shared key developments about the progress of NEOM, which is currently the largest construction and civil engineering project in the world. Other key speakers from the NEOM leadership team included Vishal Wanchoo, Dr. Manar Al Moneef, and Majid Mufti; all of whom delivered insightful discussions that left attendees with a deeper understanding of NEOM and its vision
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Israel delays prisoner release after chaotic hostage handover
Hamas handed over three Israelis and five Thai hostages in Gaza on Thursday, but Israel delayed the expected release of Palestinian prisoners after chaotic scenes at one of the handover points, where large crowds swarmed around the captives. Arbel Yehud, 29, abducted from Kibbutz Nir Oz in the Hamas-led assault on Israel on Oct. 7, 2023, looked fearful and struggled to walk through a surging crowd as armed militants handed her to the Red Cross in a tense scene in the southern city of Khan Younis. Another Israeli hostage, Gadi Moses, 80, was also released along with five Thai nationals working on Israeli farms near Gaza when the militants burst through the border fence, the Israeli military said. The mother of one of the Thais watched a livestream of the scene anxiously from her home in the northeastern Udon Thani province.
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