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Saudi Arabia Suspends Privatization of the $2 Billion Ras Al Khair Desalination and Power Plant – Reports
- July 26,2021
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- SUSTG Team
Saudi Arabia has suspended the privatization plans for the Ras Al Khair desalination and power plant, valued at an estimated $2 billion, according to reports.
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Uncertainty Inside OPEC+ Causes Oil Price Flux
- July 9,2021
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- SUSTG Team
Oil prices continued to see increased volatility as traders attempt to understand how the Saudi-UAE chasm on production might affect supply in the coming months, according to reports.
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Prince Khaled bin Salman Visits Washington for High-Level Talks with Biden Administration; U.S. Talks with Saudi on Oil
- July 7,2021
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- SUSTG Team
Saudi Arabia’s deputy defense minister and former ambassador to the United States Prince Khaled bin Salman on Tuesday became the highest-ranking Saudi envoy to visit Washington since Joe Biden became president in January, Reuters reports. The prince represented the Kingdom in talks with senior Biden officials on the Yemen war and threats from Iran.
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May Economic Figures Show Positive Direction for Saudi Economy in Post-Pandemic Recovery
- July 2,2021
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- SUSTG Team
A number of non-oil indicators for the Saudi economy improved in May, including the non-oil PMI, which continued rising to 56.4 as activity and new orders grew, according to a recently-released Chartbook by Jadwa Investment for the month of May.
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Yergin: Saudi Leadership in OPEC+ Played Significant Role in ‘Incredible Strong Global Economic Recovery’
- June 21,2021
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- SUSTG Team
Saudi Arabia’s leadership in the OPEC+ group of oil-producing nations “brought a kind of predictability and stability and caution to the market” as the global economy recovers from the pandemic in 2021, Pulitzer Prize-winning historian of the oil industry Daniel Yergin told Arab News‘ Frank Kane in an interview.
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Saudi Arabia’s PIF Leads Investment in Gulf Infrastructure Fund from Aberdeen Standard Investments and Investcorp
- June 10,2021
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- SUSTG Team
Saudi Arabia’s Public Investment Fund (PIF) has emerged as the lead investor in a planned $800 million Middle East infrastructure fund being established by Aberdeen Standard Investments and Investcorp, Bloomberg reports, citing a statement.
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With PIF Backing, Saudi Ports Behemoth Red Sea Gateway Terminal Looks for Big Investments Abroad
- May 26,2021
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- SUSTG Team
The operator of Saudi Arabia’s Red Sea Gateway Terminal (RGST) is looking to invest in ports in Africa and the Middle East, following backing from the Kingdom’s sovereign wealth fund (PIF), Bloomberg reports.
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Saudi Arabia Eyes $55 billion by 2025 Through Privatization Program, Al Jadaan Says
- May 25,2021
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- SUSTG Team
Saudi Arabia hopes to raise about $55 billion over the next four years with a revitalized privatization program, the country’s finance minister Mohammed Al-Jadaan told the London-based Financial Times in an interview published over the weekend.
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Saudi Arabia’s Ultra-Lux Amaala Resort May Raise Up to $2.7 Billion Next Year
- May 18,2021
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- SUSTG Team
Saudi Arabia’s ultra-luxury Amaala tourism project may raise up to 10 billion riyals ($2.7 billion) in 2022, the CEO of the company, John Pagano said in an interview on the sidelines of Arabian Travel Market in Dubai.
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Startup Ecosystem in Saudi Arabia Begins to Thrive
- May 6,2021
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- SUSTG Team
Saudi Arabia’s startup ecosystem is beginning to thrive as new and increasingly larger investments into young Saudi companies continue to mount.
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MUST-READS
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Israel to ban travel to US, Canada over omicron variant
Israeli ministers on Monday agreed to ban travel to the United States, Canada and eight other countries amid the rapid, global spread of the omicron variant. Prime Minister Naftali Bennett’s office announced the decision following a Cabinet vote.
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New York City is the first major city to ban natural gas
The new law, which the city council passed 40-7 (with one abstention) on Dec. 15, prohibits new buildings from using gas for heating and cooking beginning in Dec. 2023. Buildings will be wired to power all appliances with electricity. New York City’s law will apply to buildings lower than seven stories beginning in 2023, and buildings taller than seven stories beginning in 2027.
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Lebanon’s Growing Humanitarian Crisis
The decade-long conflict in Syria has driven a long-standing international aid response to the refugee crisis in Lebanon. Aid organizations provide in-kind and cash assistance, shelter, access to healthcare and education, and livelihoods support to vulnerable Syrian refugees and host communities. In 2020, donors provided more than $1.4 billion for this response.
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Lebanon to deport non-Lebanese members of Bahrain opposition
Lebanon's interior minister on Wednesday ordered the deportation of non-Lebanese members of Bahrain's dissolved opposition al-Wefaq group after some of them criticised the Gulf Arab kingdom at a news conference in Beirut Lebanon became enmeshed in a major diplomatic dispute with the Gulf last month after former information minister George Kordahi criticised Saudi Arabia over the Yemen war.
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Macron Looks to Revive Saudi Financing for French Military Contracts in Lebanon
What Macron meant by a “commercial opening” to Lebanon is for Riyadh to revive a $3 billion grant from 2014 to finance LAF purchases of French weapons, including short-range air defense systems, artillery systems, combat and transport vehicles, Cougar attack helicopters, fast-attack patrol vessels, and surveillance and communications equipment. After the delivery of 48 Milan anti-tank missiles in April 2015, the Kingdom canceled the program in February 2016, as Riyadh underwent what an unnamed Saudi official described at the time as “a total evaluation of its relations with the Lebanese republic.” In other words, the Saudis concluded that their grant would merely prop up a Hezbollah-dominated political system.
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Saudi Central Bank Issues Information Technology Governance Framework for Financial Sector
The Saudi Central Bank (SAMA) has issued the information technology governance framework for a number of financial institutions operating in the Kingdom of Saudi Arabia, including local banks, Saudi Payments and credit information companies. The governance framework falls within the mandate of the Saudi Central Bank in accordance with the authority vested to SAMA as issued by the Royal Decree No. (M/36), dated 11/04/1442H, and other relevant regulations, which seek to effectively identify and address potential IT risks and threats.
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Lebanon’s currency continues to tank amid economic collapse
Lebanon’s national currency further collapsed Monday, trading on the black market at nearly 20 times its value two years ago, worsening inflation and people’s despair. The Lebanese pound was trading at 27,000 to the dollar on the black market, hitting a new low in its downward trajectory since October 2019 as the Lebanese economy went into a tailspin. The currency is officially pegged at 1,500 pounds to the dollar.
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Taliban rule marked by killings, denial of women’s rights – UN
More than 100 former Afghan national security forces and others have been killed since the Taliban takeover in August, most at the hands of the hardline Islamist group which is recruiting boy soldiers and quashing women's rights, the U.N. said on Tuesday.
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Saudi Arabia bans Tablighi Jamaat, calls it ‘gate of terror’
In addition, it should mention their "most prominent mistakes", that they are a "danger to society" and issue a statement that "affiliation with partisan groups, including (the Tablighi and Da'wah Group) is prohibited in the Kingdom of Saudi Arabia." Tablighi Jamaat, a transnational Sunni Islamic missionary movement that focuses on exhorting Muslims and encouraging fellow members to follow the pure form of Sunni Islam.
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Libyan central bank reunification process begins this month, says governor
Libya's two parallel central bank branches will formally begin the process of reunification this month, although progress will depend on the outcome of upcoming presidential elections, Tripoli's central bank governor said. The Central Bank of Libya Governor Sadiq al-Kabir said on a recent trip to London that despite the uncertainty he hoped reunification, or at least the "first phase" of it, would happen by July.
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