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Saudi Economy More Resilient than Expected in Q2, Q3 2020; Recovery Possible Next Year – Jadwa Investment
- November 27,2020
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- SUSTG Team
Saudi Arabia’s economy proved to be more resilient than expectations in the face of dual crises of the Coronavirus pandemic and a drop in oil prices in 2020, Jadwa Investment writes in an economic update.
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Yemen’s Houthis Increase Attacks on Saudi Arabia’s Oil Facilities, Assets as Kingdom’s Leaders Urge UN Action
- November 25,2020
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- SUSTG Team
Yemen’s Iran-backed Houthi militia claimed responsibility for another brazen missile attack on a Saudi Aramco oil facility on Monday, leaving no one injured but a fire that raged for 40 minutes, according to reports.
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Saudi Arabia Raises Minimum Wage for Citizens by 33% after Labor Reform Announcement
- November 24,2020
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- SUSTG Team
Saudi Arabia will raise the minimum wage for its citizens from 3,000 riyals ($800) to 4,000 riyals ($1,066), a 33 percent increase, the Kingdom’s Ministry of Human Resources and Social Development announced last week. Set to take effect five months from the announcement date of Wednesday, November 18th, the increase is substantial for Saudi workers.
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Road to the G20: Saudi Arabia Set to Host Main Leaders’ Summit this Weekend
- November 19,2020
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- SUSTG Team
Saudi Arabia is set to host the G20 Leaders Summit this weekend, the main event involving the heads of the 20 nations chaired virtually by the Kingdom due to the Coronavirus pandemic.
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Saudi Arabia, Yemen’s Houthis on Cusp of ‘Breakthrough’ Deal if Buffer Zone Established – Report
- November 18,2020
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- SUSTG Team
Saudi Arabia and Yemen’s Iran-backed Houthis are on the cusp of a “breakthrough” nationwide ceasefire agreement, Reuters reports, on the condition that the Houthis agree to an establish a buffer zone between the two countries.
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Saudi Arabia’s Public Investment Fund Eyes Pivot to Domestic Investments in 2021 and Beyond
- November 17,2020
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- SUSTG Team
After investing billions in equities in the United States and elsewhere overseas, Saudi Arabia’s Public Investment Fund (PIF) is turning its focus to domestic investments in the Kingdom in 2021 and beyond, Bloomberg reports, citing comments from Crown Prince Mohammed bin Salman.
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Inaugural Saudi Ladies Invitational Golf Tournament Ends in Thrilling Playoff Win for Denmark’s Emily Kristine Pedersen
- November 16,2020
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- SUSTG Team
Saudi Arabia’s inaugural golf tournament wrapped up on Sunday with a thrilling, come-from-behind win by Denmark’s Emily Kristine Pedersen, who sealed her victory in a playoff hole after trailing the then-leader Georgia Hall by three strokes.
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Saudi Crown Prince Mohammed bin Salman Releases Rare Statement on Economic Reforms, Security
- November 13,2020
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- SUSTG Team
Saudi Arabia’s Crown Prince Mohammed bin Salman released a rare statement on the ongoing economic reforms in Saudi Arabia and took a firm stance against any threats to the Kingdom, as Saudi Arabia battles dual crises in the Coronavirus and lower oil revenue.
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‘We are Expanding our Library of Saudi Content’: Netflix Signs Multi-Picture Deal with Saudi Arabia’s Telfaz11 Studios
- November 12,2020
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- SUSTG Team
Netflix has announced a partnership with Saudi Arabian digital media studio Telfaz11 to produce eight new feature films, Variety reports, an expansion of the media powerhouse’s interest in Saudi Arabia’s budding creators and growing entertainment market. According to Variety, the deal segues from the two companies’ previous collaboration on the short film collection “Six Windows in […]
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Saudi Economy Contracts 4.2% in 3Q, Improves from 2Q; Fitch Affirms Credit Rating at ‘A’
- November 10,2020
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- SUSTG Team
Saudi Arabia’s economy shrank 4.2% in the third quarter from a year earlier, government data showed on Tuesday, but the contraction was smaller than the second quarter when the economy was reeling from coronavirus-linked lockdowns, Reuters reports. The economy expanded by 1.2% on a seasonally-adjusted quarter-on-quarter basis in the third quarter from a contraction of 4.9% […]
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MUST-READS
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Saudi Nuclear EnergySaudi Arabia hopes to start nuclear pact talks with U.S. in weeks – minister
Saudi Arabia aims to start talks with Washington within weeks on an agreement to allow U.S. firms to participate in its nascent civilian nuclear energy program, with the first tender expected in 2018, the kingdom’s energy minister said on Wednesday.
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IT‘Saudi Arabia has almost double international rate of smartphones’
Saudi Arabia has more than 44 million mobile phone subscribers and an 88 percent rate of smartphone ownership, which is almost double the international average, according to the Communications and Information Technology Commission (CITC).
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War in YemenUAE and Saudi Arabia hold talks with Yemen’s Al Islah party – The National
Al Islah fighters have been fighting alongside forces loyal to Yemeni president Abdrabu Mansur Hadi in Marib province, east of Sanaa, for three years.
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U.S. ArtistAmerican Artist David Datuna Recreates the Flag of Saudi Arabia
Today American artist David Datuna presented his rendition of the flag of the Saudi Arabia to His Royal Highness Prince Khalid Al Faisal, the Governor of the Western Provence, as a gift from the Americans to the people of Saudi Arabia.
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WeatherExtreme cold weather predicted in parts of Saudi Arabia this week
The General Authority for Meteorology and Environment Protection predicted that the Saudi Arabia will be affected by a cold air mass with significant lowtemperatures that would reach below 0° C.
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Tom FriedmanThomas Friedman slams critics of article on ‘new Saudi Arabia’
“I just wanna stick up my head and say God I hope you succeed and when you do that – the holly hell comes down on you – well f*** that okay – that is my view,” said Friedman.
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Saudi VC in USSaudi Arabian Startup Investment Into US Startups Slows
Over the past four years, VC firms in Saudi Arabia have invested over $5 billion known dollars into U.S. startups—with the pace of investment skyrocketing to highs into 2016.1 And although the Kingdom is opening itself up to new experiences, venture investments made from groups based in the country, as we’ll discover, are about as diverse its economy.
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EntrepreneurshipSaudi Arabia puts buzz back into Mideast startup scene
A maturing investment ecosystem is bolstering startups across the MENA region, according to a new report, with a notable increase in activity from Saudi investment institutions over the past year.
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Climate PolicySaudi Arabia part of solution to tackle climate change: Al-Falih
Al-Falih is leading Saudi Arabia’s delegation to COP23 in Bonn. In his foreword posted on the Kingdom’s official website for COP23, he said: “Saudi Arabia hopes that the ‘era of implementation’ marked by COP23 will further clarify the frameworks that will make the agreement to provide the support for all nations to achieve their climate-change goals.”
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CitigroupCitigroup to be fully operational in Saudi Arabia in first quarter of 2018
Citi lost access to the largest Arab economy when it sold its stake in Samba Financial Group in 2004. The US-headquartered bank, which has operations in more than 160 countries and jurisdictions, will initially have 15 to 20 people present on the ground in the kingdom.
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