Analysis Sustainability Red Sea coral to get extra protection from tourists Saudi Arabia has vowed to implement a series of measures to protect its Red Sea coral reef over the next five years as it pushes ahead with major tourism projects in the area. But experts have warned that Saudi coral remains at risk, even with major spending policies. According to the National Red Sea Sustainability […] December 12, 2024
Analysis Economy Saudi penal code expected to be finalised next year A new Saudi penal code is taking longer than expected to complete as interested parties debate points relating to the death penalty and Islamic punishments. The proposed new legislation comes after the government introduced a new commercial code for businesses, revised family law and introduced a new law of evidence. These are seen to complement […] December 10, 2024
Analysis Oil & Gas Fear of oil-price collapse lurks behind Opec+ cuts decision An Opec+ decision to delay raising oil output for another three months and extend the gradual phase-out of production cuts to the end of 2026 could crimp Saudi hopes for a major GDP boost – but shows how fearful oil states are of a price collapse. Cuts were scheduled to begin unwinding from October 2024 […] December 6, 2024
Economy Saudi R&D growth fuelled by AI and green industries Research and development spending in Saudi Arabia increased by 17.4 percent in 2023, and the number of people employed in R&D rose significantly. Figures released by the General Authority for Statistics showed R&D spending of SAR22.6 billion ($6 billion) in 2023, up from SAR19.25 billion in 2022 and SAR14.5 billion in 2021. The total number […] December 2, 2024
Analysis Entrepreneurs Gulf startups get ready for their close-up on reality TV First it was Shark Tank, now it’s Unicorn Hunters. Reality TV has become the latest pathway for Gulf startups to access venture capital. The second season of Shark Tank Dubai is airing now in the UAE – an Arabic version of the Dragons’ Den/Shark Tank format in which entrepreneurs make presentations to a panel of venture […] December 1, 2024
Business of Sport PIF in talks to unite world golf tournaments Saudi Arabia’s Public Investment Fund (PIF) is engaged in two separate series of talks to unify the main world golf tournaments, after it disrupted the sport by setting up its upstart LIV Golf tour. The controversial launch of the LIV tour thrust Saudi Arabia and its $925 billion sovereign wealth fund into a multi-billion industry […] November 29, 2024
Analysis Oil & Gas Aramco’s debt push threatens Saudi banks’ liquidity Saudi Aramco’s plans to keep tapping the local debt market could place further liquidity pressures on the country’s banking sector, as the government looks for new ways to raise cash for its economic development plans. The oil giant’s chief financial officer Ziad Al-Murshed told Bloomberg last week that plans were underway to take on more […] November 26, 2024
Tourism Space Perspective favours Dubai for balloon launches US company Space Perspective says it is in talks with Gulf countries about hosting rights to launch its high-altitude balloon flights. The company will operate flights carrying a luxury capsule into the stratosphere to a height of around 30km. Taber MacCallum, founder and chief technology officer, said at a tourism conference in Dubai that it […] November 21, 2024
Tourism Saudi travel firm targets Chinese ahead of IPO Saudi Arabia is hoping to attract 5 million Chinese tourists by 2030 as part of a push that is also targeting Russia, Germany, Italy and the UK, leading tour operator Almosafer said on Wednesday, flagging a likely IPO within two years. “China is the top tourist source market and you really need to have a […] November 21, 2024
Aviation Flyadeal to confirm wide-body order by year end Saudi Arabia’s low-cost airline Flyadeal is set to make a decision on its wide-body aircraft order before the end of the year, with up to 15 planes potentially joining its fleet. CEO Steven Greenway confirmed on Wednesday that the order will be made up of repurposed 787s from parent company Saudia or brand-new aircraft from […] November 20, 2024
Giga-projects Saudi Arabia’s big bet on ‘immersive cities’ Kingdom's plans for cities enhanced with virtual reality could be a blueprint for others to follow November 20, 2024
Tourism Salvator Mundi destined for Riyadh giga-park The $450 million Leonardo Da Vinci painting Salvator Mundi is destined for a museum of art inside the King Salman Park giga-project in Riyadh in time for hosting the World Expo in 2030, two separate sources have said. The artwork is a big part of Saudi Arabia’s plans to rebrand itself globally as a socially […] November 18, 2024
Analysis Construction Leaders of The Line share vision of a brave new world Its managers and designers say it is the human society of the future, but others might see in it a dystopian vision of life shielded in a glass box from an uninhabitable world. Leading figures behind the Neom city The Line – the boldest of Saudi Arabia’s $1.25 trillion giga-projects – made a coordinated pitch […] November 15, 2024
Analysis Food & Drink Saudis getting a taste for non-alcoholic drinks The Saudi government’s drive to improve the nation’s health is boosting the food and beverage market in the most unlikely of places – zero-alcohol beer. A report by MarkNtel Advisors shows the Gulf market is growing by 7.7 percent a year. The local and international brands vying for share include Aujan Group Holding, Anheuser-Busch InBev, […] November 15, 2024
Analysis Giga-projects Saudi giga-projects are going local with new focus Giga-projects gaining local focus Providing for Saudi families Prices may still be too high for locals A nationalist sensitivity towards the leadership and aims of Saudi Arabia’s massive giga-projects is slowly taking hold, as foreign CEO... Register now: It’s easy and free This content is available for registered members only. Register for your free account […] November 14, 2024
Giga-projects Neom’s Trojena to launch first apartment sales in new year The Saudi winter resort of Trojena will begin putting its first residential apartments and villas on the market within a few months, a senior official said on Wednesday, after its parent company Neom announced a new CEO in an effort to reinvigorate the giga-project. “2025 is very exciting for us at Trojena, we’re hoping early […] November 14, 2024
Video length: 06:30 VIDEO Real Estate Minister trumpets Saudi Arabia’s $168bn housing push Real estate transactions in Saudi Arabia have totalled $168 billion so far this year, the Saudi minister of municipalities and housing, Majed Al Hogail, told a real estate forum in Riyadh this week. Speaking at the Cityscape exhibition, which is trying to promote Riyadh-centred giga-projects, the minister said that Saudi Arabia is pushing to finish […] November 13, 2024
Video length: 06:30 VIDEO Giga-projects Neom replaces CEO in bid to move past negative headlines Saudi megacity Neom has replaced its CEO Nadhmi Al Nasr in an apparent effort to boost the kingdom’s highest-profile giga-project after a string of delays. Aiman Al Mudaifer has been appointed “acting CEO of the company”, Neom said in a statement on Tuesday. “Al Mudaifer assumes the leadership of Neom following Nadhmi Al Nasr’s departure.” […] November 12, 2024
Analysis Banking & Finance AI is sucking up VC funding, claim green startups Green startups in the region have appealed for VCs to invest more in clean tech and renewable energy hardware, rather than just looking for quick returns in artificial intelligence projects. The venture capital market across the Middle East and North Africa raised $1.3 billion from January to September 2024, with Saudi Arabia securing 39 percent […] November 12, 2024
Aviation Saudia to receive flying taxis despite Lilium’s insolvency Saudi national carrier Saudia still plans to receive some of its 50-plane order of pilotless electric flying vehicles from Lilium despite the German company’s intention to file for insolvency. “We are in close coordination with the Lilium leadership team. We are expecting to receive the first jets in the second half of 2026, as per […] November 7, 2024
Transport Lucid’s Jeddah factory targets new Middle East territories Lucid, the Saudi-owned electric vehicle manufacturer based in the US, is moving to full production at its Jeddah factory, with a target capacity of 150,000 cars a year within three years, its robotics provider, Rockwell Automation, said this week. “Currently it’s for domestic use but when the expanded plant is done, they will cover all […] November 7, 2024
Economy Saudi Arabia’s deficit rises again as oil output cuts bite Saudi Arabia’s budget deficit was SAR58 billion ($15.5 billion) in the first nine months of 2024, rising by SAR30 billion in the third quarter alone and confirming predictions of a funding crunch for the country’s giga-projects. The finance ministry said in October that it expects to post an overall deficit of SAR118 billion this year […] November 5, 2024