Banking & Finance Saudi forex reserves at 18-month high in boost to giga-projects Saudi Arabia’s foreign exchange reserves have shot up by nearly 7 percent this year to $445 billion in May, or SAR167 trillion, the highest since November 2022. The rise gives the government more scope to pump money into cash-constrained giga-projects. Saudi Arabia has raised $17 billion in debt markets this year. The Public Investment Fund […] July 2, 2024
Trade Oil export dip fails to dent Saudi trade with China China is holding up as Saudi Arabia’s main trading partner – even after a fall in crude oil exports in the first half of the year that led to an Aramco price cut, which takes effect this month. The latest international trade bulletin from the General Authority for Statistics says China accounted for 16.6 percent […] July 1, 2024
Leisure & Hospitality Eight sites to open at Amaala Red Sea resort in 2025 Saudi Arabia’s Red Sea giga-project Amaala is to open its first phase in 2025 with seven resorts and a yacht club, the company said this week. Red Sea Global – the Public Investment Fund project that owns Amaala – said the resorts to open would be Clinique La Prairie Health Resort, Jayasom Wellness Resort, Rosewood […] July 1, 2024
Economy Saudi FDI inflow up but still well below target Saudi Arabia recorded a year-on-year increase in foreign direct investment inflow of 0.6 percent to SAR17 billion ($4.5 billion) in the first quarter, still far below government targets as it struggles to find funding for its giga-projects. FDI inflow was also up on the previous quarter’s SAR13 billion. Net inflow was SAR9.5 billion when outflow […] July 1, 2024
Mining Mining licences granted for six sites in Saudi Arabia Saudi Arabia has granted exploration rights to five local companies to mine for precious metals at six sites around the country, while a further round of licence bidding has been opened. The locations at Al-Halahilah, Jabal Qaran, Makman Hijab, Al-Hijra, Nimas and Al Miyah exploration sites cover a total area of around 1,000 square km […] June 28, 2024
Finance Kuwait opens wealth fund office in Saudi Arabia Kuwait’s sovereign wealth fund is to open an office in Saudi Arabia, as the kingdom turns to its Gulf neighbours to shore up flagging foreign investment in its giga-projects. Anwar al-Mudhaf, chairman of the Kuwait Investment Authority and Kuwait’s finance minister, praised Saudi Arabia as an investment location and as a key player in the […] June 28, 2024
Business of Sport Visas on offer as Esports World Cup hits Saudi Arabia Saudi Arabia is offering electronic visas for ticket holders for the first Esports World Cup, which starts next week at an entertainment district in Riyadh called Boulevard City. The event is being held over eight weeks from July 3. Around 1,500 players from 500 international clubs will compete for this year’s record total prize money […] June 27, 2024
Giga-projects Futuristic architect lands arts centre in Saudi’s Qiddiya Saudi sports and entertainment city Qiddiya is to build a performing arts centre designed by leading architect Tom Wiscombe, whose futuristic building will straddle rugged mountains outside Riyadh. The centre will include 3,000 seats spread across three theatres including an amphitheatre with views of the capital. Qiddiya, one of the Public Investment Fund’s giga-projects, said […] June 27, 2024
Tourism Saudi Red Sea resorts aim for 19m tourists by 2030 Saudi Arabia hopes to attract 19 million tourists a year to its Red Sea giga-projects and other resorts being built along the country’s west coast. Mohammed Al Nasser, CEO of the Saudi Red Sea Authority, said it intends to issue licences for up to 60 marinas over the next two years. It recently licensed six […] June 27, 2024
Retail Saudi brands cash in on Gaza boycott as food market grows Saudi Arabian food and beverage brands are hoping to benefit from regional consumers shunning Western brands over the conflict in Gaza, with some franchise owners beginning to feel the impact of an informal boycott. Some outlets in the Gulf have stopped stocking Western soft drinks and are replacing them with Saudi versions that have shot […] June 26, 2024
Renewable Energy 1,200 sites to be surveyed for Saudi solar and wind power drive A survey involving 1,200 sites to find the best places for future solar and wind power projects has been launched in Saudi Arabia, as the kingdom tries to meet its clean energy targets. Energy minister Abdulaziz bin Salman Al Saud, who has signed contracts for Saudi companies to conduct the survey, said it was the […] June 25, 2024
Business of Sport Saudi sports push ‘winning global audiences’ Saudi sports investments are winning a global audience as the kingdom tries to overcome charges of “sport washing”, a major survey of media coverage said this month. Media analytics consultancy Carma found that coverage of human rights in Saudi Arabia fell in favour of “a sports-related narrative” around the world, including in the West. The […] June 25, 2024
Video length: 07:15 Tourism Egypt shuts down 16 travel companies after Hajj tragedy Egypt has withdrawn the operating licences of 16 travel companies for organising unlicensed Hajj trips to Saudi Arabia. A statement from the Egyptian government said the companies would be prosecuted and fined, with the funds used to compensate pilgrims’ families for their loss. Hundreds of Egyptians were among 1,301 people who died of exposure to […] June 24, 2024
Banking & Finance Edmond de Rothschild to run funding vehicle for Saudi projects The Edmond de Rothschild Group is establishing a funding vehicle for infrastructure projects in Saudi Arabia along with the local firm SNB Capital, as part of a deal in which the Swiss investment bank will set up offices in the country. Saudi Arabia’s massive economic diversification programme has run into financial obstacles as it faces […] June 14, 2024
Video length: 07:15 Analysis Tourism Hajj pilgrims feel the pinch as costs rise The costs of Hajj are getting ever higher for pilgrims coming from around the world to perform the annual rites, which are a duty for every able-bodied Muslim to perform once in a lifetime. Even pilgrims coming from within Saudi Arabia, for whom the costs are cheaper, are paying around SAR23,500 ($6,266) for up to […] June 14, 2024
Banking & Finance Tax on foreigners may be axed to boost Saudi bond market The tax on foreign investment in Saudi corporate bonds may be scrapped in an effort to boost the market. Saudi Arabia’s Capital Markets Authority has issued a report describing the 5 percent withholding tax on interest payments to corporate bondholders as “unattractive and discouraging for foreign institutional investors”. It called for “easing tax requirements for […] June 13, 2024
Transport Mecca expands public transport as Eid al-Adha nears Authorities in Mecca are expanding the public transport system to accommodate more pilgrims from abroad as the Hajj season reaches its climax next week with Eid al-Adha. The Royal Commission for Mecca City and the Holy Sites said this week it was providing 400 buses operating from four main stations around the city to manage […] June 13, 2024
Giga-projects Adventure giga-project The Rig ‘definitely happening’ One of Saudi Arabia’s most headline-grabbing giga-projects is moving ahead with plans for two floating entertainment centres on offshore platforms off the kingdom’s east coast. Many thought the exotic adventure tourism project known as The Rig would be canned as the Public Investment Fund (PIF) reviews its $1.25 trillion portfolio of giga-projects. Insiders remain confident […] June 12, 2024
Renewable Energy Acwa Power to raise $2bn in rights issue Saudi Arabia’s green energy developer, Acwa Power, plans to raise SAR7 billion ($1.9 billion) in new capital through a rights issue to help treble its assets under management by 2030. The company, which is owned by the government’s Public Investment Fund, said the new shares issued to current shareholders would allow Acwa to “anchor its […] June 11, 2024
Economy Saudi Arabia GDP contracts but non-oil growth rises Saudi Arabia’s economy contracted by 1.7 percent year on year in the first quarter of 2024 due to ongoing oil production cuts, but non-oil growth was up 3.4 percent in the same period, according to adjusted figures released this week. Last week Opec+ agreed to extend its existing crude output cuts into 2025 in a […] June 10, 2024
Giga-projects Saudi startup signed up to develop aquapark projects Saudi Arabia’s Ministry of Investment has signed an agreement with startup Nowaar Entertainment to develop a series of aquaparks. The first aquapark will be operational in Riyadh in 2025, the ministry said on X, formerly Twitter. Nowaar will “develop a number of entertainment and water cities in the kingdom”, in cooperation with the General Entertainment […] June 10, 2024
Aviation Airports consider ‘transit hotels’ for 6-hour stays Saudi Arabia’s aviation expansion could stretch to transit hotels inside airport terminals where customers can pay for stays of less than the standard 24 hours. A Hong Kong-based company is developing the concept in the Gulf, with hotels offering six and 12-hour stays already established in Jeddah and Abu Dhabi, and a Muscat hotel that […] June 9, 2024
