Tourism Discovery of Bronze Age town reframes Saudi history Al Natah, a walled settlement thought to have housed 500 people, dates back to 2400 BCE November 4, 2024
Analysis Artificial Intelligence Leaders all agree: AI will be good – or bad – for the future Elon Musk thinks it has a 90 percent chance of being for the good of humanity, while critics say it is certain to decimate jobs across the developed world. Artificial intelligence, or AI, dominated the discussions at Saudi Arabia’s Future Investment Initiative (FII) summit this year like never before, with increasingly upbeat – and dire […] November 1, 2024
Giga-projects Diriyah delays completion date as projects vie for funds The historical district of Diriyah, one of Saudi Arabia’s major giga-projects, will be completed in time for the World Expo in 2030 – three years later than previously announced, its CEO Jerry Inzerillo said on Wednesday. The giga-projects, valued in total at more than $1.25 trillion, are competing for government and private sector resources amid […] October 31, 2024
Mining PIF’s Manara seeks long-term deals, not just a ‘quick buck’ The Saudi investment fund Manara Minerals is targeting long-term deals and is not looking to “flip a quick return” during the current market slump, the CEO of its parent company owner has declared. Prices in critical minerals such as lithium, nickel and cobalt have slumped since 2023, after an initial surge as the market recovered […] October 31, 2024
Giga-projects Neom raises $24 billion from the private sector The Saudi giga-project Neom has secured SAR60 billion ($16 billion) in private sector funding and SAR30 billion ($8 billion) in loans as it tries to move away from reliance on government cash. The revelation was made by deputy CEO Rayan Fayez to the Future Investment Initiative forum in Riyadh on Wednesday. Fayez said: “What we’ve […] October 30, 2024
Oil & Gas Aramco predicts oil market expansion on China demand Saudi Aramco is forecasting oil market growth in 2025 of 1.5 percent, driven by fundamental growth in China and the role of fossil fuels in underpinning the green energy transition. A recent stimulus package failed to alleviate market concerns about China. Although it accounted for 70 percent of oil demand growth in 2023, Chinese demand […] October 30, 2024
Video length: 03:46 Economy PIF renews focus on domestic investment and AI Saudi Arabia’s Public Investment Fund is planning to reduce its foreign investments to around a fifth of its total assets under management, as it focuses on domestic funding and artificial intelligence, its governor said on Tuesday. “Initially we had less than 2 percent of investments internationally, that was with $150 billion assets under management,” Yasir […] October 30, 2024
Banking & Finance Regional conflict eroding investment openings, Saudis warn More than a year of regional conflict is eroding investment opportunities across the Middle East, Saudi officials admitted on Tuesday, though they sought to downplay the impact of regional tensions. Speaking at the Future Investment Initiative (FII) global investor conference in Riyadh days after Israel fired missiles at Iran, the officials said that the kingdom, […] October 29, 2024
Development Saudi Arabia to invest $41bn in Africa over next decade Saudi Arabia is providing at least $41 billion in funding for low-income sub-Saharan countries in Africa, the government announced on Monday. Finance minister Mohammed bin Abdullah Al-Jadaan revealed a $1 billion development initiative for Africa, $5 billion for startups from the Saudi Development Fund over the next ten years, $10 billion in financing from the […] October 28, 2024
Analysis Giga-projects Saudi Arabia pins branding hopes on Riyadh Air launch Saudi Arabia still hasn’t found the magic sauce for branding its social and economic reforms. Hopes are high that the launch of Riyadh Air will do for the kingdom what Emirates airline did for Dubai, industry experts say. “We saw the journey of the UAE, how brands started there then became iconic on a global […] October 25, 2024
Economy New Saudi methodology doubles 2023 FDI inflow Saudi Arabia revised upward its foreign direct investment numbers this week, doubling the FDI inflow figure for 2023 to $25.5 billion according to a new government methodology. The kingdom has a target of $100 billion in annual FDI inflows by 2030 but low numbers have put extra pressure on the Public Investment Fund to fund […] October 24, 2024
Finance IMF lowers 2024 Saudi GDP forecast on oil output The International Monetary Fund has lowered its GDP growth prediction for Saudi Arabia this year and next because of oil output cuts continuing to the end of this year. The Saudi economy is expected to expand 1.5 percent this year, down 0.2 percent from the IMF’s last review in July, and 4.6 percent in 2025, […] October 23, 2024
Analysis Banking & Finance Saudi Arabia pumps funding into startups as it vies for Mena No 1 Saudi Arabia is piling money and government support into its venture capital industry as it competes with the UAE to attract startups. The VC market across the Middle East and North Africa raised $1.3 billion from January to September 2024 – and Saudi Arabia “led the region”, said startup analyst Magnitt. The kingdom secured “39 […] October 22, 2024
Analysis Health Health sector next target for Saudi private equity Private equity is looking to Saudi Arabia’s healthcare and wellness sectors for the kingdom’s next growth areas as it tries to manage a burgeoning young population. Some 60 percent of Saudi Arabia’s 32 million-plus population are under 30, and analysts from research company S&P say the kingdom’s demographics are the main reason for a sustainable […] October 21, 2024
Development First multi-million loan by Saudi fund for projects in Serbia The Saudi Fund for Development signed three development loan agreements this week with Serbia worth $205 million to support agriculture, education and energy. The SFD, Saudi Arabia’s official overseas development fund, will give Serbia $75 million for an irrigation project, $65 million for the Bio4 Campus research institute in Belgrade and $65 million for a […] October 18, 2024
Transport Financing being finalised for Riyadh-Jeddah railway line Saudi Arabia Railways hopes to finalise financing for its “Landbridge” project linking the east and west of the country within months, an official said this week. “It will cost at least $7 billion, it depends on the budget. If the budget’s available then we will start building, it will be finished before 2030,” Mesfer Alyami, […] October 15, 2024
Giga-projects Neom ‘uses one fifth of world’s steel’ The Neom giga-project in Saudi Arabia is currently using one fifth of all the steel produced in the world, an official said on Monday. The futuristic city will be the world’s largest customer for construction materials for several decades, said Manar Al Moneef, Neom’s chief investment officer. She told the Global Logistics Forum in the […] October 15, 2024
Logistics Red Sea crisis boosts Saudi air cargos by 50% Attacks on shipping in the Red Sea by Houthi rebels have resulted in more than a 50 percent rise in air cargo shipments to Saudi Arabia. The country’s airports are expected to process more than a million tons of air cargo in 2024 for the first time ever. A total of 1.2 million tons is […] October 15, 2024
Aviation Saudia prepares to launch electric jet service Saudia Airlines’ electric jet plane is the first step towards zero-carbon commercial flights in medium-sized planes, according to its German manufacturer Lilium. Daniel Wiegand, co-founder and chief engineer for innovation at Lilium, said both parties were looking beyond the initial sale of 50 Lilium jets, which Saudia bought for at least $7 million each, with […] October 14, 2024
Logistics $266bn logistics hub spend starts in Saudi Arabia The first phase of a planned $266 billion budget to turn Saudi Arabia into a global logistics hub has already “drastically” reduced carbon emissions, a government minister has revealed. “The national transport and logistics strategy launched in mid-2021 is set to invest more than a trillion riyals [$266 billion] by 2030, of which 200 billion […] October 14, 2024
Construction Saudi startup’s smart helmets upping safety on building sites When Hassan AlBalawi first proposed a smart helmet that would track all employee movements on building sites, construction companies could not see the point. “We were focusing on this problem of how to get technology into the construction field, measuring the drowsiness of construction workers. But it turned out the construction companies didn’t know or care,” […] October 11, 2024
Retail Cenomi Centers sets up fund to complete Qassim mall Saudi mall operator Cenomi Centers has partnered with GIB Capital to set up a SAR1 billion ($270 million) real estate development fund that will manage a Cenomi land sale in Qassim and allow a mall project there to go ahead. Bahrain’s Gulf International Bank (GIB), the third-largest lender in the country, is almost wholly owned […] October 8, 2024
