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
Real Estate ‘Affordable’ new suburb to be built in Mecca A fifth residential suburb in the holy city of Mecca, aimed at affordability for ordinary citizens, is to be built by Saudi Arabia’s National Housing Company. Mecca has seen a plethora of real estate developments aimed at affluent Saudis and Muslims from around the world, but the government is trying to balance this as part […] June 7, 2024
Giga-projects Neom brands its 12 Red Sea resorts as ‘Magna’ Saudi Arabian giga-project Neom said this week that 12 Red Sea coastal resorts for the ultra-rich that it has rolled out over the past year would be branded collectively under the name Magna. Last month Neom announced its twelfth project, Jaumur, the latest in a series of separate announcements of futuristic resorts inside Neom, an […] June 6, 2024
Trade Saudi Arabia to set up logistics centre in Djibouti A delegation of 100 Saudi investors visited Djibouti this week to sign a contract for a logistics centre in the country’s free zone, the latest development in Saudi Arabia’s efforts to extend trade ties with Africa. Saudi Logistics City will cover 120,000 sq m in the first phase on a 92-year lease, and will include […] June 6, 2024
Aviation India’s Akasa Air to start Jeddah and Riyadh flights Saudi Arabia has licensed Indian low-cost airline Akasa Air to begin flights this week as the Hajj pilgrimage begins, giving a further boost to the kingdom’s tourism plans. The flights into Jeddah include two from Ahmedabad and 12 from Mumbai per week starting from 8 June, and seven into Riyadh from Mumbai per week starting […] June 5, 2024
Real Estate Saudi HQ drive forces up Riyadh office rents A shortage of prime office space in Riyadh has pushed up B-grade office rents by 26 percent over the last year, a real estate report said this week, as companies rush to set up premises in the kingdom. Saudi Arabia says companies must base their regional headquarters in the kingdom if they want access to […] June 3, 2024
Analysis Oil & Gas Early demand is strong for Aramco’s $13bn share sale The Saudi oil giant Aramco’s secondary share offering opens to retail investors today in a sale that could bring huge dividend payouts if they set aside concerns over flagging oil prices and regional political tensions. Institutional investors covered the offer within a few hours on Sunday, but reports say Aramco is planning events in Britain […] June 3, 2024
Finance Ministry issues record Saudi business licences in Q1 Saudi Arabia’s Ministry of Investment issued a record number of business licences in the first quarter of 2024, as the country tries to drum up foreign investor interest for its economic expansion plans. The ministry issued 3,157 licences, a 9 percent rise from 2,884 issued in the last quarter of 2023, which was the previous […] May 31, 2024
Transport Saudi deal with Lucid powers up EV charging network US electric vehicle manufacturer Lucid has partnered with a Saudi government entity to create a much-needed network of charging hubs around the Gulf state. There were less than 1,000 electric cars on the roads in Saudi Arabia in 2023. Saudi-backed Lucid signed an agreement on May 29 with the Electric Vehicle Infrastructure Company (EVIQ), which […] May 30, 2024
Giga-projects Saudi review says 87% of Vision 2030 projects ‘on right track’ Saudi Arabia’s top economic body discussed the progress of the kingdom’s Vision 2030 plan this week, citing a recent government report that 87 percent of its projects are “on the right track”. The Council of Economic and Development Affairs, which is headed by Crown Prince Mohammed bin Salman, convened on May 28 in a meeting […] May 30, 2024
Tourism Saudi Arabia grants first maritime tourism licence Saudi Arabia has granted its first maritime tourism licence to a Public Investment Fund company ahead of the launch of its own cruise ships off the Red Sea coast this year. The government’s Saudi Red Sea Authority granted the licence on May 28 to Jeddah-based Cruise Saudi, which this month opened bookings for its ship […] May 30, 2024
Banking & Finance Wealthy Latin Americans more likely to invest in Middle East Wealthy Latin American families were more present as investors in the Middle East than those from other parts of the world in 2023, a global banking report says, but overall numbers are low and down from 2022. UBS bank’s Global Family Office Report for 2024 showed that Latin American families had placed 2 percent of […] May 28, 2024
Industry PIF launches space unit, despite Saudi funding constraints Saudi Arabia’s Public Investment Fund has launched a space unit to develop off-planet commercial activities, despite challenges the sovereign wealth fund faces funding Saudi Arabia’s giga-projects. The PIF-owned Neo Space Group will invest in satellite navigation and communications, Earth observation and remote sensing. It will also include a venture capital fund to help Saudi startups […] May 28, 2024
Aviation Riyadh Air not buying from China’s Comac ‘for now’ Riyadh Air, Saudi Arabia’s new national carrier, will not consider China’s Comac for its narrowbody order to be announced later this year. However, the airline said it saw a future in Saudi Arabia for Comac, the Commercial Aircraft Corporation of China, as the Chinese alternative to Boeing and Airbus. “The narrowbody order is in its […] May 27, 2024
Finance Saudi investors fined $1m for insider trading Saudi financial authorities have fined five investors and one company almost SAR5 million ($1.3 million) for insider trading and other capital market law violations, the latest in a series of crackdowns on corruption in the kingdom. The investors and the company, Erada and Riyada for Development and Commercial Investment, committed crimes including buying shares of […] May 27, 2024
Aviation Chinese planemaker banned by US woos Saudi airlines The boss of a leading Chinese planemaker arrived in Saudi Arabia this week to pitch his aircraft just as the United States said it was close to finalising a defence agreement with Riyadh that is meant to limit its trade links with China. Dongfeng He, chairman of Comac, the Commercial Aircraft Corporation of China, wants […] May 24, 2024
Sustainability $4bn set aside for Saudi water projects Saudi Arabia will spend $4 billion by the end of the decade on recycling over 2 billion cubic metres of water, about 70 percent of the country’s renewable water sources, an official said this week. Speaking at the World Water Forum in Indonesia, Mohammed bin Zaid Abuhid, head of the General Authority for Irrigation, outlined […] May 23, 2024