Tech Saudi IT company invests $5m in OpenAI The Saudi IT company Al Moammar Information Systems has announced an investment of $5 million in the US artificial intelligence (AI) research company OpenAI. Al Moammar recently established a portfolio to invest in international companies in the field of artificial intelligence. Bloomberg reported in December that in early January OpenAI would complete a tender offer […] January 24, 2024
Finance Saudi Arabia opens new civil code court Saudi Arabia opened an administrative enforcement court this week that will have binding authority over government entities. The move is part of legal reforms aimed at encouraging foreign investment and assuaging concerns about justice in the kingdom. The new body is an arm of the complaints court where commercial disputes are normally heard, complaints court […] January 23, 2024
EXCLUSIVE Giga-projects Saudi’s Qiddiya to open first sites next year as plans grow Saudi Arabia’s mega sports and entertainment city Qiddiya is adding more hotel space and attractions to its masterplan to accommodate Riyadh’s projected population growth, a senior official said this week. Riyadh’s population is forecast to grow to 15 million by 2030. The city was chosen last year as the location for Expo 2030. Qiddiya, southwest […] January 23, 2024
Business of Sport Saudi ‘golden ball’ rule cues up snooker controversy Saudi Arabia will host its first major snooker tournament in Riyadh in March, though the deal has aroused controversy because of a new “golden ball” rule. The Riyadh Season World Masters of Snooker is the latest in a series of top sports events the kingdom is organising during the first months of 2024. The Riyadh […] January 23, 2024
Markets Saudi US treasuries holdings hit two-year high Saudi holdings of US treasuries surged to a two-year high of $128.1 billion in November from a six-year low of $108.7 billion in June, according to newly released data from the US Department of the Treasury. Treasuries are government debt instruments issued by the Treasury and auctioned by the US Federal Reserve, and are considered […] January 22, 2024
Food & Drink $203m Neom catering contract goes to Alhokair A contract worth SAR760 million ($203 million) to provide catering services at the futuristic city Neom in northwest Saudi Arabia has been awarded to the Saudi hotel operator Abdulmohsen Alhokair Group for Tourism and Development. Alhokair, which runs 92 entertainment centres and 35 hotels in Saudi Arabia and the UAE, said in a statement on […] January 22, 2024
Health Saudis advised to go back to masks in crowded spaces Saudi Arabia has advised people to return to wearing masks in crowded public places after the spread of a new Covid-19 variant, but has told the public there is no cause for concern. “Try to wear a face mask when in crowded places, for your protection and protecting others from respiratory infection,” the Public Health […] January 19, 2024
Finance Saudi Arabia to hold WEF meeting in April Saudi Arabia plans to host a World Economic Forum meeting in April, the first WEF gathering outside the Swiss ski resort of Davos since the Covid-19 pandemic. Saudi Arabia’s economy minister Faisal Alibrahim told Reuters on 18 January, during the current meeting in Davos, that the meeting will be held on 28-29 April. It aims […] January 19, 2024
Business of Sport Saudi Arabia clinches martial arts champions contest Saudi Arabia has signed a contract this week to host the first ever showdown between mixed martial arts champions of the Professional Fighters League (PFL) and Bellator MMA, the American mixed martial arts promotion. The fights at Riyadh’s Kingdom Arena on February 24 are part of the country’s push to be at the forefront of […] January 18, 2024
Giga-projects Red Sea crisis a threat to Saudi giga-project investment The Red Sea conflict between western powers and Houthi rebels in Yemen could put Saudi Arabia’s mammoth economic development projects at risk, the sovereign wealth fund advisory Global SWF said this week. The US and UK began airstrikes against targets in Houthi-controlled north Yemen on 12 January to stop them firing missiles at Red Sea […] January 18, 2024
Finance Saudi Aramco doubles funds for venture capital arm The Saudi oil giant Aramco said on Wednesday that it had more than doubled the capital allotted to its venture capital arms to $7.5 billion as part of its investment in new energy and digital technologies. The additional $4 billion will be given over the next four years to Aramco Ventures, where Aramco had already […] January 17, 2024
Finance Riyadh’s ‘investor-friendly’ civil code comes into force The new Saudi civil code has now come into effect, marking what the government hopes will be a milestone in encouraging foreign investment to the country. A statement on the website of the cabinet advisory body Bureau of Experts said the law became effective 180 days after its official publication in June last year. A […] January 17, 2024
Economy Saudi inflation eases to 1.5% – but tipped to rise this year Saudi Arabia’s year-on-year inflation rate eased to 1.5 percent in December 2023, from 1.7 percent the previous month, but prices are expected to rise more quickly this year as the country emerges from a slowdown. Housing costs were the main driver of increases in the consumer price index (CPI), according to the General Authority for […] January 16, 2024
Giga-projects Saudi developer Roshn prioritises local sourcing Saudi developer Roshn says it is increasing its local sourcing of building materials to manage global supply chain problems. “We’re working on a target at the moment of trying to locally source around 60 percent of our construction activities within the kingdom,” CEO David Grover told Al Arabiya TV on January 14. “For us it’s […] January 15, 2024
Economy Larger deficits unlikely to trouble Saudi debt access Saudi Arabia faces several years of budget deficits as it pushes ahead with massive development projects. Construction is fuelling the regional economy despite a slide in oil prices, raising questions about the kingdom’s continued access to debt markets. Saudi Arabia launched its Vision 2030 plan in 2016 to diversify the economy away from oil, but […] January 15, 2024
Oil & Gas Saudi energy minister: There’s more to us than just oil Saudi Arabia should no longer be described as an oil producer but an energy provider, the kingdom’s oil minister said this week. Prince Abdulaziz bin Salman told a minerals forum in Riyadh that Saudi Arabia aims to be a provider of all forms of energy, with global companies welcome to manage the entire process themselves […] January 11, 2024
Industry Mars Rover tech digs into Saudi mineral potential A mining and natural resources company is deploying technology based on Nasa’s Mars Rover in Saudi Arabia, as the kingdom ramps up its mineral wealth potential. Eurasian Resources Group (ERG) unveiled its Nomad robot at the Future Mineral Forum in Riyadh on Wednesday. It said the technology will “change early-exploration efforts as we know them”. […] January 10, 2024
Finance Ramadan likely for delayed Saudi civil code Saudi Arabia’s much-anticipated new civil code has yet to come into effect, with industry figures estimating the deadline for implementation has shifted to the beginning of the fasting month of Ramadan in March. The regulations were published last June ahead of a planned cabinet decree that would formalise them as legal practice by the end […] January 9, 2024
ANALYSIS Economy From sports to oil cuts: Saudi Arabia’s year in review As the curtain comes down on 2023 and Saudi Arabia moves closer to its Vision 2030 deadline, AGBI looks back at the highlights and notable events of the past twelve months in the kingdom. Saudi Arabia wins hosting rights for major events Saudi Arabia’s drive to draw global attention to its development efforts scored important […] January 1, 2024
Media & Advertising Coming to a movie theatre near you … AlUla It would make the perfect setting for Star Wars or Indiana Jones, but AlUla is developing production facilities that will expand its reach beyond sci-fi and desert adventure movies, making it one of the region’s prime locations for international shoots. The tourist location in northwest Saudi Arabia is fast developing into a mini-city with an […] December 24, 2023
Markets MBC raises $390m with oversubscribed IPO Saudi media company MBC Group’s IPO on the Saudi stock exchange was 17.6 times oversubscribed, raising SAR1.46 billion ($390 million). A minimum of nine shares were allocated to each subscriber and the remaining shares were distributed pro rata, according to a statement on stock market website Tadawul by lead manager and advisor HSBC Saudi Arabia, […] December 22, 2023
Construction The Avenues – Khobar to be built by Kuwait developer Kuwaiti developer Shomoul Holding this week launched a retail and residential project in the eastern Saudi city of Khobar worth SAR7.2 billion ($1.92 billion), securing a SAR4.35 billion loan for the first stage of construction. The government’s Tourism Development Fund, set up in 2020, provided the loan along with a consortium led by National Arab […] December 22, 2023
