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Public Investment Fund (PIF) News

Neom's Treyam project. Moody's estimates that spending by the government and PIF will continue to exceed 20% of non-hydrocarbon GDP

Saudi ratings upgraded on continued economic reforms

Ratings agency Moody’s has upgraded Saudi Arabia’s credit rating on the back of the kingdom’s continued progress in economic diversification, which is likely to be sustained. The Gulf state’s long-term local and foreign currency issuer and senior unsecured ratings were upgraded to “Aa3” from “A1”. In addition, the local and foreign currency medium-term note programme […]

Ed Rawles of Nybl says 'our region lags behind the rest of the world when it comes to committing actual cash to new technology' funding for AI Video length: 03:43

Funding squeeze stifles AI innovation in Mena

Emerging technology and AI startups in the Mena region are struggling to find investors. Industry experts say that the Middle East attracts less than 5 percent of global funding for AI because of the lack of specialised venture capital funds that are willing to take risks. “Our region lags behind the rest of the world […]

Maaden aims to expand its operations tenfold compared to 2020, underpinned by a 10-year investment strategy

Saudi Arabia’s Ma’aden seeks $1bn private sector investment

Saudi Arabian Mining Company (Ma’aden) is offering upwards of 52 investment opportunities worth SAR4 billion ($1 billion) to boost private sector participation, a senior executive has said. Investments worth SAR1.3 billion are already in the implementation phase, Abdullah Al Osaimi, senior vice president, procurement and business support, told CNBC Arabia. Ma’aden, Saudi Arabia’s largest miner, […]

Experts say private sector involvement in the construction sector is likely to grow further in coming years

Private money leading charge in Saudi construction industry

Private sector participation in Saudi Arabia’s construction industry is powering investment in the sector, according to a senior economist. Overall gross fixed capital formation – a measure of investment in an economy’s infrastructure, schools and other physical assets, as well as related tools and machinery – is up 3 percent year on year in the […]

Muslim Pilgrims at The Kaaba in The Haram Mosque of Mecca , Saudi Arabia, In the morning performing umrah

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 […]

Diriyah Company CEO Jerry Inzerillo said that Diriyah will once more become "a gathering place for the world"

Saudi’s Diriyah adds cultural districts to $63bn plan

Diriyah Company, backed by Saudi Arabia’s Public Investment Fund, has started construction on multi-billion dollar educational and arts districts in the $63.2 billion giga-project. Spanning an area of 14 sq km, the “world’s biggest urban development projects” will house the Qurain Cultural District and Northern District. The Qurain Cultural District will include a range of arts, […]

Finnish band Insomnium perform at the Opera House in Toronto – one of Live Nation's Canadian venues

PIF sells stake in US concert promoter Live Nation

Saudi Arabia’s Public Investment Fund has sold its shares in US concert promoter Live Nation Entertainment, according to a US Securities and Exchange Commission filing.  The sovereign wealth fund acquired a 5.7 percent stake in Live Nation, worth about $500 million, in April 2020 – just as the pandemic began to affect events and travel.  […]

Chris Wright

Trump’s prospective energy team is a mixed blessing for Gulf

The nomination of a fossil fuels veteran and climate sceptic as US energy secretary is likely to chime with Gulf expectations that the second Trump administration will aggressively promote oil and gas as integral parts of the energy mix, according to industry observers. On Saturday President-elect Donald Trump named Chris Wright, the boss of fracking […]

Neom Green Hydrogen Company will use solar and wind power to produce hydrogen and says half its solar panels are already installed

Neom Green Hydrogen will hit all markets, says chief

Saudi Arabia’s Neom green hydrogen project is 60 percent complete and on track for full-time operation by the end of 2026, a senior official told AGBI. “We’re progressing well on all fronts, including the solar and wind farms, and we have received all the major equipment,” said Wesam Alghamdi, CEO of Neom Green Hydrogen Company […]

Salvator Mundi Salman park

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 […]