Company Insights Public Investment Fund (PIF) Finance Public Investment Fund (PIF) News Analysis Giga-projects Saudi giga-projects are going local with new focus A nationalist sensitivity towards the leadership and aims of Saudi Arabia’s massive giga-projects is slowly taking hold, as foreign CEOs are swapped out for locals and the government makes a stronger push on housing for Saudi citizens. Last month, the King Abdullah Financial District replaced its Indian CEO Guatam Sashiittal with Mohammed Alsudairy – head […] November 14, 2024 Construction Banks vying to fund Roshn’s Saudi expansion Saudi real estate developer Roshn, a subsidiary of the Public Investment Fund (PIF), is reporting strong interest from banks eager to finance its projects, and demand is so high that some lenders have been turned away, according to a senior executive. In contrast to this momentum, Saudi Arabia’s other giga-projects face financing constraints, with resources […] November 14, 2024 Telecoms PIF’s $1bn Saudi Telecom sale could be sign of things to come Saudi Arabia’s Public Investment Fund has offloaded a $1 billion stake in the kingdom’s former telecoms monopoly in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending. In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year […] November 14, 2024 Mining Alba to decide on Ma’aden merger early next year Aluminium Bahrain (Alba) expects to decide whether to merge with subsidiaries of Saudi Arabia’s Ma’aden by the first quarter of 2025, its chief executive said on Wednesday. Alba, Bahrain’s largest listed company with a market valuation of almost BHD2 billion ($5.3 billion), on September 16 announced it had entered a non-binding agreement with Ma’aden. Under […] November 13, 2024 Construction Former CEO sues Roshn for $100m over ‘unpaid bonuses’ The former CEO of Roshn, David Grover, is suing the Saudi property developer for more than $100 million, claiming unpaid bonuses and wrongful termination. Grover, who lost the initial stage of his case against the state-owned company in October, has appealed to a higher court in Riyadh, the Financial Times reports. Grover alleges that Roshn […] November 13, 2024 Gaming PIF cuts stake in Nintendo as Switch sales slow Saudi Arabia’s Public Investment Fund (PIF) has trimmed its holding in Nintendo, as the Japanese gaming company suffered a drop in sales for its biggest product. The Saudi sovereign wealth fund reduced its stake to 7.54 percent from 8.58 percent, according to a Japanese regulatory filing on Tuesday. The news of the cut comes just […] November 13, 2024 Business of Sport Audi slams brakes on Qatari F1 buyout rumours Carmaker Audi has said its F1 team is not for sale, scuppering online rumours that the company was preparing to sell to Qatar’s QIA sovereign wealth fund. “We do not engage in speculation. The team is not for sale,” an Audi F1 spokesperson told AGBI on Tuesday. Qatar already holds a major stake in VW, […] November 13, 2024 Finance Egypt’s United Bank set to raise $104m from listing Egypt’s United Bank is set to raise between EGP4.2 billion and EGP5.1 billion ($85-104 million) through an initial public offering (IPO) on the Egyptian stock exchange. The bank set the indicative price range of EGP12.7 to EGP15.6 per share, according to local media reports. The final price will be determined through a book-building process. In […] November 13, 2024 Sustainability Saudi Arabia’s carbon market to finance climate projects Saudi Arabia has launched a carbon trading market that will help provide financing for climate projects. The Regional Voluntary Carbon Market Company’s (RVCMC) voluntary carbon market exchange platform has more than 2.5 million tonnes of carbon credits for auction, it said in a statement. Buyers can obtain carbon credits from 17 climate projects from around […] November 12, 2024 Manufacturing Lucid reports higher revenue but steeper losses Saudi-backed US luxury electric vehicle maker Lucid reported a larger net loss than last year in the third quarter, but said revenue rose 45 percent, slightly ahead of Wall Street expectations. The company’s losses of $992.5 million in Q3 compared with $630.9 million in 2023. Revenue reached $200 million, narrowly beating estimates of $198 million. Lucid […] November 8, 2024 Posts navigation Previous 1 … 21 22 23 … 96 Next
Analysis Giga-projects Saudi giga-projects are going local with new focus A nationalist sensitivity towards the leadership and aims of Saudi Arabia’s massive giga-projects is slowly taking hold, as foreign CEOs are swapped out for locals and the government makes a stronger push on housing for Saudi citizens. Last month, the King Abdullah Financial District replaced its Indian CEO Guatam Sashiittal with Mohammed Alsudairy – head […] November 14, 2024
Construction Banks vying to fund Roshn’s Saudi expansion Saudi real estate developer Roshn, a subsidiary of the Public Investment Fund (PIF), is reporting strong interest from banks eager to finance its projects, and demand is so high that some lenders have been turned away, according to a senior executive. In contrast to this momentum, Saudi Arabia’s other giga-projects face financing constraints, with resources […] November 14, 2024
Telecoms PIF’s $1bn Saudi Telecom sale could be sign of things to come Saudi Arabia’s Public Investment Fund has offloaded a $1 billion stake in the kingdom’s former telecoms monopoly in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending. In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year […] November 14, 2024
Mining Alba to decide on Ma’aden merger early next year Aluminium Bahrain (Alba) expects to decide whether to merge with subsidiaries of Saudi Arabia’s Ma’aden by the first quarter of 2025, its chief executive said on Wednesday. Alba, Bahrain’s largest listed company with a market valuation of almost BHD2 billion ($5.3 billion), on September 16 announced it had entered a non-binding agreement with Ma’aden. Under […] November 13, 2024
Construction Former CEO sues Roshn for $100m over ‘unpaid bonuses’ The former CEO of Roshn, David Grover, is suing the Saudi property developer for more than $100 million, claiming unpaid bonuses and wrongful termination. Grover, who lost the initial stage of his case against the state-owned company in October, has appealed to a higher court in Riyadh, the Financial Times reports. Grover alleges that Roshn […] November 13, 2024
Gaming PIF cuts stake in Nintendo as Switch sales slow Saudi Arabia’s Public Investment Fund (PIF) has trimmed its holding in Nintendo, as the Japanese gaming company suffered a drop in sales for its biggest product. The Saudi sovereign wealth fund reduced its stake to 7.54 percent from 8.58 percent, according to a Japanese regulatory filing on Tuesday. The news of the cut comes just […] November 13, 2024
Business of Sport Audi slams brakes on Qatari F1 buyout rumours Carmaker Audi has said its F1 team is not for sale, scuppering online rumours that the company was preparing to sell to Qatar’s QIA sovereign wealth fund. “We do not engage in speculation. The team is not for sale,” an Audi F1 spokesperson told AGBI on Tuesday. Qatar already holds a major stake in VW, […] November 13, 2024
Finance Egypt’s United Bank set to raise $104m from listing Egypt’s United Bank is set to raise between EGP4.2 billion and EGP5.1 billion ($85-104 million) through an initial public offering (IPO) on the Egyptian stock exchange. The bank set the indicative price range of EGP12.7 to EGP15.6 per share, according to local media reports. The final price will be determined through a book-building process. In […] November 13, 2024
Sustainability Saudi Arabia’s carbon market to finance climate projects Saudi Arabia has launched a carbon trading market that will help provide financing for climate projects. The Regional Voluntary Carbon Market Company’s (RVCMC) voluntary carbon market exchange platform has more than 2.5 million tonnes of carbon credits for auction, it said in a statement. Buyers can obtain carbon credits from 17 climate projects from around […] November 12, 2024
Manufacturing Lucid reports higher revenue but steeper losses Saudi-backed US luxury electric vehicle maker Lucid reported a larger net loss than last year in the third quarter, but said revenue rose 45 percent, slightly ahead of Wall Street expectations. The company’s losses of $992.5 million in Q3 compared with $630.9 million in 2023. Revenue reached $200 million, narrowly beating estimates of $198 million. Lucid […] November 8, 2024
