Company Insights Public Investment Fund (PIF) Finance Public Investment Fund (PIF) News Oil & Gas Aramco profits down – and worse is to come, say analysts Saudi Aramco announced a drop in net income for the first three months of the year on Sunday, due to rising oil prices and higher operating costs. With state and state-affiliated institutions dependent on the national oil company dividends to fund numerous Vision 2030 infrastructure projects, the downturn throws Aramco’s investment plans into doubt. Oil […] May 12, 2025 Tech Profits jump for PIF’s Elm digital services company Elm Company, a digital services company controlled by Saudi Arabia’s Public Investment Fund, said first-quarter profit surged more than 40 percent on higher sales. Net profit in the three months to March 31 jumped to SAR495 million ($132 million), the company said in a statement to the Saudi stock exchange, where 30 percent of its […] May 9, 2025 Tourism Saudi smaller cities could give best return on investments Growth in the hospitality sector of the Middle East and North Africa has outpaced that of other regions, driven by expansion in Saudi Arabia’s tourism market. The kingdom, which has increased its annual tourism target from 100 million to 150 million visitors by 2030, is undertaking a country-wide $110 billion dollar investment drive. While the […] May 9, 2025 Renewable Energy Acwa Power reports record revenue and profit surge Saudi Arabian energy company Acwa Power posted record revenue in the first quarter from higher returns on operations and development services as well as electricity and water sales. Revenue jumped almost 60 percent to SAR1.97 billion, the publicly listed company said in a statement to the Saudi stock exchange. This helped to underpin a 44 […] May 9, 2025 Industry Lucid CEO admits to ‘hiccups’ in SUV rollout Lucid Motors, the Saudi-controlled US electric vehicle maker, has admitted to “hiccups” in the rollout of its sports utility vehicle, Gravity. “It is true that we had some technical issues that we had to overcome around software,” interim CEO Marc Winterhoff said on an earnings call this week. “There have been some hiccups, to be […] May 9, 2025 Mining Ma’aden’s profit up by half as commodity prices rise Earnings at Ma’aden, the Saudi Arabian Mining Company, surged by more than half in the first quarter of 2025, supported by growing sales and higher prices. Net profit for the quarter rose 58 percent year on year to SAR1.5 billion ($400 million), the company said in a filing to the Saudi stock exchange. Higher share […] May 7, 2025 Analysis Economy Saudi Arabia to ‘roll with the punches’ on oil price Saudi Arabia may have to tighten its reins on spending on the back of a decline in international oil prices, analysts have said. The country’s first-quarter budget deficit of SAR59 billion ($16 billion), reported this week, was the biggest in three years. “A deficit was broadly expected, says Monica Malik, chief economist at Abu Dhabi Commercial […] May 7, 2025 Aviation Qatar Airways lines up Boeing order for Trump visit Qatar Airways is reportedly preparing to order about 100 wide-body aircraft from US manufacturer Boeing during President Donald Trump‘s visit to the Gulf. The state-backed airline is looking to include an option for an additional 100 planes in the deal, Bloomberg reported, without identifying its sources. Corporate deals announced during the visit on May 13-16 […] May 7, 2025 Banking and Finance Bahrain’s Mumtalakat reports biggest profit in its history Bahrain’s sovereign wealth fund Mumtalakat has posted the biggest profit in its 19-year history, reversing a loss in 2023, according to the Bahrain News Agency. Its consolidated net profit reached BD363 million ($963 million) in 2024, versus a net loss of BD497 million the year before, the state-run agency reported. “The past year marked a […] May 7, 2025 Aviation Profitable Flynas to launch IPO this month Low-cost carrier Flynas will launch a share sale on the local stock exchange this month in the latest in a series of initial public offerings (IPOs) by Saudi companies. The subscription will run from May 28 to June 1, 2025, according to the company’s prospectus. The airline, part owned by billionaire Prince Alwaleed Bin Talal, is selling […] May 6, 2025 Posts navigation Previous 1 … 5 6 7 … 101 Next
Oil & Gas Aramco profits down – and worse is to come, say analysts Saudi Aramco announced a drop in net income for the first three months of the year on Sunday, due to rising oil prices and higher operating costs. With state and state-affiliated institutions dependent on the national oil company dividends to fund numerous Vision 2030 infrastructure projects, the downturn throws Aramco’s investment plans into doubt. Oil […] May 12, 2025
Tech Profits jump for PIF’s Elm digital services company Elm Company, a digital services company controlled by Saudi Arabia’s Public Investment Fund, said first-quarter profit surged more than 40 percent on higher sales. Net profit in the three months to March 31 jumped to SAR495 million ($132 million), the company said in a statement to the Saudi stock exchange, where 30 percent of its […] May 9, 2025
Tourism Saudi smaller cities could give best return on investments Growth in the hospitality sector of the Middle East and North Africa has outpaced that of other regions, driven by expansion in Saudi Arabia’s tourism market. The kingdom, which has increased its annual tourism target from 100 million to 150 million visitors by 2030, is undertaking a country-wide $110 billion dollar investment drive. While the […] May 9, 2025
Renewable Energy Acwa Power reports record revenue and profit surge Saudi Arabian energy company Acwa Power posted record revenue in the first quarter from higher returns on operations and development services as well as electricity and water sales. Revenue jumped almost 60 percent to SAR1.97 billion, the publicly listed company said in a statement to the Saudi stock exchange. This helped to underpin a 44 […] May 9, 2025
Industry Lucid CEO admits to ‘hiccups’ in SUV rollout Lucid Motors, the Saudi-controlled US electric vehicle maker, has admitted to “hiccups” in the rollout of its sports utility vehicle, Gravity. “It is true that we had some technical issues that we had to overcome around software,” interim CEO Marc Winterhoff said on an earnings call this week. “There have been some hiccups, to be […] May 9, 2025
Mining Ma’aden’s profit up by half as commodity prices rise Earnings at Ma’aden, the Saudi Arabian Mining Company, surged by more than half in the first quarter of 2025, supported by growing sales and higher prices. Net profit for the quarter rose 58 percent year on year to SAR1.5 billion ($400 million), the company said in a filing to the Saudi stock exchange. Higher share […] May 7, 2025
Analysis Economy Saudi Arabia to ‘roll with the punches’ on oil price Saudi Arabia may have to tighten its reins on spending on the back of a decline in international oil prices, analysts have said. The country’s first-quarter budget deficit of SAR59 billion ($16 billion), reported this week, was the biggest in three years. “A deficit was broadly expected, says Monica Malik, chief economist at Abu Dhabi Commercial […] May 7, 2025
Aviation Qatar Airways lines up Boeing order for Trump visit Qatar Airways is reportedly preparing to order about 100 wide-body aircraft from US manufacturer Boeing during President Donald Trump‘s visit to the Gulf. The state-backed airline is looking to include an option for an additional 100 planes in the deal, Bloomberg reported, without identifying its sources. Corporate deals announced during the visit on May 13-16 […] May 7, 2025
Banking and Finance Bahrain’s Mumtalakat reports biggest profit in its history Bahrain’s sovereign wealth fund Mumtalakat has posted the biggest profit in its 19-year history, reversing a loss in 2023, according to the Bahrain News Agency. Its consolidated net profit reached BD363 million ($963 million) in 2024, versus a net loss of BD497 million the year before, the state-run agency reported. “The past year marked a […] May 7, 2025
Aviation Profitable Flynas to launch IPO this month Low-cost carrier Flynas will launch a share sale on the local stock exchange this month in the latest in a series of initial public offerings (IPOs) by Saudi companies. The subscription will run from May 28 to June 1, 2025, according to the company’s prospectus. The airline, part owned by billionaire Prince Alwaleed Bin Talal, is selling […] May 6, 2025
