Company Insights Public Investment Fund (PIF) Finance Public Investment Fund (PIF) News Analysis GCC and Japan move into fast lane for trade growth When Abu Dhabi announced the launch of the world’s largest autonomous racing league last month, it was with a significant nod to trade with Japan. Aspire, an arm of the emirate’s Advanced Technology Research Council, unveiled plans to host the first autonomous car race next year, featuring the Dallara-built Super Formula cars exclusively provided by […] April 13, 2023 Banking & Finance PIF-owned Savvy to acquire US gaming firm for $4.9bn Savvy Games Group, a games and esports firm wholly owned by the Saudi sovereign Public Investment Fund (PIF), has agreed to buy California-based Scopely, a maker of mobile games, for $4.9 billion. Scopely has a track record of developing and publishing various games, particularly on mobile platforms. The company’s portfolio of free-to-play franchises includes Star […] April 6, 2023 Economy Fitch upgrades Saudi to ‘A+’ on robust fiscal buffers Fitch Ratings has upgraded Saudi Arabia’s long-term foreign-currency issuer default rating (IDR) to ‘A+’ from ‘A’, with a stable outlook. The higher rating reflects the kingdom’s strong fiscal and external balance sheets, including solid debt-to-GDP ratio, robust sovereign net foreign assets and significant fiscal buffers in deposits and other public sector assets. Oil dependence, weak World […] April 6, 2023 Banking & Finance PIF-backed Saudi Electricity plans sale of dollar sukuk Saudi Electricity Company is planning to issue a green or conventional sukuk (Islamic bonds) denominated in US dollars. The banks will hold meetings with fixed-income investors starting Friday (March 31), the company said in a statement to the Saudi bourse. The issuance amount will be determined later based on market conditions and requirements. The company […] March 31, 2023 Agriculture Saudis invest $70m in Danish bioprotein firm Saudi Industrial Investment Group is investing $70 million in Unibio International, a bioprotein production technology firm in Denmark, to help increase food security in the kingdom. SIIG told shareholders that it has signed an agreement to buy 24 percent of the company. The investment will be in two phases: a 9.9 percent stake is to […] March 30, 2023 Sustainability Ford to roll out electric vehicles across GCC next year US automaker Ford Motor Co. plans to launch its electric vehicles (EV) in the Middle East in 2024, according to a media report. The automaker will introduce EV models to the Gulf before moving into the wider region, Chris Noel, managing director of Ford Middle East and Africa, told Bloomberg. He stated that manufacturing limitations […] March 30, 2023 Banking & Finance Saudi’s Al Rajhi Bank to raise $1bn via sustainable sukuk Saudi Arabia’s Al Rajhi Bank is set to raise $1 billion with five-year sustainable Islamic bonds, according to a media report. The spread on the sukuk was set at 110 basis points (bps) over US Treasuries (UST), tightened from initial price guidance of around 150 bps over UST after demand topped $3.75 billion, Reuters reported, […] March 30, 2023 Banking & Finance Saudi’s Al Rajhi Bank plans dollar sustainable sukuk Al Rajhi Bank is planning to issue US dollar-denominated sustainable Islamic bond, as part of its international sukuk programme launched last year. Al Rajhi Capital, Citigroup Global Markets Limited, Emirates NBD, Goldman Sachs, HSBC, JPMorgan, KFH Capital and Standard Chartered are joint lead managers and bookrunners for the sukuk issuance, the Saudi-listed bank said in […] March 28, 2023 Neom UK companies set their sights on $22bn Saudi events sector Major UK firms are targeting the Saudi events sector for growth as the Gulf kingdom continues to build its reputation as a global destination. Saudi’s Ministry of Investment recently welcomed a delegation of 25 British sports events companies to explore investment opportunities. The ministry, together with the Ministry of Sports, signed cooperation agreements with ES […] March 28, 2023 Banking & Finance SNB announces management changes after Credit Suisse fallout Ammar Al Khudairy has resigned as chairman of Saudi National Bank for “personal reasons”, it was announced on Monday, leading to a series of SNB management changes. SNB chief executive Saeed Mohammed Al Ghamdi has been appointed his successor, according to a statement on the Tadawul Saudi stock exchange. Talal Ahmed Al Khereiji, a graduate […] March 27, 2023 Posts navigation Previous 1 … 78 79 80 … 95 Next
Analysis GCC and Japan move into fast lane for trade growth When Abu Dhabi announced the launch of the world’s largest autonomous racing league last month, it was with a significant nod to trade with Japan. Aspire, an arm of the emirate’s Advanced Technology Research Council, unveiled plans to host the first autonomous car race next year, featuring the Dallara-built Super Formula cars exclusively provided by […] April 13, 2023
Banking & Finance PIF-owned Savvy to acquire US gaming firm for $4.9bn Savvy Games Group, a games and esports firm wholly owned by the Saudi sovereign Public Investment Fund (PIF), has agreed to buy California-based Scopely, a maker of mobile games, for $4.9 billion. Scopely has a track record of developing and publishing various games, particularly on mobile platforms. The company’s portfolio of free-to-play franchises includes Star […] April 6, 2023
Economy Fitch upgrades Saudi to ‘A+’ on robust fiscal buffers Fitch Ratings has upgraded Saudi Arabia’s long-term foreign-currency issuer default rating (IDR) to ‘A+’ from ‘A’, with a stable outlook. The higher rating reflects the kingdom’s strong fiscal and external balance sheets, including solid debt-to-GDP ratio, robust sovereign net foreign assets and significant fiscal buffers in deposits and other public sector assets. Oil dependence, weak World […] April 6, 2023
Banking & Finance PIF-backed Saudi Electricity plans sale of dollar sukuk Saudi Electricity Company is planning to issue a green or conventional sukuk (Islamic bonds) denominated in US dollars. The banks will hold meetings with fixed-income investors starting Friday (March 31), the company said in a statement to the Saudi bourse. The issuance amount will be determined later based on market conditions and requirements. The company […] March 31, 2023
Agriculture Saudis invest $70m in Danish bioprotein firm Saudi Industrial Investment Group is investing $70 million in Unibio International, a bioprotein production technology firm in Denmark, to help increase food security in the kingdom. SIIG told shareholders that it has signed an agreement to buy 24 percent of the company. The investment will be in two phases: a 9.9 percent stake is to […] March 30, 2023
Sustainability Ford to roll out electric vehicles across GCC next year US automaker Ford Motor Co. plans to launch its electric vehicles (EV) in the Middle East in 2024, according to a media report. The automaker will introduce EV models to the Gulf before moving into the wider region, Chris Noel, managing director of Ford Middle East and Africa, told Bloomberg. He stated that manufacturing limitations […] March 30, 2023
Banking & Finance Saudi’s Al Rajhi Bank to raise $1bn via sustainable sukuk Saudi Arabia’s Al Rajhi Bank is set to raise $1 billion with five-year sustainable Islamic bonds, according to a media report. The spread on the sukuk was set at 110 basis points (bps) over US Treasuries (UST), tightened from initial price guidance of around 150 bps over UST after demand topped $3.75 billion, Reuters reported, […] March 30, 2023
Banking & Finance Saudi’s Al Rajhi Bank plans dollar sustainable sukuk Al Rajhi Bank is planning to issue US dollar-denominated sustainable Islamic bond, as part of its international sukuk programme launched last year. Al Rajhi Capital, Citigroup Global Markets Limited, Emirates NBD, Goldman Sachs, HSBC, JPMorgan, KFH Capital and Standard Chartered are joint lead managers and bookrunners for the sukuk issuance, the Saudi-listed bank said in […] March 28, 2023
Neom UK companies set their sights on $22bn Saudi events sector Major UK firms are targeting the Saudi events sector for growth as the Gulf kingdom continues to build its reputation as a global destination. Saudi’s Ministry of Investment recently welcomed a delegation of 25 British sports events companies to explore investment opportunities. The ministry, together with the Ministry of Sports, signed cooperation agreements with ES […] March 28, 2023
Banking & Finance SNB announces management changes after Credit Suisse fallout Ammar Al Khudairy has resigned as chairman of Saudi National Bank for “personal reasons”, it was announced on Monday, leading to a series of SNB management changes. SNB chief executive Saeed Mohammed Al Ghamdi has been appointed his successor, according to a statement on the Tadawul Saudi stock exchange. Talal Ahmed Al Khereiji, a graduate […] March 27, 2023
