Company Insights Public Investment Fund (PIF) Finance Public Investment Fund (PIF) News Aviation Saudi Arabia launches second new airline Saudi Arabia has announced its second new airline in a matter of weeks with the launch of Neom Airlines. The carrier will solely serve the $500 billion Neom city in the north west of the kingdom. The first flights for tourists, residents and commercial partners are scheduled to take off in the fourth quarter of […] March 23, 2023 Banking & Finance SNB shares rebound following UBS-Credit Suisse deal Shares in SNB on Tuesday rose for a second session since the state-backed lender said its profits would be unaffected by the UBS takeover of rival Credit Suisse, the Swiss bank in which it owns a minority stake. Saudi National Bank’s stock rose 3.4 percent to SR45.90 ($12.24), taking its gains to 10.6 percent from […] March 21, 2023 PIF-backed Oman infrastructure fund raises $1 billion Omani infrastructure investor Rakiza, which is backed by Saudi Arabia’s PIF, has closed its first fund, raising more than $1 billion from participants. Rakiza has already spent a quarter of this money in buying three Omani assets – a 30 percent stake in a telecom tower portfolio, 31 percent of a Port Sohar container terminal […] March 21, 2023 Banking & Finance SNB plans growth despite Credit Suisse losses Saudi National Bank has said its growth strategy will not be impacted by the UBS takeover of beleaguered rival Credit Suisse, despite analysts predicting “heavy losses” for Gulf backers. SNB is joined by Qatar Investment Authority and Saudi Arabian conglomerate Olayan Group, who all have varying levels of interest in the 167-year-old Swiss bank. Rohit […] March 20, 2023 Tourism Marriott signs deal with Saudi firm for eight Madinah hotels American hotelier Marriott International has signed a deal with Rua Al Madinah Holding Company to open eight hotels in the Saudi Arabian city of Madinah. Located close to the Prophet’s Mosque, Al Masjid An Nabawi, the openings will add 4,400 rooms across the eight Marriott brands. The expansion forms part of the Rua Al Madinah […] March 20, 2023 Tamara secures $150m from Goldman Sachs to propel growth Saudi-based buy-now, pay-later startup Tamara has signed a $150 million funding facility with investment bank Goldman Sachs to fund its growth plan. The loan, known as a ‘receivables warehouse facility’, will take the startup’s total funding in equity and debt to $366 million since its launch in September 2020. The funding will accelerate demand for […] March 17, 2023 Banking & Finance Saudi National Bank has liquidity to withstand Credit Suisse shock Saudi National Bank has enough liquidity to withstand any losses arising from the troubled Credit Suisse, according to a leading economist. SNB, the kingdom’s biggest lender, took a stake of almost 10 percent in Credit Suisse last year after it participated in the bank’s $4.3 billion capital raise. It became its largest shareholder, with a […] March 17, 2023 Energy Saudi teams up with Iceland to explore its geothermal potential Iceland is helping Saudi Arabia to explore its geothermal power resources as the kingdom accelerates its transition away from hydrocarbons. The Saudi Industrialisation and Energy Services Company (also known as Taqa) and Reykjavik Geothermal have signed a joint venture agreement to establish Taqa Geothermal Energy, headquartered in Riyadh. The deal comes as research shows that Saudi […] March 16, 2023 Aviation Emirates in expansion drive as new Saudi rival orders 72 jets Dubai’s flag carrier Emirates is doubling down on plans to expand its route network and flight capacity as competition for air travel in the Middle East sharpens with the launch of Saudi Arabia’s Riyadh Air. Emirates said in a statement on Tuesday it has boosted operations by 31 percent based on available seat kilometre (askm […] March 14, 2023 PIF maps out plans to boost Saudi private sector Saudi Arabia’s Public Investment Fund has launched a package of initiatives aimed at increasing involvement by local businesses in its portfolio activities. The three moves announced on Tuesday include the official launch of PIF’s Local Content Growth programme – known as Musahama – which aims to increase the share of local spend in the sovereign […] March 14, 2023 Posts navigation Previous 1 … 79 80 81 … 95 Next
Aviation Saudi Arabia launches second new airline Saudi Arabia has announced its second new airline in a matter of weeks with the launch of Neom Airlines. The carrier will solely serve the $500 billion Neom city in the north west of the kingdom. The first flights for tourists, residents and commercial partners are scheduled to take off in the fourth quarter of […] March 23, 2023
Banking & Finance SNB shares rebound following UBS-Credit Suisse deal Shares in SNB on Tuesday rose for a second session since the state-backed lender said its profits would be unaffected by the UBS takeover of rival Credit Suisse, the Swiss bank in which it owns a minority stake. Saudi National Bank’s stock rose 3.4 percent to SR45.90 ($12.24), taking its gains to 10.6 percent from […] March 21, 2023
PIF-backed Oman infrastructure fund raises $1 billion Omani infrastructure investor Rakiza, which is backed by Saudi Arabia’s PIF, has closed its first fund, raising more than $1 billion from participants. Rakiza has already spent a quarter of this money in buying three Omani assets – a 30 percent stake in a telecom tower portfolio, 31 percent of a Port Sohar container terminal […] March 21, 2023
Banking & Finance SNB plans growth despite Credit Suisse losses Saudi National Bank has said its growth strategy will not be impacted by the UBS takeover of beleaguered rival Credit Suisse, despite analysts predicting “heavy losses” for Gulf backers. SNB is joined by Qatar Investment Authority and Saudi Arabian conglomerate Olayan Group, who all have varying levels of interest in the 167-year-old Swiss bank. Rohit […] March 20, 2023
Tourism Marriott signs deal with Saudi firm for eight Madinah hotels American hotelier Marriott International has signed a deal with Rua Al Madinah Holding Company to open eight hotels in the Saudi Arabian city of Madinah. Located close to the Prophet’s Mosque, Al Masjid An Nabawi, the openings will add 4,400 rooms across the eight Marriott brands. The expansion forms part of the Rua Al Madinah […] March 20, 2023
Tamara secures $150m from Goldman Sachs to propel growth Saudi-based buy-now, pay-later startup Tamara has signed a $150 million funding facility with investment bank Goldman Sachs to fund its growth plan. The loan, known as a ‘receivables warehouse facility’, will take the startup’s total funding in equity and debt to $366 million since its launch in September 2020. The funding will accelerate demand for […] March 17, 2023
Banking & Finance Saudi National Bank has liquidity to withstand Credit Suisse shock Saudi National Bank has enough liquidity to withstand any losses arising from the troubled Credit Suisse, according to a leading economist. SNB, the kingdom’s biggest lender, took a stake of almost 10 percent in Credit Suisse last year after it participated in the bank’s $4.3 billion capital raise. It became its largest shareholder, with a […] March 17, 2023
Energy Saudi teams up with Iceland to explore its geothermal potential Iceland is helping Saudi Arabia to explore its geothermal power resources as the kingdom accelerates its transition away from hydrocarbons. The Saudi Industrialisation and Energy Services Company (also known as Taqa) and Reykjavik Geothermal have signed a joint venture agreement to establish Taqa Geothermal Energy, headquartered in Riyadh. The deal comes as research shows that Saudi […] March 16, 2023
Aviation Emirates in expansion drive as new Saudi rival orders 72 jets Dubai’s flag carrier Emirates is doubling down on plans to expand its route network and flight capacity as competition for air travel in the Middle East sharpens with the launch of Saudi Arabia’s Riyadh Air. Emirates said in a statement on Tuesday it has boosted operations by 31 percent based on available seat kilometre (askm […] March 14, 2023
PIF maps out plans to boost Saudi private sector Saudi Arabia’s Public Investment Fund has launched a package of initiatives aimed at increasing involvement by local businesses in its portfolio activities. The three moves announced on Tuesday include the official launch of PIF’s Local Content Growth programme – known as Musahama – which aims to increase the share of local spend in the sovereign […] March 14, 2023
