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Xi Jinping visits Saudi as GCC looks east on trade

When President Xi Jinping of China arrives in Saudi Arabia on Wednesday, it is likely to add further momentum to a flourishing relationship with the GCC that surpassed trade with the US and Europe combined last year. Three summits are planned during the three-day visit with over 20 agreements worth more than $29.3 billion expected […]

A Muvi cinema in Riyadh

‘Entertainment is the new retail’ for Riyadh malls

More than half the new retail space being developed in Riyadh is dedicated to entertainment venues, research has found, as Saudi Arabia seeks to attract younger people to malls. At the Mall of Saudi, being developed by Majid Al Futtaim in north Riyadh, large areas will be allocated to dining, leisure and entertainment – and […]

Amaala

Saudi giga-projects: ‘enough work for every sector of the industry’

While much of the global economy is reeling from a sharp slowdown in growth, Saudi Arabia recorded a GDP growth rate of 8.6 percent in the third quarter this year, with its economy being propelled forward by ambitious projects in its tourism sector.  The Red Sea Global (RSG) giga-project, which comprises the kingdom’s flagship tourism […]

Aseer Investment Company will unlock a wide range of investment opportunities for domestic and international investors

PIF launches new investment firm to boost regional growth

Saudi Arabia’s Public Investment Fund (PIF) has launched Aseer Investment Company (AIC) to operate as its investment arm in the Aseer region of Saudi Arabia. The new company will promote and stimulate local and foreign direct investment to develop and transform the region into a year-round tourism destination, the sovereign wealth fund said in a […]

The dream is over for Saudi's football fans after Mexico beat them 2-0 at the World Cup, but the countries remain strong trading partners

Saudi and Mexico get back to business after World Cup exit

The deepening relationship between Saudi Arabia and Mexico may have been tested for 90 minutes on Wednesday as the central American team prevailed 2-0 in their World Cup match in Qatar. Both teams went out of the tournament due to results elsewhere in their group, but, more importantly, the two countries are enjoying a bounce […]

Diriyah Saudi

Global hotel brands rush to be part of Saudi tourism push

International hotel brands are flooding into Saudi Arabia as the transformation of Diriyah, the birthplace of Saudi Arabia, gathers pace. Diriyah Gate Development Authority (DGDA), responsible for the Diriyah project, has announced the addition of 16 new global hotel brands to its hospitality portfolio.  This brings the total of hotel management agreements to 32, with […]

Saudi solar

Saudi to build Gulf’s largest solar power plant near Mecca

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), and ACWA Power will build the Middle East’s largest solar power plant in Mecca province, the duo announced on Wednesday, as the kingdom accelerates efforts to expand its renewables capacity.  Slated to begin commercial operations in late 2025, the 2,060-megawatt (mw) solar photovoltaic Al Shuaibah […]

Saudi Crown Prince Mohammed Bin Salman, chairman of PIF

Saudi wealth fund PIF secures ‘record’ $17bn loan

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fun, announced on Wednesday that it has secured a new $17 billion, seven-year senior unsecured term loan. According to PIF, this represents the largest self-arranged term loan ever raised for general corporate purposes. It added that it is supported by “significant demand” from an international syndicate […]

Ceer

Saudi’s Ceer spends $96m on plot for electric car factory

Ceer, Saudi Arabia’s first electric vehicle brand, has spent nearly $96 million on an industrial plot at King Abdullah Economic City.  In a stock market filing on Saudi’s Tadawul, developer Emaar Economic City said a land sale deal had been signed and KAEC’s Industrial Valley would host a “specialised factory” to manufacture electric vehicles. Ceer […]