Construction ‘Few other nations have dared to attempt this’ Architects and engineers tell AGBI about the positives and pitfalls of Saudi Arabia's push to build it all, 'all at once'
Analysis Banking and Finance Gulf still struggling to attract private cash for public projects Lower oil prices are driving Gulf countries, particularly Saudi Arabia and the UAE, to involve private companies in financing critical infrastructure projects worth tens of billions of dollars. Despite some successes, the expansion of public-private partnerships (PPPs) is being hampered by inconsistent project delivery and changing regulatory frameworks that are holding back investor confidence, experts […]
Analysis Giga-projects End of ‘blank cheque’ culture for Saudi consultancy Saudi Arabia remains a boom town for the global consultancy industry, but experts have warned it is no longer the land of milk and honey for international operators and there is now a tighter hold being placed on budgets. The Saudi consultancy market, the largest in the GCC, expanded by 18.2 percent in 2023 with […]
Analysis Sustainability Red Sea coral to get extra protection from tourists Saudi Arabia has vowed to implement a series of measures to protect its Red Sea coral reef over the next five years as it pushes ahead with major tourism projects in the area. But experts have warned that Saudi coral remains at risk, even with major spending policies. According to the National Red Sea Sustainability […]
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 […]
Analysis Oil & Gas Saudi and UAE oil may offset any Iran disruption, analysts say Saudi Arabia and the UAE can potentially replace lost Iranian oil supply, but heightened military activity in the Persian Gulf will make it difficult to plug any shortages during Iran-Israel tensions, analysts say. Israel attacked Iranian nuclear and military sites on Friday, pushing oil prices to an intra-day high of $78 per barrel – the […] June 13, 2025
Markets PIF banks Nintendo win but may have sold too soon Saudi Arabia’s Public Investment Fund (PIF) pocketed an estimated profit of 175 billion yen ($1.22 billion) trading Nintendo shares, but it may yet rue trimming its stake just months before the Switch 2 console’s record-breaking debut last week. The PIF has invested in video game publishers and console makers worldwide, often through subsidiary Savvy Games […] June 13, 2025
Oil & Gas Egypt signs LNG supply deals with global companies Egypt has reportedly signed contracts to purchase additional liquefied natural gas (LNG) from global energy companies to meet peak summer electricity demand and falling domestic production. The deals were signed with state-owned Saudi Aramco, Singapore’s Trafigura Group and Switzerland’s Vitol Group, Bloomberg news agency reported, citing informed sources. The state-run Egyptian Natural Gas Holding Company has also […] June 13, 2025
Analysis Telecoms Analysts opt for small Gulf telcos despite profits at majors The Gulf’s major former telecom monopolies reported steady first-quarter profit growth and have proved a safe haven for equity investors during market volatility this year. However, it is their smaller domestic rivals that analysts prefer. Saudi Telecom Co (STC), the UAE’s e& (formerly and more commonly known as Etisalat), Qatar’s Ooredoo and Kuwait’s Zain are […] June 13, 2025
Analysis Construction Slowdown looms for Saudi construction as PIF cuts contracts The number of construction contracts issued by the Saudi government and the Public Investment Fund (PIF) has fallen drastically amid a decline in oil revenues and a realignment of large-scale infrastructure projects. The drop indicates a slowdown in the Saudi construction sector, previously one of the most vibrant in the world. Last year it accounted […] June 12, 2025
Analysis Tech Humanoid robots: coming soon to a workplace near you Nursing, tourism and leisure, even performing arts, and anything dull, dangerous and dirty: the technology world is increasingly bullish on what humanoid robots can do. Humanoid robots are already greeting visitors at Dubai’s Museum of the Future and patrolling the emirate’s beaches, handing out fines and monitoring the use of scooters and bicycles. Jensen Huang, […] June 12, 2025
Artificial Intelligence OpenAI holds talks to raise money from PIF ChatGPT maker OpenAI has talked to Saudi Arabia’s Public Investment Fund (PIF), India’s Reliance Industries and existing shareholder MGX of the UAE about its $40 billion financing, The Information reported on Wednesday. The investors could put in at least hundreds of millions of dollars each, the report said, citing people familiar with the issue. OpenAI […] June 12, 2025
Finance Gulf fintechs take notice of surging stock markets Growing demand from international investors trading in stocks on Gulf exchanges is creating opportunities for established and newer financial technology (fintech) companies alike to grow their Middle East business. “We have seen the interest in trading on Gulf exchanges increase steadily over time, but demand has skyrocketed in the past year,” Damian Hitchen, regional head […] June 12, 2025
Analysis Manufacturing Cement’s mixed results reflect Saudi outlook In some respects, Saudi cement producers, important constituents of the Tadawul stock exchange and bellwethers of the national economy, have never had it so good. The kingdom has an array of giga-projects underway and is preparing to host a series of high profile international events, from the World Expo in Riyadh in 2030 to the […] June 12, 2025
Energy Saudi Arabia and UAE set to import electricity from India Saudi Arabia and the UAE will reportedly import electricity through undersea cables from India. The 1,700km subsea cable to Saudi Arabia will cost INR470 billion ($5.5 billion), whereas the 1,400km cable to the UAE will cost INR435 billion, India’s power minister Manohar Lal Khattar said. New Delhi will export 2 gigawatts (GW) each to Saudi […] June 11, 2025
Analysis Economy Saudi Arabia will issue more debt to meet budget shortfall Saudi Arabia will probably issue at least $10 billion more in bonds and sukuk this year to help fund the kingdom’s widening budget deficit. Since posting a surplus in 2022 thanks to oil prices hitting a 10-year peak that year, Saudi Arabia has posted annual deficits due to lower crude revenues and higher government spending. […] June 11, 2025
Trade Nigeria’s $5bn Aramco loan delayed by oil price drop Nigeria and Saudi Arabian oil company Aramco are struggling to reach an agreement on a record $5 billion oil-backed loan after a recent decline in crude prices sparked concern among banks that were expected to back the deal, four sources told Reuters. The facility would be Nigeria’s largest oil-backed loan to date and Saudi Arabia’s first participation […] June 10, 2025
Oil & Gas Aramco crude supply to China to dip in July Saudi Arabia’s crude oil supply to China is set to dip slightly in July, trade sources said on Tuesday. However, supply will remain strong for a third straight month as the kingdom regains its market share supplying the world’s top crude importer. State oil company Saudi Aramco will ship about 47 million barrels to China […] June 10, 2025
Analysis Banking and Finance Gulf banks fight back to beat buy-now-pay-later advantage Gulf banks are moving aggressively to claw back billions of dollars in market share from buy-now-pay-later fintechs, turning to new payments infrastructure to reassert control at checkout, according to industry executives. Visa is working with lenders in the UAE and Saudi Arabia to expand its “Installment Solutions” platform, which allows credit cardholders to split payments […] June 10, 2025
Economy Growth for Saudi Arabia, but challenges emerge Saudi Arabia raised its economic growth estimate for the first quarter, driven by expansion in the non-oil sector. The General Authority for Statistics (Gastat) said on Monday that real GDP grew by 3.4 percent in the three months to March 31, compared with the same period last year. That also compared with its earlier estimate of […] June 9, 2025
Agriculture Saudi Arabia brings in new rules for livestock sales Saudi Arabia is clamping down on longstanding profiteering in its livestock markets with the enforcement of a landmark decision later this month mandating sale by weight rather than size. Mohammed Al-Abdullatif, assistant undersecretary for agriculture and support services, said in remarks on the ministry’s website that the measures, due to take effect on June 27, […] June 9, 2025
Analysis Finance Saudi Arabia demands more from global asset managers International asset managers looking to raise funds in Saudi Arabia can no longer do so as easily without establishing a presence in the kingdom and aligning their activities with the country’s Vision 2030 diversification goals, analysts say. Despite the kingdom’s commitment this year to invest and trade as much as $600 billion in the US […] June 9, 2025
Economy Saudi Arabia economy The latest economic indicators and demographic trends for Saudi Arabia, including GDP, inflation, oil prices, trade, population, expats, unemployment and more June 6, 2025
Renewable Energy Work gains pace at Neom’s $8.4bn green hydrogen plant Work on Saudi Arabia’s Neom green hydrogen project is 80 percent complete, with renewable energy production set to start next year, the developer behind the plans has confirmed. “Construction of the world’s largest green hydrogen plant is advancing rapidly,” Neom Green Hydrogen Company (NGHC) said in a statement. Progress has been made across the $8.4 billion green […] June 6, 2025
Markets Asian companies in talks to list on Saudi stock market Several Asian companies are in talks to list in Saudi Arabia as the kingdom considers a new listing regime to pave the way for share sales of foreign issuers, the chief executive of the Saudi bourse told Reuters. Conversations are underway with Asian companies that are evaluating opportunities to tap into Saudi Arabia’s deep and […] June 6, 2025
