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 & 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 […]
Finance iMENA Group plans IPO with backing of PIF’s Sanabil A unit of Saudi Arabia’s Public Investment Fund (PIF) is investing in iMENA Group as the technology company seeks to raise $135 million from investors and prepare for an initial public offering. Riyadh-based Sanabil Investments – which is owned by $940 billion PIF – made the investment among other financiers including venture capital firm FJ […] April 29, 2025
Construction Emaar EC reschedules loan with consortium of Saudi banks Emaar the Economic City (Emaar EC), the developer of King Abdullah Economic City, has signed an agreement with four Saudi banks to reschedule a total of SAR3.4 billion ($904 million) in existing financing. The agreement also includes securing a new credit facility of SAR287 million from Alinma Bank, Saudi Awwal Bank, Banque Saudi Fransi and […] April 29, 2025
Telecoms Q1 profits and revenue up for Saudi Telecom Company Profits at Saudi Telecom Company (STC) rose in the first quarter of this year, pushing the share price of the kingdom’s biggest telecoms operator to a yearly high. Net profit rose 11 percent year on year to SAR3.6 billion ($973 million) in the first three months of 2025. Revenues for the quarter rose 2 percent […] April 29, 2025
Petrochemicals China’s Sinopec in $4bn joint venture with Saudi Aramco China’s state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company with a registered capital of 28.80 billion yuan ($3.95 billion). The agreement was signed by Sinopec, its unit Fujian Petroleum Chemical Industry Co, and Saudi Aramco’s Singaporean unit Aramco Asia Singapore. Sinopec and its unit […] April 29, 2025
Renewable Energy Equipment and workforce key for Saudi renewables Nacelles and blades, battery energy storage systems (BESS) and high voltage direct current (HVDC) cables, solar modules and wafers. A surge in large-scale renewable projects – such as the 2GW Al Shuaibah 2 solar project and 1.5GW Dawadmi wind farm – means the kingdom needs to secure equipment and expertise if it is to come […] April 29, 2025
Finance Saudi Vision 2030 exceeds PIF targets, but others lag Saudi Arabia’s Public Investment Fund (PIF) exceeded its 2024 target for assets under management by $60 billion, but the kingdom missed other annual goals in its Vision 2030 economic transformation and social development strategy. PIF now manages about $940 billion of assets, nearly 7 percent above its $880 billion target for the year, according to […] April 28, 2025
Finance Saudi Arabia reports record non-oil exports in 2024 Saudi Arabia’s exports of goods and services – excluding oil – hit a record SAR515 billion ($137 billion) last year, the state-run SPA news agency reported, as the world’s second largest oil producer seeks to diversify its economy away from hydrocarbons. The exports, which include re-exports, rose 13 percent over the last year and have […] April 28, 2025
Aviation Riyadh Air willing to buy Boeing planes cancelled by China Riyadh Air CEO Tony Douglas has said that the Saudi startup carrier would be ready to buy Boeing aircraft destined for Chinese airlines if they are not delivered due to the escalating trade war between the United States and China. Boeing is looking to resell potentially dozens of planes locked out of China by tariffs […] April 28, 2025
Opinion Markets Saudi Arabia needs foreign investors more than ever Better IPO access could unlock billions for Vision 2030 April 28, 2025
Analysis Transport Saudi Arabia’s EV ambitions face ‘chicken and egg’ dilemma Few of the car enthusiasts who attended Tesla’s launch in Riyadh last month arrived in electric vehicles. Hundreds turned out for the much-heralded opening event in Riyadh, an indication that the furore around the Tesla brand and its owner Elon Musk has not crossed the Atlantic. Despite this, public enthusiasm for electric vehicles (EVs) in […] April 28, 2025
Aviation Saudi aircraft lessor AviLease secures $1.5bn credit facility Saudi Public Investment Fund unit Aircraft Leasing Company (AviLease) has finalised a $1.5 billion credit facility to fund aircraft purchases and business expansion, a local newspaper reported. The three-year facility, which was oversubscribed, garnered interest from 25 international and domestic banks, Arab News reported, citing AviLease CEO Edward O’Byrne. “Together with our existing revolver of […] April 28, 2025
Finance Saudi Exim Bank’s credit doubling aids non-oil growth The Saudi Export-Import Bank (SEIB) doubled its credit facilities last year, helping to develop non-oil exports of the world’s second largest oil producer, the local Arab News reported. Credit facilities jumped 103 percent to SAR33.5 billion ($8.9 billion) compared with the year before, with export financing rising 70 percent to around SAR12 billion, the newspaper […] April 28, 2025
Analysis Markets Market volatility adds allure to utilities and telecoms In a month of wild market swings, Gulf equity investors have felt panic, trepidation, bewilderment and more. With further volatility probable, experts say a prudent strategy is to focus on defensive sectors less exposed to the global economy. Gulf bourses tumbled in early April, along with the US dollar and oil prices, after President Donald […] April 28, 2025
Video length: 02:01 Opinion Transport Is the DB12 the supercar to lead Aston Martin’s recovery? The model could be a turning point in the fortunes of the iconic brand April 25, 2025
Construction Jeddah’s residential canal project takes shape Construction work on Marafy, a residential canal-waterfront project in Saudi Arabia’s second city, Jeddah, is gathering pace. Driven by Roshn Group, the property developer unit of the government’s Public Investment Fund (PIF), the development will have capacity to house more than 130,000 people. Though no cost for the Marafy project has been made public, in […] April 25, 2025
Defence Trump ‘to offer Saudi Arabia over $100bn arms package’ The United States is poised to offer Saudi Arabia an arms package worth well over $100 billion, six sources have told Reuters, saying the proposal was being lined up for announcement during Donald Trump’s visit to the kingdom in May. The offer comes after the administration of former President Joe Biden unsuccessfully tried to finalize […] April 25, 2025
Health US biotech seeks Saudi approval for cancer treatment US-listed biotech company CEL-SCI Corp plans to file for regulatory approval in Saudi Arabia for its experimental cancer treatment Multikine, part of a push to tap growing demand for advanced treatments and expand in the Middle East and North Africa (Mena). The Virginia-headquartered company, which develops immunotherapies for cancer and infectious diseases, is also in […] April 25, 2025
Editor's Insight Trade India and Saudi Arabia’s common bonds Events may have overshadowed Narendra Modi’s trip to Jeddah this week – the Indian prime minister was forced to cut his visit short because of an attack in Kashmir – but there was much for him to discuss with his Saudi hosts. Amid market volatility and the new dispensation from Washington, Saudi Arabia and India – […] April 24, 2025
Analysis Economy What a plunging dollar means to Gulf imports and inflation The dollar’s slump to multiyear lows against many major currencies risks raising import costs in the dollar-pegged Gulf economies, fuelling inflation and pressuring business profitability, analysts say. From mid-January, the dollar is down 11 percent against each of the euro (to its lowest in more than three years), the Japanese yen (its lowest since late 2023), […] April 24, 2025
Trade New oil refineries in India among Saudi trade deals Saudi Arabia and India have strengthened their trade partnership in the areas of energy, defence, tourism and culture following a visit by Indian prime minister Narendra Modi this week. Energy sector agreements include plans for two new oil refineries in India and collaboration on petrochemicals, electricity, renewable energy and climate policy, Bloomberg reported. The countries, […] April 24, 2025
