Video length: 06:07 VIDEO Giga-projects Saudi giga-project designs to merge tradition and futurism Saudi Arabia wants to ensure that the futurism of its giga-projects does not smother the diversity of its local architecture, according to the head of the government’s Architecture and Design Commission. One of the most striking features of the kingdom’s transformation plan launched in 2016 has been its design – from otherworldly resorts planned for […]
Construction Saudi Arabia scales down plans for 170km Line by 2030 Less than half of the first phase of The Line, Saudi Arabia’s futuristic city, is expected to be completed by 2030. Publicity materials available at a construction industry conference in Cannes in March showed that phase one would consist of modules 44 to 47 of the 170 km The Line, making the first phase about […]
Analysis Construction Foreign expertise vital for Saudi construction Saudi Arabia’s construction industry needs more foreign involvement if achieving its Vision 2030 goals is to become a reality, according to attendees of the Big 5 conference in Riyadh. In the first half of 2023 alone $44 billion worth of new projects were awarded in the kingdom’s $140 billion construction sector, according to real estate […]
Giga-projects Work underway on cube at centre of New Murabba giga-project The company building New Murabba, one of Saudi Arabia’s biggest giga-projects, said this week that construction was underway on the development’s centrepiece: a cubic structure being marketed as “large enough to hold 20 Empire State Buildings”. The New Murabba Development Company, which is owned by the Saudi Public Investment Fund, is charged with creating a […]
Analysis Banking & Finance Liquidity strain set to push Saudi banks to seek more funds Saudi Arabian banks’ loan books are set to expand faster than their deposits again in 2024, raising costs and pushing lenders to seek additional funding sources. However, the kingdom’s banks are expected to increase their annual profits this year as government-led infrastructure projects and likely cuts to benchmark interest rates boost margins for its two […]
Giga-projects Third of Vision 2030 projects ‘completed’ government says One third of 1,064 planned projects have been completed so far under the Vision 2030 economic transformation plan, the Saudi government said in its annual progress report on the reform programme. The report also said 561 initiatives were on track, according to the state-owned Saudi Press Agency, publishing its major findings. It was not […] April 26, 2024
People & Lifestyle Saudi director’s labour of love takes the kingdom to Cannes For the first time a Saudi film has been selected to compete in the Cannes film festival, catapulting its little-known self-taught director into the limelight. Tawfik Alzaidi was so surprised that he’d managed to break through to the big time that he kept the news that his film Norah had been accepted for the ‘Un […] April 26, 2024
Business of Sport Saudi Aramco signs up with Fifa as World Cup sponsor Saudi Aramco, the world’s largest oil producer, has signed a four-year global partnership with international football association Fifa. The energy giant will become Fifa’s major worldwide partner with sponsorship rights for multiple events, including the Fifa World Cup 26, co-hosted by the United States, Canada and Mexico and the Fifa Women’s World Cup 2027. The value […] April 26, 2024
Infrastructure STC and PIF to bid for Austrian telco tower operator Saudi Arabia’s STC Group and the Public Investment Fund (PIF), the kingdom’s sovereign fund, are likely to jointly bid for the Austrian unit of Cellnex, Spain’s mobile phone tower operator, El Economista newspaper reported. The Austrian unit, owning 4,500 towers, is estimated to be valued at €800 million ($857 million), the newspaper said, quoting unnamed sources. Cellnex’s […] April 26, 2024
Trade Florida port service could increase Saudi non-oil exports Saudi Arabia’s exports are set to improve following the introduction of a new container service that will link Jeddah with Florida. Non-oil exports rose 4.4 percent year on year in February while production cuts led oil exports to slip to 77 percent of the total, the government said. Jacksonville Port Authority (Jaxport) in Florida said […] April 25, 2024
Retail Saudi mall operator takes aim at Dubai’s retail crown Saudi Arabia’s leading mall operator is looking to challenge Dubai for the title of the top retail location in the Gulf, with plans to add five more locations by 2027. Bruno Wehbe, chief operating officer of Cenomi Centers, said the Jawharat Riyadh would include new elements such as 3D holographic projections, food halls with live […] April 25, 2024
Giga-projects Saudi giga-project Diriyah Gate targets 2027 completion Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027. The opening of the project’s first hotel is now rescheduled for later this year. “We’re looking forward to the conclusion of our project, probably toward the end of 2027,” said Andrew Tonnor, Diriyah Gate’s […] April 25, 2024
Health Saudi Arabia’s Fakeeh Care to offload 21% stake in IPO Fakeeh Care Group, one of the largest private healthcare groups in Saudi Arabia, plans to offload 21.47 percent of its stake through existing and new shares in an initial public offering (IPO). The group, which owns four hospitals in the kingdom, intends to offer 30 million new shares and 19.8 million existing shares to investors […] April 25, 2024
Finance IMF opens office in Riyadh to bolster Middle East presence The International Monetary Fund (IMF) will open a new regional office in Riyadh to bolster collaboration with nations in the Middle East and beyond. The new office will scale up capacity building, regional surveillance, and outreach to promote stability, growth, and regional integration, the Washington-headquartered fund said in a statement. The office will be pivotal […] April 25, 2024
Analysis Finance More GCC insurance mergers likely after flooding impact Consolidation in the GCC’s insurance sector – already underway because of rising competition and stricter regulations on solvency capital requirements – could be accelerated by the impact of the flooding in the region last week. Ratings agency S&P Global said this week that many insurance companies – mainly in the UAE, Kuwait and Saudi Arabia […] April 25, 2024
Markets Saudi water major Miahona plans IPO A water and wastewater infrastructure operator that pioneered the public-private partnership model in Saudi Arabia is planning an IPO that will put 30 percent of its shares on the market. Miahona Company intends to list on the main market of the Saudi Exchange after receiving approval from the Capital Market Authority last month. The company […] April 24, 2024
Manufacturing Saudi Arabia’s food factory count rises to 1,300 The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […] April 24, 2024
Trade 300 UK company chiefs to descend on Riyadh for expo The UK is sending hundreds of business executives to a trade expo in Riyadh in May as part of a year-long drive to win contracts in Saudi Arabia, as the Gulf state seeks to increase foreign investment in its giga-projects. “The Great Futures launch event in Riyadh on 14-15 May 2024 aims to bring to […] April 23, 2024
Oil & Gas Aramco targets another petrochemical company in China Saudi Aramco has begun talks to acquire a 10 percent stake in Hengli Petrochemical Company, owner of a 400,000 barrel a day refinery and chemicals complex in Liaoning, north-east China. Hengli Petrochemical, a subsidiary of Hengli Group, also operates plants and production facilities in Jiangsu and Guangdong provinces. The kingdom’s state-owned oil company is looking […] April 23, 2024
Economy Saudi Arabia world’s fifth biggest arms buyer in 2023 Saudi Arabia remains the world’s fifth largest arms buyer, according to the Stockholm International Peace Research Institute. The think tank’s latest report said that Saudi Arabia spent $76 billion on arms in 2023, a 4 percent increase on the previous year, making it the biggest spender after the US, China, Russia and India. The kingdom’s […] April 23, 2024
Banking & Finance Saudi fund agrees $67m deal to support Omani SMEs The Saudi Fund for Development in Oman has signed an OR 25 million ($67 million) deal with the Oman Development Bank to finance startups and create more jobs for the sultanate’s youth. The agreement is part of a wider $150 million package of support provided by the Saudi government through the fund, which offers loans […] April 22, 2024
Economy US treasury holdings high in Saudi Arabia’s estimation Saudi Arabia’s holdings of US treasuries stayed close to a two-year high in February at $130.5 billion as yields rose in recent months, according to new data. The Saudi central bank’s holdings fell $3.2 million month on month, or 0.3 percent, to $130.5 billion, maintaining Saudi Arabia’s place at number 17 in the list of […] April 22, 2024
Industry Tawal merger to create giant Saudi telecom towers company Saudi Arabia is creating a new telecommunications infrastructure company, which is expected to have 30,000 mobile tower sites and estimated annual revenues of $1.3 billion. The new entity will be created following the merger of Tawal, the largest telecommunications infrastructure company in Saudi Arabia, and Golden Lattice Investment Company (GLIC), which is majority-owned by the […] April 22, 2024
Leisure & Hospitality Almarai profit rises despite Egyptian pound devaluation Saudi Arabia’s largest dairy producer, Almarai, said profit rose 9 percent year on year as a result of higher volume growth and the ability to absorb the adverse impact of the Egyptian pound devaluation. Net profit reached SAR692 million ($184 million) in the first quarter of 2024, compared with SAR635 million a year ago, driven […] April 22, 2024
Food & Drink Saudi Arabia aims to double local honey production Saudi Arabia has invested SAR140 million ($37 million) to support its nascent rural honey industry, the government said this week. The country has raised subsidised production by 41 percent since 2021 and wants to double output by 2026. The Sustainable Agricultural Rural Development Program, known as Reef Saudi, said its funding supported over 10,500 people […] April 22, 2024
