Giga-projects Neom opens for business in US with New York office Saudi Arabian giga-project Neom has opened an office in New York in a move designed to attract investment from the US for its green industries. Neom said in a statement on February 6 that the Manhattan office would facilitate its business across the US, citing “industries, corporations, and investors” who could help in the development […]
Giga-projects Neom announces exclusive beach club Xaynor Saudi Arabia’s mega-city Neom has launched its latest development – Xaynor, an exclusive private beach club on the Gulf of Aqaba for “the most fascinating people in the world”. Xaynor will be a “discreet destination where club members can unwind on the Gulf of Aqaba’s beautiful unspoiled coastline”, Neom said in an announcement. Neom has […]
Giga-projects Red Sea Global secures $522m for Four Seasons Resort Saudi giga-project developer Red Sea Global (RSG) has secured SAR2 billion ($522 million) from Riyad Bank for its latest tourism project in the Red Sea development. The financing will be used to develop Four Seasons Resort, part of a joint venture between RSG and Kingdom Holding Company, which was incorporated in December 2023. The Four […]
EXCLUSIVE Giga-projects Saudi’s Qiddiya to open first sites next year as plans grow Saudi Arabia’s mega sports and entertainment city Qiddiya is adding more hotel space and attractions to its masterplan to accommodate Riyadh’s projected population growth, a senior official said this week. Riyadh’s population is forecast to grow to 15 million by 2030. The city was chosen last year as the location for Expo 2030. Qiddiya, southwest […]
Giga-projects Jeddah Central signs contracts for major landmarks Jeddah Central, the developer of one of Saudi Arabia’s giga-projects, signed four construction contracts this week for a set of major landmarks. According to the state-run Saudi Press Agency, Jeddah Central’s CEO Ahmed bin Abdulaziz Al-Saleem signed the contracts to construct a sports stadium, an oceanarium, an opera house and infrastructure work in the Red […]
Finance Saudi PIF ‘interested’ in buying stake in UK Selfridges Saudi Arabia’s Public Investment Fund (PIF) is looking to buy a stake in British luxury department store Selfridges after the collapse of one of its owners, as it seeks ways to improve funding flows to Saudi giga-projects. Austrian company Signa faces insolvency, opening up its 50 percent share in Selfridges to acquisition. The other owner […] March 18, 2024
Economy Saudi Arabia gives $800m in Ramadan social security aid Saudi Arabia has disbursed SAR3 billion ($800 million) to around 500,000 Saudis as a one-off social security payment during the fasting month of Ramadan. The amounts were deposited directly into bank accounts of beneficiaries of social security by the Ministry of Human Resources and Social Development, on the basis of SAR1,000 ($270) per head of […] March 18, 2024
Transport Saudi sovereign fund in talks to buy national airline Saudi Arabia’s Public Investment Fund is in discussions to acquire the kingdom’s national airline, reports released on Monday indicate. The $940 billion sovereign fund is looking to add Saudia, formerly known as Saudi Arabian Airlines, to its portfolio and a deal could be completed as soon as next year, according to a report by Bloomberg, […] March 18, 2024
EXCLUSIVE Giga-projects Trojena winter resort aims to be Neom’s inaugural site The Saudi winter resort of Trojena will be completed and ready to open in 2027 ahead of the 2029 Asian Winter Games, a spokesman said this week, making it the first project inside the futuristic city Neom to come online. Developers are under pressure to finish the giga-projects at the heart of Saudi Arabia’s economic […] March 18, 2024
Finance S&P affirms Saudi credit ratings amid reform drive Global rating agency S&P has affirmed its “A/A-1” long- and short-term foreign and local currency sovereign credit ratings on Saudi Arabia, maintaining a stable outlook. The economic and social reforms will continue to improve the kingdom’s financial resilience and wealth levels, as the government’s liquid assets are expected to remain strong at about 70 percent of […] March 17, 2024
Oil & Gas IEA predicts oil supply will turn to deficit in 2024 Global crude markets supplies will shift from surplus into deficit in 2024, the International Energy Agency (IEA) has predicted, implying higher hydrocarbon prices. The Paris-based watchdog raised its forecast for this year’s oil demand on Thursday on an improved outlook for the US economy and increased bunker fuel use, as attacks by the Houthis on […] March 15, 2024
Banking & Finance PIF’s debt plans to ease funding strain on local banks Saudi Arabia’s Public Investment Fund (PIF) aims to regularly tap debt markets or secure bank loans to alleviate funding pressure on local banks to fulfill the kingdom’s ambitious diversification plan. The $940 billion sovereign fund also intends to divest stakes in its portfolio companies to bolster the economic transformation under Vision 2030, Bloomberg reported, citing […] March 15, 2024
Economy Saudi Arabia’s inflation up to 1.8% and ‘likely’ to keep rising Saudi Arabia’s annual inflation rate rose more than expected in February to 1.8 percent, driven by the housing market, as the country emerges from last year’s economic slowdown. “Actual rents for housing increased by 10 percent in February 2024, reflecting the increase in rents for villas by 9.1 percent,” the General Authority for Statistics said. […] March 14, 2024
Analysis Trade Saudi Arabia courts China’s Shandong province Saudi Arabia is targeting more investment from the Chinese province of Shandong after hosting a delegation of more than 200 private sector and government officials. The Economic Cities and Special Zones Authority (ECZA), in collaboration with Invest Saudi, entertained the visitors last week with the aim of cultivating investment prospects for Chinese enterprises considering expansion […] March 14, 2024
Analysis Tech Saudi Arabia ‘leads GCC’ in adoption of robotics The rising number of robotics companies in Saudi Arabia has helped the kingdom become a regional leader in the adoption and development of the technology, experts have told AGBI. The number of robotics companies registered in the country surged to 2,344 in the second quarter of 2023, up from 1,537 a year earlier, according to […] March 14, 2024
Real Estate Super-rich Muslims seek homes in Saudi holy cities Wealthy Muslims are keen to take advantage of golden residency visas in Saudi Arabia to buy nearly $2 billion of property in Mecca, Medina and Riyadh, according to new research. Just over 500 high-net-worth individuals from nine countries with a sizeable Muslim population – Algeria, India, Indonesia, Iraq, Iran, Malaysia, Pakistan, Singapore and Turkey – […] March 14, 2024
Construction London architect HKS to design Diriyah’s 20,000-seat Arena Saudi Arabia has hired a London-based architecture practice to design a sports and entertainment venue in Riyadh’s historic district of Diriyah, close to the site where a landmark opera house will be built. “The architecture rises from the landscape as a series of monoliths, evoking local geological formations and alluding to ancient Nadji forts and […] March 13, 2024
Trade Cenomi’s Uzbekistan debut a sign of Saudi trade ambitions Saudi retail major Cenomi has announced its debut in Uzbekistan in tandem with the kingdom’s efforts to expand bilateral trade with the Central Asian nation. Uzbekistan is Cenomi’s 11th-largest international market, and it has signed a deal to open eight international brands – including a flagship Zara store – at the newly developed Tashkent City […] March 13, 2024
Exclusive Real Estate Dar Global spin-off to use AI in real estate marketing Dar Global, the London-listed arm of the Saudi Arabian real estate developer Dar Al Arkan, is establishing a venture dedicated to finding technological solutions to real estate companies’ biggest challenges. Ziad El Chaar, CEO of Dar Global, told AGBI that the company’s new Propgenuis spin-off would introduce tools aimed at automating social media management for […] March 13, 2024
Sustainability Saudi Aramco unit backs US climate tech startup CarbonCapture, a climate tech company, has raised $80 million from investors, including Saudi Aramco’s venture capital unit. The series A fundraising was led by Prime Movers Lab and included Aramco Ventures, Amazon’s Climate Pledge Fund, Siemens Financial Services, Idealab X, and Marc Benioff’s Time Ventures. The Los Angeles-headquartered startup’s latest major funding round is one […] March 13, 2024
Opinion Economy Progress report on Vision 2030: so far, so good Saudi Arabia’s economic health is still reliant on global oil markets, but this dependency is reducing March 12, 2024
Analysis Construction Saudi Arabia pushes to end construction payment issues The construction industry in Saudi Arabia is still plagued by payment delays but the kingdom has made significant efforts to improve workflow among developers, contractors and subcontractors to resolve what is a global problem. Cash flow and payment problems trigger claims or disputes in more than a third of all projects in the kingdom. This […] March 12, 2024
Sustainability Saudi company faces blowback over water use in Arizona The US state of Arizona has cancelled land lease deals with a subsidiary of the Saudi dairy company Almarai after complaints of groundwater being depleted in the arid region. The cancellation highlights tensions over corporations controlling foreign land for food security. In 2014 Almarai’s Fondomonte bought and leased thousands of acres in Arizona and California, […] March 12, 2024
Oil & Gas Aramco to focus all LNG efforts on overseas projects Saudi Aramco intends to expand its liquefied natural gas (LNG) business internationally, as it plans to use all its natural gas production domestically. CEO Amin Nasser told investors on Monday that the energy major has no intention of building LNG capacity in the kingdom and is discussing opportunities with different entities in the US, Australia […] March 12, 2024
Tourism Direct Shanghai flights reinforce Saudi air links scheme China Eastern Airlines is to launch direct flights to Riyadh as part of the Saudi Air Connectivity Program (ACP) and the ‘Air Silk Road’ initiative to improve trade and tourism links between the two countries. Commencing on April 8, 2024, the three weekly flights will operate directly from Shanghai Pudong Airport and Riyadh’s King Khalid […] March 12, 2024