Tourism PIF and Seera fail to reach agreement on investment Saudi travel major Seera Group Holding has terminated plans for the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, to invest in its subsidiary, Almosafer Travel and Tourism Company. The termination comes after the two companies failed to reach an agreement, Seera said in a statement to the Saudi bourse. The statement clarified that […] March 4, 2024
Real Estate Al Akaria profit falls 39% as Saudi home sales drop Saudi Real Estate Company (Al Akaria) said net profit fell 39 percent to SAR67.6 million ($18 million) in 2023. Revenue fell 12 percent year on year to SAR1.8 billion due to a decline in the sale of units and land plots by SAR531 million, the Saudi-listed developer said in a statement. In addition, financing charges […] March 4, 2024
Banking & Finance Zain KSA profit at $347m as revenue reaches record high Mobile Telecommunication Company Saudi Arabia (Zain KSA) more than doubled its profit in 2023 to SAR1.3 billion ($347 million). Revenues reached a record high of nearly SAR10 billion, rising 9 percent yearly, fuelled by growth in business-to-business, 5G, digital products, wholesale and fintech unit Tamam. Gross profit increased 10 percent year on year to SAR541 […] March 4, 2024
Tourism Saudi Arabia starts issuing free stopover visa to Indians Saudi Arabia has started offering a 96-hour free visa to Indian citizens to help reach its newly set target of 150 million tourists by 2030. The stopover programme provides a four-day free visa to individuals traveling through Saudia or Flynas airlines. Additionally, travellers holding a US, UK or Schengen visa are eligible for an e-visa […] March 4, 2024
Real Estate Dar Al Arkan unit aims for $700m revenue in two years Dar Global, the international real estate arm of Saudi-listed Dar Al Arkan, is targeting $700 million in combined revenues for 2024 and 2025 amid expansion beyond the GCC region. Following its London Stock Exchange listing, the company’s growth strategy in new markets and territories has seen the gross domestic value of its portfolio rise to […] March 4, 2024
Energy Aramco buys out Chile’s fuel and lubricant retailer Saudi Aramco, the world’s largest oil producer, has completed the acquisition of a 100 percent stake in Chile’s downstream fuel and lubricant retailer Esmax Distribución SpA (Esmax). The Chilean company owns and operates retail fuel stations, airport operations, fuel distribution terminals and a lubricant blending plant. The transaction, which was announced in September 2023, is […] March 3, 2024
Oil & Gas Italy’s Saipem expects Aramco orders to drop 20% Italian energy contractor Saipem is forecasting a 20 percent decline in annual orders from Saudi Aramco to 2027 following the state-backed oil major’s decision to hold its capacity expansion plans. Saipem had annual average orders of around €1.5 billion ($1.6 billion) from the Saudi-listed company between 2021 and 2023. It signed a 12-year deal with […] March 1, 2024
Energy Acwa Power explores renewables projects in China Saudi renewables major Acwa Power has started due diligence on up to eight projects in China, CEO Marco Arcelli said. “The first one will be announced in the coming few months,” he said in the company’s Q4 2023 financial statement. “2024 will be the first full year of execution for the new growth strategy with […] March 1, 2024
Business of Sport Saudi wealth fund becomes sponsor for ATP Tour Saudi Arabia’s sovereign wealth fund has become the official naming partner of the ATP rankings, part of its wider sponsorship of men’s tennis governing body. The Public Investment Fund will partner with ATP Tour events in Indian Wells, Miami, Madrid, Beijing and the Nitto ATP Finals, in addition to the Next Gen ATP Finals, hosted […] February 29, 2024
Aviation PIF subsidiary to buy 120 Airbus helicopters The Helicopter Company (THC), a wholly-owned unit of the Public Investment Fund, has signed a framework agreement with European aviation giant Airbus to buy up to 120 helicopters. The helicopters of various types will be delivered over the next five to seven years. Part of the deal includes a firm order for eight H125s and […] February 29, 2024
Energy Saudi National Bank’s $230m fund to energise oil sector SNB Capital, the investment arm of Saudi National Bank, has launched a $230 million oil and gas fund to offer investors exposure to top-tier energy companies. The Shariah-compliant fund launched by a Dubai-based unit of SNB Capital will invest indirectly in Repsol E&P, a joint venture between Spain energy giant Repsol and US-headquartered investment company EIG. Repsol […] February 29, 2024
Tourism Saudi Arabia hits tourism target seven years early More than 106 million tourists visited Saudi Arabia last year, surpassing the kingdom’s 2030 target and prompting it to set a new goal of welcoming 150 million annual visitors by the end of the decade, according to the Ministry of Tourism. Achieving the milestone target of the Vision 2030 economic roadmap seven years early cements […] February 28, 2024
Analysis Construction Localisation shields Saudi builders from Red Sea crisis Houthi attacks in the Red Sea may have been disrupting the construction supply chain into Saudi Arabia but companies, in particular larger ones, are adapting to the challenge. Since November, the Yemeni militia has launched dozens of attacks on commercial vessels on their way to or from the Suez Canal, forcing many global shippers to […] February 28, 2024
Industry Olam delays Saudi listing of agriculture unit Olam Group, which has its headquarters in Singapore, has ruled out listing its agricultural unit on the Saudi stock exchange in the first half of 2024. CEO Sunny Verghese said in August that the company was targeting the dual listing in Singapore and Saudi Arabia in the first half of 2024, which could raise up to […] February 28, 2024
Industry Aramco invests $6bn to bolster local supply chain Saudi Aramco, the world’s largest oil producer, has signed 40 corporate procurement agreements worth $6 billion to boost its localisation programme. The agreements cover supply of a range of products comprising strategic commodities, such as instrumentation and electrical and drilling equipment. The move will strengthen Aramco’s domestic supply chain ecosystem, providing suppliers with long-term demand […] February 28, 2024
Manufacturing Sabic reports loss of $747m as product prices tumble Petrochemicals major Saudi Basic Industries Corporation (Sabic) reported a net loss of SAR2.8 billion ($747 million) in 2023, as average product sales fell by a fifth. The losses were also driven by the discontinuation of operations at Hadeed, its steel manufacturing subsidiary, which resulted in a loss of around SAR4 billion. In September 2023, Sabic […] February 28, 2024
Opinion Business of Sport Why cricket could be next on the list for Saudi Arabia’s PIF Saudi Arabia wants sports with mass participation, rich histories and big economies February 27, 2024
Oil & Gas Aramco embarks on $10bn expansion of gas network Saudi Arabia’s master gas system, one of the world’s largest hydrocarbon networks, is getting a $10 billion upgrade as the kingdom bolsters its energy infrastructure to support growing domestic gas demand. State oil and gas company Saudi Aramco has selected contractors for engineering, procurement and construction works on 16 of 17 programme packages. The project […] February 27, 2024
Banking & Finance PIF enlists global banks for second debt market issue Saudi Arabia’s Public Investment Fund (PIF) has hired banks for its upcoming Shariah-compliant dollar bond, marking its second venture into the bond market this year. The sovereign fund, which manages over $700 billion in assets, has mandated Goldman Sachs, HSBC and Standard Chartered as joint global coordinators, Reuters reported, citing a PIF document. Investor meetings […] February 27, 2024
Industry Saudi’s Maaden profit drops 83% on high debt costs Saudi state-owned mining company Maaden reported an 83 percent year-on-year drop in net profit to SAR1.6 billion ($426 million) in 2023 as a result of higher borrowing costs and lower income from joint ventures. Revenue fell 27 percent year on year to over SAR29 billion ($7.7 billion) due to lower prices for all commodities except […] February 26, 2024
