Manufacturing Saudi’s Shaker and LG to produce AC compressors Saudi-listed Al Hassan Ghazi Ibrahim Shaker Co. (Shaker Group) has signed a memorandum of understanding (MoU) with South Korea’s LG Electronics (LG) to manufacture AC compressors in the kingdom. As part of the deal a feasibility study will be carried out to review the viability of establishing a local production facility for AC compressors and […] February 16, 2024
Economy Saudi’s ‘whistleblower law’ to bolster anti-corruption drive Saudi Arabia has ramped up its public anti-corruption measures in recent weeks, in a further effort to attract foreign investment and shore up its massive economic reform programme. On February 13 cabinet approved a new law intended to protect whistleblowers, a week after the General Authority for Endowments said it would give a reward of […] February 16, 2024
Finance Record occupancy at DIFC despite Riyadh’s HQ drive Occupancy levels in Dubai’s International Financial Centre (DIFC) have risen significantly in the last year, despite strong competition from neighbouring Saudi Arabia. “The fastest growth we ever witnessed in the DIFC has been in the last three or four years,” Essa Kazim, the DIFC governor, told a media briefing on Thursday. He revealed that the […] February 15, 2024
Economy Saudi 2023 budget deficit at $22bn as oil revenue dips Saudi Arabia recorded a budget deficit of SAR81 billion ($21.6 billion) in 2023 in line with expectations, as expenditure increased against a backdrop of falling oil revenue, the finance ministry said on 15 February. Total expenditure increased by 11 percent annually to SAR1.3 trillion last year, as revenues reached SAR1.2 trillion, according to data released […] February 15, 2024
Banking & Finance Saudi Arabia raises $230m from its first savings product Subscriptions to the first round of the Saudi government’s sukuk savings product reached SAR861 million ($229.6 million), the National Debt Management Center (NDMC) said. The total number of savers for the sukuk product stood at 35,000, with the yield set at 5.64 percent, the state-run Saudi Press Agency reported. The sukuk maturity date is February […] February 15, 2024
Economy Saudi foreign reserves fall 5% as oil revenue drops Saudi Arabia’s international reserve assets fell 5 percent in value year on year in 2023, after oil output cuts that hit GDP had only limited success supporting prices. Central bank figures show total reserve assets were at SAR1.6 trillion ($437 billion), from SAR1.7 trillion in January 2023, when the government was embarking on a policy […] February 14, 2024
Leisure & Hospitality Cenomi Centers gets $1.4bn to support growth plans Cenomi Centers, Saudi Arabia’s largest shopping mall operator, has secured sustainability-linked financings worth SAR5.3 billion ($1.4 billion) from a consortium of regional banks. HSBC Saudi Arabia led the syndication, with participation from Saudi National Bank, Saudi Awwal Bank, Arab National Bank, Commercial Bank of Dubai, Mashreq Bank, and Qatar National Bank. The new facilities consist […] February 14, 2024
Finance Remittances to Pakistan from Saudi Arabia and UAE reach $6.5bn Total remittances from Saudi Arabia and the UAE to Pakistan reached $6.5 billion between July 2023 and January 2024, a Pakistani local daily reported. Saudi Arabia led the list of nations with remittance inflows to Pakistan, reaching nearly $4 billion in the first seven months of fiscal year 2024, Dawn news outlet reported, citing State […] February 14, 2024
EXCLUSIVE Real Estate Trump still has ‘big pull’ for $2m branded villas in Oman Donald Trump may be facing criminal investigations in the US, but the 45th president’s brand continues to wield substantial influence in the Gulf. Last week there were more than 100 expressions of interest in a launch of 20 Trump-branded villas in Oman, within 24 hours, according to the project’s developer. “Trump as a brand still […] February 14, 2024
Trade Hundreds of companies consider Saudi Arabia A survey of 660 companies described as high-growth and from more than 50 countries around the world found more than two thirds were considering expanding into Saudi Arabia. Of the 450 across 37 sectors looking to move into the kingdom, half of them plan on doing so within the next six months. Ease of doing […] February 14, 2024
Analysis Oil & Gas Experts wonder if Saudi Arabia has enough gas to go around Saudi Arabia is investing hundreds of billions of dollars in natural gas, but analysts are divided about the chances of the world’s largest oil exporter becoming a gas-exporting powerhouse too. The kingdom’s biggest gas play is the Jafurah basin, located in the Tuwaiq mountains about 185 miles from Dammam and southeast of the massive Ghawar […] February 14, 2024
Oil & Gas Aramco will move oil spending to gas, chemicals and liquids The capital expenditure originally allocated for increasing production capacity at state oil company Saudi Aramco will instead be used to expand into the gas, liquids and chemicals sectors, Saudi officials said this week. Aramco is adapting as the world moves towards low-carbon energy. It will announce its new strategy soon, CEO Amin Nasser told the […] February 13, 2024
Opinion Oil & Gas Why the Saudis have to keep oil prices higher for longer The kingdom's vast Vision 2030 plan makes it imperative that it keeps oil prices high February 13, 2024
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 […] February 13, 2024
Opinion Media & Advertising Middle East neighbours can be digitally very different When it comes to internet usage and social media, the region's countries do not necessarily align February 13, 2024
Analysis Manufacturing Saudi Arabia joins the dots from minerals to manufacturing Consider for a moment how many different steps there are between digging a lump of iron ore out of the ground in Mauritania and pressing the starter button on a new electric vehicle (EV) in Riyadh. The ore must be mined, concentrated, combined with other elements, put through a furnace, a casting machine, cold- or […] February 13, 2024
Analysis Trade $112bn of trade with India ‘ready to be tapped’ Untapped trade opportunities between India and the Middle East, North Africa and Turkey could be worth more than $112 billion, research has found. An HSBC report, which analyses data from the UN/WTO International Trade Centre, estimates that there is a $61 billion export gap for Indian companies in the key markets of the UAE, Saudi […] February 12, 2024
Tech Saudi CubeSats could send green monitoring into orbit Saudi Arabia plans to launch two nanosatellites – also known as CubeSats – per year to help with environmental issues such as finding water and locating oil spills. These will also play a security role in monitoring the large territory, a space cybersecurity expert said at a Saudi defence forum. CubeSats – low-altitude, cheap-to-produce microsatellites […] February 12, 2024
Media & Advertising Tihama board member rebels as group’s losses exceed $37m A board member at troubled Saudi Arabian media group Tihama has rebelled over the company’s decision not to appeal against a court ruling that blocks its rescue plan. Sultan Abdul Latif Nuqli, a non-executive director, has filed a unilateral request to appeal against the Riyadh Commercial Court decision to reject Tihama’s restructuring proposal. The move […] February 12, 2024
Opinion Education Saudi Arabia needs a sea change in higher education Newer fields of study must be encouraged to meet employment market demands February 12, 2024