Analysis Energy Saudi Aramco inks $11bn deal to create 5,000 supply chain jobs Saudi Aramco signed agreements with dozens of manufacturers on Tuesday, with potential to create 5,000 new jobs in the kingdom over the next decade as the energy major looks to boost local capabilities. The 59 corporate procurement agreements (CPAs), valued at $11 billion, are expected to reinforce Aramco’s supply chain and result in the development […] November 22, 2022
Energy Saudi denies it plans oil production increase with OPEC+ Saudi Arabia’s energy minister has denied reports that the kingdom is discussing a major increase in daily oil production with OPEC+ partners. The Wall Street Journal (WSJ) suggested this week that Saudi Arabia and others in OPEC+ are considering a 500,000 barrel per day (bpd) increase in output to coincide with a significant reduction in […] November 22, 2022
Exclusive Retail Amazon tips Saudi Arabia to deliver sales growth Amazon sees “exciting potential” in Saudi Arabia and the Middle East, one of its executives has said, as the e-commerce giant commits to further investment in local facilities and talent. Ronaldo Mouchawar, vice president of Amazon Middle East and North Africa, which opened its new office in Riyadh last month, told AGBI that the company […] November 22, 2022
Markets Saudi’s PIF hires banks for $1bn IPO of oil and gas drilling firm Saudi Arabia’s sovereign wealth fund is planning an initial public offering (IPO) of oil and gas drilling firm ADES International in Riyadh next year that could fetch more than $1 billion, according to two sources who declined to be identified as the matter is not public. The Public Investment Fund (PIF) has selected JPMorgan , […] November 22, 2022
Analysis Employment We can work it out: the future for the GCC’s labour markets “Help wanted” signs are going up all over the Gulf as employers seek to expand their workforces and attract migrant labourers. This hiring spree is not the kind of free-for-all seen in previous oil booms, however. In Saudi Arabia, for example, overseas workers make up more than 70 percent of the labour market, but their […] November 22, 2022
Food & Drink Branded coffee shops expand across the Middle East The Middle East and North Africa’s (Mena) branded coffee shops market has grown 10.5 percent to 8,874 outlets in the past year. Saudi Arabia, which named 2022 the year of Saudi coffee, is the largest market in the region, growing 18.5 percent to reach 3,556 outlets and accounting for 40 percent of all stores in […] November 21, 2022
Sustainability Saudi climate chief says on track to meet net-zero pledge by 2060 Saudi Arabia will meet its net-zero pledge by 2060, although global technologies have not fully “matured”, Arab News reported, citing Saudi chief climate change negotiator Khalid Abuleif. He said that the kingdom is in a great position to meet the short- and long-term goals of 2030 and 2060. Abuleif stated that the country could achieve […] November 21, 2022
Real Estate Saudi Arabia’s Dar Al Arkan signs deal for Trump project in Oman Saudi Arabian real estate developer Dar Al Arkan said it signed an agreement with former US President Donald Trump’s company to use the Trump Brand for its $4 billion project in the Gulf state of Oman that includes a golf course, hotel and villas. The regulatory statement issued on Sunday did not disclose the financial […] November 21, 2022
Lifestyle Saudi Crown Prince in Qatar for World Cup opening ceremony Saudi Arabia’s Crown Prince Mohammed bin Salman arrived to Doha late on Saturday to attend the 2022 Qatar World Cup’s opening ceremony on Sunday in a show of Gulf solidarity after a three-year regional dispute ended last year. Sheikh Abdullah bin Hamad Al-Thani, the deputy of Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani, was at […] November 20, 2022
Analysis Banking and Finance Inside Riyadh’s plan to be a global fintech player Saudi Arabia is poised to launch three digital banks over the next 12 months, plus new regulations, as part of its aim to become a major player in the financial technology (fintech) industry. The sector is “on the cusp of being propelled onto the global stage,” said Nezar Alhaidar, director of Fintech Saudi – an […] November 18, 2022
Economy Japan calls off Tokyo business forum after Saudis cancel trip A business forum of Japanese and Saudi government and business leaders set to take place in Tokyo next Monday has been called off after the Saudi delegation cancelled its trip, event organiser Japan External Trade Organisation (Jetro) said. Saudi minister of investment Khalid Al-Falih was among the delegation that had been expected to attend the […] November 18, 2022
Real Estate Bahrain’s Investcorp plans Saudi real estate deal before year-end Bahrain-based Investcorp plans to close a Saudi real estate deal before the end of the year, senior executives at the alternative investments firm said on Thursday. The acquisition of warehouses in Saudi Arabia will be announced in the coming weeks, the executives told Reuters, without giving any details on the size of the investment. Investcorp, […] November 18, 2022
Energy Aramco affiliate to build $7bn steam crackers in South Korea Saudi Aramco will develop one of the world’s largest refinery-integrated petrochemical steam crackers through its S-OIL affiliate in South Korea, the company said in a statement. The $7 billion Shaheen project aims to convert crude oil into petrochemical feedstock, representing the first commercialisation of Aramco and Lummus Technology’s TC2C thermal crude to chemicals technology that […] November 17, 2022
Energy South Korea to build $6.5bn Saudi hydrogen plant with PIF Korea Electric Power Corp and others on Thursday signed a memorandum of understanding with Saudi Arabia’s Public Investment Fund (PIF) to build and operate a hydrogen and ammonia production plant in Saudi Arabia, three people told Reuters. The project will be worth about $6.5 billion, said one of the people, who declined to be identified […] November 17, 2022
Banking and Finance Saudi-listed Banque Saudi Fransi sells $700m in five-year bonds Banque Saudi Fransi, which is listed on the Saudi Exchange (Tadawul), sold $700 million in five-year bonds on Wednesday in the first public dollar bonds out of the Gulf in nearly a month, a bank document showed. The bonds were sold at 170 basis points (bps) over US Treasuries (UST), tightened from initial guidance of […] November 17, 2022
Construction Saudi’s $500bn Neom targets Berlin and Paris for investment Neom, the $500 billion futuristic city being built in Saudi Arabia, is targeting potential business partners in Europe as part of its ongoing efforts to attract investors. Located in a vast region in the northwest of the kingdom, Neom is at the heart of Crown Prince Mohammed bin Salman’s Vision 2030 drive to diversify the […] November 16, 2022
Economy Saudi inflation at 3% in October 2022 on higher food prices Saudi Arabia’s annual inflation rate eased to three percent in October from 3.1 percent in September, with higher food prices driving the latest price rise, the General Authority for Statistics reported on Tuesday. The consumer price index for October was 0.2 percent higher than a month before, it added. Food and beverage prices in October […] November 16, 2022
Real Estate Riyadh prime offices almost full as foreign firms flock to Saudi Unprecedented demand for prime office space in Riyadh has taken Grade A office occupancy levels close to 100 percent, driven by a massive increase in the number of foreign investment licences issued this year. More than 4,400 licences were issued in the second quarter of 2022, a rise of almost 700 percent on the same […] November 15, 2022
Logistics Saudi’s shortage of warehouse supply sees rents surge 22% Warehouse rents in Saudi Arabia are soaring thanks to expanding manufacturing and retail activity in the kingdom. The International Monetary Fund in August predicted Saudi Arabia would be one of the world’s fastest growing economies in 2022, expanding 7.6 percent, its biggest increase in a decade. This boom is being felt in the warehousing sector. […] November 15, 2022
Energy PIF and BlackRock to explore Gulf infrastructure projects Saudi’s sovereign wealth fund PIF and BlackRock, the world’s biggest fund manager, have signed an agreement to jointly explore infrastructure projects in the Middle East. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said its non-binding memorandum of understanding will serve as “the anchor for BlackRock’s Middle East infrastructure strategy”. […] November 14, 2022
