Tourism Saudia in talks with Airbus and Boeing over plane orders Saudi Arabian Airlines (Saudia) is in talks with planemakers Airbus SE and Boeing Co. on orders for itself and a new carrier the kingdom plans to launch, the state-owned airline’s chief executive said on Tuesday. The talks are for aircraft for both airlines as they have the “same shareholder”, Ibrahim Koshy told Reuters on the […] October 26, 2022
Energy Riyadh was more ‘mature’ in spat with Washington, minister tells FII Saudi Arabia decided to be the “maturer guys” in a spat with the United States over oil supplies, the kingdom’s energy minister Prince Abdulaziz bin Salman said on Tuesday. Prince Abdulaziz made the comment during his speech to the kingdom’s Future Investment Initiative (FII) event, which has drawn top executives from the US and elsewhere. […] October 25, 2022
Energy New PIF company to hold world’s largest-ever carbon credit auction Saudi Arabia’s Public Investment Fund (PIF) has established the Regional Voluntary Carbon Market Company to support businesses and industries in the region to achieve ‘net zero’ goals. PIF will hold an 80 percent stake, while Saudi Tadawul Group Holding Company will own the remaining 20 percent, the sovereign wealth fund said in a statement. The […] October 25, 2022
Banking and Finance PIF makes offer for 51% of Saudi Telecom’s $6bn towers unit Saudi Telecom Company (STC) said on Monday the kingdom’s sovereign wealth fund had made a non-binding offer to buy 51 percent of its towers business, valuing the latter at almost $6 billion. The offer from the sovereign Public Investment Fund (PIF), which owns 64 percent of STC, is subject to a final agreement and approvals, […] October 25, 2022
Analysis Banking and Finance Mena investment banking fees surge past $1bn for year so far JP Morgan and HSBC remain the top fee-earning investment banks in the Middle East and North Africa, a new report has found, although a further slowdown in mergers and acquisitions could help regional banks boost their share. Total investment banking fees in the Mena amounted to $1.05 billion in the first nine months of 2022, […] October 24, 2022
Analysis Retail Lucid opens first Saudi showroom as regional EV rivalry hots up Lucid Group announced the opening of its first showroom in the Middle East, located in Riyadh, Saudi Arabia, as it looks to get ahead of rivals in the regional push for electric vehicles. The Lucid Studio in the heart of the Saudi capital’s Al Nakheel district will offer a “digitally oriented premium experience”, the company […] October 24, 2022
Analysis Food & Drink PIF sets up company to make Saudi a global hub for halal Saudi Arabia’s Public Investment Fund is launching a new business, the Halal Products Development Company (HPDC), to support the production of halal goods in the kingdom. The PIF company, unveiled today, aims to make Saudi Arabia a major exporter of halal products including food, cosmetics and pharmaceuticals. It also plans to drive innovation and efficiency […] October 24, 2022
Banking and Finance Saudi National Bank’s Q3 profit up 19% on high operating income Saudi National Bank, the kingdom’s biggest lender, said on Sunday its net profit in the third quarter rose 18.7 percent from the same period year before on higher operating income and lower net impairments for expected credit losses. SNB posted net profit of SAR4.725 billion ($1.26 billion) in the quarter, up from SAR 3.98 billion […] October 24, 2022
Tourism Airbus and Boeing battle for jet orders for new Saudi airline Saudi Arabia is in advanced negotiations to order almost 40 A350 jets from Europe’s Airbus as part of strategic efforts to launch a new airline and challenge heavyweight carriers in the Gulf, industry sources said. If confirmed, the purchase by the sovereign Public Investment Fund (PIF), worth $12 billion at list prices, could be announced […] October 24, 2022
Logistics Saudi Arabia eyes $10bn in supply chain investment Saudi Arabia’s crown prince on Sunday launched an initiative to attract investments in supply chains to and from the kingdom, with an aim of raising an initial SAR 40 billion ($10.64 billion). The initiative by Prince Mohammed bin Salman will include allocating about SAR 10 billion in incentives for supply chain investors, state news agency […] October 24, 2022
Economy Saudi Crown Prince will not attend Arab summit in Algeria Saudi Crown Prince Mohammed bin Salman will not travel to Algeria next month to attend a summit of the Arab League on medical advice, the royal court confirmed in a statement on state media on Sunday. Doctors had advised Prince Mohammed, 37, to avoid long-haul flights that might affect his middle ear, said the royal […] October 24, 2022
Energy Saudi Arabia and China discuss stability of global oil market Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman and China’s National Energy Administrator Zhang Jianhua have agreed to work jointly to support the stability of the international oil market, state-owned Saudi Press Agency (SPA) reported. The officials agreed to continue close communication and strengthen co-operation to address emerging risks and challenges, the report said, […] October 23, 2022
Markets Saudi Arabia’s Alsulaiman Group weighs IPO of IKEA business Saudi Arabia’s Alsulaiman Group is weighing an initial public offering of its IKEA business franchise next year and has hired Moelis & Co as an adviser, two sources told Reuters. The company plans to invite investment banks early next year to pitch for roles in a possible public share-sale, said the sources, who declined to […] October 21, 2022
Energy Saudi Aramco’s trading unit said to list on Tadawul by early 2023 Saudi Aramco is working with advisers for a possible listing of Aramco Trading, its energy-trading business, on the Saudi Exchange (Tadawul) by year-end or early 2023, Bloomberg reported, citing sources. The Saudi-listed oil company is adding more banks to the IPO, which could value the unit at more than $30 billion. In May, the news […] October 20, 2022
Media & Advertising Saudi MBC Group signs deals with Turkish production companies Saudi-owned MBC Group, the Middle East’s largest broadcaster, said on Wednesday it had signed a five-year partnership with two Turkish production houses, signalling an end to an unofficial boycott imposed on Turkey by Saudi Arabia as the two countries work to improve ties. MBC, which in March 2018 scrapped Turkish programmes including soap operas popular […] October 20, 2022
Saudi-based Islamic Development Bank markets 5-year Islamic bond The Islamic Development Bank has given initial price guidance for a planned five-year Islamic bond at around mid-60s basis points over the five-year US secured overnight financing rate (SOFR), a bank document showed. BNP Paribas, Credit Agricole, Dukhan Bank, Goldman Sachs, The Islamic Corporation for the Development of the Private Sector, JPMorgan, Mizuho , SNB […] October 20, 2022
Manufacturing Saudi’s new industrial strategy to drive exports to $148bn by 2030 Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the National Industrial Strategy, which aims to double the industrial exports value to SAR 557 billion by 2030 ($148.34 billion), state-owned Saudi Press Agency reported. The strategy aims to promote the industrial sector and attract investment in the domestic economy, with the goal that it will […] October 19, 2022
Energy $566m funding secured for Saudi-Egypt power project Saudi Electricity Company has secured a $566.4 million export credit agency-supported Islamic financing facility for the Saudi-Egypt electricity interconnection project. After a slow start, Gulf firms are winning at ESG President aims to double private sector to tackle economic woes Climate talks in Egypt are set to get heated The facility is from Standard Chartered […] October 18, 2022
Economy King Salman hails Saudi’s ‘renaissance’ in annual speech The king pointed to a $53.2bn infrastructure spend, praised 'unique' projects such as NEOM and discussed oil markets and the role of women October 18, 2022
Manufacturing Aramco to build two offshore fabrication yards in Ras Al Khair Saudi Arabian Oil Company will establish two offshore fabrication yards with international partners – National Petroleum Construction Company (NPCC) and McDermott International – to boost Saudi Arabia’s offshore fabrication capacity. The new yards, constructed in Ras Al Khair, are expected to fabricate and assemble offshore platforms, jackets and structures for subsea pipelines, the company said in […] October 18, 2022
