Energy ACWA Power earmarks $10bn for South Africa’s renewables sector Saudi utility company ACWA Power is planning to invest $10 billion in renewables in South Africa over the next five years, Arab News has reported, citing CEO Paddy Padmanathan. The Saudi-listed company is likely to increase the pace of investments to $25 billion by 2030 if the South African government facilitates the opportunity, he added. […] October 17, 2022
Zain KSA seals transfer of its telecom towers to PIF-led group Mobile telecommunications company Zain KSA has transferred ownership of its unit Zain Business to Saudi Arabia’s Public Investment Fund, enabling the sale of its towers infrastructure. PIF has changed the unit’s name to Golden Lattice Investment Company (GLI), the telco said in a statement published on the Saudi exchange, or Tadawul. The sale of 8,069 […] October 17, 2022
Energy Saudi crude exports to Asia may fall due to discounted Russian oil Saudi Arabia’s oil exports to India and China will be slightly hit due to the sanctions imposed by the US and European Union (EU) on Russia, according to the King Abdullah Petroleum Studies and Research Center (KAPSARC) report. The two Asian countries will buy more discounted Russian crude, which will benefit their gross domestic products […] October 16, 2022
Economy Inflation in Saudi Arabia rises to 3.1% on higher food prices Saudi Arabia’s inflation rose to 3.1 percent in September, driven mainly by higher food prices, rents, and the rising cost of utilities, the General Authority for Statistics said on Thursday. Compared to the previous month, the Consumer Price Index (CPI) for September was marginally higher, up 0.3 percent, it added. Food and beverage prices rose […] October 14, 2022
Banking and Finance Saudi’s PIF braves market tumult in green bonds debut Saudi Arabia’s Public Investment Fund (PIF) faced little scrutiny over its green credentials when it sold $3 billion in green bonds last week in its maiden debt issue, according to people familiar with the transaction. While the region’s other issuers remain wary of market volatility, the sale – the first green bond issue by any […] October 13, 2022
EXCLUSIVE Energy Britain ‘just scratching the surface’ of Saudi trade potential More big ticket Saudi investments are likely in the UK as the two countries seek closer clean energy collaboration to feed into their net zero ambitions. The announcement by Saudi Arabia’s Alfanar Group that it will invest £1 billion in a sustainable aviation fuel project on Teesside in the north of the UK could act […] October 12, 2022
Markets Saudi oilfield services firm Arabian Drilling eyes $710m IPO Arabian Drilling Company, a Saudi oilfield services firm, said on Tuesday it will price its initial public offering at SAR 100 a share and is set to raise SAR 2.67 billion ($710.58 million). The final price is at the top end of a price range announced last month, which would value it at SAR 8.9 […] October 12, 2022
Energy Biden vows ‘consequences’ for Saudi Arabia after OPEC decision President Joe Biden pledged on Tuesday “there will be consequences” for US relations with Saudi Arabia after OPEC+ announced last week that it would cut oil production over US objections. His announcement came a day after powerful Democratic Senator Bob Menendez, chairman of the senate foreign relations committee, said the United States must immediately freeze […] October 12, 2022
Health Saudi to offer $12.7bn worth of health projects to private sector Saudi Arabia’s Ministry of Health is planning to approve 100 projects in cooperation with the private sector over the next five years, the state-owned Saudi Press Agency (SPA) reported, citing health minister Fahad Al-Jalajel. These projects will be worth around SAR 48 billion ($12.7 billion), he said, adding it includes the establishment of two medical […] October 11, 2022
Aviation Irish firm bags $266m operations contract for Saudi Red Sea airport The Red Sea Development Company (TRSDC) has appointed Dublin-based daa International as the operator of Red Sea International, which will be the region’s first carbon-neutral airport. The developer of mega projects – Red Sea Project and Amaala – signed a SAR 1 billion ($266 million) deal with the Irish company for operations and general maintenance […] October 11, 2022
Energy Aramco to keep full oil supplies to north Asia despite OPEC+ cuts Saudi Aramco has told at least five customers in North Asia they will receive full contract volumes of crude oil in November, according to several sources. The allocation comes despite a decision by the OPEC+ group – the Organization of the Petroleum Exporting Countries and allies including Russia – to lower their output target by […] October 10, 2022
Saudi Arabia signs deals worth $171m to expand Jeddah port Saudi Ports Authority (Mawani) has signed two contracts worth 642 million riyals ($171 million) with major contractors to deepen berths and build new ones at Jeddah Islamic Port, according to the state-owned Saudi Press Agency. The contract with Modern Building Leaders, in association with Huta Hegerfeld Saudia, will deepen harbour approach channels, turning basins, waterways […] October 10, 2022
Energy Saudi says high gas prices in US due to American refinery shortage The lack of American refinery production is to blame for higher US gas prices, Saudi Arabia’s minister of state for foreign affairs Adel Al-Jubeir told Fox News. He stated that the refining shortage has existed for more than 20 years, as the US has not built refineries in decades. The minister said that Saudi Arabia […] October 9, 2022
Exclusive Business of Sport Saudi’s Newcastle Utd deal looks to kick start regeneration funding The purchase of Newcastle United FC by Saudi Arabia’s sovereign wealth fund could open doors to wider investments in regeneration projects in the North East of England, according to the executive director of the Saudi British Joint Business Council, who will visit the area later this month to review potential opportunities. Chris Innes-Hopkins said that […] October 7, 2022
Energy OPEC+ cuts: the media’s verdict Major stock markets in the Gulf rose in early trading on Thursday, joining the rise in oil prices following the announcement late on Wednesday October 5 that the oil alliance OPEC+ had agreed to cut production by about two million barrels per day, the largest reduction since 2020. OPEC+ agrees deep oil production cuts, Biden […] October 6, 2022
Banking and Finance PIF becomes first wealth fund to raise $3bn in debut green bonds Saudi Arabia’s Public Investment Fund (PIF) was set to raise $3 billion on Wednesday in its first foray into the debt capital markets, taking advantage of a brief period of calm to become the first sovereign wealth fund to issue green bonds. PIF joined a flurry of other issuers tapping the market after a run […] October 6, 2022
Banking and Finance Saudi Arabia reports 195% rise in crypto trading The Middle East and North Africa region saw $566 billion in cryptocurrency trading between July 2021 and June 2022, a year-on-year increase of 48 percent, making it the fastest growing region in the world. The 2022 Geography of Cryptocurrency report, by New York-based blockchain data platform Chainalysis, found that Saudi Arabia was one of the […] October 6, 2022
Energy OPEC+ agrees deep oil production cuts, Biden calls it shortsighted OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the US administration called the surprise decision shortsighted. OPEC’s de-facto leader Saudi Arabia said the cut of two million barrels per day of output – equal to two percent of […] October 5, 2022
Energy Aramco warns China reopening will wipe out spare oil reserves The spare capacity of oil-producing nations will be wiped out the moment China ends its ‘zero-COVID strategy’, Saudi newsapper Arab News reported, citing Saudi Aramco president and CEO Amin Nasser. The spare capacity stands at 1.5 percent of global demand, he said at the Energy Intelligence Forum in London, adding this will be used up […] October 5, 2022
Economy IMF head urges more Saudi reforms as economy expands The head of the International Monetary Fund (IMF) has urged Saudi Arabia to maintain its reform momentum to help achieve longer-term prosperity as the economy continued to expand during September. IMF managing director Kristalina Georgieva hailed the “impressive progress” in implementing Saudi’s Vision 2030 reform agenda, notably the doubling of the share of women in […] October 4, 2022
