Real Estate New PIF firm to build mixed-use destinations in 12 Saudi cities Saudi Crown Prince Mohammed Bin Salman and chairman of the Public Investment Fund (PIF), has launched Saudi Downtown Company (SDC), which seeks to build and develop downtown areas and mixed-use destinations in 12 Saudi cities. The cities include Madinah, Al Khobar, Al Ahsa, Buraidah, Najran, Jazan, Hail, Al Baha, Arar, Taif, Dumat Al Jandal, and Tabuk. […] October 4, 2022
Tech Saudi tech firm wins funding to ‘shape the future of HR’ Elevatus, a Saudi-based technology company specialising in video interviewing and recruitment software for the human resources sector, is looking to enter new markets after a $10.5 million Series A fundraising. The HR tech provider aims to accelerate its business expansion and its market share by investing in product innovation, its co-founder and CEO Yara Burgan […] October 3, 2022
Banking and Finance Saudi Arabia lists five global banks as primary debt dealers Saudi Arabia’s finance ministry said on Sunday it had signed an agreement with BNP Paribas, Citi Group, Goldman Sachs, Standard Chartered and JPMorgan to become primary dealers in government debt instruments. “The agreement aims at diversifying the investor base and supporting development of the secondary market,” a statement from the ministry said. The five international […] October 3, 2022
Economy Saudi Arabia to boost spending in 2023, GDP growth to slow down Saudi Arabia expects to post a surplus of 0.2 percent of GDP in 2023, a drop from an expected surplus of 2.3 percent this year, which was revised downwards slightly, a preliminary budget statement showed on Friday, as it boosts spending amid a windfall from oil revenues. Saudi Arabia expects total revenues at 1.123 trillion […] October 2, 2022
Economy PIF-owned Savvy Games unveils $37.8bn global ambition strategy Saudi Arabia’s Savvy Games Group, wholly-owned by the Public Investment Fund (PIF), will invest SAR 142 billion ($37.8 billion) across four programmes that aim to make the kingdom a global hub for gaming by 2030. The initiatives will include SAR 70 billion to take several minority stakes in companies that support Savvy’s game development agenda […] September 30, 2022
Analysis Real Estate Saudi developer to sell utility NFTs on its $1.6bn Oman project Saudi Arabia’s largest listed real estate developer plans to drop a limited number of utility non-fungible tokens (NFTs) for its $1.6 billion project in Oman next month. Unlike the art and collectibles digital asset, utility non-fungible tokens (NFTs) are built to give their holders certain perks, such as exclusive access to events and items or […] September 29, 2022
Markets Arabian Drilling IPO may fetch $710m as book-building starts Arabian Drilling Company, a Saudi oilfield services firm, will price its planned initial public offering (IPO) between SAR 90 ($23.89) and SAR 100 ($26.55) per share, HSBC Saudi Arabia said on Wednesday. HSBC Saudi Arabia, Goldman Sachs Saudi Arabia and SNB Capital are joint financial advisers, bookrunners and underwriters for the IPO, which could fetch […] September 29, 2022
Banking and Finance Saudi wealth fund’s returns hit 25% in 2021 as markets recover The Public Investment Fund (PIF), the Saudi sovereign wealth fund, offered 25 percent returns to shareholders last year as global stock markets rebounded, Bloomberg reported, citing the fund’s prospectus for its debt green bond sale. Investor returns more than doubled from an annual average of 12 percent between 2017 and 2020. However, 2021 returns matched […] September 28, 2022
Banking and Finance Saudi Arabia’s PIF hires banks for debut green bonds issuance Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has hired banks including Citi and JPMorgan to arrange a debut issuance of multi-tranche US dollar-denominated green bonds, a document showed on Tuesday. Sources told Reuters earlier this month that PIF would issue the long-planned green bonds this month or in October. BNP Paribas, Citi, […] September 28, 2022
Economy Saudi Crown Prince Mohammed bin Salman named prime minister Saudi King Salman has appointed Crown Prince Mohammed bin Salman as prime minister as part of a cabinet reshuffle, state-owned SPA news agency reported. As part of the reshuffle, Prince Khalid bin Salman will become defence minister, while Yousef bin Abdullah Al-Bunyan was named education minister. The ministers retaining their positions are the energy minister Prince […] September 28, 2022
Energy Dutch engineer’s remote-control craft to monitor Gulf oil and gas Dutch civil engineer Fugro is launching uncrewed surface vessels (USVs) to monitor oil and gas infrastructure in the waters off the UAE. The 12-metre-long vessels are controlled from the shore without the need for any crew. Conventional craft that inspect offshore assets have six to seven crew members and operate on shift patterns; the USVs […] September 27, 2022
Energy Saudi Arabia launches five renewable energy projects The state-owned Saudi Power Procurement Company has launched five renewable energy projects to produce 3,300 MW of electricity, Saudi Press Agency has reported. The wind energy projects in Yanbu, Al-Ghat and Waad Al Shamal have a combined capacity of 1,800 MW, generating 700 MW, 600 MW and 500 MW respectively. With a total production capacity of […] September 26, 2022
Energy Gulf oil CEOs attack ‘unrealistic’ energy transition goals Saudi Aramco’s CEO has lambasted the “unrealistic” energy transition scenarios that he claims have exacerbated a global energy crisis. His counterpart at Abu Dhabi National Co (ADNOC) also warned that efforts to tackle climate change could prove counterproductive if they slow economic growth. In unusually fiery comments, Aramco CEO and president Amin Nasser warned that […] September 25, 2022
Economy Oman-Saudi trade doubles to $3.24bn in H1 2022 Bilateral trade between Oman and Saudi Arabia more than doubled to exceed OR 1.249 billion ($3.24 billion) during the first half of 2022, compared to OR 595 million in the year-earlier period, Oman Daily Observer reported. Saudi Arabia’s exports to Oman reached OR 831 million, with metals topping the chart with OR 538 million. On […] September 25, 2022
Saudi Arabia to send first Saudi woman to space in 2023 Saudi Arabia will send the first Saudi woman to space in 2023 as part of the Saudi Space Commission’s (SSC) new astronaut program, state-owned Saudi Press Agency (SPA) reported. The kingdom’s first space program will send a Saudi crew to space as it plans to launch its National Space Strategy in the coming months, which […] September 23, 2022
Economy New CEO named for Saudi’s $1.3trn private sector push A new CEO has been appointed to the Private Sector Partnership Reinforcement Program which aims to facilitate investments of $1.33 trillion from Saudi private sector businesses by 2030. Abdulaziz bin Abdulrahman Al-Arifi, advisor to the Secretariat General of the Cabinet and a former CEO of finance at Jadwa Investment, has been hired to lead the […] September 21, 2022
Saudi Arabia buys astronaut seats from Elon Musk’s SpaceX Saudi Arabia is planning to launch two astronauts to the International Space Station aboard a space capsule from Elon Musk’s SpaceX, becoming the latest Gulf nation to strengthen ties with private US space companies, according to three people familiar with the arrangement. The sources, speaking anonymously to discuss the mission’s crew before its formal announcement, […] September 21, 2022
Analysis Economy Saudi capital spending surges 38% on back of higher oil prices Capital expenditure surged in Saudi Arabia in the first half of 2022, part of a wider spending spree on the back of higher oil prices. S&P Global Ratings said capital expenditure (capex) rose by 38 percent to SR51 billion ($13.6 billion) despite this year’s initial budget statement forecasting it would fall. Revenue was up 43 […] September 20, 2022
Banking and Finance PIF unit to expand New York team amid US investment drive A subsidiary of Saudi Arabia’s Public Investment Fund (PIF) is planning to hire staff for its New York office as it prepares to boost investments in the US market, Bloomberg reported, citing unnamed sources. USSA International, the wholly-owned unit of the $620 billion sovereign wealth fund, expects to hire nearly 50 staff for its New […] September 20, 2022
Tourism Israel’s El Al will begin Tel Aviv to Tokyo flights in March El Al Israel Airlines will start direct flights from Tel Aviv to Tokyo next March, it said on Monday – two years after the launch was delayed because of the Covid-19 pandemic. Israel’s flag carrier has been looking to expand eastbound flights since its second-quarter results showed a rebound from the slump in travel during […] September 19, 2022
