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Saudi Arabia

Business news and financial news from Saudi Arabia, covering the biggest Saudi companies including Saudi Aramco, the Public Investment Fund (PIF), Sabic, Riyadh Air, Saudia and Saudi National Bank

Each Dave & Buster's has a full-service restaurant and a video arcade

Texas entertainment brand set to expand to the Middle East

Dave & Buster’s, an entertainment and hospitality brand based in Dallas, is expanding to the Middle East. Following the signing of a 10-year franchise agreement with Saudi firm Abdul Mohsen Al Hokair Holding Group, the aim is to open the first of eleven venues next year. Founded in 1982 and headquartered in Coppell, Texas, the […]

Arabian Drilling plans to list 30% of shares on Saudi exchange

Saudi Arabia-based oil and gas drilling contractor Arabian Drilling is planning an initial public offering (IPO) on the kingdom’s main exchange. The offer consists of a secondary offering of 19.89 percent of the company’s total share capital through the sale of 17.70 million shares and a primary offering of 10.11 percent via the issuance of […]

Saudi crown prince will not attend Queen Elizabeth II’s funeral

Saudi Arabia’s Crown Prince Mohammed bin Salman is not expected to attend Queen Elizabeth’s funeral on Monday, Reuters reported, citing a source at the British foreign office. The Gulf state will be represented by Prince Turki bin Mohammed al Saud, the source added. Prince Turki is a minister of state and a member of the […]

Apple, Amazon pass on media rights to Saudi-backed LIV Golf

Amazon.com Inc. and Apple Inc have both passed on the media rights to the LIV Golf tournament, the Wall Street Journal reported on Thursday, citing people familiar with the matter. Critics have said that LIV Golf, backed by Saudi Arabia’s Public Investment Fund, amounts to “sportswashing” by a nation trying to improve its reputation in […]

Saudi inflation up 3% in August on higher food and transport costs

Saudi Arabia’s consumer price index rose three percent in August from a year earlier, official data showed on Thursday, accelerating from a 2.7 percent pace in July. Food and beverages and transport prices were again the main driver of inflation in August, both rising four percent, the General Authority for Statistics said in a statement. […]

Saudi Arabia signs off $6.6bn funding for infrastructure projects

Saudi Arabia’s Ministry of Finance has signed financing agreements with several local banks worth SAR 25 billion ($6.6 billion) to implement infrastructure projects The National Debt Management Center arranged the agreements, the ministry said in a statement. The infrastructure projects are scheduled to start in 2023 and 2024. In August, Saad Al-Shahrani, acting deputy minister for […]

Building, Office Building, Hotel

Saudi’s ACWA Power sells 49% stake in Uzbek’s Sirdarya project

Saudi-listed ACWA Power and China’s Silk Road Fund signed a share purchase agreement for the 1.5 GW Sirdarya combined cycle gas turbine (CCGT) facility in Uzbekistan.  As per the agreement, ACWA Power will continue to be the majority shareholder in the project, holding a 51 percent stake in the facility. The Silk Road Fund, China’s sovereign […]

Ayman AlRashed, CEO of SCAI, and George Huang, CEO of international business and acting SenseTime MEA CEO, at the signing ceremony

Saudi Arabia taps into Hong Kong AI firm

SenseTime, a Hong Kong-based AI software giant, will launch a joint venture in Saudi Arabia as part of the kingdom’s plan to be among the world’s top 15 countries for the adoption of artificial intelligence by 2030. The Saudi Company for Artificial Intelligence (SCAI), a wholly owned subsidiary of the Public Investment Fund (PIF), today […]

Person, Human, Audience

Saudi Arabia to build three iron and steel projects worth $9.3bn

Saudi Arabia is building three iron and steel manufacturing factories worth SAR 35 billion ($9.31 billion) with a combined capacity of 6.2 million tonnes, the Saudi Press Agency reported, citing Minister of Industry and Mineral Resources Bandar Al-Khorayef. The construction of an integrated iron sheet production complex with a capacity of 1.2 million tonnes per […]

TruKKer launched their Bahrain service in November last year

Bahrain’s Investcorp plans three Saudi deals this year

Investcorp plans to pump millions into at least three companies by the end of this year under its Saudi Pre-IPO Growth Fund, a senior executive has told AGBI. The first of the three planned deals is with TruKKer Holding, a Riyadh-based digital freight company often referred to as “the Uber of lorries” in the Middle […]

The Aramco IPO raised $30 billion and industry observers believe now is the right time for a second listing that could raise a further $10 billion

Saudi Arabia’s bourse generates over $4bn from IPOs in H1 2022

The Saudi Exchange (Tadawul) have raised SAR 15.2 billion ($4.04 billion) in the first half of 2022 through initial public offerings (IPOs), Arab News reported. The bourse saw 10 listings and nine offerings from existing listed companies, generating SAR 10.7 billion. Nahdi Medical Company was the biggest on the IPO list, garnering a collection of […]

Saudi’s PIF to issue green bonds as early as next week

Saudi Arabia’s $620 billion (SAR 2.33 trillion) sovereign wealth fund, the Public Investment Fund (PIF), is expected to tap international debt markets for a debut green bonds issue as soon as next week, five sources familiar with the matter said. The fund is at the centre of Saudi Arabia’s ambitious reform plans being spearheaded by […]

Saudi bets $80m in gaming sector push

Saudi Arabia’s National Development Fund (NDF) has announced a SR300 million ($80m) fund to help develop the gaming and e-sports sector in the kingdom. The budget aims to position Saudi Arabia as a global gaming hub, increasing the sector’s contribution to the gross domestic product (GDP) by providing career paths and new job opportunities as […]

Saudi Arabia’s housing loans hit $170bn in Q2 2022

Mortgage loans to individuals and corporates by commercial banks in Saudi Arabia grew to SAR 638 billion ($170 billion) in Q2 2022, from SAR 211 billion in 2017, Arab News reported, citing Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail. The ambition is to make the kingdom top the world in the mortgage […]

Saudi Q2 GDP rises 12.2% amid high crude prices

Saudi Arabia’s real gross domestic product rose 12.2 percent in the second quarter of 2022 year-on-year amid rising oil prices, according to the General Authority for Statistics. The second quarter growth figure beat the government’s flash estimate of 11.8 percent growth issued at the end of July. The economy grew 2.2 percent compared to the […]

Car, Transportation, Vehicle

Saudi wealth fund set to close $11bn refinance deal

Saudi Arabia’s Public Investment Fund (PIF) will refinance an $11 billion loan and significantly increase the borrowing size, Bloomberg reported, citing people familiar with the matter. The sovereign wealth fund will use a significant portion of the loan to refinance debt maturing next year. The final terms are yet to be decided, the report said. […]

PIF-backed refinance firm aims to raise around $800m via sukuk

Saudi Real Estate Refinance Co (SRC), the Saudi equivalent of US mortgage finance business Fannie Mae, will soon issue around SAR 3 billion ($798.34 million) in local currency sukuk, or Islamic bonds, its chief executive said on Tuesday. HSBC, Bank AlJazira, Al Rajhi, Riyad Capital and SNB Capital are running the debt sale, which is […]

‘The biggest construction site the world has ever seen’

Saudi Arabia was described on Tuesday as the biggest construction site the world has ever seen as projects valued at over $1.1 trillion are underway in the kingdom.  That’s the total value of real estate and infrastructure projects since the launch of Saudi Arabia’s National Transformation Plan in 2016, according to global real estate consultancy […]