Aramco’s VC arm leads $13m funding for satellite operator Luxembourg-based OQ Technology, a global 5G internet of things satellite operator, has raised 13 million euros ($13.05 million) in its Series A funding round co-led by Saudi Aramco’s Wa’ed Ventures and Greece’s Phaistos Investment Fund, according to a joint statement on Thursday. It is Wa’ed’s first investment overseas, since it expanded its mandate to pursue […] September 1, 2022
Business of Sport Smith defects to Saudi-backed LIV in major blow to PGA Tour Australian golf fans may be split over Cameron Smith’s defection to the LIV series but the Saudi-backed circuit could ultimately find fallow ground in a country left to wither by the increasingly dominant US and European tours. World number two Smith, who claimed his first major at the British Open in July, confirmed he had […] September 1, 2022
Manufacturing Saudi to award Umm Ad Damar mining licence in November The Saudi Geological Survey has completed the pre-qualification phase to award the exploration license for the Umm Ad Damar mining project, CEO Abdullah Al-Shamrani told Arab News. “The project will go through different cycles, but by the end of November, we will see the winning company,” he said. Umm Ad Damar covers an estimated area […] September 1, 2022
Analysis Employment Saudi tops global expat salaries list while UAE slips Saudi Arabia continues to offer the highest expatriate salaries in the world, while wages in the UAE have fallen in real terms, recruitment experts have said. Expat salaries in Saudi Arabia rose by 11 percent year on year in 2021 to an average of $188,000 for middle management roles, according to the latest MyExpatriate Market […] August 31, 2022
Energy $3.5bn Saudi-Egyptian project powers up hydrogen transition Saudi Arabia has backed up its ambition to become the world’s largest exporter of hydrogen by 2030 with plans to develop a $3.5 billion project in Egypt. Riyadh-based Alfanar has signed a memorandum of understanding with the General Authority of the Suez Canal Economic Zone, the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company […] August 31, 2022
Banking and Finance Saudi central bank’s assets hit highest level in five years Total assets of the Saudi Central Bank (SAMA) surpassed SAR2 trillion ($535 billion) in July 2022 for the first time since February 2017. The central bank’s assets rose by SAR19.5 billion during July to SAR2.01 trillion, registering a one percent month-on-month growth from SAR 1.99 trillion in June, according to data published by SAMA. Additionally, […] August 30, 2022
Saudi Mecca developer converts $1.4bn debt to equity Jabal Omar Development Company, one of Saudi Arabia’s largest listed property developers, said on Sunday it has reached an agreement with one of its debt holders to convert 5.3 billion riyals ($1.41 billion) of debt into new shares. Jabal Omar Development (JODC) said it will issue more than 225 million new shares “and in exchange […] August 29, 2022
Tourism Saudi introduces multi-entry visas for Qatar World Cup 2022 fans Saudi Arabia’s Ministry of Foreign Affairs has introduced a new multi-entry visa for visitors holding the FIFA World Cup Qatar 2022 Hayya card. The ‘Hayya’ card is required for all World Cup attendees and provides entry into Qatar and the stadiums. Holders of the card can apply for the new Saudi visa online and book […] August 28, 2022
Saudi utility firm to pre-qualify bidders for water pipeline project State-owned utility services provider Saudi Water Partnerships Company (SWPC) has issued a request for proposals (RFPs) to pre-qualified bidders for the development of the Rayis-Rabigh Independent Water Transmission Pipeline (IWTP) project that will have a 500,000 cubic metre per day transmission capacity. The 150-kilometre long pipeline project is expected to be completed in the fourth […] August 28, 2022
Economy Saudi Arabia plans to invest $1bn in Pakistan Saudi Arabia plans to invest $1 billion in Pakistan, Saudi state TV reported on Thursday. King Salman bin Abdulaziz had given the directive for the kingdom to support the Pakistani economy, Reuters reported, citing state TV. UAE to invest $1b in Pakistan’s economic, investment sectors Earlier this month, Bloomberg reported that the kingdom plans to […] August 26, 2022
Tourism Europe’s Wizz Air mulls Saudi operating license European budget carrier Wizz Air is considering basing an airline in Saudi Arabia as part an agreement signed with the government this year to develop the kingdom’s aviation sector, its chief executive said in an interview on Thursday. Wizz Air, which said in May it would explore opportunities in Saudi Arabia, announced on Thursday it […] August 26, 2022
Real Estate Saudi’s Rua Al Madinah project to add 47,000 hotel rooms by 2030 Saudi Arabia’s Crown Prince Mohammed bin Salman has launched the infrastructure works and master plan for the Rua Al Madinah project, the state-owned Saudi Press Agency (SPA) reported. The project will cover 1.5 million square metres of land east of the Prophet’s Mosque, adding over 47,000 hotel rooms by 2030. Almost 83,000 square metres of […] August 25, 2022
Business of Sport PGA Tour overhauls schedule, player purses amid LIV threat The PGA Tour’s top golfers have committed to competing against each other on a more regular basis while the bonus pool for players who positively impact the game was doubled to $100 million, Commissioner Jay Monahan said on Wednesday. The changes represent the PGA Tour’s most serious response to the threat posed by the Saudi […] August 25, 2022
UAE health firm Burjeel plans Saudi expansion as IPO nears UAE healthcare provider Burjeel Holdings, established under VPS Healthcare, on Wednesday announced plans to expand into Saudi Arabia ahead of its initial public offering (IPO) later this year. The company, which owns and operates hospitals and other healthcare facilities, will invest up to $1 billion in the Kingdom by 2030 as part of a memorandum […] August 25, 2022
Analysis Sustainability To get ahead, plastics producers need to be running in circles The volume of plastics produced globally every year has soared over the past half century, from 15 million tonnes in 1964 to more than 300 million tonnes today. This figure is forecast to double again over the next two decades and nearly quadruple by 2050. But synthetic polymers have one major drawback: they generally take […] August 23, 2022
Banking and Finance Teen banking app Zywa targets Saudi after funding boost Zywa, a teen-focused fintech startup in the Middle East and North Africa, has announced plans to expand into Saudi Arabia following a seed funding round of $3 million. The startup, which is part of Hub71, Abu Dhabi’s global tech ecosystem, offers a prepaid card for teenagers and an app to manage and save money. The […] August 23, 2022
Gulf buy now, pay later firm Tamara says it raised $100m Gulf buy now, pay later (BNPL) firm Tamara said on Monday it raised $100 million in a second round of fundraising from investors including Sanabil Investments, which is owned by Saudi Arabia’s sovereign wealth fund PIF. The series ‘B’ funding would support the Saudi-based startup to expand into new markets, and introduce new services and […] August 22, 2022
Energy Saudi Arabia sets rules for rollout of EV charging stations Saudi Arabia’s Ministry of Energy launched the regulations for the rollout of electric vehicle (EV) charging stations, according to a local media report. A team at the Ministry of Energy has completed work related to the legislative, organisational and technical aspects to regulating the EV charging market, Saudi Gazette newspaper reported, citing the ministry. The […] August 22, 2022
Business of Sport PGA Tour may give up non-profit status in move to battle LIV series The PGA Tour might consider giving up its non-profit status to put itself in a better financial position to battle the big-money Saudi-backed LIV Invitational Series, a move supported by Tiger Woods and Rory McIlroy, said a report in the Fire Pit Collective. The subject was one of the main talking points at a meeting […] August 21, 2022
Energy Aramco will complete Valvoline unit buyout by early 2023 Saudi Arabian Oil Company (Aramco) plans to complete the acquisition of Valvoline Global Products (VGP) by early 2023, Arab News reported, citing its downstream senior vice president Mohammed Y. Al-Qahtani. In August, the company signed a SAR 9.9 billion ($2.65 billion) equity purchase agreement to acquire the US-based company. Al-Qahtani said Aramco would expand its […] August 21, 2022
