Renewable Energy Saudi Arabia’s Taqa and EDF partner on geothermal energy A unit of Saudi-based Taqa group and French state-owned electric utility company EDF have signed an agreement to collaborate on developing geothermal energy projects in the kingdom. Under the agreement Taqa Geothermal Energy and EDF will use their combined expertise to develop HVAC (heating, ventilation and air conditioning) and compressed air energy storage solutions in […] February 17, 2025
Markets PIF invests in delivery app DoorDash and drops Walmart Saudi Arabia’s Public Investment Fund has sold its stake in US retailer Walmart and more than doubled its holdings in ecommerce giant Amazon, it has announced. PIF also invested in food delivery business DoorDash in the three months to December 31, according to the sovereign wealth fund‘s latest filing to the US Securities and Exchange […] February 17, 2025
Real Estate Dar Al Arkan wins $1bn Jeddah real estate deal A consortium including the Saudi construction company Dar Al Arkan Real Estate Development has been awarded a deal worth SAR4.46 billion ($1.2 billion) covering a square kilometre of land in Jeddah. The consortium includes the real estate investment company Kenzi Al Arabiya and a group of investors, according to a statement filed to Tadawul, the […] February 17, 2025
Analysis Trade Gulf-South America trade surges as economies grow When Dubai’s Emirates airline started flying from Dubai to Bogotá in Colombia last summer, it not only provided a vital link between the two cities but also highlighted growing trade and investment links between the Gulf and South America. UAE-Argentina non-oil trade surged more than 70 percent last year to $537 million, according to the […] February 17, 2025
Markets Mecca project developer targets $533m from Saudi listing Umm Al Qura for Development and Construction (Umm Al Qura), the developer of Masar, a mixed-use project in Mecca, expects to raise between SAR1.8 and SAR2 billion ($480-$533 million) through an initial public offering (IPO) on the Saudi stock exchange. The company has set the IPO price range between SAR14 and SAR15 per share. This month […] February 17, 2025
Infrastructure Neom spends $37bn on infrastructure development Saudi Arabia’s $500 billion giga-project Neom has spent more than SAR140 billion ($37 billion) on infrastructure development so far, a senior company executive has said. Several real estate projects are still under development, with work on infrastructure and utilities continuously progressing, chief development officer Denis Hickey told PIF Private Sector Forum last week. The developer has two […] February 17, 2025
Economy Saudi Arabia’s anti-corruption efforts paying off Bribery and abuse of influence are the leading corruption offences in Saudi Arabia’s public sector, according to a new report. Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha), formed in 2011, arrested 1,708 people last year on corruption charges, according to legal, risk and regulatory advisory company Secretariat. Charges included embezzlement, money laundering, forgery and misuse […] February 17, 2025
Opinion Food & Drink Rising prices open door for Saudi Arabia to lead coffee market With its favourable topography and climate, the Arabian Peninsula has the potential to be a major producer February 16, 2025
Tourism Luxury travel is the engine of Saudi’s tourism market Saudi Arabia has focused on high-end tourism to create a name for itself, but will need to cater to the broader market in the longer term February 16, 2025
Construction Saudi Arabia awards almost $2bn of contracts in January Saudi government entities awarded more than SAR6.5 billion ($1.7 billion) of contracts in January, led by housing, infrastructure and industry. More than half the value of the contracts issued last month – SAR3.7 billion – was allocated towards construction, with the remainder going on water, energy and industry projects, the Saudi Contractors’ Authority (SCA) said […] February 14, 2025
Economy Spending pushes Saudi fiscal deficit to $31bn in 2024 Saudi Arabia’s fiscal deficit reached SAR116 billion ($31 billion) in 2024, driven by a 6 percent rise in expenditure, according to the ministry of finance. The deficit was in line with revised predictions made in September but roughly 50 percent higher than the SAR79 billion ($21 billion) projected at the start of the fiscal year. […] February 14, 2025
Banking and Finance Saudi Arabia’s biggest bank wants wealthy depositors back Saudi Arabia’s largest bank by assets is trying to woo back wealthy customers after losing many since a merger in 2021. SNB, or Saudi National Bank, is a merger of National Commercial Bank and Samba Financial Group, formerly known as the Saudi American Bank. It has underperformed against its major domestic rivals, reporting comparatively lower […] February 14, 2025
Logistics Saudi Arabia welcomes private funds for $64bn logistics projects Saudi Arabia has more than SAR240 billion ($64 billion) of logistics projects underway and planned, most of which are open to private sector investment, a government minister has said. This includes airport management, highway construction and seaport projects, transport minister Saleh Al-Jasser told a government-backed investment conference in Riyadh this week. Private sector investment and […] February 13, 2025
Real Estate Saudi real estate licences increased by half in 2024 The number of licensed real estate developers in Saudi Arabia increased by 50 percent in 2024 alone. Assistant deputy minister of investment, Fahad Al-Hashem, who was speaking at the panel discussion at the PIF Private Sector Forum in Riyadh on Thursday, said licensees jumped from 446 to 690. Similarly, the number of construction licences increased […] February 13, 2025
Lifestyle One in five Saudis look for their Valentine on dating apps Saudi Arabia tops a survey of four Arab countries in the share of people using online dating sites to find love, with 21 percent of respondents surveyed by the market researcher Euromonitor International saying they use a dating website as much as twice a week. The UAE came in second, at 19 percent, Egypt third […] February 13, 2025
Transport Saudi homegrown Ceer to produce first EVs in 2026 Ceer, Saudi Arabia’s first electric vehicle manufacturer, plans to roll the first vehicle off its production line in late 2026, the company’s CEO Jim DeLuca said. It signed 11 deals worth SAR5.5 billion ($1.4 billion) at the Public Investment Fund (PIF) Public Sector Forum in Riyadh, 80 percent of which involved Saudi businesses. This is […] February 13, 2025
Analysis Trade $600bn Saudi-US trade pledge ‘unlikely to be achieved’ Saudi Arabia’s pledge to increase trade and investment with the US to at least $600 billion over President Trump’s four-year term is “very optimistic” and “unlikely to be achieved,” according to a Washington-based think tank. Instead the kingdom is prioritising domestic projects and faces lower oil revenue. The commitment was made by Crown Prince Mohammed […] February 13, 2025
Mining Ma’aden aims to be world’s most valuable mining company Saudi Arabia’s majority state-owned Ma’aden aims to grow ten-fold by 2040 to become the world’s most valuable mining company by market capitalisation, its CEO said. The country is accelerating development of its copper and other mineral resources, estimated to be worth as much as $2.5 trillion. “I can tell you, the minerals are here,” Ma’aden […] February 12, 2025
Tech Saudi pension fund invests in Tabby as valuation tops $3bn Buy now, pay later (BNPL) operator Tabby has raised $160 million through a new funding round, more than doubling its valuation to $3.3 billion. The Series E financing round was led by Hong Kong-based investor Blue Pool Capital and Saudi pension company Hassana Investment Company, in addition to Saudi Technology Ventures and Wellington Management. Founded […] February 12, 2025
Tech $5bn Neom data centre latest deal announced at Leap Saudi Arabia’s $500 billion futuristic giga-project Neom has signed a $5 billion deal to develop what it claims will be the world’s first fully sustainable data centre. The agreement was signed with the Saudi IT and technology company DataVolt. The data centre will be located at Oxagon, with the first phase having a capacity of […] February 11, 2025
