Leisure & Hospitality Saudi Arabia nears deal to create new cycling league SRJ Sports Investments, wholly owned by the Public Investment Fund (PIF), has backed a new cycling league, Reuters reported, citing three people familiar with the matter. The company, founded last year, is negotiating a potential investment of €250 million ($270 million) in the venture, which is spearheaded by major European cycling teams. If successful, this […] February 4, 2024
Leisure & Hospitality Cenomi Centers sells Riyadh shopping mall for $53m Arabian Centres Co., know as Cenomi Centers and Saudi Arabia’s largest shopping mall operator, has sold Sahara Plaza in Riyadh for SAR200 million ($53.33 million). The shopping centre is the fourth asset to be sold as part of the company’s programme to sell a portfolio of non-core assets worth SAR2 billion. Sahara Plaza has been […] February 4, 2024
Opinion Business of Sport Saudi Arabia should saddle up for soft power of horses There is a strong rationale for the kingdom to take equestrian pursuits seriously February 2, 2024
Trade Saudi Arabia ‘still has not joined Brics’ Saudi Arabia is still considering an invitation to become a member of the Brics bloc of countries after being asked to join by the group last year, a Saudi official source told Reuters. The comment comes after South Africa’s foreign minister Naledi Pandor said the kingdom and five other countries have joined the bloc. “Saudi […] February 2, 2024
Manufacturing PIF’s Alat to boost Saudi economy by $9.3bn Saudi Crown Prince Mohammed bin Salman has launched Alat, a company central to the kingdom’s plan to become a global hub for electronics and advanced industries. The new entity, wholly owned by the Public Investment Fund (PIF), will focus on manufacturing products that serve local and international markets within seven key strategic business units: advanced […] February 2, 2024
Business of Sport Saudi’s PIF ‘in talks’ to invest in British rugby Saudi Arabia’s Public Investment Fund is said to be in talks to buy stakes in four British rugby clubs. British media has reported that discussions are taking place to pay a total of £60 million ($76 million) for shares in a quartet of top-tier clubs: Gloucester, Leicester Tigers, Newcastle Falcons and Northampton Saints. This […] February 1, 2024
Analysis Health Gulf embraces a personalised approach to healthcare The Gulf is shifting towards a more personalised approach to healthcare, but the growth of the sector faces challenges in terms of talent and data management according to experts. Traditional medicine tends to address only the initial health issues without tailoring solutions to the unique requirements of each patient, says Vadim Fedotov, CEO of Bioniq, […] February 1, 2024
Trade UK agrees instant two-year visas for Saudi nationals Saudi Arabian nationals can obtain instant two-year multiple entry visas to the UK for business, tourism and study visits following a deal made during a British business delegation trip to the kingdom this week. “The new visa offers a validity period of up to two years and multiple entries during the validity period, in addition […] February 1, 2024
Leisure & Hospitality Fitness brands shape up for Saudi expansion plans GymNation, founded in Dubai, has revealed plans to open 50 new fitness centres in Saudi Arabia as it seeks to capitalise on the kingdom’s billion-dollar fitness industry. The mid-market brand was set up six years ago and currently operates 11 gyms in the emirate, with a further six set to open before the summer. Founder […] February 1, 2024
Oil & Gas Oil service company shares dive on Aramco decision Saudi Aramco’s decision to cancel plans to expand its oil output capacity has resulted in the share price of some top oilfield service companies taking a sharp dive. Shares in firms including SLB, Weatherford and Saipem tumbled by 10 to 15 percent on Tuesday before regaining some ground. State-run Aramco, the largest oil company in […] January 31, 2024
Economy IMF predicts 2025 rebound for Saudi GDP The International Monetary Fund this week lowered its 2024 forecast for GDP in Saudi Arabia to 2.7 percent, down from 4.0 percent forecast last October. The IMF cited the kingdom’s lower oil production, a day after state oil company Saudi Aramco surprised markets by scrapping plans to expand maximum output capacity to 13 million barrels […] January 31, 2024
Opinion Real Estate Landlords must keep up with changing retail markets or fail Saudi Arabia's mall owners need to be aware of the needs of developers and tenants January 31, 2024
Retail Saudi footfall at Cenomi Centers beats pre-Covid level Footfall across Saudi Arabia’s largest shopping mall operator rose 19 percent year on year in 2023, eclipsing the pre-Covid level of 114 million in 2019. Cenomi Centers reported that the number of people through the doors at its 22 locations in 10 Saudi cities reached 124 million last year. Like-for-like occupancy rose from 90.3 percent on September […] January 31, 2024
Analysis Aviation Flying taxis ‘within a decade’ says Saudi Arabia Saudi Arabia has published a plan to launch advanced air transport, such as flying taxis, within the next 10 years. However, experts have played down the kingdom’s impact on the fledgling industry globally. The kingdom’s General Authority of Civil Aviation (Gaca) said it wanted to revolutionise the aviation sector by supporting technologies such as unmanned […] January 31, 2024
Media & Advertising Saudi TV fights off the smartphone challenge Smart television is holding up as the main platform for accessing sports, news and entertainment in Saudi Arabia, despite the boom in streaming services that can be watched on smartphones, a leading media researcher said this week. “In the past decade there was a lot of transformation in Saudi. New devices, behaviours and trends,” said […] January 30, 2024
Health Saudi university developing AI for early diabetes detection King Abdullah University of Science and Technology (Kaust) said this week it is working with Saudi company AmplifAI Health to develop AI technology for use in the early detection of diabetes. Saudi Arabia and the UAE in particular are investing in health technologies that can predict medical risk and help develop medicines, and the kingdom […] January 30, 2024
Video length: 01:02 VIDEO Tourism Saudi tourism scores big with Lionel Messi video Global Google searches for “Saudi tourism” shot up at the weekend after tourism bosses in the kingdom released a new promotional video starring footballer Lionel Messi. The campaign, which is being launched in markets including Europe, India and China, focuses on overturning common misconceptions about Saudi Arabia. The video has been watched by 50 million […] January 30, 2024
Opinion Markets Jack be nimble, if you want to make money in the Tadawul Investors should increase their exposure to Saudi non-oil sectors such as retail and food January 30, 2024
Manufacturing Saudi’s Maaden unit strikes deal with EV maker Lucid A subsidiary of the Saudi Arabian Mining Company (Maaden) has signed an agreement to supply aluminium sheets to US electric vehicle maker Lucid Motors. Maaden Rolling Company signed the deal with Lucid – which is 60.2 percent owned by Saudi Arabia’s Public Investment Fund – during the Future Minerals Forum in Riyadh. The deal will […] January 30, 2024
Renewable Energy Saudi lab plans for $10bn market in tandem solar cells Scientists in Saudi Arabia are working on tandem solar cells, a development that they say could become a $10 billion market. Professor Stefaan De Wolf and the Photovoltaics Laboratory at King Abdullah University of Science and Technology (Kaust) have published a paper setting out how the perovskite-silicon cells can be brought to market. The technology […] January 30, 2024
