Energy Aramco partners with Chinese giant for projects in Saudi Saudi Arabian Oil Company (Aramco) on Wednesday signed an agreement with China Petroleum and Chemical Corporation (Sinopec) to develop projects in the kingdom, underscoring the strong investment links between the two countries. The Memorandum of Understanding (MoU) covered a number of areas including potential collaborations across upstream and downstream businesses, engineering and construction, oilfield services, […] August 4, 2022
Manufacturing Saudi-backed Lucid cuts 2022 EV output by half amid logistics woes US-based Lucid Group on Wednesday reduced its production outlook for electric vehicles (EVs) in 2022, citing supply chain and logistics challenges. In a statement, the company, which is 60 percent owned by the Saudi sovereign wealth fund, Public Investment Fund, expects to produce between 6,000 and 7,000 luxury electric vehicles this year, down from 12,000 […] August 4, 2022
Business of Sport Saudi Arabia bids to host Asian Winter Games in NEOM The Saudi Olympic and Paralympic Committee (SOPC) has officially submitted a letter of interest to the Olympic Council of Asia (OCA) to host the 10th Asian Winter Games in 2029 in TROJENA, NEOM’s global destination for mountain tourism. The letter included a brief introduction about the Saudi Vision 2030, which will support TROJENA to host […] August 4, 2022
Economy UAE and Saudi ‘bright spots’ in challenging global IPO market The UAE and Saudi Arabia bucked the global downturn in initial public offering (IPO) activity in the first half of 2022. According to the EY MENA IPO Eye report, both countries – and the wider MENA region – remain a “bright spot in a challenging market”. It witnessed a 500 percent year-on-year increase in the […] August 4, 2022
Business of Sport Mickelson and others sue PGA Tour in LIV fight Hall of Fame golfer Phil Mickelson and 10 other players filed a lawsuit against the PGA Tour on Wednesday, alleging that it broke anti-trust law by refusing them to participate on the tour and the new rival LIV Golf circuit, backed by Saudi Arabia. The lawsuit was led by six-time major champion Mickelson and includes […] August 4, 2022
Banking & Finance Saudi Arabia sets up investment promotion agency Saudi Arabia has set up an agency to promote investment in the country, a key goal of an ambitious economic reform agenda, the investment minister and state media said on Twitter, citing a cabinet decision. The Saudi Investment Promotion Authority “will be a strong supporter of the investment system in its quest to achieve the […] August 3, 2022
Economy Saudi non-oil private sector growth slows in July Saudi Arabia’s non-oil private sector kept up a steady pace of growth in July, albeit slowing slightly from June, helped by increases in customer numbers, purchasing and output, a business survey showed on Wednesday. The headline seasonally adjusted S&P Global Saudi Arabia Purchasing Managers’ Index (PMI) for the whole economy fell to 56.3 in July […] August 3, 2022
Tech US to resupply Saudi and UAE missile defence systems The US State Department approved the potential sale of Terminal High Altitude Area Defence (THAAD) missile interceptors to the United Arab Emirates (UAE) and Patriot missile interceptors to Saudi Arabia in separate deals worth as much as $5.3 billion, the Pentagon said on Tuesday. The potential deals, which would resupply key missile defence systems for […] August 3, 2022
Exclusive Tourism Diriyah CEO sets date for first stage of $50bn project The first phase of Saudi Arabia’s $50.6 billion project to transform the historic Diriyah district will open later this year, its boss has told AGBI. Jerry Inzerillo, group CEO of the Diriyah Gate Development Authority, said the public would be able to visit the restored UNESCO World Heritage site at At-Turaif and the Mattal Al […] August 3, 2022
Energy Aramco buys Valvoline unit for $2.6bn The Saudi Arabian Oil Company, better known as Aramco, has announced the signing of an equity purchase agreement to acquire the global products business of US-based Valvoline Inc for $2.65 billion. Valvoline Global Products (VGP) is an independent producer and distributor of premium branded automotive, commercial and industrial lubricants and automotive chemicals. Aramco said it […] August 2, 2022
Economy Saudi GDP surges 11.8%, its fastest quarterly rise since 2011 Saudi Arabia’s gross domestic product is growing at the fastest rate for more than a decade, rising 11.8 percent in the second quarter, according to a flash estimate from the kingdom’s General Authority for Statistics. GASTAT said the year-on-year increase – the most rapid acceleration since the third quarter of 2011 – was driven by […] August 1, 2022
Manufacturing Loss-making Saudi-backed Aston Martin says finances will improve Aston Martin expects its finances to improve in the second half of 2022 after burning through tens of millions of pounds in cash earlier this year, it said on Friday, as easing supply chain snarls help boost deliveries of higher margin cars. Its positive free cash flow forecast comes as the luxury carmaker posted a […] August 1, 2022
Business of Sport Stenson loses sponsorship after he joins LIV Golf Mutual of Omaha have ended their sponsorship of Henrik Stenson, the American company said on Wednesday, a week after the Swede joined the lucrative LIV Golf Invitational Series. Stenson, who won the 2016 British Open with a record score, was stripped of Team Europe’s Ryder Cup captaincy last week, hours before he announced his decision […] July 28, 2022
Analysis Development Middle East nets half of China’s Belt and Road funding The Middle East received the largest share of China’s $28.4 billion investments through its Belt and Road Initiative (BRI) during the first half of 2022, with Saudi Arabia the single biggest recipient. The BRI was launched by Chinese president Xi Jinping in October 2013. Over the last nine years a total of $932 billion has […] July 27, 2022
Saudi Arabia’s biggest bank almost doubles its Q2 profit Saudi National Bank (SNB) , the kingdom’s largest lender, said on Wednesday its net profit almost doubled in the second quarter due to higher operating income and lower expenses, which include impairment charges. The Saudi lender’s net profit for the three months to June 30 was 4.59 billion riyals ($1.22 billion), compared with 2.32 billion […] July 27, 2022
Energy Saudi and Greece seal deal on undersea data cable Greece and Saudi Arabia on Tuesday sealed a deal to lay an undersea data cable that will connect Europe with Asia and discussed the possibility of linking their power grids to supply Europe with cheaper green energy. Greece and Saudi Arabia agreed in May on the main terms of a planned joint venture to build […] July 27, 2022
Exclusive Banking & Finance NEOM’s IPO plans welcomed by global wealth funds The Saudi Exchange inched upwards in trading today, following positive reaction to plans by the crown prince to list all companies linked to the sovereign wealth fund in the coming years, part of a wider strategy to turn Tadawul into one of the top stock markets in the world. Saudi crown prince Mohammed bin Salman […] July 26, 2022
Opinion Markets MbS has huge plans for the stock market – best take him seriously The numbers quoted by Saudi Crown Prince Mohammed bin Salman are enormous, but he has the money to realise his ambitions July 26, 2022
Construction Saudi Arabia’s Neom to launch IPO by 2024 NEOM's listing is part of a strategy to make Saudi one of the world's top three bourses, MbS said as he unveiled designs for The Line July 26, 2022
Biden Middle East US special envoy for Yemen travels to the Middle East The US special envoy for Yemen will visit Saudi and Jordan this week, as part of diplomatic efforts in support of the United Nations-mediated truce in Yemen. The US State Department reported on Monday. Tim Lenderking’s “engagements will focus on expanding, extending, and renewing the current truce agreement that will further the tangible benefits already […] July 26, 2022
