Opinion Energy Hey Joe, your LNG plan could be downright dangerous Joe Biden's 'pause' on LNG exports seems to be about the election, not energy policy February 5, 2024
Markets Appetite high for Aramco’s $10bn second listing Now is the right time for the Saudi state oil company Aramco to follow through on its much-anticipated second share listing, industry experts have said. Observers believe that growing international investor appetite for the region’s stock markets makes the timing attractive. However, geopolitical regional tensions, concerns about global oil demand, and high interest rates could […] February 5, 2024
Trade Saudi Arabia signs defence deal with South Korea Saudi Arabia has signed an agreement on defence cooperation with South Korea under which Seoul could sell weapons to Riyadh. It could also help Saudi Arabia to develop its own armaments industry. The memorandum of understanding was signed on February 4 by Saudi Arabian minister of defence Prince Khalid bin Salman bin Abdulaziz and South […] February 5, 2024
Real Estate Rental platform Silkhaus plans new Saudi home Silkhaus, a property technology platform specialising in short-term rentals, plans to launch in Riyadh after more than doubling its revenues last year and completing a pre-series A financing round this month. The size of the round, with San Francisco-based Partners for Growth, was not disclosed. Silkhaus launched in Dubai in 2021 and entered Abu Dhabi […] February 5, 2024
Banking & Finance Saudi National Bank profit rises 8% to $5.3bn in 2023 Saudi National Bank (SNB), the biggest lender by assets in the kingdom, said net profit rose eight percent year on year to SAR20.01 billion ($5.34 billion) in 2023. Total operating income increased 4.8 percent year on year, mainly due to a 2.7 percent rise in net special commission income and a 5.1 percent growth in […] February 5, 2024
Tech STC unit buys 40% stake in Devoteam Middle East Arabian Internet and Communications Services Company – known as Solutions and a wholly-owned subsidiary of Saudi Telecom Company – has acquired a 40 percent stake in regional IT consultancy company Devoteam Middle East for AED 726.3 million ($197.74 million). The stake buyout comes in line with Solutions’ strategy to expand into new business lines and markets to enable […] February 5, 2024
Tech Saudi startup’s infrared tech has ‘game-changing’ potential A Saudi Arabian startup’s pioneering research will slash the cost of infrared sensors, enabling them to be used in a myriad of day-to-day applications and accelerating the development of fully autonomous vehicles, its founder told AGBI. Osman Bakr, founder and chairman of Quantum Solutions, is also head of the functional nanomaterials laboratory at Kaust (King […] February 4, 2024
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
