Trade Saudi Arabia buys South Korean missile system Saudi Arabia has signed a $3.2 billion deal to buy a mid-range surface-to-air missile defence system from South Korean company LIG Nex1, South Korea’s Ministry of National Defence said this week. The agreement was made in November but finalised via a memorandum of understanding signed on February 6 by Saudi defence minister Khalid bin Salman […] February 7, 2024
Manufacturing Saudi Arabia shows off local arms industry gains Saudi Arabia showed off locally manufactured military equipment at a major defence show in Riyadh this week as it tries to offset its massive foreign arms spending through its own arms production. Government officials at the World Defense Show said the country has managed to increase domestic military spending to 14 percent of the total […] February 7, 2024
Transport Saudi Arabia signs $690m passenger train order Saudi Arabia Railways (SAR) has signed a $690.16 million contract with Stadler, a Swiss rail infrastructure and train manufacturer, for 10 “next-generation” passenger trains for its growing railway network. The state-owned rail network operator can order an additional 10 units in the future, state-run SPA news agency reported. Trains will be 175 metres long, self-propelled […] February 7, 2024
Leisure & Hospitality 100m tourists in Saudi Arabia spend $27bn Saudi Arabia hosted more than 100 million tourists last year, who collectively spent SAR100 billion ($26.67 billion), tourism minister Ahmed Al-Khateeb has revealed. The total was made up of 77 million domestic and 27 million international tourists, the minister told the second edition of the Public Investment Fund (PIF) private sector forum. Al-Khateeb said that […] February 7, 2024
Leisure & Hospitality Neom aquaculture venture seeks fish self-sufficiency Saudi Arabia’s mega-project Neom has set up a joint aquaculture venture with Tabuk Fisheries Company of Riyadh to meet the kingdom’s goal of producing 600,000 tonnes of fish products annually by 2030. The companies signed a memorandum of understanding in 2021 to set up Topian Aquaculture. The new venture will include a hatchery that is […] February 7, 2024
Analysis Markets Saudi Arabia and UAE to dominate Mena IPOs in 2024 Nearly 30 companies in the Middle East and North Africa plan to launch initial public offerings this year, despite mixed share price performance from many regional businesses that went public last year, a report has found. Businesses from Saudi Arabia and the UAE will again dominate Mena IPOs in 2024, according to the report by […] February 6, 2024
Giga-projects Jeddah Central signs contracts for major landmarks Jeddah Central, the developer of one of Saudi Arabia’s giga-projects, signed four construction contracts this week for a set of major landmarks. According to the state-run Saudi Press Agency, Jeddah Central’s CEO Ahmed bin Abdulaziz Al-Saleem signed the contracts to construct a sports stadium, an oceanarium, an opera house and infrastructure work in the Red […] February 6, 2024
Economy Saudi ministry posts then removes budget data Saudi Arabia’s ministry of investment has removed incorrect data from its website after news media published erroneous fiscal data suggesting a large budget surplus for 2023. In an apparent glitch, the ministry’s monthly data update on February 5 showed an estimated budget surplus of SAR16 billion ($4.27 billion) in 2023, including the fourth quarter, according […] February 6, 2024
Finance Fitch affirms Saudi rating on its robust balance sheet Fitch Ratings has maintained Saudi Arabia’s rating at “A+”, supported by the kingdom’s robust fiscal and external balance sheets, including stronger debt-to-GDP ratio and sovereign net foreign assets. The affirmation is supported by significant fiscal buffers and other public sector assets. This reflects improved governance through ongoing social and economic reforms and efforts to enhance […] February 6, 2024
Energy Aramco keeps Asia-bound flagship crude price stable Top oil exporter Saudi Arabia unexpectedly kept the March price of its flagship Arab Light crude to Asia unchanged at a more than two-year low, an Aramco statement showed on Tuesday, as the Opec leader strives to maintain its market share. Aramco set the official selling price (OSP) for March-loading Arab Light to Asia at […] February 6, 2024
Exclusive Health Dubai hospitals are ailing in saturated healthcare market The general healthcare sector in Dubai is buckling under saturation, with weaker operators shutting down or battling financial woes, Dr Azad Moopen, the founder and chairman of Aster DM Healthcare, told AGBI. The healthcare sector in the emirate faces a challenging economic climate, marked by stubborn inflation, high interest rates and slow growth. The introduction […] February 6, 2024
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
