Renewable Energy Acwa Power plans a bold investment future in Africa Saudi Arabia-listed Acwa Power is targeting future investments in Africa as part of the clean energy company’s plan to triple in size by 2030. “Africa needs that energy transition. But there aren’t enough developers going there and asking questions,” said Raad Al-Saady, vice chairman and managing director of Acwa Power, during a panel discussion at […] December 6, 2023
Trade Saudi offers 30-year tax breaks under regional HQ scheme Saudi Arabia will offer a 30-year corporate income tax exemption to foreign companies that locate their regional headquarters to the kingdom. In 2021, the government set a target of January 1, 2024, for companies to set up in the kingdom, the world’s top oil exporter, to gain access to government contracts worth SAR1 million ($266,000) […] December 6, 2023
Saudi schools ‘doing better at maths but still lagging behind’ Saudi Arabia’s schools have improved in the past few years, but are still below the international average and a long way behind the best performers, according to the OECD. Teenagers from 81 countries were tested for the OECD Programme for International Student Assessment (Pisa), which published its 2022 report on Tuesday. The tests measured the […] December 5, 2023
SPECIAL REPORT Construction Qatar and Saudi Arabia poles apart on construction growth Qatar and Saudi Arabia may share an 87km border, but the performances of their construction markets are poles apart. While activity in Saudi Arabia reaches record levels, buoyed by work on giga-projects such as Neom and Diriyah, work in Qatar has dried up after the completion of contracts signed before the 2022 Fifa World Cup. […] December 5, 2023
SPECIAL REPORT Giga-projects Giga-projects gobble up building supplies and talent Saudi Arabia’s enormous building programme is luring workers from other GCC countries and placing a strain on the supply of raw materials, construction executives have warned. Builders in the UAE in particular are concerned about the resources demanded by the Saudi market, which posted record growth in construction activity during the third quarter. The latest […] December 5, 2023
SPECIAL REPORT Infrastructure After stops and starts, GCC rail is back on 2030 timetable In the same week that Dubai announced a 30km extension of its metro network, Kuwait revealed that its $20 billion four-line metro project is to be cancelled. If anything sums up the difficulties associated with connecting the GCC countries by rail, then it is this. Kuwait’s metro hit the buffers as a result of “significant […] December 5, 2023
Construction Saudi cement maker Al Jouf plans to sue over $36m loss A Saudi cement producer is planning to sue three of its former board members for their role in an investment that resulted in a SAR136 million ($36.3 million) loss. Al Jouf Cement Company said in a filing to the Saudi Stock Exchange it was seeking authorisation from its general assembly for the liability lawsuit, which […] December 5, 2023
Energy Arab Energy Fund pledges $1bn for energy transition The Arab Energy Fund, formerly known as Apicorp, is planning to invest up to $1 billion over the next five years in energy transition, including decarbonisation technologies. Based in Saudi Arabia, Apicorp – the Arab Petroleum Investments Corporation – was founded in 1975 by the ten Arab oil-exporting states. The latest investment announcement is part […] December 5, 2023
Energy Vladimir Putin to visit UAE and Saudi Arabia this week Russian President Vladimir Putin will visit the UAE and Saudi Arabia this week, Russian news outlet Shot reported on Monday, citing Putin’s aide Yury Ushakov. The reported visit comes after the Opec+ group of oil producers, which includes all three countries, agreed last Thursday to voluntary output cuts totalling about 2.2 million barrels a day […] December 5, 2023
Renewable Energy Saudi powers up renewable energy capacity by 300% Saudi Arabia’s total installed renewable energy capacity has tripled since 2022, as the kingdom moves ahead to achieve net zero by 2060. An additional 2,100 megawatts (MW) of renewable energy has been connected to the grid, taking the total capacity to 2,800 MW. This can power over 520,000 homes, according to a statement issued by […] December 5, 2023
Sustainability $92bn plan to make Riyadh greener for Expo 2030 Saudi Arabia will invest $92 billion to make Riyadh one of the world’s most sustainable cities by 2030, the kingdom’s tourism minister has said. Riyadh was awarded hosting rights for the 2030 World Expo, an event Dubai staged to widespread acclaim in 2021-2022 following a one-year delay due to the pandemic. Princess Haifa bint Mohammed […] December 5, 2023
People & Lifestyle Saudi film festival showcases growing movie industry The third Red Sea Film Festival kicked off in Jeddah last week, highlighting the city’s rejuvenation as part of Saudi Arabia’s economic reform plans and rapid growth of its movie industry. Stars including Johnny Depp, Will Smith, Sharon Stone, Catherine Deneuve and a coterie of Saudi directors and actors graced the red carpet for gala […] December 4, 2023
Manufacturing Saudi Cable financial woes laid bare in delayed results Saudi Cable Company has revealed the crisis it is facing after the manufacturer belatedly published its financial results for 2022. The company, which owns manufacturing facilities in Saudi Arabia, Bahrain and Turkey, posted a net loss of SAR585 million ($156 million) for the year, a 200 percent increase compared with 2021. Saudi Cable said in […] December 4, 2023
Leisure & Hospitality PIF buys 49% stake in UK’s Rocco Forte Saudi Arabia’s Public Investment Fund (PIF) is set to buy a 49 percent stake in British hotel group Rocco Forte with plans to launch new hotels in the Middle East over the next five years. The deal values Forte’s group of 14 hotels across Europe at £1.2 billion ($1.52 billion) and implies an enterprise value, including debt, […] December 4, 2023
Oil & Gas Saudi plans first Asia Arab Light price cut in seven months Top oil exporter Saudi Arabia may trim the price for its flagship Arab Light crude to Asia for the first time in seven months, despite an extension of its voluntary supply cut, as the market deals with ample supply and tepid demand. State oil giant Saudi Aramco may cut the January official selling price (OSP) […] December 3, 2023
Oil & Gas Market confusion over Opec+ cuts hits oil prices Oil prices fell further on Friday after tumbling sharply when Opec+ announced more production cuts amid suspicions that quotas will not be adhered to. Brent, the main international benchmark, traded at $80.66, down from $84.37 on Thursday, while West Texas intermediate was flat at $75.94. Saudi Arabia, Russia and other members of Opec+ announced on […] December 1, 2023
People & Lifestyle MBC Group sets price range for IPO on Tadawul Saudi Arabian media giant MBC Group is planning to raise as much as SAR831 million ($222 million) from the sale of a 10 percent stake on the Saudi stock exchange (Tadawul) after disclosing an indicative price range. The price range was set between SAR23 ($6.13) and SAR25 per share, the company said in a statement, […] December 1, 2023
Finance Saudi Arabia studies battery materials trading platform Saudi Arabia is exploring the potential launch of a new commodity trading platform for battery materials, including graphite and rare earths, its vice minister of industry and mineral resources said. Riyadh’s efforts to build an economy that is not dependent on oil include a shift towards mining the country’s untapped mineral resources – worth about […] December 1, 2023
Oil & Gas Opec+ agrees to cut 2m bpd at delayed meeting Early reports indicated on Thursday that Opec+ members, led by Saudi Arabia, have agreed at their delayed meeting to cut oil output by nearly 2 million barrels per day, above supply curbs agreed in June. Crude prices rose nearly 1 percent in anticipation of the decision; Brent traded at $82.51. Saudi Arabia, Russia and other […] November 30, 2023
Agriculture RedSea to dig further into Egypt’s agricultural market RedSea, an agtech business based in Saudi Arabia, is prioritising Egypt to transform the North African nation’s agricultural industry. The company has also announced the appointment of Bruno De Oliveira as vice president of Egypt and East Africa as a result of increasing customer demand for its products. RedSea has already installed heat-blocking roofing materials […] November 30, 2023
