Markets Foreign investment in Saudi capital market reaches $93bn Foreign investment in the Saudi capital market reached SAR347.01 billion ($92.52 billion) in 2022, up from SAR305.34 billion in 2021 and SAR86.86 billion in 2018, according to the kingdom’s market regulator. Overseas investors constituted 14.2 percent of the total free float value in the Tadawul All Share Index (Tasi) last year, compared to 3.77 percent […] November 20, 2023
Transport Mawani to build $130m logistics park in Jeddah Saudi Ports Authority, known as Mawani, and CMA CGM, a French shipping and logistics company, have commenced building work on a logistics park at Jeddah Islamic Port. The new facility, covering an area of more than 130,000 sq m, will be built at the cost of SAR487 million ($129.85 million), the state-run Saudi Press Agency reported. Mawani […] November 19, 2023
Analysis Industry Future is rosy for Mena phosphate producers With Morocco and Saudi Arabia now holding the bulk of the world’s high-quality, accessible phosphate rock reserves, the Middle East and North Africa (Mena) region is a major centre for the phosphate mining industry’s future growth, analysts say. Morocco alone holds around 70 percent of the world’s total reserves of phosphate rock, the raw material […] November 17, 2023
Banking & Finance PIF given ‘very strong’ rating and outlook by Fitch Fitch Ratings has affirmed the long-term foreign- and local-currency issuer default ratings (IDR) of the Public Investment Fund (PIF) at ‘A+’, giving the Saudi soveriegn wealth fund a stable outlook. The affirmation reflects Fitch’s unchanged assessment of “very strong” status, ownership and control, support track record and socio-political implications of default. Fitch does not expect […] November 17, 2023
Banking & Finance PIF maintains US holdings as giga-project demand eases US equity holdings of the Saudi Public Investment Fund (PIF) showed little change in the third quarter, as recently revised foreign direct investment figures eased pressure on it to support the kingdom’s giga-projects. PIF total ownership in US equities slipped to $36.48 billion from $38.93 billion in the second quarter, according to a PIF filing […] November 16, 2023
Real Estate Saudi-backed Oryx plans logistics centre in UK Oryx Real Estate Partners, a UK-based investment and asset manager, has acquired a five-acre development site in Milton Keynes on behalf of a consortium of GCC family offices, mainly from Saudi Arabia. The company, whose chairman and co-founder Fawaz Al Rahji is also chairman of Saudi family office Al Rahji Partners, plans to invest between […] November 16, 2023
Opinion Economy Assessing Saudi Arabia’s Vision 2030 progress The non-oil private sector is a driving force for economic transformation November 16, 2023
DUBAI AIRSHOW Aviation Neom flying taxis ‘should be ready by 2026,’ says developer Neom could have “flying taxis” in the air by 2026 if testing and regulatory work stays on track, according to the company developing them for the Saudi giga-project. Borja Blond, CEO of the joint venture between Neom and German manufacturer Volocopter, said it ran successful test flights in the summer and was working with the […] November 16, 2023
Analysis Economy Saudi Arabia’s new civil code aims to reassure investors Saudi Arabia hopes a new civil commercial code, due to go into effect by the end of the year, will finally provide foreign investors with clarity on doing business in the country as it tries to shake off a reputation for opaque and arbitrary justice. The code’s 721 articles, first published in June, could be […] November 16, 2023
Aviation Saudia aircraft maintenance subsidiary targets IPO Saudi Arabia’s Saudia Technic, the aircraft maintenance subsidiary of state-owned Saudia Group, is targeting a public share sale before the end of the decade, its CEO told Reuters at the Dubai Airshow. The company is planning an initial public offering (IPO) in either 2028 or 2029, Fahd Cynndy said on Tuesday on the sidelines of […] November 16, 2023
Industry French grain trader opens Saudi office to meet local demand InVivo will open a marketing office in Saudi Arabia early next year as it seeks to secure new outlets at a time of changing global grain demand, the French agribusiness group’s chief executive told Reuters. The office, to be based in the Saudi port of Damman, aims to secure grain supplies for Saudi feed makers, […] November 16, 2023
Construction Epicon resort announced as latest Neom venture Saudi Arabia’s $500 billion giga-project Neom has unveiled plans to build a new luxury tourism destination on the coast of the Gulf of Aqaba. Called Epicon, the resort has been designed as a “gateway to the future” and will feature “striking” skyscrapers rising to 225 metres and 275 metres high. The towers will be home to […] November 16, 2023
Video length: 01:47 Dubai Airshow Aviation Boeing remains cautious on prospect of supersonic flight Neom Investment Fund – part of the Saudi giga-project Neom – has invested in US aircraft manufacturer Boom Supersonic, and Riyadh Air is also considering supersonic flight in its future projects. Saudi Arabian entities, it appears, are not fazed by the view of some industry experts that faster-than-sound flight poses unique difficulties. Darren Hulst, commercial […] November 15, 2023
Finance Nigeria in talks with Saudi bank for project funding Nigerian President Bola Tinubu met top officials of the Jeddah-based Islamic Development Bank (IsDB) to negotiate a “multi-billion-dollar infrastructure finance facility” to help build ports and power plants, his spokesperson said on Tuesday. Tinubu held talks with IsDB vice president Mansur Muhtar late on Monday in Mecca, Saudi Arabia, spokesperson Ajuri Ngelale said in a […] November 15, 2023
Energy PIF investment to boost local energy sector supply chains Saudi Arabia’s Public Investment Fund (PIF) has signed an agreement to invest in Alkhorayef Petroleum, a Gulf-based manufacturer of electric submersible pumps and equipment critical to oil and gas production The deal is part of its effort to improve supply chains in the energy services sector in Saudi Arabia. The Saudi sovereign wealth fund will […] November 14, 2023
Dubai Airshow Aviation Supersonic a future option as Riyadh Air builds fleet Riyadh Air, Saudi Arabia’s new flagship airline which is set to start flying in 2025, is still in talks with Boeing over further orders for wide and narrow-bodied aircraft. “We’re in continued negotiation with manufacturers about aircraft,” chief operating officer Peter Bellew said on the sidelines of the Dubai Airshow on Monday. “We’ve ordered 39 […] November 13, 2023
Tech Saudi Arabia sets up centre to research AI ethics Saudi Arabia has announced a centre aimed to propel competencies and legislative frameworks in artificial intelligence (AI) and advanced technologies. The International Centre for Artificial Intelligence Research and Ethics was unveiled by the minister of culture Prince Badr Bin Farhan at the 42nd session of Unesco’s General Conference in Paris on November 11. The centre […] November 13, 2023
Transport Neom fund invests in US supersonic aircraft maker Newly launched Neom Investment Fund (NIF) has invested in Boom Supersonic, a US company developing the world’s fastest airliner. The value of the investment was not given. However, Boom confirmed that the total funding to date now exceeds $700 million. As part of the agreement, Boom and NIF will collaborate on opportunities to make the Gulf […] November 13, 2023
Energy Saudi Arabia plans to invest in Nigeria’s oil refineries Nigeria and Saudi Arabia on Friday agreed to a series of investment and cooperation deals, including a pledge by the Saudi government to invest in the revamp of Nigeria’s oil refineries and provide financial support to sustain the government’s foreign-exchange reforms. The agreements were reached at a bilateral meeting between Nigerian President Bola Tinubu and […] November 13, 2023
DUBAI AIRSHOW Aviation Saudi Arabia and UAE drive air travel recovery Flight bookings to Saudi Arabia and the UAE for the last quarter of this year are up by as much as 70 percent on pre-pandemic levels, new figures reveal. Data compiled exclusively for AGBI by the travel intelligence company ForwardKeys shows that as of early October, Saudi Arabia led the region for growth in seat […] November 13, 2023