Real Estate Foreign HQs drive Riyadh rent growth to record highs A rush of international companies to set up regional headquarters in Riyadh is driving record increases in commercial property rents, latest figures reveal. Prime rents in the Saudi capital rose by almost 24 percent in the year to Q3, according to CBRE, with rents currently at SAR2,617 ($712) per sq m. Observers say Saudi Arabia’s […] November 23, 2023
Manufacturing Saudi Cable Co seeks more time to deliver rescue plan Saudi Cable Company, which suspended trading in its shares earlier this month, has requested an extension to the deadline for submission of its financial restructuring proposal to the courts, as bosses scramble to finalise a rescue plan. The company, which owns manufacturing facilities in Saudi Arabia, Bahrain and Turkey, said at the start of November […] November 22, 2023
Media & Advertising Saudi media company MBC Group to float 10% in IPO Saudi media major MBC Group plans to launch an initial public offering (IPO) on the Saudi Exchange (Tadawul). The announcement comes after the Capital Market Authority (CMA) approved the company’s plan to offer 33.25 million ordinary shares, representing 10 percent of its share capital. The offering price will be determined at the end of the […] November 22, 2023
Video length: 06:55 Development Foreign investment flows to Saudi Arabia suffer drop Foreign direct investment to Saudi Arabia in the second quarter of 2023 stood at SAR6.2 billion ($1.65 billion), 21 percent down from the previous year and at a three-year low, a report said this week. The figures, published by Saudi business news site Argaam and based on ministry of investment data, showed investment down from […] November 22, 2023
Manufacturing Saudi’s Avalon plans massive export drive The Saudi pharmaceuticals firm Avalon Pharma plans to treble revenue to SAR1.1 billion ($290 million), with a drive to increase exports from 10 percent to 30 percent of output. As Saudi Arabia pushes to produce within its own borders more of the medicines it consumes, Maher Al Ghannam, managing director and CEO of Avalon Pharma, […] November 21, 2023
Opinion Sustainability Saudi Arabia can make the case for change at Cop28 The kingdom is making steps to protect its young population November 21, 2023
Oil & Gas Saudi Arabia finds natural gas fields in east and south Saudi Aramco has discovered natural gas fields in the south and east of the country, the state news agency said on October 19, in what could be a significant boost for the kingdom’s gas plans. Prince Abdulaziz bin Salman, Saudi Arabia’s energy minister, said the Al-Hiran and Al-Muhakik fields, both with strong natural gas flows, […] November 20, 2023
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
