Opinion Transport Now on platform 1 … a stylish ride for Riyadh commuters Riyadh Metro's bright and spacious trains will have a huge impact on the city’s productivity December 2, 2024
Economy Saudi R&D growth fuelled by AI and green industries Research and development spending in Saudi Arabia increased by 17.4 percent in 2023, and the number of people employed in R&D rose significantly. Figures released by the General Authority for Statistics showed R&D spending of SAR22.6 billion ($6 billion) in 2023, up from SAR19.25 billion in 2022 and SAR14.5 billion in 2021. The total number […] December 2, 2024
Business of Sport PIF in talks to unite world golf tournaments Saudi Arabia’s Public Investment Fund (PIF) is engaged in two separate series of talks to unify the main world golf tournaments, after it disrupted the sport by setting up its upstart LIV Golf tour. The controversial launch of the LIV tour thrust Saudi Arabia and its $925 billion sovereign wealth fund into a multi-billion industry […] November 29, 2024
Telecoms STC allowed to raise holding in Spain’s Telefonica Saudi Arabia’s STC Group has received the green light from the Spanish government to increase its stake in telecoms group Telefonica. The approval allows the Saudi telecom to raise its holding from 4.97 percent to 9.97 percent and appoint a board member, the company said in a statement to the Saudi bourse on Thursday. The […] November 29, 2024
Manufacturing PIF-backed Aston Martin to raise $266m, warns on profits Aston Martin, the British luxury carmaker part-owned by Saudi Arabia’s Public Investment Fund, is looking to raise £211 million ($266 million) by issuing new shares and taking on more debt. At the same time it warned that annual profits could be down as much as 11 percent because of delays in delivering cars. The company […] November 29, 2024
Giga-projects Riyadh hopes to entice private sector to landmark projects Riyadh is courting private-sector investors to fuel its ambitious development agenda, offering significant opportunities but grappling with resistance from companies citing financial risks, a senior official said. The push to involve private firms highlights Saudi Arabia’s challenges as it transitions from government-led development to growth driven by the private sector, a pillar of its Vision […] November 29, 2024
Markets Saudi hospital operator Almoosa announces IPO Almoosa Health Company has announced plans to launch an initial public offering of 30 percent of its shares on the Saudi stock market. The price range for the offering will be announced on December 4, with the institutional book-building process starting the same day. This will be followed by a retail subscription period from December […] November 28, 2024
Analysis Agriculture Down on the farm, Saudi Arabia has a $9.8bn hole to fill The Saudi government is stepping up efforts to attract investors to its agriculture sector after identifying a funding gap of SAR37 billion ($9.8 billion). The Ministry of Environment, Water and Agriculture says there are investment opportunities in plant and animal production, as well as fisheries, processing, manufacture of agricultural products and infrastructure development. Saudi Arabia […] November 28, 2024
EDITOR'S INSIGHT Transport Riyadh Metro could get Saudis to quit their cars OK. So it did not go entirely as advertised. The first phase of the Riyadh Metro was due to open on Wednesday; instead the system has been inaugurated and operation of three of the six lines – Blue, Yellow and Violet – officially starts on December 1. When the trains do roll, the metro will enable […] November 28, 2024
Analysis Giga-projects Rise in major US law firms setting up in Saudi Arabia Attracted by the host of complex and potentially lucrative legal issues raised by Saudi Arabia’s development push, several of the largest law firms in the US are formally setting up shop in the kingdom, either directly or through mergers and acquisitions. Among those making the leap is Atlanta-based company King & Spalding. A spokesperson confirmed […] November 28, 2024
Retail Saudi eyewear retailer secures $100m for expansion Saudi eyewear retailer Eyewa has raised $100 million in a series C funding round as it expands production and its footprint on the ground. The funding was led by global investors General Atlantic alongside Dubai-based Badwa Capital and Singapore’s Turmeric Capital. Eyewa said the capital will be used to open at least 100 new stores […] November 27, 2024
Analysis Real Estate Why Saudi real estate stocks are less popular than you might think Saudi Arabia has rising property prices, soaring homeownership rates and steady mortgage approvals – so you might think its real estate sector would be in high demand on the stock market. This is the case in Dubai, where Emaar Properties and its subsidiaries serve as a proxy for equity investors to gain exposure to the […] November 27, 2024
Video length: 03:17 VIDEO Banking and Finance Opportunities for ‘distressed investors’ as Saudi companies restructure International and regional distressed investors looking at buying debt in Saudi businesses are becoming more active as new bankruptcy laws and reforms take shape in Saudi Arabia. Paul Gilbert, Middle East managing director at Alvarez & Marsal, said bankruptcy processes were “being very predictable”, which was an “important factor for inward investment into the country”. […] November 27, 2024
Economy Saudi Arabia forecasts 2025 fiscal deficit of $27bn Saudi Arabia has approved its 2025 state budget, which estimates total revenues at SAR1.18 trillion ($314 billion) and expenditures at SAR1.28 trillion – resulting in a fiscal deficit of SAR101 billion ($26.9 billion). The finance ministry said this would represent 2.3 percent of gross domestic product, which is lower than the 3 percent of GDP […] November 27, 2024
Food & Drink Americana to invest $100m in Saudi French fries factory A subsidiary of fast-food brand operator Americana will invest SAR375 million ($100 million) in a greenfield frozen French fries manufacturing plant in Riyadh. The new processing factory will be set up in Sudair Industrial and Business City as a collaboration between Agricultural Growth and Processing Company, an Americana unit, and Egypt-based potato processing company Farm […] November 27, 2024
Mining Saudi Arabia secures $9bn to unlock mining potential Saudi Arabia has announced investment agreements with global mining companies worth SAR35 billion ($9.32 billion), as the country seeks to capitalise on its estimated $1.3 trillion worth of untapped mineral resources. India-based Vedanta will build SAR7.5 billion copper facilities at Ras Al Khair Industrial City, including a greenfield smelter and refinery with a capacity of […] November 27, 2024
EXCLUSIVE Infrastructure Riyadh Metro aims to break Saudi capital’s car gridlock The first phase of Saudi Arabia’s $22.5 billion Riyadh Metro is opening on December 1, marking a significant step toward transforming public transportation in a city known for its heavy car culture and gridlocked streets. The project, billed as the world’s longest driverless transit system, is a centerpiece of Saudi Arabia’s Vision 2030 plan, which […] November 27, 2024
Opinion Media & Advertising Could Riyadh Air’s brand help Saudi Arabia take off? National airlines have an outsize role to play in nation-branding November 26, 2024
Analysis Oil & Gas Aramco’s debt push threatens Saudi banks’ liquidity Saudi Aramco’s plans to keep tapping the local debt market could place further liquidity pressures on the country’s banking sector, as the government looks for new ways to raise cash for its economic development plans. The oil giant’s chief financial officer Ziad Al-Murshed told Bloomberg last week that plans were underway to take on more […] November 26, 2024
Analysis Aviation Riyadh Air secures unprecedented number of airport slots Riyadh Air has secured more than 2,500 slots at Riyadh King Khalid International Airport, positioning itself as the fourth-largest carrier at the capital’s main gateway as it prepares to launch operations in the summer 2025 season, according to filings by Airport Coordination Limited. The allocation marks a striking start for the state-backed carrier, which aims […] November 25, 2024
