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
Finance Saudi Arabia extends term of $3bn deposit to Pakistan The Saudi Fund for Development (SFD) has extended the period for its deposit of $3 billion to Pakistan for another year. The agreement, signed in 2021, was rolled over in 2022, the State Bank of Pakistan said in a statement. The deposit into Pakistan’s central bank was intended to boost its foreign exchange reserves and […] November 30, 2023
Tourism Neom’s Siranna promotes Saudi eco-friendly tourism Saudi Arabia’s giga-project Neom has unveiled its latest eco-friendly tourism destination on the coast of the Gulf of Aqaba. Siranna, located in northwest Saudi Arabia, will be home to a 65-key hotel and 35 “exclusive” residences. The architecture of the “ultra-luxurious” destination comprises hexagonal pillars that will “blend into the adjoining mountain and wadi”, Neom […] November 30, 2023
Giga-projects Riyadh Expo 2030 to spur giga-project construction Saudi Arabia will host the World Expo 2030 in Riyadh, surpassing bids from Italy and South Korea in what analysts and officials said would be a boon for tourism and a spur to finish ambitious development projects on time. A total of 119 countries endorsed Riyadh’s candidacy during the 173rd general assembly of the Bureau […] November 30, 2023
Oil & Gas Oil markets stand by ahead of Opec+ meeting Oil prices rebounded slightly on Wednesday but uncertainty reigned ahead of Thursday’s Opec+ meeting where the question of temporary cuts is likely to dominate. Brent traded at $82.34 at 15.11 GST, while WTI climbed 1 percent to $77.36, supported by a supply disruption caused in the Black Sea, a weakening dollar, and reduced geopolitical risk […] November 29, 2023
Finance Kingdom Holding ups stake in Citigroup with Alwaleed deal Kingdom Holding Company has increased its investment in Citigroup after buying a $450 million stake from its Saudi Arabian billionaire chairman, Prince Alwaleed Bin Talal. The deal has raised Kingdom’s stake to 2.2 percent from 1.63 percent, according to a filing on the Saudi Stock Exchange on Wednesday. The company did not disclose any further […] November 29, 2023
Finance US private equity giant General Atlantic opens Gulf offices Global private equity firm General Atlantic, which manages $77 billion in assets, is opening offices in the UAE and Saudi Arabia. The company has been investing in the Middle East since 2015 without a local base, but is now establishing a stronger foothold as it nears the completion of new investment deals in the region. […] November 29, 2023
Employment Saudisation push leads to half a million jobs since launch Saudi Arabia has found work for 176,000 nationals over the past 12 months, through a programme set up two years ago to promote Saudisation – requiring companies to hire Saudi nationals for jobs in the private sector. This figure is likely to increase following a government announcement this week that Saudi nationals can now hold […] November 29, 2023
Banking & Finance PIF buys 10% stake in UK’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) will acquire a 10 percent stake in the parent company of London Heathrow, the UK’s busiest airport. Spanish infrastructure major Ferrovial will sell its entire 25 percent stake in FGP Topco for £2.37 billion ($3.01 billion), the company said in a statement. Paris-based private equity fund Ardian will buy the remaining […] November 29, 2023
People & Lifestyle Saudi Arabia wins bid to host World Expo 2030 Saudi Arabia will host the World Expo 2030 in Riyadh, surpassing bids from Busan in South Korea and the Italian city of Rome. A total of 119 countries endorsed Riyadh’s candidacy during the 173rd general assembly of the Bureau International des Expositions (BIE) held in Paris, the state-run Saudi Press Agency reported. The World Expo […] November 29, 2023
Real Estate Saudi property prices hold up despite drop in sales The Saudi residential property market is beginning to take a hit from the economic slowdown caused by the kingdom’s oil production cuts. Yet according to figures published by real estate consultancy CBRE, prices remain resilient in the face of a fall-off in third quarter sales. A total 61,473 transactions took place in the third quarter, […] November 28, 2023
Banking & Finance PIF signs first funding deal with an export credit agency Saudi Arabia’s Public Investment Fund (PIF) has signed a financing agreement to raise a term loan of up to $5 billion from a syndicate of nine international lenders, which will be covered by Korea Trade Insurance Corporation (K-Sure). The financing carries a tenor of 13 years and will initially be sized at $3 billion, with […] November 28, 2023
Markets Saudi exchange-traded fund to list in Hong Kong Saudi Arabia’s exchange-traded fund (ETF) will be listed on the Hong Kong stock exchange tomorrow. Investors will be able to trade the constituent stocks of the Saudi stock market directly in the Hong Kong market through the ETF in Hong Kong dollars or renminbi, state-owned Xinhua news agency reported, citing Paul Chan, financial secretary of […] November 28, 2023
Real Estate London’s suburban real estate moves Middle East investors While central London property retains its allure for ultra-high-net-worth individuals from the Gulf Cooperation Council (GCC) countries, cash buyers are flocking to the outskirts of the UK capital to snap up investment properties. A survey of GCC high-net-worth individuals by London-based shariah-compliant lender Al Rayan Bank found that a third of respondents said they had […] November 28, 2023
Retail Tihama shareholders to vote on rescue for Saudi media group Shareholders in the loss-making media group that operates WH Smith shops in Saudi Arabia are to vote on a rescue plan next month. Tihama Advertising and Public Relations Company said its “financial reorganisation proposal under the Saudi bankruptcy rules” would be put to shareholders on December 18. The meeting will be overseen by Osama Al […] November 27, 2023
Banking & Finance Saudi’s top 10 banks post 3.8% rise in profits Saudi Arabia’s 10 largest listed banks saw net income rise 3.8 percent to SAR18 billion ($4.8 billion) in the third quarter of 2023, driven by higher loan growth and interest income. In light of the Saudi Arabian Interbank Offered Rate (Saibor) increasing by 13 basis points in the third quarter, aggregate total interest income increased by […] November 27, 2023
Real Estate PIF expects $1trn real estate spending over next decade Saudi Arabia’s Public Investment Fund (PIF) says it intends to invest SAR4 trillion ($1.1 trillion) in the real estate sector over the next 10 years, mainly developing 12 cities as part of the Saudi Downtown project. The Saudi Downtown Company was established in 2022 as a fully owned subsidiary of the PIF to develop city […] November 27, 2023
Construction PIF unit launches $354m entertainment centre in Aseer Seven, a wholly owned subsidiary of the Public Investment Fund (PIF), has launched its fifth entertainment destination in Saudi Arabia. The SAR1.3 billion ($353.96 million) project near Abha International Airport will cover a land area of 64,000 sq m with a built-up area of more than 79,000 sq m. The architecture, designed by California-based firm Gensler, […] November 27, 2023
