People & Lifestyle Saudi beauty ecommerce site Nice One announces IPO Nice One Beauty Digital Marketing, the largest beauty and personal care ecommerce platform in Saudi Arabia, has announced plans to launch an initial public offering of 30 percent of its shares on the Saudi market. The announcement comes after approval from the Capital Market Authority to offer 34,650,000 ordinary shares. No further information on share […] November 25, 2024
Economy Saudi ratings upgraded on continued economic reforms Ratings agency Moody’s has upgraded Saudi Arabia’s credit rating on the back of the kingdom’s continued progress in economic diversification, which is likely to be sustained. The Gulf state’s long-term local and foreign currency issuer and senior unsecured ratings were upgraded to “Aa3” from “A1”. In addition, the local and foreign currency medium-term note programme […] November 25, 2024
Telecoms Aramco unit seeks $1bn stake in US telecom software maker Aramco Digital, the wholly owned technology arm of Saudi Aramco, plans to invest $1 billion in Mavenir, a US-based telecom service provider, as part of its strategic push into the telecommunications sector. The Saudi investment is expected to secure a “significant minority” stake in Mavenir, valuing the US company at $3 billion, sources familiar with […] November 25, 2024
Video length: 03:43 VIDEO Tech Funding squeeze stifles AI innovation in Mena Emerging technology and AI startups in the Mena region are struggling to find investors. Industry experts say that the Middle East attracts less than 5 percent of global funding for AI because of the lack of specialised venture capital funds that are willing to take risks. “Our region lags behind the rest of the world […] November 25, 2024
Analysis Entrepreneurs What next for Kingdom Holding’s $2bn X investment? When Elon Musk took ownership of Twitter in 2022 for $44 billion, he did so with the help of Saudi Arabia’s Prince Alwaleed bin Talal and his Kingdom Holding, which put up nearly $2 billion of the price, and the Qatar Investment Authority, which handed over $375 million. The investment made the Saudi company the […] November 25, 2024
Economy Billionaires in UAE rise as Saudi numbers drop The number of billionaires in the UAE increased in the last year as the amount of super-wealthy residents in neighbouring Saudi Arabia dropped. Forty-eight billionaires lived in the UAE in 2023, with a combined wealth of $205 billion, a year-on-year increase of 7 percent. Dubai made up 39 of that total and welcomed one extra […] November 24, 2024
Transport Saudi railway network to reach 8,000km, says minister Saudi Arabia will look to expand its railway network by around 45 percent in the coming years, the transport minister told a conference in Riyadh. “The kingdom is set to experience unprecedented growth in its rail network, expanding to over 8,000km in the coming years,” Saleh Al Jasser, minister of transport and Saudi Arabia Railways […] November 22, 2024
Health AI in healthcare is not a cure-all solution Large language models such as the AI chatbot ChatGPT are gaining traction in healthcare, and Gulf states are investing heavily in the prospect, but LLMs’ integration into clinical practice presents challenges. A study led by Dr Ethan Goh, published last month in the Journal of the American Medical Association Open Network, tested whether ChatGPT could […] November 22, 2024
Mining Saudi Arabia’s Ma’aden seeks $1bn private sector investment Saudi Arabian Mining Company (Ma’aden) is offering upwards of 52 investment opportunities worth SAR4 billion ($1 billion) to boost private sector participation, a senior executive has said. Investments worth SAR1.3 billion are already in the implementation phase, Abdullah Al Osaimi, senior vice president, procurement and business support, told CNBC Arabia. Ma’aden, Saudi Arabia’s largest miner, […] November 22, 2024
Construction Private money leading charge in Saudi construction industry Private sector participation in Saudi Arabia’s construction industry is powering investment in the sector, according to a senior economist. Overall gross fixed capital formation – a measure of investment in an economy’s infrastructure, schools and other physical assets, as well as related tools and machinery – is up 3 percent year on year in the […] November 21, 2024
Tourism Saudi travel firm targets Chinese ahead of IPO Saudi Arabia is hoping to attract 5 million Chinese tourists by 2030 as part of a push that is also targeting Russia, Germany, Italy and the UK, leading tour operator Almosafer said on Wednesday, flagging a likely IPO within two years. “China is the top tourist source market and you really need to have a […] November 21, 2024
Giga-projects Saudi’s Diriyah adds cultural districts to $63bn plan Diriyah Company, backed by Saudi Arabia’s Public Investment Fund, has started construction on multi-billion dollar educational and arts districts in the $63.2 billion giga-project. Spanning an area of 14 sq km, the “world’s biggest urban development projects” will house the Qurain Cultural District and Northern District. The Qurain Cultural District will include a range of arts, […] November 21, 2024
Economy Saudi Arabia economy The latest economic indicators and demographic trends for Saudi Arabia, including GDP, inflation, oil prices, trade, population, expats, unemployment and more November 20, 2024
Aviation Flyadeal to confirm wide-body order by year end Saudi Arabia’s low-cost airline Flyadeal is set to make a decision on its wide-body aircraft order before the end of the year, with up to 15 planes potentially joining its fleet. CEO Steven Greenway confirmed on Wednesday that the order will be made up of repurposed 787s from parent company Saudia or brand-new aircraft from […] November 20, 2024
Economy UK PM Starmer to visit Saudi Arabia and UAE UK prime minister Sir Keir Starmer is to visit Saudi Arabia and the UAE next month, according to media reports. The trip in December will seek to secure new investment for the UK and strengthen its diplomatic relations in the region, the Financial Times reports, citing people familiar with his plans. It said Saudi Crown […] November 20, 2024
Oil & Gas Saudi Arabia’s crude oil exports rise to 3-month high Saudi Arabia burned 36 percent less crude oil for power generation in September – freeing up fuel for exports, which hit a three-month high. The kingdom sold 5.75 million barrels per day in September, 80,000 bpd more than in August, according to data published this week. The figures are from the Joint Organisations Data Initiative, […] November 20, 2024
Finance Jadwa raises $266m for GCC investment fund Saudi Arabia’s Jadwa Investment has announced the first close for its blind pool private equity fund, with total capital commitments of SAR1 billion ($266 million). The fund, called GCC Private Equity Fund 1, will invest in “high-potential private equity opportunities across the GCC”, the company said. A blind pool fund is where investors commit capital without […] November 20, 2024
Giga-projects Saudi Arabia’s big bet on ‘immersive cities’ Kingdom's plans for cities enhanced with virtual reality could be a blueprint for others to follow November 20, 2024
Renewable Energy Masdar-led consortium to build Saudi solar plant Masdar, the UAE clean energy company, has won a contract with Chinese and South Korean partners to develop a 2GW solar project in Saudi Arabia. The company, along with its partners GD Power of China and the Korea Electric Power Corporation, will build the plant at Al Sadawi, about 500km north of Riyadh in the […] November 20, 2024
Oil & Gas Saudi Aramco to begin Sasref refinery expansion Saudi Aramco has signed a development framework agreement to begin the expansion of the Sasref refinery in Jubail, Saudi Arabia. A tripartite pact was signed with Saudi Aramco, Saudi Aramco Jubail Refinery Company (Sasref), and an affiliate of Rongsheng Petrochemical Co. The agreement outlines the design and development of the project and underscores Aramco’s plans to partner […] November 20, 2024
