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Saudi Arabia

Business news and financial news from Saudi Arabia, covering the biggest Saudi companies including Saudi Aramco, the Public Investment Fund (PIF), Sabic, Riyadh Air, Saudia and Saudi National Bank

Pipeline

Saudi Arabia announces winning bidders for water pipeline

State-backed Saudi Water Partnership Company expects commercial operations at its Jubail-Buraydah independent water pipeline project to start in the first quarter of 2029.  The plan follows its announcement about the preferred and reserve bidders for the water project. A Saudi consortium, comprising Al Jomaih Energy & Water Company, Nesma Company and Buhur for Investment Company, […]

Nadhmi Al Nasr, a veteran of state oil giant Aramco, had overseen Neom since its launch but has now been replaced as CEO Video length: 06:30

Neom replaces CEO in bid to move past negative headlines

Saudi megacity Neom has replaced its CEO Nadhmi Al Nasr in an apparent effort to boost the kingdom’s highest-profile giga-project after a string of delays.  Aiman Al Mudaifer has been appointed “acting CEO of the company”, Neom said in a statement on Tuesday. “Al Mudaifer assumes the leadership of Neom following Nadhmi Al Nasr’s departure.”  […]

Riham ElGizy, CEO of Saudi Arabia carbon trading market RVCMC

Saudi Arabia’s carbon market to finance climate projects

Saudi Arabia has launched a carbon trading market that will help provide financing for climate projects.  The Regional Voluntary Carbon Market Company’s (RVCMC) voluntary carbon market exchange platform has more than 2.5 million tonnes of carbon credits for auction, it said in a statement. Buyers can obtain carbon credits from 17 climate projects from around […]

UIHC is the parent company of Tasheel Finance, an Islamic consumer finance operator

Saudi finance firm UIHC’s IPO 132 times oversubscribed

United International Holding Company (UIHC) has received orders worth SAR131 billion ($34.8 billion) for its upcoming initial public offering on the Tadawul, the company announced on Tuesday.  The Saudi Arabian financial services firm’s IPO was oversubscribed 132 times. The final price was set at SAR132 per share, implying a market capitalisation of SAR3,300 million at […]

green startups Saudi solar

AI is sucking up VC funding, claim green startups

Green startups in the region have appealed for VCs to invest more in clean tech and renewable energy hardware, rather than just looking for quick returns in artificial intelligence projects. The venture capital market across the Middle East and North Africa raised $1.3 billion from January to September 2024, with Saudi Arabia securing 39 percent […]

Saudi private healthcare

Healthy progress made in Saudi Arabia’s wellness drive

Private health services in Saudi Arabia are rapidly expanding as its growing population and the focus on improving citizens’ wellbeing under the Vision 2030 programme bring in billions of dollars in new domestic and foreign investments. During the Global Health Exhibition, held in Riyadh at the end of October, Saudi officials announced deals worth $13.3 […]

Lucid has begun taking orders for its Gravity electric SUV

Lucid reports higher revenue but steeper losses

Saudi-backed US luxury electric vehicle maker Lucid reported a larger net loss than last year in the third quarter, but said revenue rose 45 percent, slightly ahead of Wall Street expectations. The company’s losses of $992.5 million in Q3 compared with $630.9 million in 2023. Revenue reached $200 million, narrowly beating estimates of $198 million.  Lucid […]

Although China has its own oil industry it remains Saudi Arabia's top importer

China’s plans affect the future of oil

Aramco is betting on China to boost a well-supplied crude market and – here’s hoping in Riyadh – enable Saudi Arabia to unwind production cuts. Amin Nasser, the Saudi state oil giant’s CEO, said last week that he expects demand from China to drive global oil market growth of a healthy 1.5 percent next year. Nasser also […]

Saudia had placed an order for 50 of the pilotless jets before Lilium announced its intention to file for insolvency

Saudia to receive flying taxis despite Lilium’s insolvency

Saudi national carrier Saudia still plans to receive some of its 50-plane order of pilotless electric flying vehicles from Lilium despite the German company’s intention to file for insolvency.  “We are in close coordination with the Lilium leadership team. We are expecting to receive the first jets in the second half of 2026, as per […]

Sales agents taking bids at a Sotheby's auction in London. The 2025 auction will mark the opening of the company's Riyadh office

Sotheby’s pins hopes on Saudi auction launch

Sotheby’s is to open an office and stage its first auction in Saudi Arabia next year.  The new branch will be located in the Faisaliah Tower in the capital Riyadh. The auction will take place on February 8, 2025 in the Unesco World Heritage site of Diriyah.  Prior to the auction, an exhibition featuring the […]

Investcorp's Saudi MD tells AGBI about the Bahrain investor's plans Video length: 03:54

Investcorp refocuses on inward GCC investment

Bahrain’s Investcorp is involved in investment-related initiatives worth $4 billion, the latest of which is a commercial partnership with Awaed, the first commission-free Saudi trading platform. After investing heavily in the US and Europe, it is now focusing more to GCC opportunities. AGBI spoke to Investcorp’s Saudi Arabia MD Mashaal AlJomaih in the video above.

KHC is to resume building what will be the world’s tallest tower in Jeddah

Kingdom Holding’s profit rises 36% to $319m

Kingdom Holding Company (KHC), founded by Saudi billionaire Prince Alwaleed Bin Talal and the developer behind what will be the tallest tower in the world, said nine-month 2024 net profit jumped 36 percent to SAR1.2 billion ($319.4 million) from SAR856 million a year ago. The higher profit was driven by an increase in the share […]

Saudi Arabia's EV ambitions take shape as Lucid's Jeddah plant moves towards full production

Lucid’s Jeddah factory targets new Middle East territories

Lucid, the Saudi-owned electric vehicle manufacturer based in the US, is moving to full production at its Jeddah factory, with a target capacity of 150,000 cars a year within three years, its robotics provider, Rockwell Automation, said this week.  “Currently it’s for domestic use but when the expanded plant is done, they will cover all […]

The US is keen to work with go-getting tech companies in the Middle East

US and China in race to get their tech into Gulf markets

Gulf countries are likely to face mounting pressure to adopt American technology as the US tries to exploit its best-in-class semiconductor and artificial intelligence products to muscle China out of their markets before the Asian superpower catches up. The US is walking a fine line between increasing the regional uptake of its chips and software […]

Young Asian broker international stock traders working at night in office using computer and thinking.

China to sell dollar bonds in Saudi Arabia 

China will sell dollar bonds in Saudi Arabia this month, its first debt issuance denominated in the US currency since October 2021. The imminent issuance marks a further deepening of ties between Opec’s top oil producer and the world’s largest economy by purchasing power parity.   China is Saudi Arabia’s most important trade partner, buying 16 […]

Air freight has been an increasingly important method of transportation since the conflict in the Middle East erupted and shipping routes were disrupted

Saudi Arabia and US expand aviation deal to include cargo

Saudi Arabia and the US have expanded their bilateral aviation agreement to allow seventh freedom traffic rights for all-cargo flights. Seventh freedom allows airlines to carry on flights that originate in a foreign country, bypass its home country, and deposit the cargo or passengers at another international destination. The amendment will allow Saudi Arabian airlines […]

Saudi Arabia fans wave flags before a World Cup qualifier in Jeddah. The country is sole bidder for the 2034 tournament

Roshn seeks contractors for Riyadh World Cup stadium

Saudi real estate developer Roshn is inviting expressions of interest from international and local contractors for its 45,000-seat football stadium in Riyadh. Iain McBride, Roshn’s head of commercial, said the Public Investment Fund subsidiary was actively seeking partners “very early in the process” to help “de-risk” the project. “What we don’t want is to design, […]

Saudi Electricity Company reported an 18 percent year-on-year growth in net profit to SAR6.9 billion

Saudi Electricity Q3 profit rises as revenue jumps 18%

Saudi Electricity Company, 75 percent-owned by the sovereign Public Investment Fund, reported an 18 percent year-on-year growth in net profit to SAR6.9 billion ($1.84 billion). Revenue jumped 18 percent to SAR28.3 billion from SAR23.8 billion a year ago driven by an increase in electricity production revenue. There was also continued growth in the subscriber base and […]

Saudi Arabia's finance minister Mohammed Al Jadaan on stage at the FII conference. The country's revenue has risen 12%

Saudi Arabia’s deficit rises again as oil output cuts bite

Saudi Arabia’s budget deficit was SAR58 billion ($15.5 billion) in the first nine months of 2024, rising by SAR30 billion in the third quarter alone and confirming predictions of a funding crunch for the country’s giga-projects.  The finance ministry said in October that it expects to post an overall deficit of SAR118 billion this year […]