Telecoms First Saudi Arabia-to-Egypt subsea cable announced Mobily and Telecom Egypt have signed an agreement to lay the first subsea cable between Saudi Arabia and Egypt, the companies announced in a joint press statement on Monday. The new cable will connect the Red Sea resort of Sharm El Sheikh with the Saudi city of Duba. Egypt already has landing points for 18 […] November 5, 2024
Economy Saudi Arabia’s non-oil private sector hits 6-month high Business conditions in Saudi Arabia’s non-oil private sector improved at the fastest rate for six months in October, according to S&P Global. Saudi Arabia logged a 56.9 rating in S&P’s Global purchasing managers’ index (PMI), a monthly indicator of operating conditions in the non-oil economy. October beat September’s figure of 56.3 and is well above […] November 5, 2024
Oil & Gas Saudi Aramco blames lower sales for drop in profit Saudi Aramco, the world’s largest listed oil company, reported a 21 percent drop in third-quarter net profit on Tuesday that it blamed on lower crude prices and sales volumes and shrinking refining margins. The state-controlled conglomerate made a net profit attributable to shareholders of $26 billion in the three months to September 30, down from […] November 5, 2024
Industry Bahrain’s Alba looking to Europe after Ma’aden deal Aluminium Bahrain (Alba) will keep exploring mergers and acquisitions, with a particular eye on Europe, once it completes its multi-billion dollar deal with Saudi Arabian Mining Company (Ma’aden). The deal is expected to be signed off in the first half of next year. The two companies penned a non-binding agreement in September and are in […] November 5, 2024
Video length: 05:01 Opinion Economy FII8: a cerebral workout in a dumbed-down age The Future Investment Initiative is an increasingly rare chance to hear important people say interesting things November 4, 2024
Tourism Discovery of Bronze Age town reframes Saudi history Al Natah, a walled settlement thought to have housed 500 people, dates back to 2400 BCE November 4, 2024
Energy Sabic announces SAR1bn profit in dramatic turnaround Saudi Arabian petrochemical giant Sabic (Saudi Basic Industries Corp) has announced profit in Q3 2024 of SAR1 billion ($266.2 million) in a marked turnaround from the same period last year. In 2023, the company reported a Q3 loss of SAR2.88 billion. Revenues in Q3 2024 were up 3 percent year on year, and the company […] November 4, 2024
Analysis Mining How the UAE has made a global mining power grab Embracing copper from Peru, lithium from Zimbabwe, tantalum from Kenya and bauxite from Pakistan, the UAE’s mining interests nowadays span three continents. Trade deals with Australia and New Zealand agreed in September may also soon see those interests Down Under. Certainly, Australia’s minister for trade and tourism, Don Farell, hopes so. “The negotiated package,” he […] November 4, 2024
Media & Advertising PIF to acquire 54% stake in MBC Group for $2bn Saudi Arabia’s Public Investment Fund (PIF) has agreed to acquire a 54 percent stake in MBC Group for SAR7.5 billion ($2 billion). The fund will buy Istedamah Holding Company’s entire stake through a private transaction priced at SAR41.60 per share, MBC Group said in a statement to the Saudi stock exchange on Sunday. The transaction […] November 4, 2024
Industry PIF’s Salic seeks to buyout Olam’s agriculture unit Singapore-based Olam Group has confirmed that Saudi Agricultural and Livestock Investment (Salic) has offered to acquire its remaining stake in Olam Agri Holdings. The Public Investment Fund (PIF) subsidiary acquired a 35 percent stake in Olam Agri for $1.24 billion in December 2022, valuing the company at $3.5 billion. Olam Group retains 64.6 percent of its […] November 3, 2024
Analysis Oil & Gas Saudi Arabia loses out as US oil refiners turn to Canada US crude oil imports from Saudi Arabia have dropped to one of the lowest points since the start of the decade, as American refiners increasingly turn to supplies from Canada. Imports fell to only 13,000 barrels per day (bpd) in the week ending October 25, according to the US Energy Information Administration – the lowest […] November 1, 2024
Markets Kuwaiti companies looking at Saudi exchange listings Kuwaiti companies are eyeing up opportunities to list on Saudi Arabia’s Tadawul exchange, according to reports. It comes almost two years since deals were signed between market regulators in both Gulf states to explore collaboration around cross-listings on the Tadawul and Kuwait’s bourse. Firas Al-Salem, chairman of the Kuwaiti Business Council, said that listings could […] November 1, 2024
Analysis Artificial Intelligence Leaders all agree: AI will be good – or bad – for the future Elon Musk thinks it has a 90 percent chance of being for the good of humanity, while critics say it is certain to decimate jobs across the developed world. Artificial intelligence, or AI, dominated the discussions at Saudi Arabia’s Future Investment Initiative (FII) summit this year like never before, with increasingly upbeat – and dire […] November 1, 2024
Opinion Tech Gulf bets on a quantum computing leap Subatomic technology could be a boon for finance, healthcare and national security November 1, 2024
Infrastructure Driverless monorail planned for Riyadh’s financial district An agreement to launch a driverless monorail project has been signed by King Abdullah Financial District (KAFD) in the Saudi capital Riyadh. The 3.6-kilometre system will have six trains travelling on an elevated circular track that will wind between the main towers of the district. The system will have six stations across the district, connecting […] November 1, 2024
Trade PIF signs Japan and Hong Kong pacts worth $52bn Saudi Arabia’s Public Investment Fund has signed memorandums of understanding (MoUs) worth up to $51 billion with five Japanese banks. The kingdom’s sovereign wealth fund said the agreements cover a variety of areas, including encouraging two-way capital flows through both debt and equity. The agreements were signed with Mizuho Bank, Sumitomo Mitsui Financial Group, MUFG […] November 1, 2024
Saudi Arabia agrees more Pakistan investment deals Saudi Arabia has signed seven more investment agreements with Pakistan, bringing the total value of what has been agreed in recent weeks to $2.8 billion, Saudi Arabia’s minister of investment Khalid Al-Falih said on Wednesday. Three weeks ago Al-Falih led a delegation from Saudi Arabia to Islamabad, where 27 investment agreements, valued at $2.2 billion, were […] October 31, 2024
Aviation Startup airline Riyadh Air secures $1.3bn credit facility Riyadh Air, the Saudi airline that is due to start operations next year, signed a SAR5 billion ($1.3 billion) credit facility with a syndicate of banks on Wednesday, as it announced an order for 60 more aircraft. The kingdom’s second flag carrier, owned by the PIF sovereign wealth fund, has closed an inaugural Islamic revolving […] October 31, 2024
Giga-projects Diriyah delays completion date as projects vie for funds The historical district of Diriyah, one of Saudi Arabia’s major giga-projects, will be completed in time for the World Expo in 2030 – three years later than previously announced, its CEO Jerry Inzerillo said on Wednesday. The giga-projects, valued in total at more than $1.25 trillion, are competing for government and private sector resources amid […] October 31, 2024
Mining PIF’s Manara seeks long-term deals, not just a ‘quick buck’ The Saudi investment fund Manara Minerals is targeting long-term deals and is not looking to “flip a quick return” during the current market slump, the CEO of its parent company owner has declared. Prices in critical minerals such as lithium, nickel and cobalt have slumped since 2023, after an initial surge as the market recovered […] October 31, 2024
